BANCO MACRO SA Citi by ps94506

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									PRICING SUPPLEMENT NO. 3                                                                                          CONFIDENTIAL
(To Offering Circular Dated April 27, 2007)




                                                   US$100,000,000
                                                      MACRO S.A.
                                     BANCO the Republic of Argentina)
                                     (incorporated in
                 10.750% Argentine Peso-Linked Notes Due 2012
     This Pricing Supplement relates to a series of notes to be issued under our global medium-term note program for the issuance
of notes in one or more series up to an aggregate principal amount at any time outstanding of US$400,000,000. This Pricing
Supplement is supplementary to, and should be read in conjunction with, the Offering Circular dated April 27, 2007 relating to our
global medium-term note program, which we refer to as the “Offering Circular”. To the extent that information contained in this
Pricing Supplement is not consistent with the Offering Circular, this Pricing Supplement will be deemed to supersede the Offering
Circular with respect to the notes offered hereby.
     We are offering US$100,000,000 of our 10.750% Argentine Peso-Linked Notes Due 2012, which we refer to as the “Notes.” The
Notes will mature on June 7, 2012. The Notes will bear interest at a fixed rate of 10.750% per year, payable semi-annually in arrears on
June 7 and December 7 of each year, commencing on December 7, 2007. Payment of principal, interest, additional amounts and any other
amounts in respect of the Notes will, except in limited circumstances, be made in U.S. dollars, in amounts determined based on the
Argentine peso equivalent of the aggregate principal amount of the Notes then outstanding (initially based on an exchange rate of
Ps.3.0794 = US$1.00).
     In the event of certain changes in Argentine withholding taxes, we may redeem the Notes, in whole but not in part, at any time
at a price equal to 100% of the principal amount plus accrued and unpaid interest and any additional amounts.
     The Notes will constitute our direct, unconditional, unsecured and unsubordinated obligations and will rank at all times pari
passu in right of payment with all our other existing and future unsecured and unsubordinated indebtedness (other than obligations
preferred by statute or by operation of law).
     We have applied to have the Notes listed on the Luxembourg Stock Exchange and admitted for trading on the EuroMTF, the
alternative market of the Luxembourg Stock Exchange. We have also applied to have the Notes listed on the Buenos Aires Stock
Exchange (Bolsa de Comercio de Buenos Aires or “BASE”). We expect that the notes will be eligible for trading on the Mercado Abierto
Electrónico S.A. (“MAE”).
     We have agreed to file an exchange offer registration statement or, under certain circumstances, a shelf registration statement
with respect to the Notes with the U.S. Securities and Exchange Commission (the “SEC”).


    Investing in the Notes involves risks. See “Risk Factors” commencing on page S-11 of this Pricing Supplement
and pages I-5 and II-10 of the Offering Circular.

     The Notes will qualify as non-convertible obligaciones negociables under Argentine Law No. 23,576 of Argentina, as amended (the
“Negotiable Obligations Law”), and Joint Resolution No. 470-1738/2004 (“Joint Resolution 470-1738, 2004”) issued by the Argentine
securities commission (Comisión Nacional de Valores or “CNV”) and the Argentine tax authority (Administración Federal de Ingresos
Públicos), and will be entitled to the benefits set forth in, and subject to the procedural requirements of, such law, resolution and
Argentine Decree No. 677/2001.
     The Notes will not qualify for the Argentine deposit insurance system established pursuant to Argentine Law No. 24,485, as
amended, and will not benefit from the priority right granted to depositors pursuant to Article 49(d) and (e) of Argentine Law
No. 21,526, as amended (the “Financial Institutions Law”). The Notes will not be secured by any floating lien or special guarantee
nor will the Notes be guaranteed by any other means or by any other entity.
     The offering of Notes under our global medium-term program has been authorized by the CNV pursuant to Resolution
No. 15,480, dated September 28, 2006. The CNV authorization means only that the information requirements of the CNV have
been satisfied. The CNV has not rendered any opinion in respect of the accuracy of the information contained in this Pricing
Supplement or in the Offering Circular.
     The Notes have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Notes may
not be offered or sold within the U.S. or to U.S. persons, except to qualified institutional buyers in reliance on the exemption from
registration provided by Rule 144A under the Securities Act and to certain non-U.S. persons in offshore transactions in reliance on
Regulation S under the Securities Act. Because the Notes have not been registered, they are subject to the restrictions on resales
and transfers described under “Transfer Restrictions” in the Offering Circular.

                                                             Price: 100%
                                           plus accrued interest, if any, from June 7, 2007

    Delivery of the Notes will be made in book-entry form through the facilities of Clearstream Banking, Société Anonyme and
Euroclear Bank S.A./N.V. on or about June 7, 2007.


                                                               Citi
May 31, 2007
         Unless otherwise defined herein, capitalized terms used in this Pricing Supplement shall have the meanings
given to them in the Offering Circular. In this Pricing Supplement, unless the context requires otherwise, references
to “we,” “our,” “us” or “the bank” mean Banco Macro S.A. and its consolidated subsidiaries.
         We have translated some of the peso amounts contained in this Pricing Supplement into U.S. dollars for
convenience purposes only. Unless otherwise specified, the rate used to translate such amounts was Ps.3.1007 to
US$1.00, which was the Tipo de Cambio Referencia, or reference exchange rate, reported by the Banco Central de
la República Argentina (the “Central Bank”) for U.S. dollars for March 31, 2007. The Federal Reserve Bank of
New York does not report a noon buying rate for pesos. The U.S. dollar equivalent information presented in this
Pricing Supplement is provided solely for the convenience of investors and should not be construed as implying that
the peso amounts represent, or could have been or could be converted into, U.S. dollars at such rates or at any other
rate. See “Exchange Rates” in the Offering Circular. In addition, the reference exchange rate reported by the
Central Bank is not necessarily the same as the exchange rates used to calculate payments in respect of the Notes.
See “Terms and Conditions of the Notes—Applicable Exchange Rate” in this Pricing Supplement.
          The information provided in this Pricing Supplement or in the Offering Circular that relates to the Republic
of Argentina (“Argentina”) and its economy is based upon publicly available information, and we do not make any
representation or warranty with respect thereto. Argentina, and any governmental agency or political subdivision
thereof, does not in any way guarantee, and their credit does not otherwise back, our obligations in respect of the
Notes.
         You should rely only on the information contained in this Pricing Supplement and the Offering Circular.
Neither we, nor the dealer or the Argentine placement agents, have authorized anyone to provide you with
information that is different from the information contained in this Pricing Supplement and the Offering Circular.
The information in this Pricing Supplement and the Offering Circular is accurate only as of the date of this Pricing
Supplement.
         In making your decision whether to invest in the Notes, you must rely on your own examination of us and
the terms of the offering, including the merits and risks involved. You should not construe the contents of this
Pricing Supplement or the Offering Circular as legal, business or tax advice. You should consult your own attorney,
business advisor or tax advisor.
          The distribution of this Pricing Supplement and the Offering Circular, or any part thereof, and the offering,
sale and delivery of the Notes in certain jurisdictions may be restricted by law. We, the dealer and the Argentine
placement agents require persons into whose possession this Pricing Supplement or the Offering Circular come to
become familiar with and to observe such restrictions. Neither this Pricing Supplement nor the Offering Circular
constitute an offer to sell or a solicitation of an offer to buy any Notes in any jurisdiction to any person to whom it is
unlawful to make the offer or solicitation, nor do this Pricing Supplement or the Offering Circular constitute an
invitation to subscribe for or purchase any Notes. For a description of restrictions on offers, sales and deliveries of
the Notes and on the distribution of this Pricing Supplement and the Offering Circular, see “Transfer Restrictions”
and “Plan of Distribution” in the Offering Circular and “Plan of Distribution” in this Pricing Supplement.
       FOR PURCHASES MADE IN ARGENTINA: NON-BINDING EXPRESSIONS OF INTEREST IN
CONNECTION WITH THE PURCHASE OF THE NOTES MAY BE MADE TO THE ARGENTINE
PLACEMENT AGENTS DURING THE PERIOD OF NINE (9) DAYS, OR THE “SOLICITATION PERIOD,”
COMMENCING ON THE DATE OF PUBLICATION OF THE PRICING SUPPLEMENT IN SPANISH IN THE
BUENOS AIRES STOCK EXCHANGE’S BULLETIN (UNLESS SUCH PERIOD IS EXTENDED BY US, AND
NOTICE OF SUCH EXTENSION IS PROVIDED THROUGH THE BUENOS AIRES STOCK EXCHANGE’S
BULLETIN AND PUBLISHED IN AN ARGENTINE NEWSPAPER OF GENERAL CIRCULATION PRIOR TO
THE EXPIRATION OF THE SOLICITATION PERIOD). ONCE THE ISSUE PRICE AND THE INTEREST
RATE FOR THE NOTES HAVE BEEN DETERMINED ON THE PRICING DATE (AS DEFINED BELOW), A
NOTICE WILL BE PUBLISHED IN THE BUENOS AIRES STOCK EXCHANGE’S BULLETIN AND
INVESTORS WILL BE ABLE TO CONFIRM, DURING THE BUSINESS DAY (IN BUENOS AIRES)
FOLLOWING THE DAY OF PUBLICATION OF SUCH NOTICE, ANY NON-BINDING EXPRESSIONS OF
INTEREST PLACED DURING THE SOLICITATION PERIOD. “PRICING DATE” MEANS THE LAST
BUSINESS DAY (IN BUENOS AIRES) IN THE SOLICITATION PERIOD. BOTH THE ISSUE PRICE AND
THE INTEREST RATE FOR THE NOTES WILL BE DETERMINED BY THE DEALER TOGETHER WITH US.



                                                            i
                                                           TABLE OF CONTENTS

                                                               Pricing Supplement

                                                                 Page                                                                            Page

PLACEMENT EFFORTS AND                                                            TERMS AND CONDITIONS OF THE
  ALLOCATION PROCESS................................iii                            NOTES............................................................ S-16
PRESENTATION OF FINANCIAL                                                        REGISTRATION RIGHTS.............................. S-20
  INFORMATION.................................................iv                 USE OF PROCEEDS ........................................ S-22
SUMMARY.......................................................... S-1            CAPITALIZATION.......................................... S-22
RISK FACTORS ............................................... S-11                CERTAIN U.S. FEDERAL INCOME TAX
MANAGEMENT DISCUSSION AND                                                          CONSIDERATIONS ..................................... S-23
  ANALYSIS OF FINANCIAL                                                          CERTAIN ERISA CONSIDERATIONS ........ S-25
  CONDITION AND RESULTS OF                                                       PLAN OF DISTRIBUTION ............................. S-26
  OPERATIONS ............................................... S-12                FINANCIAL STATEMENTS ............................ F-1


                                                            ____________________

                                                           TABLE OF CONTENTS

                                                                Offering Circular

                                                                Page                                                                              Page

INTRODUCTION TO OFFERING .........................iii                            RISK FACTORS ................................................ II-9
CIRCULAR                                                                         EXCHANGE RATES AND EXCHANGE
WHERE YOU CAN FIND MORE                                                              CONTROLS................................................ II-15
   INFORMATION.................................................iii               CAPITALIZATION ........................................... II-17
                                                                                 SELECTED FINANCIAL AND OPERATING
PART I – INFORMATION RELATING                                                        DATA.......................................................... II-18
 TO GLOBAL MEDIUM-TERM NOTE                                                      THE CRISIS AND RECOVERY IN
 PROGRAM                                                                             ARGENTINA.............................................. II-22
                                                                                 MANAGEMENT'S DISCUSSION AND
SUMMARY OF THE PROGRAM .............................I-1                              ANALYSIS OF FINANCIAL
RISK FACTORS .........................................................I-5            CONDITION AND RESULTS OF
USE OF PROCEEDS ..................................................I-7                OPERATIONS ............................................ II-28
DESCRIPTION OF THE NOTES...............................I-8                       THE ARGENTINE BANKING INDUSTRY .... II-59
CLEARING AND SETTLEMENT.............................I-35                         BUSINESS ......................................................... II-64
TRANSFER RESTRICTIONS....................................I-40                    SELECTED STATISTICAL
TAXATION ................................................................I-42       INFORMATION............................................II-79
ENFORCEMENT OF CIVIL LIABILITIES ..............I-57                              ARGENTINE BANKING REGULATION ........II-92
PLAN OF DISTRIBUTION........................................I-58                 MANAGEMENT AND CORPORATE
LEGAL MATTERS ....................................................I-61              GOVERNANCE ..........................................II-109
                                                                                 PRINCIPAL SHAREHOLDERS ......................II-118
                                                                                 RELATED PARTY TRANSACTIONS............II-119
PART II – INFORMATION RELATING                                                   INDEPENDENT ACCOUNTANTS.................II-120
  TO BANCO MACRO S.A.                                                            GENERAL INFORMATION............................II-121
PRESENTATION OF FINANCIAL                                                        INDEX TO CONSOLIDATED
    INFORMATION ..................................................II-1              FINANCIAL STATEMENTS ......................... F-1
SPECIAL NOTE REGARDING                                                           APPENDIX A – FORM OF PRICING
   FORWARD-LOOKING STATEMENTS..............II-2                                     SUPPLEMENT ................................................A-1
OVERVIEW OF BANCO MACRO S.A. ...................II-3



                                                                            ii
                           PLACEMENT EFFORTS AND ALLOCATION PROCESS

Placement Efforts

          We, the dealer and the Argentine placement agents plan to undertake a series of marketing and placement
efforts to place the Notes in an oferta pública under the Negotiable Obligations Law and Joint Resolution 470-
1738/2004. Accordingly, we, the dealer and the Argentine placement agents, will offer the Notes to the public in
Argentina and outside Argentina to a broad group of institutional investors, including in the United States to
qualified institutional buyers in reliance on Rule 144A of the Securities Act. Notwithstanding the foregoing or
anything to the contrary contained in this Pricing Supplement or the Offering Circular, the Notes will be offered
outside of Argentina only in private offerings in accordance with the laws of the applicable jurisdictions. See “Plan
of Distribution” in the Offering Circular and in this Pricing Supplement.

        The placement efforts will consist of a variety of marketing methods, which we expect to include the
following:

    •    an international and local road show in which potential institutional investors will be invited to participate;

    •    a global conference call where potential institutional investors, including Argentine investors that may not
         have participated in the road show, will have the opportunity to ask questions of the bank’s management;

    •    the bank’s management will also be available to potential institutional investors, both in Argentina and in
         other countries outside Argentina, via:

            (i)    one-on-one conference calls;

            (ii)   one-on-one meetings; and

            (iii) group meetings;

    •    an “electronic road show,” an audio/visual presentation through the Internet which allows potential
         institutional investors unable to attend the road show and global conference call referred to above to have
         access to our road show presentation;

    •    distribution (in hard copy and/or electronically) of the preliminary and final Pricing Supplement and
         Offering Circular relating to the Notes and the global medium-term note program, in Spanish in Argentina
         and in substantially identical offering documents in English in countries outside of Argentina;

    •    making available to potential Argentine investors, upon request, at our offices copies of the Offering
         Circular and Pricing Supplement referred to above, and designating a contact person to respond to investor
         inquiries; and

    •    compliance with the local communication and publication requirements of the CNV for a public offering in
         Argentina.

Allocation Process

           The criteria for allocating the Notes among those investors who have placed orders with the dealer or the
Argentine placement agents with a price indication that is below or equal to the final pricing accepted by us will be
primarily based on such investors’ interest in understanding our credit profile and their intention of maintaining a
long-term position in the Notes. The rationale for these criteria is that the secondary market price of the Notes will
benefit from a stable, credit-oriented base of long-term holders, thereby creating a benchmark for our debt and
facilitating our future access to the international capital markets.




                                                           iii
         In the event that the Notes are over-subscribed, we expect that the Notes will be sold principally to
Argentine and international institutional investors as well as to private and retail banking accounts in Argentina and,
as permitted by applicable law, elsewhere outside of Argentina, in particular, pension funds, insurance companies,
brokerage firms, money managers and private banking and retail accounts. Subject to compliance with applicable
laws, and the criteria set forth in this Pricing Supplement and the Offering Circular, substantially all investors who
place orders with a price indication below or equal to the final pricing for the Notes accepted by us will receive a
portion of Notes offered.

          The criteria for allocating the Notes among investors with similar characteristics will be based on the size
of the investor’s order, the aggressiveness of its price indication during the book-building process, its interest in our
credit profile throughout the marketing period and its history in supporting transactions from Latin American
issuers.

          In addition, interested investors may be required to furnish to the dealer or the Argentine placement agents
all information and documentation required to be filed by such investors, or which may otherwise be requested by
the dealer or the Argentine placement agents, for compliance with criminal and other laws and regulations relating
to the laundering of assets, including the capital market rules for the prevention of the laundering of assets issued by
the Argentine Unidad de Información Financiera and similar rules established by the CNV and/or the Central Bank.
We, the dealer and the Argentine placement agents reserve the right to reject any investor order if we, the dealer or
the Argentine placement agents believe that such laws and regulations have not been fully complied with to our
satisfaction.

                              PRESENTATION OF FINANCIAL INFORMATION

         As more fully described in “Presentation of Financial Information” in the Offering Circular, our
consolidated financial statements are prepared in conformity with Central Bank Rules, which differ in certain
respects from U.S. GAAP. We do not currently have available a reconciliation of our audited consolidated financial
statements for the year ended December 31, 2006 to U.S. GAAP. However, the Offering Circular does contain a
reconciliation of our audited consolidated financial statements for the years ended December 31, 2004 and 2005 to
U.S. GAAP and a description of the material differences between Central Bank Rules and U.S. GAAP. See note 34
to our audited consolidated financial statements for the three years ended December 31, 2005 included in the
Offering Circular.

         In addition, we do not currently have available statistical information prepared pursuant to the SEC’s
Industry Guide No. 3—Statistical Disclosure by Bank Holding Companies (“SEC Guide 3”) for the year ended
December 31, 2006. However, the Offering Circular does contain SEC Guide 3 statistical information for the years
ended December 31, 2003, 2004 and 2005.

          After completion of this offering, we have agreed to file a registration statement with the SEC with respect
to an exchange offer for the Notes or, under specified circumstances, a shelf registration with respect to the resale of
the Notes. In the course of the preparation of our registration statement with the SEC, we will be required to
reconcile our audited consolidated financial statements for the year ended December 31, 2006 to U.S. GAAP and to
prepare certain statistical information for the year ended December 31, 2006 pursuant to SEC Guide 3. As Central
Bank Rules differ in certain significant respects from U.S. GAAP, the reconciliation to U.S. GAAP to be included in
a registration statement or shelf registration will vary from financial information included in the Offering Circular
and this Pricing Supplement.




                                                            iv
                                                     SUMMARY

                                                  Banco Macro S.A.

         We are one of the leading banks in Argentina. With the most extensive private-sector branch network in
the country, we provide standard banking products and services to a nationwide customer base. We distinguish
ourselves from our competitors by our strong financial position and by our focus on low- and middle-income
individuals and small and medium-sized businesses, generally located outside of the Buenos Aires metropolitan
area, which we believe offer significant opportunity for continued growth in our banking business. According to the
Central Bank, as of December 31, 2006, we were ranked fourth in terms of deposits and second in terms of equity
among private-sector banks. As of March 31, 2007, on a consolidated basis, we had:

                     •    Ps.16,783 million (US$ 5,412.7 million) in total assets;

                     •    Ps.5,895.1 million (US$ 1,901.2 million) in private sector loans;

                     •    Ps.10,983.6 million (US$ 3,542.3 million) in total deposits;

As of December 31, 2006 on a consolidated basis, we had:

                     •    approximately 2,097,000 retail customers and 13,200 corporate customers that provide us
                          with approximately 2.1 million clients; and

                     •    approximately 754,000 employee payroll accounts for corporate customers and provincial
                          governments.

          Our consolidated net income for the year ended December 31, 2006 was Ps. 424.3 million (US$138.2
million), representing a return on average equity of 22% and a return on average assets of 3.6%. Our consolidated
net income for the period ended on March 31, 2007 was Ps. 123.2 million, representing a return on average equity of
21.2% and a annualized return on assets of 3.1%.

          In general, given the relatively low level of banking intermediation in Argentina currently, there are limited
products and services being offered. We are focusing on the overall growth of our loan portfolio by expanding our
customer base and encouraging them to make use of our lending products. We have a holistic approach to our
banking business; we do not manage the bank by segments or divisions or by customer categories, by products and
services, by regions, or by any other segmentation for the purpose of allocating resources and assessing profitability.
We have savings and checking accounts, credit and debit cards, consumer finance loans and other credit-related
products and transactional services available to our individual customers and small and medium-sized businesses
through our branch network. We also offer Plan Sueldo payroll services, lending, corporate credit cards, mortgage
finance, transaction processing and foreign exchange. In addition, our Plan Sueldo payroll processing services for
private companies and the public sector give us a large and stable customer deposit base.

         We emerged from the economic crisis of 2001 and 2002 as a stronger and larger bank. In January 2002, in
the midst of the crisis, Banco Macro S.A., our predecessor, acquired a controlling interest in Banco Bansud S.A.
The acquisition tripled the size of our bank, as measured by assets, and expanded our geographic presence from the
northern provinces of Argentina to the southern provinces. In December 2004, during the recovery period of the
Argentine economy, we completed the acquisition of Nuevo Banco Suquía, the leading bank in the central provinces
of Argentina, thereby becoming the private sector bank with the country’s most extensive branch network. The
Nuevo Banco Suquía transaction increased our assets by 41% and our number of branches by 67%. Beginning at
the end of 2002 and during the recovery years, we also experienced organic growth as our business in the provinces
of Argentina suffered lower levels of volatility than our principal competitors in the Buenos Aires metropolitan area.
In November 2005, a portion of the assets, including seven branches and the headquarters, and liabilities of Banco
Empresario de Tucumán were transferred to us. In May 2006, we completed the acquisition of Banco del Tucumán.
As a result of these transactions in Tucumán, we increased our branch network by 34 branches, or 14%. More



                                                          S-1
recently, in August 2006, we completed the acquisition of Nuevo Banco Bisel, which added 158 branches, or 56%,
to our branch network.

The Argentine economic recovery

          We believe that the ongoing recovery of the Argentine economy from the severe crisis of 2001 and 2002,
together with the stabilizing business environment, presents a growth opportunity for the banking industry. We
believe that Argentine banks in a comparatively stronger financial condition should have a competitive advantage in
benefiting from this recovery. Argentina’s gross domestic product, or GDP, grew 8.8% in 2003, 9.0% in 2004,
9.2% in 2005 and 8.6% in 2006, after declines of 4.4% in 2001 and 10.9% in 2002. Although there are numerous
risks that may result in lower than expected economic performance, the Central Bank’s survey of independent
forecasting firms indicates a consensus GDP growth estimate of 7.7% for 2007. In June 2005, the government
partially restructured its public debt, further improving the Argentine business environment, and in January 2006,
Argentina paid off all outstanding amounts owing to the International Monetary Fund, or IMF. Following
completion of its debt restructuring, Argentina’s risk profile has improved substantially as measured by the spread
over comparable U.S. Treasuries.

          In this context, the financial system is regaining depositors’ and borrowers’ confidence, while benefiting
from improved conditions and favorable growth opportunities and increasing demand for financial services and
products. For example, the ratio of 12-month average total deposits as a percentage of annual average GDP was
30.3% for 2000. This ratio reached its lowest level of 22.8% in 2003, before recovering to 23.8% in 2006. The
annual average nominal interest rates on 30-day time deposits of less than Ps.100,000 was 5.6% for 2006 compared
to 8.7% in 2001. Average loans by Argentine banks to the private sector, as a percentage of GDP, were only 10.2%
in 2006, compared to 24.3% in 1999, and 36% for Brazil, 75% for Chile, 25% for Colombia and 12% for Mexico in
2006. We believe this low ratio demonstrates an opportunity for credit expansion as credit demand continues to
increase.

Our competitive strengths

        We believe we are well-positioned to benefit from the opportunities created by the improving economic
and business environment in Argentina. Our competitive strengths include the following:

                   •       Strong financial position and consistent profitability. We believe we have emerged from
                           the economic crisis as one of the strongest banks in Argentina, as measured by
                           profitability and balance sheet strength.

                               •    As of March 31, 2007, we have achieved profitability for the last 21 consecutive
                                    quarters, the only bank in Argentina to do so, with a return on average equity of
                                    21.1%, 16.4%, 19.7%, 22% and 21.2% for 2003, 2004, 2005, 2006 and as of
                                    March 31, 2007, compared to –23.6%, –3.0%, 7.5%, and 14.8%, respectively,
                                    for the Argentine banking system as a whole.

                               •    Our shareholders’ equity for the three months ended March 31, 2007, and
                                    December 31, 2006, as calculated under Central Bank Rules, was Ps.2,438.2
                                    million and Ps.2,315 million, respectively, and our shareholders’ equity under
                                    U.S. GAAP at December 31, 2005 was Ps.1,191.7 million.

                   •       Strong presence in fast-growing target customer market. We have achieved a leading
                           position with low- and middle-income individuals and among small and medium-sized
                           businesses, generally located outside of the Buenos Aires metropolitan area, which have
                           been relatively underserved by the banking system. As of December 31, 2006, loans for
                           less than Ps.20,000 accounted for 39% of total private sector loans, almost double the
                           corresponding percentage for the financial system as a whole 18%. Based on our
                           experience, this target market offers significant growth opportunities and a stable base of
                           depositors.


                                                         S-2
                   •       High exposure to export-led growth. Given the geographical location of the customers
                           we target, we have acquired banks with a large number of branches outside of the Buenos
                           Aires metropolitan area with the aim of completing our national coverage. Therefore, we
                           are currently the leading bank in the Argentine provinces of Salta, Jujuy, Tucumán and
                           Misiones and one of the leading banks in Córdoba, Santa Fe, Mendoza, Entre Ríos, Río
                           Negro, Chubut and Neuquén, based on the number of branches. Most of these provinces
                           engage in economic activities primarily concentrated in areas such as agriculture, mining,
                           cargo transportation, edible oils, ranching and tourism, which have been benefiting from
                           the export-driven growth in the Argentine economy as a result of the devaluation of the
                           peso.

                   •       Largest private-sector branch network in Argentina. With 429 branches (including the
                           158 branches acquired through our purchase of Nuevo Banco Bisel in August 2006), we
                           have the most extensive branch network among private-sector banks in Argentina. We
                           consider our branch network to be our key distribution channel for marketing our
                           products and services to our entire customer base with a personalized approach. In line
                           with our strategy, approximately 94% of these branches are located outside of the Buenos
                           Aires metropolitan area, whereas 80% of the total branches for the Argentine financial
                           system as a whole are located outside this area, which we believe better positions us to
                           focus on our target market.

                   •       Loyal customer base. We have a loyal customer base, as evidenced in part by the quick
                           recovery of our deposit base after the crisis. While our total deposits increased 51%
                           during the twelve months up to April 2003, the end of the freeze on deposits, or corralón,
                           deposits in the Argentine banking system as a whole grew by only 11% during that
                           period. We believe that our customers are loyal to us due to our presence in traditionally
                           underserved markets and to our Plan Sueldo payroll services. We have benefited from
                           Argentine regulations that require all employees to maintain Plan Sueldo accounts for the
                           direct deposit of their wages. In addition, we emphasize face-to-face relationships with
                           our customers and offer them personalized advice.

                   •       Exclusive financial agent for four Argentine provinces. We perform financial agency
                           services for the governments of the provinces of Salta, Jujuy, Misiones and Tucumán in
                           northern Argentina. As a result, each provincial government’s bank accounts are held in
                           our bank and we provide all their employees with Plan Sueldo accounts, giving us access
                           to substantial low cost funding and a large number of loyal customers.

                   •       Strong and experienced management team and committed shareholders. We are led by a
                           committed group of shareholders who have transformed our bank from a small wholesale
                           bank to one of the strongest and largest banks in Argentina. Jorge Horacio Brito and
                           Delfín Jorge Ezequiel Carballo, our controlling shareholders, have active senior executive
                           roles in our management and each possesses more than 20 years of experience in the
                           banking industry.

Our strategy

          We believe that the ongoing recovery of the Argentine economy, increasing penetration of banking services
and a return of bank lending to the private sector, offer a significant opportunity for us to further expand our
business. In particular, we believe that the increase in fixed asset investment in 2005 and 2006 is setting the stage
for the recovery of the long-term loan market, following the growth of the short-term credit market. As the
economy has grown, we are offering new products, such as floating rate loans and leasing, designed to meet the
needs of a growing economy emerging from crisis and moving towards stability. Our strengths position us to better
participate in this growth, which we believe will be stronger in our target market of low- and middle-income
individuals and small and medium-sized businesses and in the provinces outside the Buenos Aires metropolitan area,
where we have a leading presence.


                                                        S-3
          Our goal is to promote the overall growth of the bank by increasing our customer base, expanding our loan
portfolio and generating more fee income from transactional services. We achieve this goal by managing the bank
on a holistic basis, focusing our growth strategy on the marketing and promotion of our standard banking products
and services. We have pursued our growth strategy by acquiring banks throughout Argentina, which has enabled us
to significantly expand our branch network and customer base. We make acquisition decisions in the context of our
long-term strategy of focusing on low- and middle-income individuals and small and medium-sized businesses and
to complete our national coverage of Argentina, especially in provinces outside of the Buenos Aires metropolitan
area. We have taken advantage of the opportunities presented by the Argentine financial system after the crisis, in
particular its consolidation, to move into new locations by acquiring banks or absorbing branches from banks
liquidated by the Central Bank. Since the crisis, our growth has been fueled by these acquisitions as well as organic
growth, without the need to open or move branches.

         We intend to continue enhancing our position as a leading Argentine bank by taking advantage of the
ongoing recovery of Argentina and its financial system, which we believe will increase value to our shareholders
and our competitiveness. The key elements of our strategy include:

                   •       Focus on underserved markets with strong growth potential. We intend to continue
                           focusing on both low- and middle-income individuals and small and medium-sized
                           businesses, most of which have traditionally been underserved by the Argentine banking
                           system and are generally located outside of the Buenos Aires metropolitan area, where
                           competition is relatively weaker and where we have achieved a leading presence. We
                           believe that these markets offer attractive opportunities given the low penetration of
                           banking services and limited competition. We believe the provinces outside of the
                           Buenos Aires metropolitan area that we serve are likely to grow faster than the Argentine
                           economy as a whole because their export-driven economies have benefited from the
                           devaluation of the peso and higher prices for agricultural products and commodities.

                   •       Further expand our customer base. We intend to continue growing our customer base,
                           which is essential to increasing interest and fee-based revenues. To attract new
                           customers we intend to:

                           o   Utilize our extensive branch network. We intend to utilize our extensive branch
                               network, which we consider our key distribution channel, to market our products and
                               services to our entire customer base. We utilize a personalized approach to attract
                               new customers by providing convenient and personalized banking services close to
                               their homes and facilities.

                           o   Offer medium- and long-term credit. We intend to capitalize on the increased
                               demand for long-term credit that we believe will accompany the expected continued
                               economic growth in Argentina. We intend to use our strong liquidity and our capital
                               base to offer a more readily available range of medium- and long-term credit
                               products than our competitors.

                           o   Expand Plan Sueldo payroll services. We will continue to actively market our Plan
                               Sueldo payroll services, emphasizing the benefits of our extensive network for
                               companies with nationwide or regional needs.

                           o   Expand our financial agency services to new provinces. We intend to take
                               advantage of our experience as a fiscal agent to provincial governments in Argentina
                               to expand these services into new provinces.

                           o   Offer personalized service. We offer our clients a menu of products and
                               personalized, face-to-face advice to help them select the banking services that best
                               respond to their needs.



                                                         S-4
                   •      Focus on efficiency and cost control. We intend to increase our efficiency, in particular,
                          we expect to expand lending to Nuevo Banco Bisel’s customers, thereby creating new
                          economies of scale, and reduce costs in connection with the integration of Nuevo Banco
                          Suquía and, more recently, Nuevo Banco Bisel. We are upgrading our information
                          systems and other technology to reduce further our operating costs and to support larger
                          transaction volumes nationally. We expect to complete the integration of Nuevo Banco
                          Suquía during the second half of 2007 and the integration of Nuevo Banco Bisel in the
                          next two years.

                   •      Extend existing corporate relationships to their distributors and suppliers. We have
                          established relationships with major corporations in Argentina and will focus our
                          marketing efforts on providing services to their distributors, suppliers, customers and
                          employees, including providing working capital financing and Plan Sueldo payroll
                          services.

                   •      Increase cross-selling. We plan to increase cross-selling of products and services to our
                          existing clients. Since almost all of our clients have a checking and savings account, we
                          have a significant opportunity to expand our relationships with them through other
                          products such as credit cards, loans and insurance. For example, strong cross-selling
                          opportunities lie with our Plan Sueldo clients, of whom only 19% currently have personal
                          loans from us.

Our challenges

          There are several risks and uncertainties that may impact Argentina’s economy and consequently our
ability to implement successfully our strategy, including:

                   •      The sustainability of Argentina’s current growth and stabilization is uncertain. Although
                          the economy has recovered significantly over the past four years, investment in the
                          economy remains low. As a result, there is uncertainty as to whether the current growth
                          and stability is sustainable in the long-term.

                   •      The risk that inflation may rise again. In the past, high inflation has undermined the
                          Argentine economy. A return to high inflation would adversely affect the expansion of
                          lending activities, as well as the economy in general.

                   •      The slow return of the long-term credit market. Although the short-term credit market
                          has grown substantially since the 2001 and 2002 crisis, long-term lending has only begun
                          to recover. Demand for the long-term credit market has begun to recover over 12
                          months. However, the success of our strategy to increase lending will suffer if demand
                          for long-term credit does not expand more rapidly, including for products that we are
                          developing to deal with a growing economy emerging from crisis.

                   •      The integration of our acquired banks. We have completed several acquisitions since
                          December 2004 which have substantially increased our operations. In order for us to
                          gain the full benefit of the economies of scale and increased access to customers in the
                          provinces outside of the Buenos Aires metropolitan area, we need to fully integrate all of
                          our acquired banks into our operating systems.

                   •      Exposure to economic recessions. Our target market is sensitive to economic recessions.
                          Uncertainty in the ability of our target market to sustain its current growth makes it
                          difficult to predict whether our business strategy can be implemented successfully.




                                                       S-5
Acquisition of Nuevo Banco Bisel

         In August 2006, we acquired 100% of the voting rights and 92.7% of the capital stock of Nuevo Banco
Bisel for Ps.19.5 million in an auction conducted by Banco de la Nación Argentina. In connection with the
acquisition, we were required to contribute capital to Nuevo Banco Bisel in the amount of Ps.830.0 million. In
addition, we have agreed not to terminate without cause any employees of Nuevo Banco Bisel. The transaction was
approved by the Central Bank in August 2006 and by antitrust authorities in September 2006.

          In addition, Banco Macro and Nuevo Banco Suquía, as purchasers of Nuevo Banco Bisel, and SEDESA
entered into a put and call options agreement regarding the preferred shares of Nuevo Banco Bisel. For 15 years
from August 11, 2006 when we took possession of Nuevo Banco Bisel, Banco Macro and Nuevo Banco Suquía,
either individually or jointly, will be entitled to acquire the preferred shares of Nuevo Banco Bisel through the call
option. These preferred shares shall be paid upon maturity of such option at their nominal value, Ps. 66.2 million,
plus 4% interest per annum to be capitalized annually from August 11, 2006. In addition, such call option may be
exercised by the purchasers, either individually or jointly, at any time after August 11, 2006.

         The put option entitles SEDESA to sell to Banco Macro and Nuevo Banco Suquía, who are jointly and
severally liable for the option, the preferred shares that it owns in Nuevo Banco Bisel. Such put option shall only be
exercised by SEDESA after the term of 15 years from issuance of the preferred shares (from August 26, 2005). The
preferred shares shall be paid at their nominal value, Ps. 66.2 million, plus 4% interest per annum to be capitalized
annually from August 11, 2006.

          As of June 30, 2006, Nuevo Banco Bisel had 158 branches in its network and a strong presence in the
central region of Argentina, especially in the provinces of Santa Fe and Cordoba. The acquisition is complementary
to our strategy of increasing the footprint of our branch network throughout the interior of Argentina and increasing
our penetration in the agricultural sector and with small and medium-size business and low- and middle-income
individuals. As of June 30, 2006, Nuevo Banco Bisel had Ps.1,934 million in total assets, Ps.665 million in total
gross private sector loans and Ps.1,344 million in total deposits.

         As with our acquisition of Nuevo Banco Suquía at the end of 2004, we plan to integrate fully Nuevo Banco
Bisel into our banking network. We plan to offer all of our existing account and loan products in the newly acquired
branches and we will have the same credit standards, include Nuevo Banco Bisel in all treasury decisions, and
integrate Nuevo Banco Bisel’s operating systems. We believe that opportunities exist to grow Nuevo Banco Bisel’s
current operations, to increase its market share in the regions where its branches are located, and to improve the
efficiency of its operations.

Merger with Nuevo Banco Suquía

         Banco Macro deems it appropriate and convenient to begin its corporate reorganization of Nuevo Banco
Suquía by incorporating it into Banco Macro. Nuevo Banco Suquía will be merged with and into Banco Macro,
using for the purposes of such reorganization, the balance sheets of both companies ended December 31, 2006. This
merger will have retroactive effects to January 1, 2007. In considering the merger, both banks considered the
following advantages:

                    •      The similarity of the banks’ activities and businesses will allow them to complement and
                           integrate thereby increasing efficiency.

                    •      The possibility of more efficient administration and the corresponding improvement in
                           the allocation of existing resources.

                    •      The merger will prevent the duplication of centralized management structures which will
                           result in a reduction of fixed costs.




                                                          S-6
                                     Summary Financial and Operating Data

         The following tables present selected historical financial data for us for each of the periods indicated. You
should read this information in conjunction with our consolidated financial statements and related notes, and the
information under “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
included elsewhere in this pricing supplement and the accompanying offering circular.

         We have derived our selected consolidated financial data as of and for the years ended December 31, 2003,
2004, 2005 and 2006 and the three months ended March 31, 2007 from our consolidated financial statements
included in this pricing supplement and the accompanying offering circular. We have derived our selected financial
data as of and for the year ended December 31, 2002 from our audited consolidated financial statements not
included in this pricing supplement and the offering circular.

         Due to the acquisitions we have made, our results of operations are not necessarily comparable between the
periods presented; in particular, we acquired Banco Bansud in January 2002, Nuevo Banco Suquía in December
2004, Banco del Tucumán in May 2006 and Nuevo Banco Bisel in August 2006. The results of operations of Nuevo
Banco Suquía are consolidated with Banco Macro from December 2004 and the results of operations of Banco del
Tucumán and Nuevo Banco Bisel are consolidated with Banco Macro from May 5, 2006 and August 11, 2006,
respectively.

         During the economic crisis, Argentina experienced very high rates of inflation in 2002. As a result, Central
Bank Rules reinstated inflation accounting at the beginning of 2002 until February 28, 2003. Therefore, all the
financial statement data in this offering circular for periods prior to February 28, 2003 have been restated in constant
pesos as of February 28, 2003.

          Solely for the convenience of the reader, peso amounts as of and for the year ended December 31, 2006 and
amount as of and for the period ended March 31, 2007 have been translated into U.S. dollars. The rate used to
translate amounts as of and for the year ended December 31, 2006 was Ps.3.0695 to US$1.00, which was the
reference exchange rate for U.S. dollars for December 31, 2006, as reported by the Central Bank. The rate used to
translate amounts as of and for the period ended March 31, 2007 was Ps.3.1007 to US$1.00, which was the reference
exchange rate for U.S. dollars for March 31, 2007, as reported by the Central Bank.




                                                          S-7
BANCO MACRO

                                                                                                                                                             Three Months Ended
                                                                               Year Ended December 31,                                                            March 31,
                                                     2002(1)           2003(1)     2004(2)     2005                        2006(3)          2006 (4)          2007       2007(5)
                                                          (in thousands of pesos or U.S. dollars, as indicated, except for shares, net income per share and dividends per share)
Consolidated Income Statement
Central Bank Rules:
Financial income ............................... Ps.1,623,349        Ps. 419,900        Ps. 427,891      Ps. 749,850 Ps.1,155,259 US$376,367                 Ps. 417,504 US$134,648
Financial expenses.............................      (514,184)         (241,152)          (133,204)        (303,176)    (394,949)   (128,669)                  (157,973)    (50,948)

Gross intermediation margin.............             1,108,165           178,748             294,687         446,674           760,310          247,698          259,531             83,700
Provision for loan losses ...................         (117,767)         (35,009)            (36,467)        (70,309)          (59,773)         (19,473)         (17,321)            (5,586)
Service charge income ......................           137,756           125,722             154,425         303,141           452,620          147,457          146,851             47,361
Service charge expense .....................           (30,649)         (20,005)            (24,963)        (59,510)          (93,323)         (30,403)         (32,160)           (10,372)
Administrative expense.....................           (260,175)        (221,796)           (254,936)       (443,026)         (652,457)        (212,561)        (217,550)           (70,161)
Other income .....................................     166,542           240,622             109,581         218,501           234,419           76,370           34,362             11,082
Other expense ...................................     (136,921)         (63,257)            (48,651)        (98,683)         (137,317)         (44,736)         (35,540)           (11,462)
Income Tax........................................      (3,601)             (833)              (699)        (34,042)          (76,961)         (25,073)         (14,130)            (4,557)
Monetary Loss...................................      (291,238)           (4,343)
Minority Interest................................            2                                                    (27)          (3,220)          (1,049)            (868)            (280)

Net income ........................................  572,114 199,849        192,977       262,719        424,298       138,230       123,175                                        39,725
Net income per share .......................            1.78    0.33           0.32           0.43           0.62           0.2         0.18                                          0.06
Dividends per share...........................                                 0.1          0.05            0.1          0.03
Number of shares outstanding (in
thousands).......................................... 608,943 608,943        608,943       608,943        683,943       683,943       683,943                                       683,943
U.S. GAAP: (6)
Net income ........................................          313,371         94,229       463,795
Net income per share.........................                   0.59           0.15           0.76
Weighted average number of
shares outstanding (in thousands) .....                      526,750        608,943       608,943
__________
(1)     In constant pesos of February 28, 2003.
(2)     Nuevo Banco Suquía consolidated with Banco Macro from December 22, 2004.
(3)     Banco del Tucumán and Nuevo Banco Bisel consolidated with Banco Macro from May 5, 2006 and August 11, 2006 respectively.
(4)     Translated at the rate of Ps. 3.0695 per US$1.00, the reference exchange rate reported by the Central Bank for December 31, 2006.
(5)     Translated at the rate of Ps. 3.1007 per US$1.00, the reference exchange rate reported by the Central Bank for March 31, 2007.
(6)     See note 34 to our audited consolidated financial statements for the year ended December 31, 2005 for a summary of significant
        differences between Central Bank Rules and U.S. GAAP.




                                                                                     S-8
      BANCO MACRO

                                                                                                                                             Three Months Ended
                                                                                 As of December 31,                                               March 31,
                                                    2002 (1)     2003 (1)     2004 (2)        2005           2006 (3)          2006 (4)       2007        2007(5)
                                                                                (In thousands of pesos or U.S. dollars, as indicated)
Consolidated Balance Sheet
Central Bank Rules:
Assets
Cash and due from banks ...........                 Ps.325,953   Ps.674,300   Ps.1,372,261 Ps.1,189,129     Ps.2,626,908     US$855,810     Ps.1,924,141 US$620,551
Government and private
securities.....................................       868,033     2,155,766    2,106,737      2,991,764        3,222,955       1,049,993     4,485,670    1,446,664
Loans:
to the non-financial
government sector ......................              462,440      365,549      809,577         645,342          774,273         252,247      796,845       256,989
to the financial sector .................               1,593       17,835       81,812          80,511          436,930         142,346      635,461       204,941
to the non-financial private
sector and residents abroad ........                   514,695      723,619    2,208,996      2,948,799        5,524,483       1,799,799     6,104,267    1,968,674
Allowances for loan losses.........                  (116,125)     (56,279)    (225,340)      (247,532)         (208,581)        (67,953)    (209,126)      (67,445)
Other assets.................................        1,761,485    1,144,237    2,443,714      1,879,809        2,128,004         693,274     3,045,706      982,264
Total assets .................................       3,818,074    5,025,027    8,797,757      9,487,822       14,504,972       4,725,516    16,782,964    5,412,637
Average Assets ...........................           3,804,446    4,356,792    5,705,542      9,357,401       11,791,622       3,841,545    15,910,939    5,131,402
Liabilities and
Shareholders’ Equity
Deposits:
from the non-financial
government sector ......................              218,264      382,195      809,764         822,687        1,295,630         422,098     1,247,058      402,186
from the financial sector.............                  7,552       11,909        4,445           5,208            5,078           1,654         6,050        1,951
from the non-financial private
sector...........................................    1,534,926    2,633,140    4,504,788      5,737,431        8,770,309       2,857,244     9,730,509    3,138,165
Other liabilities from financial
intermediation and other
liabilities .....................................     663,341      559,450     1,974,786      1,241,791        1,426,047         464,586     2,651,383      855,092
Subordinated corporate bond .....                      71,101       24,200        16,416         12,047          507,844         165,448       526,331      169,746
Items pending allocation ............                   5,939        3,783         4,554            854            2,052             669         1,379          445
Provisions ...................................        391,578      285,128       225,699        178,150          104,870          34,165       103,814       33,481
Minority interest in
subsidiaries .................................               3            3            3             80           78,165          25,465        78,288       25,248
Total liabilities ...........................        2,892,704    3,899,808    7,540,455      7,998,248       12,189,995       3,971,329    14,344,812    4,626,314
Shareholders’ equity...................                925,370    1,125,219    1,257,302      1,489,574        2,314,977         754,187     2,438,152      786,323
Average shareholders’ equity.....                      730,955      949,023    1,179,611      1,333,163        1,915,245         623,960     2,351,931      758,516

U.S. GAAP: (6)
Shareholders’ equity...................             735,386         857,666        1,191,692
__________
(1) In constant pesos of February 28, 2003.
(2) Nuevo Banco Suquía consolidated with Banco Macro from December 22, 2004.
(3) Banco del Tucumán and Nuevo Banco Bisel consolidated with Banco Macro from May 5, 2006 and August 11, 2006 respectively.
(4) Translated at the rate of Ps. 3.0695 per US$1.00, the reference exchange rate reported by the Central Bank for December 31, 2006.
(5) Translated at the rate of Ps. 3.1007 per US$1.00, the reference exchange rate reported by the Central Bank for March 31, 2007.
(6) See note 34 to our audited consolidated financial statements for the year ended December 31, 2005 for a summary of significant differences
     between Central Bank Rules and U.S. GAAP.




                                                                                 S-9
        BANCO MACRO

                                                                                                                                                            As of and
                                                                                                                                                             for the
                                                                                                                                                             period
                                                                                                        As of and for the year ended December 31,            ended
                                                                                                                                                            March 31,
                                                                                                      2002(1)   2003(1)    2004(2)     2005     2006(3)       2007
Selected consolidated ratios:
Profitability and performance
Net interest margin (%)(4) ..............................................................             8.87%      6.84%      6.37%     5.23%         7.11%     7.42%
Fee income ratio (%)(5) ..................................................................            11.06      41.29      34.38     40.43         37.32    30.65
Efficiency ratio (%)(6) ....................................................................           20.88     72.85      56.77      59.08        53.79    58.13
Ratio of earnings to fixed charges (excluding interest on
 deposits)(7)                                                                                          2.39x      3.96x     5.69x      3.01x         6.76     4.18
Ratio of earnings to fixed charges (including interest on
 deposits)(8)                                                                                          2.19x     2.26x      3.02x      2.14x         2.49     1.98
Fee income as a percentage of administrative expense (%) ............                                  52.95     56.68      60.56      68.43        69.37    52.72
Return on average equity (%)..........................................................                 78.27     21.06      16.36      19.71        22.15    21.24
Return on average assets (%) ..........................................................                15.04      4.59       3.39       2.81         3.60     3.14
Liquidity
Loans as a percentage of total deposits (%) ....................................                       55.59     36.57      58.29      55.97        66.88    68.62
Liquid assets as a percentage of total deposits (%)(9).....................                            47.05     65.12      53.69      58.65        61.92    65.36
Capital
Total equity as a percentage of total assets (%)...............................                        24.24     22.39      14.29      15.70        15.96    14.53
Regulatory capital as a percentage of risk-weighted assets (%) ......                                  27.36     43.79      35.71      31.03        31.31    30.83
Asset Quality
Non-performing loans as a percentage of total loans (%)(10).........                                   16.94      8.91       6.50       5.34      2.01        1.65
Allowances as a percentage of total loans.......................................                       11.86      5.08       7.27       6.74      3.10        2.77
Allowances as a percentage of non-performing loans (%)(10) .......                                     70.04     57.07     111.75     126.20    154.25      168.05
Amparos as a percentage of equity (%)...........................................                                  4.0        4.0        2.9       3.23        2.97
Operations
Number of branches ........................................................................             163        150        256       254           433     429
Number of employees .....................................................................             2,881      2,814      4,772     5,054         7,585   7,635
        __________
        (1)           Calculated on the basis of amounts expressed in constant pesos as of February 23, 2003.
        (2)           Nuevo Banco Suquía consolidated with Banco Macro from December 22, 2004.
        (3)           Banco del Tucumán and Nuevo Banco Bisel consolidated with Banco Macro from May 5, 2006 and August 11, 2006,
                      respectively
        (4)           Net interest income divided by average interest earning assets.
        (5)           Service charge income divided by the sum of gross intermediation margin and service charge income.
        (6)           Administrative expenses divided by the sum of gross intermediation margin and service charge income.
        (7)           For the purpose of computing the ratio of earnings to fixed charges excluding interest on deposits, earnings consist of
                      income before income taxes plus fixed charges; fixed charges excluding interest on deposits consist of gross interest
                      expense minus interest on deposits.
        (8)           For the purpose of computing the ratio of earnings to fixed charges including interest on deposits, earnings consist of
                      income before income taxes plus fixed charges; fixed charges including gross interest on deposits is equal to interest
                      expense.
        (9)           Liquid assets include cash, cash collateral, LEBACs and NOBACs, and interbank loans. Since 2004, we include
                      overnight loans to highly rated companies.
        (10)          Non-performing loans include all loans to borrowers classified as “3-nonperforming/deficient compliance,” “4-high
                      risk of uncollectibility/unlikely to be collected,” “5-uncollectible” and “6-uncollectible, classified as such under
                      regulatory requirements” under the Central Bank loan classification system




                                                                                               S-10
                                                 RISK FACTORS

         Investing in the Notes involves risks. Before making a decision to purchase the Notes, you should carefully
consider the risks described below and the other information included in this Pricing Supplement and in the
Offering Circular.

Risks relating to the Notes

         A devaluation of the Argentine peso will result in a loss of principal and interest in U.S. dollar terms.

         Payments of principal, interest, additional amounts and any other amounts in respect of the Notes are
determined based on the Argentine peso equivalent (based on an initial exchange rate of Ps.3.0794 = US$1.00) of
the aggregate principal amount of the Notes then outstanding and converted into U.S. dollars based on an exchange
rate on the second business day prior the applicable payment date. As a result, a devaluation of the Argentine peso
will result in a loss of principal and a reduction in the effective interest rate in U.S. dollar terms.

         In circumstances where we can satisfy our payment obligations in respect of the Notes by transferring
Argentine pesos to accounts located in Argentina, you may not be able to obtain U.S. dollars or transfer funds
outside Argentina.

          If we are unable either to purchase U.S. dollars or to transfer funds outside Argentina in order to make a
payment in respect of the Notes, because of any legal or regulatory restriction or due to any other reason beyond our
control, then we will be able to satisfy such payment obligation in Argentine pesos and with transfers to accounts
located in Argentina. In such event, you may not be able to obtain U.S. dollars at the applicable exchange rate under
the Notes or at all, and you may not be able to freely transfer funds outside Argentina.

Additional Risks

        Prospective investors in the Notes should carefully consider the additional risks factors discussed under
“Risk Factors” beginning on pages I-5 and II-10 in the Offering Circular.




                                                        S-11
               MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                                  RESULTS OF OPERATIONS

         The following discussion is based on, and should be read in conjunction with, our consolidated financial
statements and related notes in this Pricing Supplement and in the Offering Circular and “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” “Overview of Banco Macro S.A.,”
Selected Financial and Operating Data” and the other financial information appearing the Offering Circular.

THREE MONTHS ENDED MARCH 31, 2007 COMPARED TO THREE MONTHS ENDED MARCH 31,
2006

        The disclosure includes consolidated comparisons and, in some cases, comparisons for the three months
ended March 31, 2007 against the three months ended March 31, 2006 of Banco Macro without the 2006 acquisition
of Nuevo Banco Bisel, or NBB, in order to permit period-to-period comparisons, considering that Nuevo Banco
Bisel was acquired in August of 2006.

        The following table sets forth certain components of our income statement for the three months ended
March 31, 2006 and 2007. Our consolidated results of operations for 2007 include results for Banco del Tucumán
and Nuevo Banco Bisel, which were consolidated with Banco Macro, respectively, from May 5, 2006 from August
11, 2006 . The additional financial information below presents the consolidated results of operations for Banco
Macro without Nuevo Banco Bisel.

                                                                                    Three Months Ended March 31,
                                                          2006 Consolidated(1)             2007 Consolidated           2007 without NBB(2)
                                                                                 (in thousands of pesos) (unaudited)
Financial income ..................................           211,034                        417,504                       336,013
Financial expenses................................            (76,251)                      (157,973)                     (136,815)
Gross intermediation margin ................                  134,783                        259,531                       199,198
Provision for loan losses.......................               (8,044)                       (17,321)                      (11,652)
Service charge income..........................                88,813                        146,851                       119,533
Service charge expenses .......................               (18,156)                       (32,160)                      (29,450)
Administrative expenses.......................               (128,408)                      (217,550)                     (172,837)
Net other income ..................................            12,631                         (1,178)                       33,217
Income before income tax ....................                  81,619                        138,173                       138,009
Income tax ............................................        (8,716)                       (14,130)                      (14,130)
Minority interest ...................................              (8)                          (868)                         (704)
 Net income..........................................          72,895                        123,175                       123,175
__________________
(1)         Results for 2006 do not include the results of Banco del Tucumán and Nuevo Banco Bisel, which are
            consolidated, respectively, from May 5, 2006 and August 11, 2006.
(2)         The results of Nuevo Banco Bisel are included in “Net Other Income.”

Financial Income

Our financial income increased 59% on a stand alone basis and 98% on a consolidated basis for the three months
ended March 31, 2007 as compared to the three months ended March 31, 2006. The components of our financial
income for the three months ended March 31, 2006 and 2007 were as follows:




                                                                      S-12
                                                                               Three Months Ended March 31,
                                                                      2006 Consolidated      2007 Consolidated    2007 without NBB
                                                                                   (in thousands of pesos) (unaudited)
 Interest on cash and due from banks ...............................................                    2,452   5,185   4,998
 Interest on loans to the financial sector ...........................................                  2,644  10,090   8,881
 Interest on overdrafts.......................................................................         16,280  40,010  29,651
 Interest on mortgage loans...............................................................              9,102  14,349  12,346
 Interest on pledge loans(1) ..............................................................             9,035  12,238   9,793
 Interest on credit card loans.............................................................             5,200  11,611   9,827
 Interest on documents(2) .................................................................             9,696  23,858  11,586
 Interest on other loans(3).................................................................           44,783 100,363 100,271
 Interest on other receivables from financial intermediation ............                               3,821   4,176   3,653
 Income from government and private securities, net.......................                             50,224 126,490  84,619
 Indexation by benchmark stabilization coefficient (CER)(4)..........                                  28,636  24,562  18,525
 Income from guaranteed loans(5)....................................................                    6,478   8,885   6,565
 Other(6) ...........................................................................................  22,683  35,687  35,298
 Total financial income.....................................................................          211,034 417,504 336,013
__________
(1)      Includes primarily secured car loans.
(2)      Includes factoring, check cashing advances and loans with promissory notes.
(3)      Includes interest on loans not classified under prior headings.
(4)      Includes CER accrued for all the assets subject to adjustment by CER.
(5)      Includes loans to the Argentine government that were issued in exchange for federal and provincial
         government bonds.
(6)      Principally foreign exchange gains from our net asset position in U.S. dollars and results from leasing
         activity.

         Our financial income increased 98% on a consolidated basis and 59% without the acquisition of Nuevo
Banco Bisel. Interest on loans increased 120% on a consolidated basis and 88% without Nuevo Banco Bisel due to
a higher volume of loans to the private sector. We continue to exhibit high rates of growth as loans to the private
sector increased 100% as of March 31, 2007 as compared to March 31, 2006. Thus, the share of our total financial
income from private sector loans increased from 46% to 51%. The main drivers of this growth have been
overdrafts, which grew 123%, consumer loans, which grew 200%, credit cards loans, which grew 96% and medium-
term loans structured for our corporate customers recorded in “Other,” which grew 59% in March 31, 2007 as
compared to March 31, 2006.

       Income from government and private securities climbed 152% on a consolidated basis and 69% without
Nuevo Banco Bisel mainly driven by LEBAC/NOBAC results.

        Indexation by CER decreased 14% on a consolidated basis and 35% without the acquisition of Nuevo
Banco Bisel due to the decreasing volume of loans and bonds adjusted by CER. Additionally, inflation for the three
months ended March 31, 2007 was lower than the same period in 2006 (inflation of 3% during the first quarter 2006
compared to 2.52% during 2007).

Financial expenses

         Financial expenses increased 107% on a consolidated basis, and 79% without the Nuevo Banco Bisel
acquisition, as of March 31, 2007 as compared to March 31, 2006. The components of our financial expenses for the
three months ended March 31, 2006 and 2007 were as follows:




                                                        S-13
                                                                                                Three Months Ended March 31,
                                                                              2006 Consolidated        2007 Consolidated      2007 Without NBB
                                                                                             (in thousands of pesos) (unaudited)
Interest on checking accounts..............................                         622                   5,301                  5,123
Interest on savings accounts ................................                     1,709                   2,086                  1,606
Interest on time deposits ......................................                 36,256                  89,742                 78,537
Interest on financing from the financial
 sector .................................................................             122                   134                    134
Interest on subordinated bonds                                                        209                13,731                 13,731
Interest on other liabilities from financial
 intermediation(1) ...............................................                3,761                  9,835                   9,798
Other interest(2)...................................................              2,906                  2,990                   2,039
Net income from options .....................................                         0                    504                     504
Indexation by CER(3)..........................................                   18,969                 15,440                   9,598
Other(4) ...............................................................         11,697                 18,210                  15,745
Total financial expenses ......................................                  76,251                157,973                 136,815
__________
(1)      Includes lines of credit from other banks, repurchase agreements and liquidity assistance from the Central Bank.
(2)      Includes subordinated corporate bonds issued by us.
(3)      Includes CER accrued for all the liabilities subject to adjustment by CER.
(4)      Includes deposits in the form of government securities and CEDROs.

         Financial expenses increased 107% on a consolidated basis and 79% without the Nuevo Banco Bisel
acquisition.

         The growth of financial expenses is mainly explained by interest on deposits, which grew 152% and 121%
on a consolidated basis and without the NBB acquisition, respectively. This growth originated in two factors: the
higher prevailing interest rates in line with the increase in interest rates in the financial system as a whole (for time
deposits in pesos, the interest rate was 6.43% in March 2006 and more than 8% in March 2007) and the increasing
volume of deposits, which grew 70% during 2007 (including Nuevo Banco Bisel).

       Indexation by CER fell 19% on a consolidated basis, due to a decrease in CER-adjusted deposits, mostly
owned by institutional investors and also due to lower inflation during the first quarter of 2007.

Provision for loan losses

         Provision for loan losses increased 115% on a consolidated basis for 2007 compared to 2006 and 45%
without the NBB acquisition as a result of the growth of our lending portfolio.

Service charge income

       The following table provides a breakdown of our service charge income by category for the three months
ended March 31, 2006 and 2007:

                                                                                                Three Months Ended March 31,
                                                                            2006 Consolidated         2007 Consolidated       2007 Without NBB
                                                                                            (in thousands of pesos) (unaudited)
Service charges on deposit accounts................                          56,612                 96,644                         75,598
Debit and credit card income...........................                       7,167                 16,453                         14,360
Other fees related to foreign trade ...................                       2,586                  4,323                          3,817
Credit-related fees............................................               6,407                 12,930                         10,605
Lease of safe-deposit boxes .............................                     1,788                  3,116                          2,125
Other(1) ...........................................................         14,253                 13,385                         13,028
Total service charge income ............................                     88,813                146,851                        119,533
__________
(1)      Includes insurance income.



                                                                                  S-14
          Service charge income increased 65% on a consolidated basis primarily due to the increase in the volume
of our operations and the acquisitions of 2006. The main drivers were fees related to deposits, which grew 71% and
represent 66% of total service charge income, fees related to debit and credit cards, which grew 129% and fees
related to lending activities, which grew 102%.

Service charge expenses

          Service charge expense in 2007 increased 77% on a consolidated basis and 62% without Nuevo Banco
Bisel, as compared to 2006, mainly due to higher credit card and debit card processing fees, other service fees and
taxes.

Administrative expenses

         The components of our administrative expenses for the three months ended March 31, 2006 and 2007 are
reflected in the following table:

                                                                                                            Three Months Ended March 31,
                                                                                                                                           2007 without
                                                                                               2006 Consolidated     2007 Consolidated         NBB
                                                                                                           (in thousands of pesos) (unaudited)
Personnel expenses .................................................................               79,148             137,709               106,224
Directors and statutory auditors fees ......................................                        1,611               3,460                 2,985
Other professional fees ...........................................................                 7,795               9,601                 8,472
Advertising and publicity .......................................................                   5,003               9,531                 9,234
Taxes ......................................................................................        2,302               3,070                 2,668
Other operating expenses........................................................                   28,614              49,086                38,293
Other.......................................................................................        3,935               5,093                 4,961
Total administrative expenses.................................................                    128,408             217,550               172,837


         Administrative expenses increased 69% on a consolidated basis and 35% without the Nuevo Banco Bisel
acquisition, mainly due to personnel expenses which grew 74% on a consolidated basis and 34% without the 2006
acquisitions. This increase in personnel expenses is attributed to salary adjustments and to the increase in the
number of employees as a result of the 2006 acquisitions.

Net other income

          Net other income totaled a loss of PS.1.2 million, decreasing 110% or Ps.13.8 in the first quarter of 2007 as
compared to the same period in 2006, as a result of a two main factors: (1) a decrease in our other income by Ps. 9.3
million and (2) an increase in our other expenses by Ps. 4.5 million. The decrease in our other income by Ps. 9.3
occurred primarily because Banco Bansud's goodwill amortization installment of Ps.18.3 million gain were included
in the first quarter of 2006 and this amortization was completed at the end of 2006; on the other side, in the first
quarter of 2007 recovered loans and allowances included a gain of Ps.12.3 million due to the acquisitions of Nuevo
Banco Bisel and Banco del Tucuman. The increase in our net other expenses by Ps.4.5 million occurred primarily
because the first quarter of 2007 included losses from Nuevo Banco Bisel and Banco del Tucuman of Ps.8.1 million
and the extraordinary expenses from our ADR and our unsubordinated notes decreased approximately Ps.7 million.

Income tax

         During the first quarter 2007, we accrued income tax of Ps.14 million, compared to Ps.8.7 million recorded
in the same period 2006, as a result of increasing our net income.




                                                                                     S-15
                                         TERMS AND CONDITIONS OF THE NOTES

         The following items under this heading “Terms and Conditions of the Notes” are the particular terms
and conditions of the Notes. This description supplements, and should be read in conjunction with, the general
description of the terms and conditions of notes described in the Offering Circular. The terms and conditions of
the Notes differ in certain aspects from the general description of the terms and conditions of notes described in
the Offering Circular. To the extent that this description is not consistent with the Offering Circular, this
description will be deemed to supersede the Offering Circular with respect to the Notes.

1.   Series No............................................ 3

2.   Title.................................................... 10.750 % Argentine Peso-Linked Notes Due 2012

3.   Aggregate Principal Amount ............. US$100,000,000

4.   Issue Price .......................................... 100% of the principal amount, plus accrued interest, if any, from
                                                            June 7, 2007

5.   Issue Date........................................... June 7, 2007

6.   Stated Maturity .................................. The Notes will mature on June 7, 2012.

7.   Fixed Interest Rate:

     a. Interest Rate ................................. 10.750% per annum

     b. Interest Payment Dates................. Semi-annually in arrears on June 7 and December 7 of each year,
                                                commencing on December 7, 2007.

     c. Regular Record Dates .................. May 15 or November 15 immediately preceding the relevant Interest
                                                Payment Date.

     d. Day Count Basis........................... 30/360

8.   Specified Currency ............................ U.S. dollars

9.   Payment Currency.............................. Payments of principal, interest, Additional Amounts and other
                                                    amounts due in respect of the Notes will (except in the limited
                                                    circumstances specified in “—Payments” below) be made in U.S.
                                                    dollars in amounts determined by the Exchange Rate Calculation
                                                    Agent (i) based on the Argentine Peso Equivalent Principal Amount
                                                    and (ii) by converting the peso amount into U.S. dollars at the
                                                    Applicable Exchange Rate on the relevant Calculation Date.

10. Argentine Peso Equivalent
    Principal Amount............................... The amount in Argentine pesos determined by multiplying the
                                                    aggregate principal amount then outstanding by the Initial Exchange
                                                    Rate (initially, Ps.307,940,000)

11. Initial Exchange Rate......................... Ps.3.0794 per U.S. dollar (Ps. / US$ exchange rate on May 31, 2007)

12. Applicable Exchange Rate................. The ARS Industry Survey Rate, or any successor rate, published by
                                              EMTA, Inc. (“EMTA”) on a daily basis on its web page
                                              (https://emta.org or any successor web page) (the “EMTA Exchange



                                                                 S-16
                                                   Rate”). In the event that the EMTA Exchange Rate is not available,
                                                   the Applicable Exchange Rate will be the average offer exchange
                                                   rate for the conversion of Argentine pesos into U.S. dollars published
                                                   by the following banks in Argentina, at 3:00 p.m., Buenos Aires
                                                   time, as calculated by the Exchange Rate Calculation Agent: Banco
                                                   Santander Rio S.A.; BBVA Banco Francés S.A.; The Branch of
                                                   Citibank, N.A., in Argentina; Deutsche Bank S.A.; and HSBC Bank
                                                   Argentina S.A.

13. Calculation Date ................................ The date that is two Business Days before the applicable payment
                                                      date.

14. Exchange Rate Calculation
    Agent.................................................. HSBC Bank Argentina S.A.

15. Additional Issuances .......................... We may from time to time, without the consent of the existing
                                                         holders of the Notes, create and issue additional Notes having the
                                                         same terms and conditions as the Notes in all respects, except for
                                                         Issue Date, Issue Price, the Interest Commencement Date and, if
                                                         applicable, the first Interest Payment Date. Such additional Notes
                                                         will be consolidated with and will form a single series with the
                                                         Notes.
16. Payments............................................ Payments in respect of the Notes will be made by us in U.S. dollars
                                                         outside Argentina to the Common Depositary for Euroclear and
                                                         Clearstream.

                                                   In the event that we furnish to the Trustee evidence that we are
                                                   unable either to purchase sufficient U.S. dollars with Argentine pesos
                                                   or to transfer sufficient funds outside of Argentina in order to make
                                                   payment in respect of the Notes on a payment date, whether: (i)
                                                   directly, by buying U.S. dollars with Argentine pesos in the foreign
                                                   exchange market in Argentina and transferring such dollars outside
                                                   Argentina, or (ii) indirectly, by buying with Argentine pesos any
                                                   series of Argentine Discount Bonds or Argentine Par Bonds, or any
                                                   other public or private securities issued in Argentina and
                                                   denominated in U.S. dollars, and transferring and selling such bonds
                                                   or other securities outside Argentina for U.S. dollars, or (iii) by
                                                   means of any other legal procedure then existing in Argentina for the
                                                   purchase and transfer abroad of U.S. dollars, in each case, because of
                                                   any legal or regulatory restriction or due to any other reason beyond
                                                   our control, then we will be able to discharge our payment obligation
                                                   in respect of the Notes on such payment date by transferring the
                                                   applicable amount in Argentine pesos owed in respect of principal or
                                                   interest (by reference to the Argentine Peso Equivalent Principal
                                                   Amount) to accounts located in Argentina, as designated by
                                                   Euroclear or Clearstream, as the case may be. Payments made by us
                                                   in accordance with the preceding sentence will release us from our
                                                   obligation to make such payments in U.S. dollars to accounts outside
                                                   Argentina and will not result in an Event of Default under the
                                                   Indenture, accordingly, the holders of the Notes would not be
                                                   entitled to any additional payment or acceleration whatsoever. In
                                                   addition, in the event that on a subsequent payment date it becomes
                                                   possible again to purchase and transfer amounts as set forth in
                                                   clauses (i), (ii) or (iii) of the first sentence of this paragraph, we will
                                                   be required to make subsequent payments in respect of the Notes in


                                                             S-17
                                                 U.S. dollars to accounts outside Argentina.

                                                 All costs and taxes payable in connection with the conversion and
                                                 transfer abroad of payments in respect of the Notes will be borne by
                                                 us.

17. Redemption at the
    Option of the Bank............................. We may not redeem the Notes except in the event of certain changes
                                                    in Argentine withholding taxes as set forth in the Offering Circular.
                                                    See “Description of the Notes—Redemption and Repurchase—
                                                    Redemption for Taxation Reasons” in the Offering Circular.

18. Defeasance ......................................... The defeasance provisions in Article XI of the Indenture will apply
                                                         to the Notes; provided, however, that, in order to exercise either the
                                                         legal defeasance or covenant defeasance, we must (i) irrevocably
                                                         deposit with the Trustee Argentine pesos in such amount as will be
                                                         sufficient to pay the principal, interest, Additional Amounts and any
                                                         other amounts in respect of the Notes then outstanding on the Stated
                                                         Maturity of the Notes, and (ii) comply with certain other conditions,
                                                         including, without limitation, the delivery to the Trustee of opinions
                                                         of nationally recognized counsels in the United States and in
                                                         Argentina experienced in such tax matters to the effect that the
                                                         deposit and related defeasance would not cause the holders of the
                                                         Notes to recognize income, gain or loss under the tax laws of the
                                                         applicable jurisdictions as well as to other relevant matters.

19. Registration Rights ............................ Pursuant to the Registration Rights Agreement, we will agree for the
                                                     benefit of the holders of Notes to (a) file with the SEC a registration
                                                     statement on an appropriate form under the Securities Act, with
                                                     respect to an offer to exchange the Notes for Exchange Notes with
                                                     terms identical to the Notes (subject to certain exceptions), within
                                                     255 days after the Issue Date, (b) use our reasonable best efforts to
                                                     have such registration statement declared effective under the
                                                     Securities Act within 315 days after the Issue Date, and (c) use our
                                                     reasonable best efforts to consummate the exchange offer within 350
                                                     days after the Issue Date. In the event that applicable law, regulation
                                                     or policy of the SEC does not allow the consummation of the
                                                     exchange offer, or upon the occurrence of certain other conditions,
                                                     we will file a “shelf” registration statement covering resales of the
                                                     Notes by the holders thereof. We will be required to pay you
                                                     additional interest if we fail to comply with our obligations to
                                                     register the Notes within the specified time periods. See
                                                     “Registration Rights” in this Pricing Supplement.

20. Expected International Ratings .......... We expect that the Notes will be rated “Ba1” by Moody’s Investor’s
                                              Service, Inc. and “B+” by Fitch Ratings Ltd. A security rating is not
                                              a recommendation to buy, sell or hold securities and may be subject
                                              to revision or withdrawal at any time by the assigning rating agency
                                              without notice.

21. Local Ratings ..................................... In Argentina, Moody’s Latin American Calificadora de Riesgo S.A.
                                                        has rated the Notes “Aa1.ar” and Fitch Argentina Calificadora de
                                                        Riesgo S.A. has rated the Notes “A1+ (arg)”. A security rating is not
                                                        a recommendation to buy, sell or hold securities and may be subject
                                                        to revision or withdrawal at any time by the assigning rating agency

                                                           S-18
                                                  without notice. The methods of assigning ratings used by Argentine
                                                  rating agencies may differ in important aspects from those used by
                                                  the rating agencies in the United States or other countries. An
                                                  explanation of the significance of each Argentine rating agency’s
                                                  ratings may be obtained from such a rating agency.

22. Minimum Denominations .................. US$100,000 and multiples of US$1,000 in excess thereof.

23. Value for Purposes of
    Computing Voting Rights .................. Each US$1 of principal amount of the Notes entitles the holder to
                                               one vote for purposes of computing voting rights.

24. Listing/Trading .................................. Applications will be made to list the Notes on the Luxembourg Stock
                                                       Exchange for trading on EuroMTF, the alternative market of the
                                                       Luxembourg Stock Exchange, and on the Buenos Aires Stock
                                                       Exchange. We expect that the Notes will be eligible for trading on
                                                       the MAE.

25. Syndication
     a. Book-Running Manager............... Citigroup Global Markets Inc.

     b. Stabilizing Manager ..................... Citigroup Global Markets Inc.

     c. Dealer ........................................... Citigroup Global Markets Inc. (with Citicorp Capital Markets S.A.
                                                           and Raymond James Argentina Sociedad de Bolsa S.A. acting as
                                                           placement agents for purchases made in Argentina (the “Argentine
                                                           placement agents”)).

26. Form of Notes .................................... The Notes will initially be issued in the form of one fully registered
                                                       Restricted Global Note and one fully registered Regulation S Global
                                                       Note.

27. Codes
     a. ISIN.............................................. Rule 144/A: XS0304993792
                                                           Regulation S: XS0304992802
     b. Common Code Number ............... Rule 144/A: 030499379
                                           Regulation S:030499280
28. Common Depositary .......................... HSBC Issuer Services Common Depositary Nominee (UK) Limited
29. Clearance ........................................... Euroclear and Clearstream, Luxembourg




                                                            S-19
                                             REGISTRATION RIGHTS

         Pursuant to a Registration Rights Agreement to be entered into among us and the dealer (the “Registration
Rights Agreement”), we will agree to file with the SEC and use our reasonable best efforts to cause to become
effective a registration statement with respect to an offer to exchange the Notes for an issue of SEC-registered Notes
(the “Exchange Notes”) with identical terms (but without transfer restrictions and certain other terms concerning
increased interest, as described below). Upon the registration statement becoming effective, we will offer to holders
of such Notes who are able to make certain representations the opportunity to exchange their Notes for an equal
principal amount of Exchange Notes. The following summary of certain provisions of the Registration Rights
Agreement does not purport to be complete and is subject to, and is qualified in its entirety by reference to, all of the
provisions of the Registration Rights Agreement, a copy of which will be made available to prospective purchasers
of the Notes upon request to us.

          The Registration Rights Agreement will provide that: (i) unless the exchange offer would not be permitted
by applicable law or the SEC, we will (a) file an exchange offer registration statement with the SEC within 255 days
after the Issue Date, (b) use our reasonable best efforts to have the exchange offer registration statement declared
effective by the SEC within 315 days after the Issue Date, and (c) use our reasonable best efforts to commence
promptly such exchange offer after such declaration of effectiveness and to issue, within 350 days after the Issue
Date, Exchange Notes in exchange for all Notes tendered prior to the expiration of such exchange offer, and (ii) if
obligated to file a shelf registration statement, we will file the shelf registration statement prior to the later of 350
days after the Issue Date or 30 days after such filing obligation arises and we will use our reasonable best efforts to
have such shelf registration statement declared effective by the SEC on or prior to the 60th day after such filing was
required to be made. We will use our reasonable best efforts to keep such shelf registration statement continuously
effective, supplemented and amended until the second anniversary of the effective date of the shelf registration
statement or such shorter period that will terminate when all the Registrable Notes (as defined below) covered by the
shelf registration statement have been sold pursuant thereto or may be sold pursuant to Rule 144(k) under the
Securities Act if held by a non-affiliate of us.

          If (i) we are not permitted to file the exchange offer registration statement or to consummate the exchange
offer because such exchange offer is not permitted by applicable law or SEC policy, (ii) the exchange offer is not
consummated within 350 days after the Issue Date or (iii) any holder of Notes notifies us within a specified time
period that (a) due to a change in law or SEC policy it may not resell the Exchange Notes acquired by it in such
exchange offer to the public without delivering a prospectus and the prospectus contained in the exchange offer
registration statement is not appropriate or available for such resales by such holder, (b) it is a dealer and owns
Notes acquired directly from us or an affiliate of ours or (c) the holders of a majority in aggregate principal amount
of the Notes may not resell the Exchange Notes acquired by them in such exchange offer to the public without
restriction under applicable blue sky or state securities laws, then we will (1) file with the SEC a shelf registration
statement (the “Shelf Registration Statement”) to cover resales of all Registrable Notes (as defined below) by the
holders thereof and (2) use our reasonable best efforts to have the applicable registration statement declared
effective by the SEC on or prior to 60 days after such filing was required to be made. For purposes of the foregoing,
“Registrable Notes” means each Note until (i) the date on which such Note is exchanged by a person other than a
dealer for an Exchange Note in an exchange offer, (ii) following the exchange by a dealer in an exchange offer of a
Note for an Exchange Note, the date on which such Exchange Note is sold to a purchaser who receives from such
dealer on or prior to the date of such sale a copy of a prospectus, (iii) the date on which such Note is effectively
registered under the Securities Act and disposed of in accordance with a shelf registration statement, (iv) the date on
which such Note is sold to the public pursuant to Rule 144 under the Securities Act (or any similar provision then in
force, but not Rule 144A), (v) the date on which (A) such Note is otherwise transferred by the holder thereof and a
new Note not bearing a legend restricting further transfer is delivered by us in exchange therefor and (B) a
subsequent disposition of such Note shall not require registration or qualification under the Securities Act or any
similar state law then in force or (vi) the date on which such Note ceases to be outstanding.

          The Exchange Notes, if any, will be issued under the Indenture relating to the Notes or an indenture
identical in all material respects to that Indenture and which, in either case, has been qualified under the U.S. Trust
Indenture Act of 1939, as amended. The Notes and the Exchange Notes shall be deemed to be part of and constitute



                                                          S-20
a single series consisting of the Notes and the Exchange Notes, and, without limiting the generality of the foregoing,
shall vote together as one series of Notes.

         Application is expected to be made to list the Exchange Notes, if any, on the Luxembourg Stock Exchange
and to have them admitted for trading on the EuroMTF and to list them on the Buenos Aires Stock Exchange.
Notice will be given to the CNV and the Buenos Aires Stock Exchange, and will be made in a daily newspaper of
general circulation in Luxembourg prior to commencing the exchange offer. You may obtain documents relating to
the exchange offer and consummate the exchange at the offices of our paying and transfer agents in Luxembourg
and Argentina. The results of the exchange offer, including any increase in the rate, will be provided to the CNV,
the Buenos Aires Stock Exchange and the Luxembourg Stock Exchange and published in a daily newspaper of
general circulation in Luxembourg.

         Under existing SEC interpretations, the Exchange Notes would, in general, be freely transferable after the
exchange offer without further registration under the Securities Act; provided that any dealer participating in an
exchange offer must deliver a prospectus meeting the requirements of the Securities Act upon any resale of
Exchange Notes. Subject to certain exceptions, we have agreed, for a period of 90 days after consummation of an
exchange offer, to make available a prospectus meeting the requirements of the Securities Act to any such dealer for
use in connection with any resale of any Exchange Note acquired in an exchange offer. A dealer that delivers such a
prospectus to purchasers in connection with such resales will be subject to certain of the civil liability provisions
under the Securities Act and will be bound by the provisions of the Registration Rights Agreement, including certain
indemnification obligations.

          Each holder of Notes that wishes to exchange Notes for Exchange Notes in an exchange offer will be
required to make certain representations, including representations that (i) any Exchange Notes to be received by it
will be acquired in the ordinary course of its business, (ii) it has no arrangement with any person to participate in a
distribution of the Exchange Notes and it does not intend to participate in any such distribution and (iii) it is not an
“affiliate,” as defined in Rule 405 of the Securities Act, of ours, or if it is an affiliate, it will comply (at its own
expense) with the registration and prospectus delivery requirements of the Securities Act to the extent applicable.

          If the holder is a dealer that will receive Exchange Notes for its own account in exchange for Notes that
were acquired as a result of market-making activities or other trading activities, it will be required to acknowledge
that it will deliver a prospectus in connection with any resale of such Exchange Notes.

          If (i) the exchange offer registration statement is not filed on or prior to the 255th day after the Issue Date,
(ii) the exchange offer registration statement (or a shelf registration statement in lieu thereof) is not declared
effective by the SEC on or prior to the 315th day after the Issue Date, (iii) an exchange offer is not consummated on
or prior to the 35th day after the date specified for the effectiveness of the exchange offer registration statement,
(iv) a shelf registration statement required to be filed is not filed on or before the date specified above for such
filing, (v) a shelf registration statement otherwise required to be filed is not declared effective on or before the date
specified above for effectiveness thereof or (vi) a shelf registration statement is declared effective but thereafter,
subject to certain exceptions, ceases to be effective or usable (whether due to a stop order or otherwise) in
connection with resales of Registrable Notes during the periods specified in the Registration Rights Agreement
(each such event referred to in clauses (i) through (vi) above, a “Registration Default”), then the interest rate on the
Notes to which such Registration Default relates will increase by 0.25% per annum with respect to each 90-day
period that passes until all such Registration Defaults have been cured, up to a maximum amount of 1.00% per
annum. Following the cure of any Registration Default, the accrual of such additional interest related to such
Registration Default will cease, and the interest rate applicable to the affected notes will revert to the original rate.

         The Registration Rights Agreement shall be governed by, and construed in accordance with, the laws
of the State of New York.




                                                          S-21
                                                USE OF PROCEEDS

         Our net proceeds from the issuance and sale of the Notes are expected to be approximately US$ 99.0
million, after deduction of fees and expenses. We will use the net proceeds from the issuance of the Notes to make
loans in accordance with Central Bank guidelines, in accordance with the provisions of Article 36 of the Negotiable
Obligations Law, Communication “A” 3046 of the Central Bank, as amended, and other applicable regulations.

                                                CAPITALIZATION

The following table sets forth our capitalization, in accordance with Central Bank Rules as of March 31, 2007 in
pesos and dollars (i) on an actual basis and (ii) as adjusted to give effect to the offering therefrom. The following
table should be read in conjunction with the financial statements and related notes, as well as “Presentation of
Financial Information” contained in this Pricing Supplement and the Offering Circular.

                                                                        As of March 31, 2007(1)
                                                                  Actual                      As Adjusted
                                                                             (in thousands)
Deposits from customers:                                     PS.          US$              PS.           US$
Demand deposits...........................................................
                                                           2,462,959       794,324       2,462,959        794,324
Time deposits................................................................
                                                           5,196,026     1,675,759       5,196,026      1,675,759
Savings deposits ...........................................................
                                                           2,071,524       668,083       2,071,524        668,083
                                                           1,247,058
Deposits from the government sector ...........................            402,186       1,247,058        402,186
Deposits from banks .....................................................
                                                               6,050         1,951           6,050          1,951
 Total deposits..............................................................
                                                          10,983,617     3,542,302      10,983,617      3,542,303
Federal funds purchased and securities sold under
 repurchase agreements................................................          1,105,862   356,649  1,105,862   356,649
Central Bank.................................................................     394,109   127,103    394,109   127,103
Short-term borrowings..................................................           246,300    79,434    246,300    79,434
Long-term debt (2)........................................................        966,826   311,809  1,276,896   411,809
Other liabilities .............................................................   464,617   149,843    464,617   149,843
Minority interest in consolidated subsidiaries ..............                      78,288    25,248     78,288    25,248
Shareholders’ equity .....................................................      2,438,152   786,323  2,438,152   786,323
Total capitalization ....................................................... 16,677,771   5,378,712 16,987,841 5,478,712
__________
(1)      Translated to U.S. dollars at the rate of Ps.3.1007 per US$1.00, the reference exchange rate reported by
         the Central Bank for March 31, 2007.
(2)      Includes US$ 150,000,000 of Junior Subordinated Bonds issued on December 18, 2006 and US$150,000
         Senior Notes issued on January 23, 2007




                                                         S-22
                        CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS

          The following discussion is based upon, and is meant to supplement, the discussion in the attached Offering
Circular under “Taxation—United States Federal Income Tax Considerations and remains subject to the limitations
and qualifications set forth therein it is not meant to be a comprehensive description of all U.S. federal income tax
considerations that may be material to a prospective purchaser of Notes. You should review the discussion in the
attached Offering Circular under “Taxation—United States Federal Income Tax Considerations” for a more
extensive description of certain potentially material U.S. federal income tax consequences of the acquisition,
ownership, disposition and retirement of the Notes. The following discussion only addresses certain aspects of the
U.S. federal income tax consequences of the acquisition, ownership, disposition and retirement of the Notes. Terms
that are not defined herein have the meanings ascribed to them in the attached Offering Circular.

         Interest

          The amount of income recognized by a cash basis U.S. Holder of a Note upon the receipt of an interest
payment (determined by reference to the Argentine Peso Equivalent Principal Amount of the Notes) will be the U.S.
dollar value of the peso amount of interest prior to conversion by the Exchange Rate Calculation Agent, based on
the spot rate in effect on the date of receipt. A cash basis U.S. Holder of a Note generally should not realize any
U.S. source exchange gain or loss in respect of interest payments except to the extent that the Applicable Exchange
Rate used to determine the amount of interest payable in U.S. dollars with respect to an interest payment differs
from the spot rate in effect on the date such payment is received.

          An accrual basis U.S. Holder of a Note may determine the amount of income recognized with respect to an
interest payment (determined by reference to the Argentine Peso Equivalent Principal Amount of the Notes) in
accordance with either of two methods. Under the first method, the amount of income accrued will be based on the
average exchange rate in effect during the interest accrual period (or, in the case of an accrual period that spans two
taxable years of a U.S. Holder, the part of the period within the taxable year). Under the second method, the U.S.
Holder may elect to determine the amount of income accrued on the basis of the spot rate in effect on the last day of
the accrual period (or, in the case of an accrual period that spans two taxable years, the spot rate in effect on the last
day of the part of the period within the taxable year). Additionally, if a payment of interest is actually received
within five business days of the last day of the accrual period, an electing accrual basis U.S. Holder may instead
translate the accrued interest into U.S. dollars at the spot rate in effect on the day of actual receipt. Any such
election will apply to all debt instruments held by the U.S. Holder at the beginning of the first taxable year to which
the election applies or thereafter acquired by the U.S. Holder, and will be irrevocable without the consent of the IRS.

          Upon receipt of an interest payment (including a payment attributable to accrued but unpaid interest upon
the sale, retirement or other taxable disposition of a Note), an accrual basis U.S. Holder may recognize U.S. source
exchange gain or loss (taxable as ordinary income or loss) equal to the difference between the peso amount of
interest prior to conversion by the Exchange Rate Calculation Agent (translated into U.S. dollars at the spot rate on
the date of receipt) and the amount previously accrued. An accrual basis U.S. Holder may also recognize U.S.
source exchange gain or loss to the extent that the Applicable Exchange Rate used to determine the amount of
interest payable in U.S. dollars with respect to an interest payment differs from the spot rate in effect on the date
such payment is received.

         Sale, Retirement or Other Taxable Disposition of a Note

         A U.S. Holder generally will recognize gain or loss on the sale, retirement or other taxable disposition of a
Note equal to the difference between the amount realized on the sale, retirement or other taxable disposition and the
adjusted tax basis of the Note. A U.S. Holder’s initial tax basis in a Note will be determined by reference to the U.S.
dollar cost of the note.

         The amount realized on a sale, retirement or other taxable disposition of a Note for an amount in foreign
currency will be the U.S. dollar value of the amount of foreign currency received based on the spot rate in effect on
the date of sale, retirement or other taxable disposition or, if the Notes are traded on an established securities market,
as defined in the applicable Treasury regulations, and the Note is sold by a cash basis U.S. Holder (or an accrual
basis U.S. Holder that so elects), the spot rate in effect on the settlement date for the sale. Such an election by an

                                                          S-23
accrual basis U.S. Holder must be applied consistently from year to year and cannot be revoked without the consent
of the IRS.

           A U.S. Holder will recognize U.S. source exchange gain or loss (taxable as ordinary income or loss) on the
sale, retirement or other taxable disposition of a Note equal to the difference, if any, between the U.S. dollar values
of the U.S. Holder’s purchase price for the Note (or, if less, the principal amount of the Note) based on the spot rate
in effect (i) on the date of sale, retirement or other taxable disposition and (ii) the date on which the U.S. Holder
acquired the Note. A U.S. Holder may also recognize U.S. source exchange gain or loss to the extent that the
Applicable Exchange Rate used to determine the amount of principal payable in U.S. dollars differs from the spot
rate in effect on the date such payment is received. Under applicable Treasury regulations, any exchange gain or
loss upon the sale, retirement or other taxable disposition of a note (with respect to both principal and accrued
interest) generally only is realized to the extent of the total gain or loss realized on the sale, retirement or other
taxable disposition.

        The rules addressing exchange gain or loss are very complicated, and it is not entirely clear how such rules
would apply in the context of debt instruments like the Notes that are denominated in U.S. dollars and provide for
payments in U.S. dollars based on an exchange rate that may differ from the spot rate. You are urged to consult
your own tax advisor in this regard.

      ANY DISCUSSION OF THE U.S. FEDERAL TAX ISSUES SET FORTH IN THIS
PRICING SUPPLEMENT WAS WRITTEN TO SUPPORT THE PROMOTION AND
MARKETING OF THE TRANSACTIONS DESCRIBED HEREIN. SUCH DISCUSSION
WAS NOT INTENDED OR WRITTEN TO BE USED, AND IT CANNOT BE USED, BY
ANY PERSON FOR THE PURPOSE OF AVOIDING ANY TAX PENALTIES THAT MAY
BE IMPOSED ON SUCH PERSON. EACH INVESTOR SHOULD SEEK ADVICE BASED
ON ITS PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.




                                                         S-24
                                     CERTAIN ERISA CONSIDERATIONS

           Section 406 of the United States Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), and Section 4975 of the United States Internal Revenue Code of 1986, as amended (the “Code”),
prohibit employee benefit plans and certain other retirement plans, accounts and arrangements that are subject to
Title I of ERISA and/or Section 4975 of the Code (“ERISA Plans”) from engaging in specified transactions
involving plan assets with persons or entities who are “parties in interest” within the meaning of ERISA, or
“disqualified persons” within the meaning of Section 4975 of the Code, unless an exemption is available. A party in
interest or disqualified person who engaged in a non-exempt prohibited transaction may be subject to excise taxes
and other penalties and liabilities under ERISA and/or the Code. In addition, the fiduciary of the ERISA Plan that
engaged in such a non-exempt prohibited transaction may be subject to penalties and liabilities under ERISA and/or
the Code. The acquisition and/or holding of Notes by an ERISA Plan with respect to which we are considered a
party in interest or a disqualified person may constitute or result in a direct or indirect prohibited transaction under
Section 406 of ERISA and/or Section 4975 of the Code unless the investment is acquired and is held in accordance
with an applicable statutory, class or individual prohibited transaction exemption. In this regard, the United States
Department of Labor has issued prohibited transaction class exemptions, or “PTCEs,” that may apply to the
acquisition and holding of Notes. These class exemptions include, without limitation, PTCE 84-14 respecting
transactions determined by independent qualified professional asset managers, PTCE 90-1 respecting insurance
company pooled separate accounts, PTCE 91-38 respecting bank collective investment funds, PTCE 95-60
respecting life insurance company general accounts and PTCE 96-23 respecting transactions determined by in-house
asset managers, although there can be no assurance that all of the conditions of any such exemptions will be
satisfied.

         Governmental plans, certain church plans and non-U.S. plans may not be subject to Section 406 or Section
4975 of the Code but may be subject to provisions under other federal, state, local, non-U.S. or other laws or
regulations that are similar to such provisions of ERISA or the Code (collectively, “Similar Laws”). Fiduciaries of
any such plans should consult their respective counsel before purchasing any Notes.

          The foregoing discussion is general in nature and is not intended to be all-inclusive. Due to the complexity
of these rules and the penalties that may be imposed upon persons involved in non-exempt prohibited transactions, it
is particularly important that fiduciaries or other persons considering purchasing Notes on behalf of, or with the
assets of, any employee benefit plan or other retirement plan, account or arrangement, consult with their counsel
regarding the potential applicability of ERISA, Section 4975 of the Code and any Similar Laws to such investment
and whether an exemption would be applicable to the purchase and holding of Notes.




                                                         S-25
                                             PLAN OF DISTRIBUTION

        Subject to the terms and conditions set forth in the terms agreement dated May 31, 2007 relating to the
Notes, which incorporates by reference the program agreement described in the Offering Circular, Citigroup Global
Markets Inc., which we refer to as the “dealer,” has agreed to purchase, and we have agreed to sell to the dealer,
US$100,000,000 aggregate principal amount of the Notes.
        The program agreement provides that the obligations of the dealer are subject to certain conditions
precedent. The purchase price for the Notes will be the issue price on the cover page of this Pricing Supplement.

           The Notes will be a new issue of securities with no established trading market. Application has been made
to list the Notes on the Luxembourg Stock Exchange and to admit the Notes for trading on EuroMTF, the alternative
market of the Luxembourg Stock Exchange. Application has also been made to list the Notes on the Buenos Aires
Stock Exchange. We have been advised by the dealer that it intends to make a market in the Notes, but it is not
obligated to do so and may discontinue any market-making activity at any time. In addition, any such market-
making activity will be subject to the limits imposed by the Securities Act and the U.S. Securities Exchange Act of
1934, as amended (the “Exchange Act”), and may be limited during the exchange offer and the pendency of any
shelf registration statement in connection with the registration rights we intend to provide to holders of the Notes.
Moreover, the dealer has informed us that it might not undertake any market-making activity with respect to the
Notes until expiration of the confirmation period in Argentina. See “Purchases Made in Argentina” on page “i”.
Accordingly, we cannot assure you as to the liquidity of, or the development or continuation of trading markets for,
the Notes.

         The dealer may engage in stabilizing and similar transactions that stabilize the price of Notes in accordance
with applicable law. These transactions may consist of bids or purchases for the purpose of pegging, fixing or
maintaining the price of Notes. If the dealer creates a short position in Notes (that is, if it sells Notes in an aggregate
principal amount exceeding that set forth in this Pricing Supplement), it may reduce that short position by
purchasing Notes in the open market. In general, purchase of Notes for the purpose of stabilization or to reduce a
short position could cause the price of Notes to be higher than it might be in the absence of such purchases.

         The U.K. Financial Services and Markets Act 2000 (the “FSMA”) permits, in connection with the issuance
of the Notes, the stabilizing manager (or any dealer for the stabilizing manager) to over-allot or effect transactions
with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail for
a limited period. However, there may be no obligation on the stabilizing manager (or any dealer of the stabilizing
manager) to do this. Such stabilizing, if commenced, may be discontinued at any time and must be brought to an
end after a limited period. Such stabilizing must be in compliance with all applicable laws, regulations and rules.

          Neither we nor the dealer makes any representation or prediction as to the direction or magnitude of any
effect that the transactions described in the immediately preceding paragraphs may have on the price of Notes. In
addition, neither we nor the dealer make any representation that the dealer will engage in any such transactions or
that such transactions, once commenced, will not be discontinued without notice.

          The dealer may make the Notes available for distribution on the Internet through a proprietary Web site
and/or a third-party system operated by MarketAxess Corporation, an Internet-based communications technology
provider. MarketAxess Corporation is providing the system as a conduit for communications between the dealer
and its customers and is not a party to any transactions. MarketAxess Corporation, a registered broker-dealer, will
receive compensation from the dealer based on transactions conducted through the system. The dealer will make
Notes available to its customers through the Internet distributions, whether made through a proprietary or third-party
system, on the same terms as distributions made through other channels.

          We expect that delivery of the Notes will be made against payment therefor on or about the date specified
on the cover page of this Pricing Supplement, which will be the fifth business day following the date of pricing of
the Notes (this settlement cycle being referred to as “T+5”). Since trades in the secondary market generally settle in
three business days, purchasers who wish to trade Notes on the date of pricing or the next succeeding business day
will be required, by virtue of the fact that the Notes initially will settle in T+5, to specify an alternate settlement
cycle at the time of any such trade to prevent a failed settlement. Purchasers of Notes who wish to trade Notes on


                                                           S-26
the date of pricing or the next succeeding business day should consult their own advisor. Notwithstanding the
foregoing, no trading of the Notes may occur in Argentina until the settlement date.

         We have agreed to indemnify the dealer against some liabilities (including, without limitation, liabilities
under the Securities Act) or to contribute to payments the dealer may be required to make in respect thereof. We
have also agreed to reimburse the dealer for some other expenses.

         The dealer has, directly or indirectly, performed investment and/or commercial banking or financial
advisory services for us, for which they have received customary fees and commissions, and it expects to provide
these services to us and our affiliates in the future, for which it also expects to receive customary fees and
commissions.

United States

          The Notes have not been and will not be registered under the Securities Act and may not be offered or sold
within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S) except in
certain transactions exempt from, or not subject to, the registration requirements of the Securities Act.

          We have been advised by the dealer that the offering and sale of Notes by it will be made only (a) to
institutions which it reasonably believes are qualified institutional buyers in reliance on Rule 144A under the
Securities Act and (b) to certain persons in offshore transactions in reliance on Regulation S under the Securities Act
and in accordance with applicable law. Any offer or sale of Notes in reliance on Rule 144A will be made by broker-
dealers who are registered as such under the Exchange Act.

          With respect to Notes offered to non-U.S. persons in offshore transactions in reliance on Regulation S, the
dealer has acknowledged and agreed that, except as permitted by the program agreement, it will not offer, sell or
deliver any Notes (i) as part of its distribution at any time or (ii) otherwise, until 40 days after the completion of the
distribution (as certified to the trustee by the dealer) of the identifiable tranche of which such Notes are a part, within
the United States or to, or for the account or benefit of, U.S. persons.

         In addition, until the expiration of the 40-day period referred to above, an offer or sale of Notes within the
United States by a dealer that is not participating in the offering may violate the registration requirements of the
Securities Act.

         Terms used in the four preceding paragraphs have the meaning given them by Regulation S and Rule 144A
under the Securities Act.

Republic of Argentina

         The Notes may be offered directly to the public in Argentina only through Citicorp Capital Markets S.A.
and Raymond James Argentina Sociedad de Bolsa S.A., which we refer to collectively as the “Argentine placement
agents”, who are authorized under the laws and regulations of Argentina to offer or sell securities to the public in
Argentina. The offering of the Notes in Argentina will be made by a substantially similar Offering Circular in the
Spanish language and in accordance with CNV regulations and Joint Resolution 470-1738/2004.

United Kingdom

The dealer has represented, warranted and agreed that:

         (1)      it has only communicated or caused to be communicated and will only communicate or cause to
         be communicated an invitation or inducement to engage in investment activity (within the meaning of
         Section 21 of the FSMA) received by it in connection with the issue or sale of the Notes in circumstances
         in which Section 21(1) of the FSMA does not apply to us; and




                                                           S-27
         (3)     it has complied and will comply with all applicable provisions of the FSMA with respect to
         anything done by it in relation to the Notes in, from or otherwise involving the United Kingdom.

Singapore

          This Pricing Supplement, the Offering Circular or any other material relating to the Notes has not been and
will not be registered as an offering circular with the Monetary Authority of Singapore, and the Notes will be
offered in Singapore pursuant to exemptions under Section 274 and Section 275 of the Securities and Futures Act,
Chapter 289 of Singapore (the “Singapore Securities and Futures Act”). Accordingly, the Notes may not be offered
or sold, or be subject of an invitation for subscription or purchase, nor may this Pricing Supplement, the Offering
Circular or any other offering material relating to the Notes be circulated or distributed, whether directly or
indirectly, to the public or any member of the public in Singapore other than (a) to an institutional investor or other
person specified in Section 274 of the Singapore Securities and Futures Act, (b) to a sophisticated investor, and in
accordance with the conditions specified in Section 275 of the Singapore Securities and Futures Act or (c) otherwise
pursuant to, and in accordance with the conditions of, any other applicable provision of the Singapore Securities and
Futures Act.




                                                         S-28
Banco Macro S.A.
  Balance Sheets as of December 31, 2006 and March 31, 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                  F-2
  Statements of Income for the three months ended March 31, 2006 and 2007 . . . . . . . . . . . . . . . . .                                          F-6
  Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2006 and
    2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-8
  Statements of Cash Flows for the three months ended March 31, 2006 and 2007 . . . . . . . . . . . . . .                                            F-9
  Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-10
  Exhibits A through L, N and O . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-48
  Consolidated Balance Sheets as of December 31, 2006 and March 31, 2007 . . . . . . . . . . . . . . . . . . F-65
  Consolidate Statements of Income for the three months ended March 31, 2006 and 2007 . . . . . . . F-69
  Consolidated Statements of Cash Flows for the three months ended March 31, 2006 and 2007 . . . F-71
  Consolidated Statements of Debtors by Situation as of December 31, 2006 and March 31, 2007 . . F-72
  Notes to the Consolidated Financial Statements with Subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . F-74




                                                                         F-1
Name of the auditor                                                                             Norberto M. Nacuzzi
Professional association                                                                        Pistrelli, Henry Martin y Asociados S.R.L.




                                                           BALANCE SHEETS
                                         AS OF MARCH 31, 2007 AND DECEMBER 31, 2006
                             (Translation of financial statements originally issued in Spanish - See note 21)
                                                 (Figures stated in thousands of pesos)



                                                                                                  03/31/2007              12/31/2006

ASSETS

A. CASH
   Cash on hand                                                                                            280,098                 280,437
   Due from banks and correspondents                                                                       665,207               1,098,628
                                                                                                           945,305               1,379,065

B. GOVERNMENT AND PRIVATE SECURITIES(Exhibit A)
   Holdings for trading or financial intermediation                                                        218,494                 221,847
   Instruments issued by the Central Bank of Argentina                                                   1,799,567               1,037,405
   Investments in listed private securities                                                                    496                   1,049
                                                                                                         2,018,557               1,260,301

C. LOANS(Exhibits B, C and D)
   To the non-financial government sector                                                                  370,939                 360,263
   To the financial sector                                                                                 334,057                 160,681
   To the non-financial private sector and foreign residents
     Overdrafts                                                                                            624,870                 567,614
     Documents                                                                                             244,755                 232,255
     Mortgage loans                                                                                        165,765                 159,126
     Pledged loans                                                                                           62,240                  65,852
     Personal loans                                                                                      1,101,453                 914,491
     Credit cards                                                                                          242,509                 220,016
     Other (Note 6.1)                                                                                      781,211                 658,110
     Accrued interest, adjustments, foreign exchange and quoted price differences receivables                38,641                  35,690
   less: Unearned discount                                                                                  (7,051)                 (6,027)
   less: Allowances (Exhibit J)                                                                          (128,170)               (124,146)
                                                                                                         3,831,219               3,243,925




                                                                                                            Jorge H. Brito
                                                                                                             Chairperson




                                                                     F-2
                                                                                                           03/31/2007           12/31/2006



D. OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
   Central Bank of Argentina                                                                                      78,922                58,026
   Amounts receivable from spot and forward sales pending settlement                                             869,074              438,780
   Securities and foreign currency receivable from spot and forward purchases pending settlement                 279,727              435,551
   Unlisted corporate bonds (Exhibits B, C and D)                                                                    763                   934
   Receivables from forward transactions without delivery of underlying asset                                                              110
   Other receivables not covered by debtors classification standards (Note 6.2)                                  420,963              306,129
   Other receivables covered by debtors classification standards (Exhibits B, C and D)                             23,487               20,684
   less: Allowances (Exhibit J)                                                                                   (3,148)              (2,661)
                                                                                                               1,669,788            1,257,553


E. ASSETS SUBJECT TO FINANCIAL LEASES
  Assets subject to financial leases (Exhibits B, C and D)                                                       134,321              123,461
  less: Allowances (Exhibit J)                                                                                   (1,968)              (1,611)
                                                                                                                 132,353              121,850


F. INVESTMENTS IN OTHER COMPANIES (Exhibit E)
   In financial institutions                                                                                   1,680,876            1,534,837
   Other                                                                                                          26,241               24,197
   less: Negative goodwill                                                                                         (483)                (483)
  less: Allowances (Exhibit J)                                                                                   (1,016)              (1,016)
                                                                                                               1,705,618            1,557,535


G. OTHER RECEIVABLES
   Receivables from sale of assets (Exhibits B, C and D)                                                          14,613               16,008
   Minimum presumed income tax - Tax Credit                                                                                            24,372
   Other (Note 6.3)                                                                                              110,949               97,176
   Accrued interest and adjustments receivable on receivables from sales of assets (Exhibits B, C and D)              19                   50
   Other accrued interest and adjustments receivable                                                                  62                   66
   less: Allowances (Exhibit J)                                                                                 (14,434)             (14,647)
                                                                                                                 111,209              123,025


H. BANK PREMISES AND EQUIPMENT, NET(Exhibit F)                                                                   203,994              201,621

I. OTHER ASSETS (Exhibit F)                                                                                      151,245              153,838

J. INTANGIBLE ASSETS (Exhibit G)
   Goodwill                                                                                                       64,675               66,607
   Organization and development costs                                                                             86,368               84,134
                                                                                                                 151,043              150,741

K. ITEMS PENDING ALLOCATION                                                                                          400                  737


TOTAL ASSETS                                                                                                  10,920,731            9,450,191




                                                                                                               Jorge H. Brito
                                                                                                               Chairperson




                                                                      F-3
                                                                                                       03/31/2007           12/31/2006



LIABILITIES

L. DEPOSITS (Exhibits H and I)
   From the non-financial government sector                                                                  876,396              938,949
   From the financial sector                                                                                   2,624                1,394
   From the non-financial private sector and foreign residents
     Checking accounts                                                                                       838,388              688,744
     Savings accounts                                                                                      1,180,300            1,240,913
     Time deposits                                                                                         2,663,093            2,155,980
     Investment accounts                                                                                      16,447               18,751
     Other (Note 6.4)                                                                                        131,827              134,290
     Accrued interest, adjustments, foreign exchange and quoted price differences payables                    21,363               19,699
                                                                                                           5,730,438            5,198,720

M. OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
   Central Bank of Argentina (Exhibit I)
     Other                                                                                                       829                  778
   Banks and international Institutions (Exhibit I)                                                          159,200              173,177
   Non-subordinated Corporate Bonds (Exhibit I)                                                              465,105
   Amounts payable for spot and forward purchases pending settlement                                         221,611              332,755
   Securities and foreign currency to be delivered under spot and forward sales pending settlement           997,134              529,546
   Financing received from Argentine financial Institutions (Exhibit I)                                       42,272               47,674
   Other (Note 6.5. and Exhibit I)                                                                           153,382              140,853
   Accrued interest, adjustments, foreign exchange and quoted price differences payables (Exhibit I)          29,804               25,841
                                                                                                           2,069,337            1,250,624

N. OTHER LIABILITIES
   Other (Note 6.6.)                                                                                         104,705              125,210
                                                                                                             104,705              125,210


O. PROVISIONS (Exhibit J)                                                                                     51,366               52,311


P. SUBORDINATED CORPORATE BONDS(Note 10. and Exhibit I)                                                     526,331               507,844


Q. ITEMS PENDING ALLOCATION                                                                                      402                 505


TOTAL LIABILITIES                                                                                          8,482,579            7,135,214


SHAREHOLDERS' EQUITY (As per related statement)                                                            2,438,152            2,314,977


TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                                                10,920,731            9,450,191




                                                                                                           Jorge H. Brito
                                                                                                            Chairperson




                                                                      F-4
                                                                                                       03/31/2007             12/31/2006



MEMORANDUM ACCOUNTS

   DEBIT-BALANCE ACCOUNTS                                                                                   6,660,313             5,386,973

   Contingent                                                                                               1,345,413             1,265,431
    Guarantees received                                                                                        995,263               956,164
    Other not covered by debtors classification standards                                                        3,515                 3,450
    Contingent debit-balance contra accounts                                                                   346,635               305,817
   Control                                                                                                  4,360,569             3,651,855
    Receivables classified as irrecoverable                                                                    421,674               425,875
    Other (Note 6.7.)                                                                                        3,882,715             3,184,787
    Control debit-balance contra accounts                                                                       56,180                41,193
   Derivatives                                                                                                954,331              469,687
    Notional value of call options taken                                                                       119,345              119,345
    Notional value of put options taken                                                                         33,923               50,649
    Notional value of forward transactions without delivery of underlying asset                                518,389
    Derivatives debit-balance contra accounts                                                                  282,674              299,693


   CREDIT-BALANCE ACCOUNTS                                                                                  6,660,313             5,386,973

   Contingent                                                                                               1,345,413             1,265,431
    Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)                167,020               182,927
    Other guarantees provided not covered by debtors classification standards                                   43,649                43,289
    Other covered by debtors classification standards (Exhibits B, C and D)                                    135,966                79,601
    Contingent credit-balance contra accounts                                                                  998,778               959,614
   Control                                                                                                  4,360,569             3,651,855
    Checks to be credited                                                                                       56,180                41,193
    Control credit-balance contra accounts                                                                   4,304,389             3,610,662
   Derivatives                                                                                                954,331              469,687
    Notional value of call options sold                                                                         21,808               50,612
    Notional value of put options sold                                                                         222,112              221,505
    Notional value of forward transactions without delivery of underlying asset                                 38,754               27,576
    Derivatives credit-balance contra account                                                                  671,657              169,994


Note: The accompanying notes 1 through 21 and exhibits A through L, N and O are an integral part of these financial
statements.




                                                                                                             Jorge H. Brito
                                                                                                              Chairperson




                                                                      F-5
                                                       STATEMENTS OF INCOME
                                                 FOR THE THREE-MONTH PERIODS
                                                 ENDED MARCH 31, 2007 AND 2006
                            (Translation of financial statements originally issued in Spanish - See note 21)
                                                 (Figures stated in thousands of pesos)



                                                                                                      03/31/2007          03/31/2006

A. FINANCIAL INCOME
   Interest on cash and due from banks                                                                           2,277
   Interest on loans to the financial sector                                                                     5,325            1,074
   Interest on overdrafts                                                                                       20,259            9,222
   Interest on documents                                                                                         6,009            4,927
   Interest on mortgage loans                                                                                    5,432            3,794
   Interest on pledged loans                                                                                     2,711            2,678
   Interest on credit card loans                                                                                 6,629            3,824
   Interest on other loans                                                                                      67,193           34,765
   Interest on other receivables from financial intermediation                                                   2,420            3,820
   Income from government and private securities, net (Note 6.8.)                                               47,158           20,223
   Income from guaranteed loans - Presidential Decree No. 1,387/01                                               4,126            4,269
   CER (Benchmark Stabilization Coefficient) adjustment                                                         10,449           16,852
   CVS (Salary Variation Coefficient) adjustment                                                                   248              167
   Other (Note 6.9)                                                                                             23,834           14,301
                                                                                                               204,070          119,916

B. FINANCIAL EXPENSE
   Interest on checking accounts                                                                                 4,077              344
   Interest on savings accounts                                                                                  1,052            1,230
   Interest on time deposits                                                                                    50,262           22,797
   Interest on financing from the financial sector                                                                 146              122
   Interest on other liabilities from financial intermediation                                                   9,773            3,675
   Interest on subordinated bonds                                                                               13,731              209
   Other interest                                                                                                  717            1,534
   Net loss from options                                                                                                            249
   CER adjustment                                                                                                2,172           10,396
   Other (Note 6.10)                                                                                            13,229            9,246
                                                                                                                95,159           49,802

   GROSS INTERMEDIATION MARGIN - GAIN                                                                          108,911           70,114

C. PROVISION FOR LOAN LOSSES                                                                                     7,373            4,107

D. SERVICE-CHARGE INCOME
   Related to lending transactions                                                                               6,150            4,472
   Related to deposits                                                                                          43,570           33,368
   Other fees                                                                                                    3,150            2,710
   Other (Note 6.11)                                                                                            17,670           13,268
                                                                                                                70,540           53,818




                                                                                                               Jorge H. Brito
                                                                                                                Chairperson


                                                                     F-6
                                                                                                           03/31/2007         03/31/2006

E. SERVICE-CHARGE EXPENSE
   Fees                                                                                                             3,672            2,346
   Other (Note 6.12)                                                                                               12,837            6,935
                                                                                                                   16,509            9,281

F. ADMINISTRATIVE EXPENSES
   Personnel expenses                                                                                              59,881           47,721
   Directors' and statutory auditors' fees                                                                          1,519            1,080
   Other professional fees                                                                                          5,937            6,371
   Advertising and publicity                                                                                        7,295            4,240
   Taxes                                                                                                            1,111            1,941
   Other operating expenses (Note 6.13.)                                                                           26,795           20,529
   Other                                                                                                            3,373            2,948
                                                                                                                  105,911           84,830

   NET INCOME FROM FINANCIAL INTERMEDIATION                                                                        49,658           25,714

G. OTHER INCOME
   Income from long-term investments                                                                              100,144           50,714
   Penalty interest                                                                                                   556              456
   Recovered loans and allowances reversed                                                                          6,898           22,837
   CER adjustments                                                                                                    100              248
   Other (Note 6.14)                                                                                                2,205            9,551
                                                                                                                  109,903           83,806

H. OTHER EXPENSE
   Penalty interest and charges payable to the Central Bank of Argentina                                                9                9
   Charges for other receivables uncollectibility and other allowances                                                782            4,728
   Amortization of differences from amparos                                                                         4,130            3,769
   Other (Note 6.15)                                                                                               18,465           20,119
                                                                                                                   23,386           28,625

   NET INCOME BEFORE INCOME TAX                                                                                   136,175           80,895

I. INCOME TAX (Note 4.)                                                                                            13,000            8,000

   NET INCOME FOR THE PERIOD                                                                                      123,175           72,895

Note: The accompanying notes 1 through 21 and exhibits A through L, N and O are an integral part of these financial statements.




                                                                                                                   Jorge H. Brito
                                                                                                                    Chairperson




                                                                     F-7
                                                   STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                                                                 FOR THE THREE-MONTH PERIODS
                                                                ENDED MARCH 31, 2007 AND 2006
                                          (Translation of financial statements originally issued in Spanish - See note 21)
                                                                (Figures stated in thousands of pesos)




                                                                                          03/31/2007                                                           03/31/2006


                                           Capital     Stock issuance   Adjustments to             Earnings reserved         Unappropriated
                   Changes                  stock         premium     Shareholders' equity         Legal   Voluntary          earnings (2)      Total            Total

Balances at the beginning of the fiscal year 683,943          394,500                    4,511    297,845            211            933,967 2,314,977             1,489,574


Share subscription approved by
Shareholders’ Meeting held on September
26, 2005 (1)                                                                                                                                                       469,500



Net income for the period                                                                                                           123,175      123,175           72,895


Balances at the end of period               683,943           394,500                    4,511    297,845            211          1,057,142 2,438,152             2,031,969



(1) See Note 9.
(2) See Note 19.

Note: The accompanying notes 1 through 21 and exhibits A through L, N and O are an integral part of these financial statements.




                                                                                                                                              Jorge H. Brito
                                                                                                                                              Chairperson




                                                                                  F-8
                                             STATEMENTS OF CASH FLOWS
                                          FOR THE THREE-MONTH PERIODS
                                          ENDED MARCH 31, 2007 AND 2006
                   (Translation of financial statements originally issued in Spanish - See note 21)
                                          (Figures stated in thousands of pesos)

                                                                                       03/31/2007            03/31/2006

CHANGES IN CASH

Cash and cash equivalents at the beginning of the fiscal year                               1,379,065                684,080
(Decrease) / Increase in cash and cash equivalents                                           (433,760)             579,396
Cash and cash equivalents at the end of the period                                            945,305            1,263,476


CAUSES OF CHANGES IN CASH
Cash provided by operations
Financial income collected                                                                    198,812                126,249
Service-charge income collected                                                                70,000                 54,078
Financial expense paid                                                                        (73,102)               (69,874)
Service-charge expense paid                                                                   (16,896)                (9,265)
Administrative expenses paid                                                                 (101,938)               (80,047)
Net cash provided by operating activities                                                      76,876                 21,141

Other sources of cash
Net decrease in government and private securities                                                                    788,696
Net decrease in other receivables from financial intermediation                                                       89,242
Net increase in deposits                                                                      527,245
Net increase in other liabilities from financial intermediation (1)                           815,138
Increase in other liabilities, net                                                                                       2,417
Capital increase                                                                                                     465,680
Other sources of cash                                                                            7,255                13,789
Subtotal                                                                                    1,349,638            1,359,824

Total sources of cash                                                                       1,426,514            1,380,965

Uses of cash
Net increase in government and private securities                                              758,256
Net increase in loans                                                                          579,728               172,014
Net increase in other receivables from financial intermediation                                405,244
Net increase in other assets (2)                                                               101,274                27,671
Net decrease in Deposits                                                                                             422,348
Net decrease in other liabilities from financial intermediation                                                      157,254
Decrease in other liabilities, net                                                               1,087
Other uses of cash                                                                              14,685                22,282
Total uses of cash                                                                           1,860,274               801,569

(Decrease) / Increase in cash and cash equivalents                                           (433,760)             579,396


(1) Including the effect deriving from the issuance of Non-subordinated Corporate Bonds mentioned in note 10.c.2).

(2) Including the effect deriving from the subscription of the capital increase of Banco del Tucumán S.A. mentioned in
note 2.5.

Note: The accompanying notes 1 through 21 and exhibits A through L, N and O are an integral part of these financial
statements.


                                                                                                    Jorge H. Brito
                                                                                                    Chairperson

                                                                  F-9
                               NOTES TO THE FINANCIAL STATEMENTS
                                         AS OF MARCH 31, 2007
             (Translation of financial statements originally issued in Spanish – See Note 21)
                   (Figures stated in thousands of pesos, except for where indicated)

1.   BRIEF HISTORY OF THE BANK

     Macro Compañía Financiera S.A. was created in 1977 as a non-banking financial institution. In May 1988, it
     received the authorization to operate as a commercial bank and it was incorporated as Banco Macro S.A.

     Banco Macro S.A.’s shares have been publicly listed on the Buenos Aires Stock Exchange since November
     1994 (see also note 9).

     As from 1994, Banco Macro S.A.’s target market was mainly focused on the regional areas outside the City
     of Buenos Aires. Following this strategy, in 1996, Banco Macro S.A. started the process to acquire entities
     and assets and liabilities during the privatization of provincial and other banks.

     On December 19, 2001, Banco Macro S.A. entered into an agreement to acquire 59.58% of the capital stock
     and 76.17% of the voting rights in Banco Bansud S.A. The acquisition was effective January 4, 2002, when it
     was approved by the Central Bank of Argentina.

     During 2003, the shareholders decided to merge both entities with the strategic purpose of creating a
     financial institution based throughout Argentina. In December 2003, the merger between Banco Macro S.A.
     and Banco Bansud S.A. was authorized by the Central Bank of Argentina, and the Bank´s name was
     changed to Banco Macro Bansud S.A.

     On December 22, 2004, Banco Macro Bansud S.A. received 100% of the shares in Nuevo Banco Suquía S.A.
     awarded in the “Second Public Call for Bids for the Sale of Shares in Nuevo Banco Suquía S.A. owned by BNA
     (Banco de la Nación Argentina) and Fundación BNA” (see additionally note 2.8.).

     Since March 24, 2006, Banco Macro Bansud S.A.’s stock is listed on the New York Stock Exchange.

     On April 28, 2006, Banco Macro Bansud S.A.’s General Regular and Special Shareholders’ Meeting approved
     the amendment to the Bank´s business name to Banco Macro S.A., the registration of which with the IGJ
     (Argentine business associations´ regulatory agency) occurred in August 2006. Therefore, we will refer to it
     as “Banco Macro S.A.” or “the Bank”.

     Additionally, during the fiscal year ended 2006, Banco Macro S.A. acquired: (i) 79.84% of the capital stock
     of Banco del Tucumán S.A. (see note 2.5); (ii) 100% (77% directly and 23% indirectly through Nuevo Banco
     Suquía S.A.) of the common shares of Nuevo Banco Bisel S.A. (see note 2.6); and (iii) 51% of the capital
     stock of Red Innova Administradora de Fondos de Inversión S.A. (see note 2.7).

     The Bank currently offers traditional bank products and services to companies, including those operating in
     regional economies, as well as to medium- and low-income individuals.

     In addition, the Bank performs certain transactions through its subsidiaries, including Nuevo Banco Suquía
     S.A., Banco del Tucumán S.A., Nuevo Banco Bisel S.A., Sud Bank & Trust Corporate Limited (an entity
     organized under the laws of Bahamas), Macro Securities S.A. Sociedad de Bolsa (formerly Sud Valores S.A.
     Sociedad de Bolsa), Sud Inversiones & Análisis S.A., Macro Fondos S.G.F.C.I. S.A. (formerly Sud Valores
     S.G.F.C.I. S.A.), Macro Valores S.A. and Red Innova Administradora de Fondos de Inversión S.A.




                                                      F-10
                              NOTES TO THE FINANCIAL STATEMENTS
                                        AS OF MARCH 31, 2007
            (Translation of financial statements originally issued in Spanish – See Note 21)
                  (Figures stated in thousands of pesos, except for where indicated)

2.   BANK OPERATIONS

     2.1. Agreement with the Misiones Provincial Government

         The Bank and the Misiones Provincial Government entered into a special-relationship agreement
         whereby the Bank was appointed, for a term of five years as from January 1, 1996, as the Provincial
         Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.

         In addition, on November 25, 1999, and on December 28, 2006, the Bank and the Misiones Provincial
         Government entered into a special-relationship extension agreement, whereby the effective term of the
         agreement was extended through December 31, 2019, and the prices of the services to be rendered
         over such effective period were set.

         As of March 31, 2007 and December 31, 2006, the deposits of the Misiones Provincial Government
         amounted to 243,066 and 279,507 (including 31,216 and 29,516 related to court deposits),
         respectively.


     2.2. Agreement with the Salta Provincial Government

         The Bank and the Salta Provincial Government entered into a special-relationship agreement whereby
         the Bank was appointed, for a term of ten years as from March 1, 1996, as the Provincial Government’s
         exclusive financial agent, as well as revenue collection and obligation payment agent.

         In addition, on February 22, 2005, the Salta Province Ministry of Treasury and Public Works approved
         an addenda which extended the term of this special-relationship agreement, and its exhibits, extension
         and additional agreements for the term of ten years as from March 1, 2006 and expiring on March 1,
         2016.

         As of March 31, 2007 and December 31, 2006, the deposits of the Salta Provincial Government
         amounted to 392,341 and 288,432 (including 51,925 and 53,876 related to court deposits),
         respectively.


     2.3. Agreement with the Jujuy Provincial Government

         The Bank and the Jujuy Provincial Government entered into a special-relationship agreement whereby
         the Bank was appointed, for a ten-year term as from January 12, 1998, as the Provincial Government’s
         exclusive financial agent, as well as revenue collection and obligation payment agent.

         Additionally, on April 29, 2005, such special-relationship agreement was extended through November 4,
         2014.

         As of March 31, 2007 and December 31, 2006, the deposits of the Jujuy Provincial Government
         amounted to 178,362 and 284,064 (including 32,287 and 32,179 related to court deposits),
         respectively.




                                                     F-11
                         NOTES TO THE FINANCIAL STATEMENTS
                                   AS OF MARCH 31, 2007
       (Translation of financial statements originally issued in Spanish – See Note 21)
             (Figures stated in thousands of pesos, except for where indicated)

2.4. Uniones Transitorias de Empresas (joint ventures)

    a) Banco Macro S.A. - Siemens Itron Business Services S.A.

       On April 7, 1998, the Bank entered into a joint venture agreement with Siemens Itron Business
       Services S.A. (in which each holds a 50% equity interest), whereby a provincial data processing
       center would be provided to manage tax-related issues, to modernize tax collection systems and
       procedures in the Province of Salta, and to manage and perform the recovery of taxes and municipal
       assessments payable.

       As of March 31, 2007, and December 31, 2006, the net assets of such joint venture recorded in the
       Bank’s financial statements through the equity method amounted to 2,576 and 3,515, respectively.

       Also, as of March 31, 2007, the net income related to the Bank’s interest in such joint venture
       amounted to 0, whereas as of March 31, 2007, it carried a loss in the amount of 9.

    b) Banco Macro Bansud S.A. - Montamat & Asociados S.R.L.

       On October 22, 2004, the Bank entered into an UTE (joint venture) agreement with Montamat &
       Asociados S.R.L under the name “BMB M&A – Unión Transitoria de Empresas”, in which each hold a
       50% equity interest. The purpose of such agreement is to render audit services related to oil and
       gas royalties and fiscal easements in the province of Salta to optimize tax collection in such
       province.

       As of March 31, 2007, and December 31, 2006, the net assets of such joint venture recorded in the
       Bank’s financial statements using the equity method amounted to 1,153 and 1,150, respectively.

       Also, as of March 31, 2007, the net income recorded for the Bank’s interest in such joint venture
       amounted to 0, whereas as of March 31, 2007, it carried a loss in the amount of 9.


2.5. Banco del Tucumán S.A.

    In line with its strategy to increase its market position in the interior of Argentina, on November 24,
    2005, the Bank signed a stock purchase agreement with Banco Comafi S.A. for 75% of the capital stock
    and voting rights of Banco del Tucumán S.A. Such event was approved by the BCRA on March 6, 2006,
    through Board of Governors’ Resolution No. 50, as well as by the Technical Coordination Department of
    the Economy and Production Ministry on April 7, 2006.

    In this regard, on May 5, 2006, the Bank perfected the acquisition of 164,850 class “A” shares in Banco
    del Tucumán S.A., representing 75% of its capital stock, and on the same date took control over such
    institution.

    The Bank paid 45,961 in cash for the acquisition. In addition, the Bank shall pay over to Banco Comafi
    S.A. 75% of the amounts to be recovered in the ten years following the date of the abovementioned
    agreement related to consumer loan portfolio currently fully provisioned. As of the date of acquisition,
    such liabilities amounted to about 1,662. Consequently, the total acquisition price amounted to 47,623.

    As of the date of acquisition (May 5, 2006), the assets and liabilities of Banco del Tucumán S.A.
    amounted to 700,612 and 660,547, respectively; therefore, shareholders' equity amounted to 40,065.




                                                 F-12
                         NOTES TO THE FINANCIAL STATEMENTS
                                   AS OF MARCH 31, 2007
       (Translation of financial statements originally issued in Spanish – See Note 21)
             (Figures stated in thousands of pesos, except for where indicated)

    Therefore, the Bank booked a positive goodwill amounting to 17,574, which arises from the difference
    between the total acquisition price (47,623) and 75% of Banco del Tucumán S.A.’s shareholders’ equity
    as of such date (30,049). The goodwill will be amortized using the straight line method over ten years
    pursuant to Central Bank rules.

    Additionally, from September through December 2006, Banco Macro S.A. acquired Class “C” shares in
    Banco del Tucumán S.A., representing 4.84% of the capital stock, which gave rise to an additional
    positive goodwill of 668. Thus, the total equity interest as of December 31, 2006, amounted to
    79.84%.

    As of March 31, 2007 and December 31, 2006, the positive goodwill resulting from such acquisition was
    booked under “Intangible assets” in the amount of 16,592 and 17,048, respectively (net of
    amortizations for 1,650 and 1,194, respectively).

    On November 28, 2006, the general regular and special Shareholders' Meeting of Banco del Tucumán
    S.A. approved a capital increase of 21,980, establishing an additional paid-in capital of 26,171.

    In January 2007, Banco Macro S.A. subscribed the total increase and, therefore, as of the date of
    issuance of these financial statements, the Bank's total equity interest increased to 89.92%.

    Additionally, according to the service agreement signed on August 15, 2001, Banco del Tucumán S.A.
    will act as the exclusive financial agent of the Provincial Government until 2011. It also acts as the
    exclusive financial agent of the Municipality of San Miguel de Tucumán.


2.6. Nuevo Banco Bisel S.A.

    On May 9, 2006, BNA and Fundación BNA (sellers) and Banco Macro S.A. and Nuevo Banco Suquía S.A.
    (buyers) signed a stock purchase agreement, whereby the buyers acquired 77% and 23%, respectively,
    of the voting common shares in Nuevo Banco Bisel S.A. representing the same percentages of voting
    rights. It should be noted that Nuevo Banco Bisel S.A. holds 66,240,000 preferred shares, with face
    value and book value of Ps. 1 each, without voting rights, with an equity preference consisting of the
    right to an mandatory annual cumulative fixed dividend of 1% of the face value of preferred shares.
    These shares are owned by SEDESA (see note 11.b)).

    On August 3, 2006, the Central Bank’s Board of Governors issued Resolution No. 175, whereby it
    decided, among other matters, not to make any objections to: (i) the transfer of 100% of the common
    shares in Nuevo Banco Bisel S.A. to the Bank and Nuevo Banco Suquía S.A.; or (ii) the payment by the
    two of them of a capital increase in the amount of 830,000 (639,100 and 190,900, respectively), under
    the terms of the agreement signed on May 9, 2006.

    On August 11, 2006, the Bank and Nuevo Banco Suquía S.A. paid in cash the abovementioned capital
    increase in Nuevo Banco Bisel S.A., thus taking control of such bank as from such date.

    As of the date of acquisition of Nuevo Banco Bisel S.A., assets and liabilities amounted to 1,824,644
    and 1,804,534, respectively; therefore, shareholders' equity amounted to 20,110.




                                                F-13
                         NOTES TO THE FINANCIAL STATEMENTS
                                   AS OF MARCH 31, 2007
       (Translation of financial statements originally issued in Spanish – See Note 21)
             (Figures stated in thousands of pesos, except for where indicated)

    As a result of the acquisition, the Bank and its subsidiary, Nuevo Banco Suquía S.A., booked a total
    positive goodwill, included in the consolidated financial statements, amounting to 66,042 (50,852 and
    15,190, respectively), which arises from the difference between the total price paid (19,509) for the
    total shares of common stock (92.73% of the total capital stock) and the negative shareholders’ equity
    of such bank as of the acquisition date (-46,533), after deducting SEDESA’s preferred shares and the
    preferred dividend accrued as of such date (66,643). Such positive goodwill will be amortized in ten
    years pursuant to Central Bank rules.

    As of March 31, 2007 and December 31, 2006, such positive goodwill booked under “Intangible assets”
    of the stand-alone financial statements of Banco Macro S.A., amounted to 47,462 and 48,734,
    respectively (net of amortizations for 3,390 and 2,119, respectively). At consolidated level, such
    figures amount to 61,639 and 63,290, respectively (net of amortizations for 4,403 and 2,752,
    respectively).

    Additionally, the Bank and Nuevo Banco Suquía S.A., and SEDESA entered into the call and put options
    agreement described in note 11.b).

    On September 4, 2006, the Domestic Trade Department of the Ministry of Economy and Production,
    following the same terms of the opinion issued by the Federal Anti-Trust Board on August 11, 2006,
    authorized the Bank and Nuevo Banco Suquía S.A. to acquire 92.73% of the capital stock of Nuevo
    Banco Bisel S.A.


2.7. Red Innova Administradora de Fondos de Inversión S.A.

    On September 13, 2006, the Bank acquired 51% of the capital stock and voting rights of a company
    based in Uruguay called Red Innova Administradora de Fondos de Inversión S.A. (Red Innova), paying
    229.

    On September 20, 2006, Red Innova obtained the authorization from the Central Bank of Uruguay to
    operate financial trusts.

    On April 11, 2007, Red Innova Administradora de Fondos de Inversión S.A.'s Special Shareholders’
    Meeting approved the amendment to the Company’s business name to “Macro Securities Uruguay
    Administradora de Fondos de Inversión S.A.”, the registration of which with the Central Bank of
    Uruguay is pending. As of the date of issuance of these financial statements, such agency had not
    issued its decision in this respect.


2.8. Merger of Nuevo Banco Suquía S.A.

    On March 14, 2007, the Boards of Directors of Banco Macro S.A. and Nuevo Banco Suquía S.A have
    entered into a “Preliminary merger agreement", whereby Nuevo Banco Suquía S.A. will merge with and
    into Banco Macro S.A. retroactively effective as from January 1, 2007, on the basis of the financial
    statements of such banks as of December 31, 2006. Such preliminary merger agreement, as well as
    the consolidated balance sheet for merger purposes as of December 31, 2006 and the shares exchange
    relationship are subject to approval by the Shareholders’ Meetings of both banks.

    In this respect, the Board of Directors of Banco Macro S.A. and Nuevo Banco Suquía S.A. called their
    respective Shareholders’ Meetings for June 4, 2007, with the aim of discussing the approval of the
    abovementioned documents.

    Additionally, as of the date of issuance of these financial statements, the authorization of the merger


                                                F-14
                               NOTES TO THE FINANCIAL STATEMENTS
                                         AS OF MARCH 31, 2007
             (Translation of financial statements originally issued in Spanish – See Note 21)
                   (Figures stated in thousands of pesos, except for where indicated)

         processs is still pending before the Bank’s regulatory agencies.

         The following table discloses a summary of the merged balance sheets of the banks as of December 31,
         2006, excerpted from the consolidated balance sheet for merger purposes as of such date. Such
         information is presented to show to which values the results of operations would have amounted as of
         December 31, 2006, if both banks had operated on a consolidated basis and, therefore, it should not be
         understood that both banks operated or may have operated on such consolidated basis. In addition,
         such information is not required under professional accounting standards effective in Argentina, neither
         under Central Bank accounting standards, and is not intended to reflect Banco Macro S.A.'s current
         financial position as of the date of the merger or the date indicated therein, neither to project the
         Bank’s financial position for any future period whatsoever.

                                                   Nuevo Banco
                                Banco Macro         Suquía S.A.                        Banco Macro
                                S.A., (before     (bank merged)      Eliminations     S.A., (after the
                                the merger)                              and             merger).
                                                                     adjustments
         Assets                 9,450,191          3,701,554         (1,071,743)         12,080,002
         Liabilities            7,135,214          2,970,844           (341,153)           9,764,905
         Shareholders’
         equity                 2,314,977            730,710           (730,590)           2,315,097 (1)
         Memorandum
         accounts               5,386,973          2,116,145                (3,070)        7,500,048

         (1) The exchange relationship has been estimated in 0.710726 shares of the Bank per share of Nuevo
             Banco Suquía S.A. Therefore, the minority shareholders of Nuevo Banco Suquía S.A. will be entitled
             to receive 0.710726 shares of the Bank for each share they hold in Nuevo Banco Suquía S.A.’s
             capital stock. Consequently, Banco Macro S.A. will increase its capital stock to 683,978,973.


3.   SIGNIFICANT ACCOUNTING POLICIES

     These financial statements, which are taken from the Bank’s books of account, are stated in thousands of
     Argentine pesos and have been prepared in accordance with Central Bank rules.

     The preparation of financial statements requires the Bank to make, in certain cases, estimates to determine
     the book values of assets and liabilities, as well as the disclosure thereof, as of each date of accounting
     information filing.

     The Bank´s records are based on the best estimate regarding the probability of occurrence of different
     future events and, therefore, the final amount may differ from such estimates, which may have a positive or
     negative impact on future periods.

     3.1. Comparative information

           As required by Central Bank Communiqué “A” 4,265, the balance sheet as of March 31, 2007, is
           presented comparatively with information as of last year-end, while the statements of income,
           changes in shareholders' equity and cash flows for the three-month period ended March 31, 2007, are
           presented comparatively with those for the same period of the prior fiscal year.

     3.2. Restatement into constant pesos

                                                       F-15
                         NOTES TO THE FINANCIAL STATEMENTS
                                   AS OF MARCH 31, 2007
       (Translation of financial statements originally issued in Spanish – See Note 21)
             (Figures stated in thousands of pesos, except for where indicated)


     Professional accounting standards establish that the financial statements should be stated in constant
     pesos. Within a monetary stability context, the nominal currency is used as constant currency;
     however, during inflationary or deflationary periods, financial statements are required to be stated in
     constant currency as of the related date, recognizing the variations in the domestic wholesale price
     index (domestic WPI) published by the INDEC (Argentine Institute of Statistics and Censuses), in
     conformity with the restatement method under FACPCE (Argentine Federation of Professional Councils
     in Economic Sciences) Technical Resolution No. 6.

     The Bank’s financial statements recognize the changes in the peso purchasing power until February
     28, 2003, under Presidential Decree No. 664/03, IGJ (Argentine business associations regulatory
     agency) General Resolution No. 4/2003, CNV (Argentine Securities Commission) General Resolution
     No. 441, and Central Bank Communiqué “A” 3,921. Professional accounting standards provide that
     the restatement method established by Technical Resolution No. 6 should have been discontinued as
     from October 1, 2003. The effects of the failure to recognize the changes in the peso purchasing
     power as from February 28, 2003 through September 30, 2003, were not significant in connection
     with the financial statements taken as a whole.

3.3. Valuation methods

     The main valuation methods used to prepare these financial statements as of March 31, 2007, and
     December 31, 2006, were:

     a) Assets and liabilities denominated in foreign currency:

        The assets and liabilities denominated in US dollars were valued at Central Bank benchmark US
        dollar exchange rate effective as of the closing date of transactions on the last business day of
        each period- and year-end, respectively. Additionally, assets and liabilities denominated in other
        foreign currencies were translated at the exchange rate communicated by the Central Bank´s
        dealing room. Foreign exchange differences were recorded in the statement of income as of those
        dates.

     b) Government and private securities:

        They were valued at the quoted price of each security effective at the last business day of the
        period or fiscal year, respectively and, if applicable, net of the expenses estimated for their sale.
        Differences in quoted values were recorded in the income statement as of those dates.

     c) Assets included in the provisions of Central Bank Communiqué “A” 3,911, as supplemented,
        Guaranteed loans Presidential Decree No. 1,387/01:

        They were valued at the lower of their present values or technical values, as established by Central
        Bank Communiqué “A” 3,911, as supplemented. If such lower value exceeds the notional value (as
        defined in point 4 of Communiqué “A” 3,911), the difference is debited from the asset account and
        the credit is recorded in an asset offset account. If, instead, such lower value is also lower than the
        notional value, the difference is recorded as a loss in the income statement and the offsetting
        credit is recorded in the asset account.




                                                  F-16
                    NOTES TO THE FINANCIAL STATEMENTS
                              AS OF MARCH 31, 2007
  (Translation of financial statements originally issued in Spanish – See Note 21)
        (Figures stated in thousands of pesos, except for where indicated)

   The amounts recorded in the asset offset accounts are adjusted every month based on the values
   calculated according to Communiqué "A" 3,911.

   For purposes of determination of the present value, in the case of instruments in pesos which
   include indexation clauses the cash flows according to the contractual conditions fixed in each case
   for the financial assistance described above (contemplating, if applicable, the accumulated CER,
   benchmark stabilization coefficient, by month-end) were discounted at the interest rates that were
   established in the schedule included in point 2 of such communiqué. Such calculations were made
   following specific guidelines established in such communiqué.

   In the case of instruments denominated in Argentine pesos and not comprising adjustment clauses,
   Communiqué “A” 4,163 established the methodology to calculate such present values.

d) Interest accrual:

   Interest has been accrued according to a compound interest formula in the period in which it was
   generated, except interest on transactions in foreign currency and those whose maturity does not
   exceed 92 days, on which interest has been accrued according to a simple interest formula.

   The Bank suspends the interest accrual whenever loan payments are not settled (generally, after
   90 days) or when the recoverability of the collection of principal or interest accrued is doubtful.
   Accrued interest is considered part of the loan balance when determining the allowances for loan
   losses. Afterwards, interest is only recognized on a cash basis.

e) CER accrual:

   Receivables and payables have been indexed by the CER, wherever applicable, as follows:

   e.1) Guaranteed Loans: as explained in note 3.3.c).

   e.2) Other loans and receivables from sale of assets: they were adjusted according to Communiqué
        “A” 3,507, and supplementary regulations, which established that payments made until
        September 30, 2002, were to be made under the original conditions of each transaction and
        would be considered prepayments. As from February 3, 2002, principal was adjusted by the
        CER until through period-end and year-end, as the case may be.

   e.3) Deposits and other assets and liabilities: The CER as of the last business day of the period and
        year-end, respectively.

f) Allowance for loan losses and provision for contingent commitments:

   These provisions have been calculated based on the estimated uncollectibility risk of the Bank's
   credit portfolio, which results from the evaluation of the degree of debtors compliance and the
   guarantee/security supporting the respective transactions, under Central Bank Communiqué “A”
   2,950, as supplemented.

   When loans covered by specific allowances are settled or generate a reversal of the allowances
   recorded in the current year, and in cases where the allowances set in prior years exceed what is
   considered necessary, the excess allowance is reversed with effects on income for the current
   period.




                                            F-17
                    NOTES TO THE FINANCIAL STATEMENTS
                              AS OF MARCH 31, 2007
  (Translation of financial statements originally issued in Spanish – See Note 21)
        (Figures stated in thousands of pesos, except for where indicated)

   The recovery of receivables previously classified under “Debit-balance control memorandum
   accounts - Receivables classified as irrecoverable” are charged directly to income.

   The Bank assesses the credit risk related to possible commitments and determines the appropriate
   amount of allowances to be recorded. The allowances related to amounts recorded in memorandum
   accounts - possible commitments are included under “Provisions”.

g) Loans and deposits of government securities:

   They were valued at the quoted price of each security effective on the last business day of the
   period and fiscal year, respectively, plus the related accrued interest. Differences in quoted market
   values were recorded in the statement of income as of those dates.

h) Other receivables from financial intermediation and Other liabilities from financial intermediation:

   h.1) Amounts receivable from spot and forward sales pending settlement and amounts payable for
     spot and forward purchases pending settlement:

        The amounts payable for spot and forward purchases pending settlement and the amounts
        receivable from spot and forward sales pending settlement were valued based on the prices
        agreed upon for each transaction, plus related premiums accrued through period- and year-
        end, respectively.

   h.2) Securities and foreign currency to be received from spot and forward purchases pending
      settlement and to be delivered for spot and forward sales pending settlement:

        They were valued at the effective quoted prices for each of them on the last business day of
        the period and fiscal year, respectively. Differences in quoted market values were recorded in
        the statement of income as of those dates.

   h.3) Debt securities and certificates of participation in financial trusts:

        i. Debt securities: they were valued as provided by Central Bank Communiqué “A” 4,414, i.e.
           at their cost value increased exponentially by their internal rate of return.

       ii. Certificates of participation: they were valued at face value increased, as the case may be,
           by interest accrued and CER until the last business day of the period and fiscal year,
           respectively.

        The values booked, net of the allowances recorded, do not exceed those arising from the
        shareholders’ equity of the respective trust’s financial statements, considering the Bank’s
        holdings.

        The amounts recorded in the Bank’s consolidated financial statements with its subsidiaries for
        certificates of participation and debt securities held in financial trusts, net of allowances,
        amounted to:




                                              F-18
                  NOTES TO THE FINANCIAL STATEMENTS
                            AS OF MARCH 31, 2007
(Translation of financial statements originally issued in Spanish – See Note 21)
      (Figures stated in thousands of pesos, except for where indicated)


                      Financial trust                      03/31/2007            12/31/2006
        Certificates of participation:
          Tucumán (a)                                          150,472              145,223
          Luján (a)                                             43,530               43,530
          TST & AF (a) y (b)                                    33,074               32,741
          Garbarino (c)                                         28,318
          Tarjeta Shopping (c)                                  19,652
          San Isidro (a)                                        16,782                16,782
          Agroaval (c)                                          12,103
          NBB Agroprendas (a) y (d)                             11,644                11,142
          Godoy Cruz (e)                                        11,370                11,055
          NBB Personales II (a) y (d)                            6,972                 6,969
          Aldea (d)                                              5,414                 5,359
          Consumax (c)                                           5,200
          Otros (f)                                             17,334                9,714
        Total certificates of participation:                   361,865              282,515

                      Financial trust                      03/31/2007            12/31/2006

        Debt securities:
          Consubono (c)                                         37,444
          BG (g)                                                21,753                50,401
          Megabono (c)                                          18,887
          Onext (a)                                             13,122                14,020
          Confibono (c)                                         13,024
          Metroshop (c)                                          8,434                 5,548
          Galicia Personal (h)                                   4,693
          Coto (c)                                               3,925
          NBB Agroprendas (a) y (d)                              2,411                2,575
          Tarjeta Shopping (c) y (h)                             1,007               13,571
          NBB Personales II (a) y (d)                                                 3,594
          Other (i)                                              2,056                  424
        Total debt securities:                                 126,756               90,133
                                                  Total        488,621              372,648
  (a) See note 11 to the consolidated financial statements.

  (b) Related to holdings booked by the subsidiary Sud Bank and Trust Co. Ltd.

  (c) Related to provisional certificates of participation and debt securities in the different series of
      financial trusts entered into by the Bank under underwriting agreements. Through those
      agreements, the Bank prepays the price for the placement of provisional certificates and debt
      securities to the trustor. Once final certificates and debt securities are issued and placed in
      the market, the Bank recovers the reimbursements plus the amount equal to the rate agreed
      upon.

  (d) Related to holdings booked by the subsidiary Nuevo Banco Bisel S.A.




                                           F-19
                    NOTES TO THE FINANCIAL STATEMENTS
                              AS OF MARCH 31, 2007
  (Translation of financial statements originally issued in Spanish – See Note 21)
        (Figures stated in thousands of pesos, except for where indicated)


     (e) On August 29, 2006, Corporación de los Andes S.A., in its capacity as trustor, entered into
         an agreement with Banco Finansur S.A., in its capacity as trustee, whereby the Godoy Cruz
         financial trust was created. The purpose of such trust is to sell the corpus assets and to
         settle the certificates of participation with the proceeds thereof, in conformity with the
         priority rights assigned to each of them.

     (f) As of March 31, 2007, and December 31, 2006, it includes holdings held by the subsidiaries
         Banco del Tucumán S.A. for an amount of 1,567 and 2,834 and Nuevo Banco Bisel S.A. for
         an amount of 5,160 and 3,571, respectively.

     (g) On December 20, 2005, Banco Galicia y Buenos Aires S.A., in its capacity as trustor, entered
         into an agreement with Equity Trust Company (Argentina) S.A., in its capacity as trustee,
         whereby the BG trust was created. Such trust's purpose is to collect certain receivables
         transferred by the trustor and, with the related proceeds, settle payables and certificates of
         participation issued (see also note 11.c)).

     (h) It is related to trusts with public offering, with no habitual quoted price, entered into by the
         Bank.

     (i) As of March 31, 2007, and December 31, 2006, it includes holdings booked by the subsidiary
         Banco del Tucumán S.A. for an amount of 33 and 424 respectively.

   h.4) Unlisted corporate bonds:

        They were valued by increasing the value of holdings based on their internal rate of return, as
        provided by Central Bank Communiqué "A" 4,414 and supplementary regulations.

i) Assets subject to financial lease:

   They were valued at cost, less the related accumulated depreciation, determined on the basis of
   the original value of the assets, less the present value of amounts yet to accrue, calculated in
   accordance with the conditions agreed upon in the respective agreements, applying the interest
   rate imputed therein.

j) Investments in other companies:

   j.1) In controlled financial institutions, supplementary and authorized activities: they were valued
        by the equity method.

   j.2) In non-controlled financial institutions, supplementary and authorized activities:

        i. In Argentine pesos: they were valued at acquisition cost, plus the nominal value of share-
           dividends received, restated as explained in note 3.2.

       ii. In foreign currency: they were valued at the acquisition cost in foreign currency, plus the
           nominal value of share-dividends received, translated into pesos in accordance with the
           criterion stated in note 1 to the consolidated financial statements.

        Such net values do not exceed the values calculated by the equity method on the basis of the
        latest financial statements published by the companies.

   j.3) In other non-controlled companies: they were valued at acquisition cost, plus the nominal

                                            F-20
                    NOTES TO THE FINANCIAL STATEMENTS
                              AS OF MARCH 31, 2007
  (Translation of financial statements originally issued in Spanish – See Note 21)
        (Figures stated in thousands of pesos, except for where indicated)

          value of share-dividends received, restated as described in note 3.2., net of allowances for
          impairment in value. Such net values do not exceed the values calculated by the equity
          method on the basis of the latest financial statements published by the companies.

k) Bank premises and equipment and other assets:

   They were valued at their acquisition cost, restated as explained in note 3.2., less the related
   accumulated depreciation calculated in proportion to their estimated months of useful life.

l) Intangible assets:

   l.1)    Goodwill and organization and development costs (except differences due to court orders –
           Nondeductible for the determination of the computable equity): they were valued at their
           cost, restated as explained in note 3.2., less the related accumulated amortization,
           calculated under the straight line method over their estimated months of useful life.

   l.2)    Differences due to court orders (amparos) – Nondeductible for the determination of the
           computable equity: as of March 31, 2007 and December 31, 2006, the “Intangible Assets –
           Organization and development costs” account includes 51,054 (net of amortization for
           51,831) and 54,428 (net of amortization for 47,700), respectively. These assets represent:
           (i) the difference between the amount of the original foreign currency translated at the
           exchange rate applied upon payment of the recursos de amparo (constitutional rights
           protection actions), (ii) the estimates based on the Argentine Supreme Court’s decision
           dated December 27, 2006, and (iii) the amount recorded under Central Bank rules effective
           (convert into Argentine pesos at the Ps. 1.4 to USD 1 exchange rate, or its equivalent in
           other currencies, plus CER). Additionally, and as disclosed in Central Bank Communiqué “A”
           3,916, since April 2003 the sums related to the amounts paid are amortized straight line in
           60 monthly installments.

m) Valuation of derivatives:

   m.1) Put options taken: They were valued at the agreed-upon exercise price (see note 11.c)).

   m.2) Put options sold on Boden 2007, 2012 and 2013 coupons: Such options were valued at the
        exchange value of the bonds plus interest and the CER adjustment accrued on the last
        business day of each period and year, respectively (see note 11.d)).

   m.3) Call options sold: Such options were valued at the agreed-upon exercise price since, as of
        such dates, the securities traded had no habitual and representative quoted price (see note
        11.c)).

   m.4) Call options taken and put options sold on preferred shares of Nuevo Banco Bisel S.A.: they
        were valued at their exercise price (see note 11.b)).

   m.5) Forward transactions offset: they were valued at the quoted price of those assets, effective
        on the last business day of each period and/or year. Differences in quoted market values
        were recorded in the statement of income as of those dates (see note 11.a)).

n) Severance payments:

   The Bank charges these payments directly to income.

o) Provisions included in liabilities:

                                            F-21
                               NOTES TO THE FINANCIAL STATEMENTS
                                         AS OF MARCH 31, 2007
             (Translation of financial statements originally issued in Spanish – See Note 21)
                   (Figures stated in thousands of pesos, except for where indicated)


              The acquisition of Nuevo Banco Suquía S.A. by the Bank gave rise to a recording of negative
              goodwill in the amount of 483 under the “Provisions" account in the Bank’s consolidated financial
              statements; such amount results from the difference between the purchase price of the shares in
              Nuevo Banco Suquía S.A. and the value assigned to the net asset.

              In addition, the Bank carries certain contingent liabilities related to current or future claims,
              lawsuits and other proceedings, including those related to labor and other obligations. The Bank
              records liabilities whenever it is probable that future costs will be incurred and whenever such costs
              may be fairly estimated.

           p) Shareholders’ equity accounts:

              They are restated as explained in note 3.2., except for the "Capital Stock" account which has been
              kept at its original value. The adjustment resulting from its restatement as explained in note 3.2.
              was included in the "Adjustments to Shareholders’ Equity" account.

           q) Statement-of-income accounts:

              q.1) The accounts comprising monetary transactions occurred in the three-month periods ended
                   March 31, 2007, and 2006, (financial income (expense), service-charge income (expense),
                   provision for loan losses, administrative expenses, among others) were computed at their
                   historical amounts on a monthly accrual basis.

              q.2) Accounts reflecting the effects on income from the sale, retirement or consumption of
                   nonmonetary assets were computed on the basis of the amounts of such assets, which were
                   restated as mentioned in note 3.2.

              q.3) The income(loss) from equity interests in subsidiaries were computed on the basis of such
                   companies’ income(loss).


4.   INCOME TAX AND MINIMUM PRESUMED INCOME TAX

     The Bank calculates income tax by applying the effective 35% rate to the estimated taxable income for each
     period, without considering the effect of temporary differences between book and taxable income.

     In fiscal year 1998, Law No. 25,063 established minimum presumed income tax for a ten-year term. This
     tax is supplementary to income tax because, while the latter is levied on taxable income for the year,
     minimum presumed income tax is a minimum levy determined by applying the current 1% rate on the
     potential income of certain productive assets. Therefore, the Bank’s tax obligation will be equal to the
     higher of the two taxes. In the case of institutions governed by Financial Institutions Law, the above law
     provides that they shall consider as taxable income 20% of their assets subject to tax after deducting those
     assets defined as non-computable. However, if minimum presumed income tax exceeds income tax in a
     given tax year, such excess may be computed as a payment on account of any income tax in excess of
     minimum presumed income tax that may occur in any of the following ten years, once accumulated net
     operating losses (NOLs) have been used.

     As of March 31, 2007, and 2006, the Bank estimated that accrued income tax amounted to 13,000 and
     8,000, respectively; hence, no minimum presumed income tax should be assessed.

     In addition, as of March 31, 2007, the Bank made income tax prepayments for 17,401 for the current 2006
     tax year, which were recorded in the "Other receivables" account.


                                                       F-22
                               NOTES TO THE FINANCIAL STATEMENTS
                                         AS OF MARCH 31, 2007
             (Translation of financial statements originally issued in Spanish – See Note 21)
                   (Figures stated in thousands of pesos, except for where indicated)


     As of December 31, 2006, the Bank capitalized 24,372 for minimum presumed income tax credit, in
     conformity with Central Bank Communiqué "A” 4,295. Such credit was used in March 2007.

     For its part, the subsidiary bank, Nuevo Banco Suquía S.A., did not accrue income tax as of March 31, 2007,
     and December 31, 2006, because it carried NOLs. As of March 31, 2007, the NOL amounted to about 8,600.
     In addition, as of such dates, the accumulated minimum presumed income tax capitalized in the “Other
     receivables” account amounted to 16,578 (the maximum estimated year of use of which is 2007). In
     addition, Nuevo Banco Suquía S.A. accrued minimum presumed income tax for an amount of 8,474, out of
     which it prepaid 5,190.

     As of March 31, 2007 and December 31, 2006, Banco del Tucumán S.A. estimated income tax payable of
     3,000. In addition, such bank capitalized an amount of 6,830 for minimum presumed income tax (the
     maximum estimated year of use of which is 2008) and minimum presumed income tax prepayments for
     2006, amounting to 258.

     As of March 31, 2007 and December 31, 2006, Nuevo Banco Bisel S.A. did not accrue income tax because it
     carried a NOL as of such date, amounting to about 297,268 and 306,491, respectively. In addition, such
     bank capitalized an amount of 16,520 for minimum presumed income tax –the maximum estimated term of
     use of which is 2008- and tax prepayments for 2006, amounting to 3,814. Such assets are reserved.

     Regarding the taxation of income from the conversion into pesos and the CER application for Guaranteed
     Loans, due to different interpretations, on August 14, 2006, the Federal Executive issued Presidential Decree
     No. 1,035/06, published in the Official Bulletin on August 16, 2006, which defined such treatment. Due to
     such regulation and as established by AFIP (Federal Public Revenue Agency) General Resolution No.
     2,165/06, on December 26, 2006, the Bank communicated the option to account for such results under the
     accrued and due and payable method (devengado exigible). Accordingly, as from the year ended December
     31, 2006, the Bank and its subsidiaries accrued in the income tax the effects deriving from the conversion
     into pesos and the CER application for Guaranteed Loans.


5.   DIFFERENCES BETWEEN CENTRAL BANK RULES AND THE APPLICABLE PROFESSIONAL
     ACCOUNTING STANDARDS

     In August 2005, the CPCECABA (Professional Council in Economic Sciences of the City of Buenos Aires)
     approved Resolution CD No 93/05, whereby it introduced a series of changes in its professional accounting
     standards, as a result of the agreement reached with the FACPCE (Argentine Federation of Professional
     Councils in Economic Sciences) to unify Argentine professional accounting standards. Such changes involve
     the adoption of the technical resolutions and interpretations issued by the FACPCE’s governing board
     through April 1, 2005. Such resolution became generally effective in the City of Buenos Aires for fiscal years
     beginning as from January 1, 2006, and it provides transition rules that defer the effective term of certain
     changes to the years beginning as from January 1, 2008.

     Also, through Resolution C.D. 42/2006, the CPCECABA approved Technical Resolution No. 23, effective for
     annual or interim-period financial statements for fiscal years beginning July 1, 2006, and its early adoption is
     permitted. In turn, the CNV adopted such resolution through General Resolution No. 494, which is applicable
     to fiscal years beginning April 1, 2007, and its early adoption is also permitted.




                                                        F-23
                           NOTES TO THE FINANCIAL STATEMENTS
                                     AS OF MARCH 31, 2007
         (Translation of financial statements originally issued in Spanish – See Note 21)
               (Figures stated in thousands of pesos, except for where indicated)

These professional accounting standards differ, in certain valuation and disclosure aspects, from Central
Bank rules. The differences between those standards, which the Bank identified and deemed significant with
respect to these financial statements (based on the quantification thereof or any other estimate made,
whenever the quantification was not possible), are as follows:

5.1.   Valuation standards

       a) Loans to the nonfinancial government sector – Guaranteed Loans: they are valued in accordance
          with regulations and rules issued by the Argentine Government and the Central Bank. In
          particular, Central Bank Communiqué “A” 3,911, as supplemented, establishes present value
          methods by applying regulated discount rates, technical values and undiscounted cash flows, as
          detailed in note 3.3.c). Additionally, effective loan-loss provisioning regulations issued by the
          Central Bank establish that receivables from the nonfinancial government sector are not subject to
          loan-loss provisioning, whereas professional accounting standards require receivables to be
          compared with their recoverable value when financial statements are prepared.

          As of March 31, 2007 and December 31, 2006, the Bank charged “Federal Government guaranteed
          loans” deriving from the exchange set forth by Presidential Decree No. 1,387/01 under “Loans to
          the nonfinancial government sector” for a total net amount at stand-alone level of 369,693 and
          360,005, respectively, and 793,290 and 771,465, at consolidated level, respectively. According to
          professional accounting standards, such assets should be stated at market value. According to this
          valuation method, the value of these instruments as of such dates amounted to 370,325 and
          361,142, at stand-alone level, respectively, and 799,805 and 772,756, at consolidated level,
          respectively.

       b) Intangible assets: As of March 31, 2007 and December 31, 2006, the Bank had capitalized the
          foreign exchange differences mentioned in note 3.3.l.2) related to the reimbursement in original
          currency of certain deposits switched into pesos under “Intangible Assets” for 51,054 and 54,428,
          at stand-alone level, respectively, and 69,877 and 74,745 in consolidated financial statements,
          respectively, net of the related amortization amounts. This accounting treatment differs from the
          valuation methods established by professional accounting standards, which require such assets to
          be recorded to their recoverable value. As of the date of the accompanying financial statements,
          the existing evidence does not support that the book value of such asset is fully or partially
          recoverable.

       c) Income tax: The Bank and its subsidiaries record income tax by applying the effective rate to the
          estimated taxable income without considering the effect of temporary differences between book
          and taxable income. In accordance with professional accounting standards, income tax should be
          recognized through the deferred tax method, which consists in recognizing (as receivable or
          payable) the tax effect of temporary differences between the book and tax valuation of assets and
          liabilities, and in subsequently charging them to income in the years when such differences are
          reversed, considering the possible effects of utilizing net operating losses (NOLs) in the future. As
          of the issuance date of these financial statements, the quantification of the effects resulting from
          the deferred tax method application to recognize income tax charges for the current period has not
          been concluded. However, Bank Management and its tax advisors estimate that they may be
          significant.




                                                   F-24
                           NOTES TO THE FINANCIAL STATEMENTS
                                     AS OF MARCH 31, 2007
         (Translation of financial statements originally issued in Spanish – See Note 21)
               (Figures stated in thousands of pesos, except for where indicated)

       d) The acquisition of Banco Bansud S.A. by the Bank gave rise to an original recording of negative
          goodwill of 365,560, which is the effect of the difference between the purchase price and the
          interest acquired valued by the equity method, in accordance with Central Bank rules. Later, the
          Bank applied the valuation and disclosure rules established in Communiqué “A” 3,984, and
          reversed as of December 31, 2006, 100% of the aggregate amount of such goodwill (the maximum
          amortization allowed per annum is 20%). The abovementioned goodwill gave rise to gains on
          inflation exposure through February 28, 2003.

          In addition, and as mentioned in note 3.3.o) , the acquisition of Nuevo Banco Suquía S.A. by the
          Bank resulted in negative goodwill amounting to 483, which is the effect of the difference between
          the purchase price and the book value of the net assets acquired under Central Bank rules.

          Under professional accounting standards effective in the City of Buenos Aires, Argentina, when the
          purchase price is lower than the fair value of the related identifiable assets, any unallocated
          differences between the price and such fair value shall be either considered as a gain for the period
          or deferred (as negative goodwill) and subsequently amortized, as appropriate on the basis of the
          specific circumstances of the transaction that originated such differences.

          In addition, as detailed in notes 2.5. and 2.6., the acquisition of Banco del Tucumán S.A. by Banco
          Macro S.A. and the acquisition of Nuevo Banco Bisel S.A. by Banco Macro S.A. and Nuevo Banco
          Suquía S.A., respectively, gave rise to recording the related positive goodwill for an amount of
          18,242 and 66,042 (50,852 by the Bank and 15,190 by Nuevo Banco Suquía S.A., in the case of
          the positive goodwill deriving from the acquisition of Nuevo Banco Bisel S.A.), respectively,
          resulting from the difference between the purchase price of each investment and the book value of
          the underlying equity acquired. Based on Central Bank rules, the Bank and Nuevo Banco Suquía
          S.A. amortize such positive goodwill through the straight-line method based on an estimate ten-
          year useful life.

          Under professional accounting standards effective in the City of Buenos Aires, Argentina, when the
          purchase price of an investment is higher than the fair value of the related identifiable net assets, a
          positive goodwill will be recognized and it will be (i) amortized systematically throughout the
          estimated useful life and (ii) compared to its recoverable value as of each year-end.


5.2.   Disclosure aspects

       a) The Bank has not presented a statement of cash flows broken down into operating, investing, and
          financing activities, or disclosing interest, dividends, or taxes for the amounts actually collected or
          paid.

       b) The Bank has not presented the information on earnings per share, certain information about
          related parties or other reporting requirements for nonbanking institutions.

       c) The Bank has recorded under “Intangible assets” receivables related to compliance with court-
          orders issued with respect to constitutional rights protection actions for the enforcement of rights.
          According to professional accounting standards and in the understanding that such assets are
          recoverable, such amounts should have been allocated to “Other receivables”.




                                                    F-25
                                NOTES TO THE FINANCIAL STATEMENTS
                                          AS OF MARCH 31, 2007
              (Translation of financial statements originally issued in Spanish – See Note 21)
                    (Figures stated in thousands of pesos, except for where indicated)

6.   BREAKDOWN OF MAIN ITEMS AND ACCOUNTS

     The breakdown of the “Other” account in the balance sheet and statement of income is as follows:


                                                                     03/31/2007    12/31/2006
     6.1)   Loans - Other

            Other loans                                                  423,777       387,448
            Export financing and prefinancing                            352,636       269,002
            Government securities                                          3,121
            Receivables secured by notes                                   1,677         1,660
                                                                         781,211       658,110

     6.2)   Other receivables from financial intermediation - Other receivables
            not covered by debtors classification standards

            Certificates of participation in financial trusts            295,966       220,953
            Debt securities in financial trusts                          124,312        83,540
            Unaccrued premiums on repurchase agreements                      638         1,589
            Other                                                             47            47
                                                                         420,963       306,129

     6.3)   Other receivables - Other

            Sundry receivables                                            51,128       50,992
            Tax prepayments                                               22,944       14,896
            Advance payments                                              20,855       16,249
            Security deposits                                             15,922       14,682
            Other                                                            100          357
                                                                         110,949       97,176



     6.4)   Deposits - Other

            Balances of accounts without movements                        70,788        76,327
            Special deposits for foreign funds                            16,264        14,002
            Unemployment fund for workers of the building
            industry                                                      15,564        12,334
            Security deposits                                              1,335         1,295
            Orders payable                                                   524           943
            Other                                                         27,352        29,389
                                                                         131,827       134,290




                                                        F-26
                           NOTES TO THE FINANCIAL STATEMENTS
                                     AS OF MARCH 31, 2007
         (Translation of financial statements originally issued in Spanish – See Note 21)
               (Figures stated in thousands of pesos, except for where indicated)



                                                                 03/31/2007   12/31/2006


6.5)   Other liabilities from financial intermediation - Other

       Purchase financing payables                                   35,281      32,838
       Other withholdings                                            29,043      22,995
       Collections and other transactions on account and             22,355      27,942
       behalf of others
       Other payment orders pending settlement                       19,790      17,323
       Retirement pension payment orders pending
       settlement                                                    17,379       9,444
       Miscellaneous not subject to minimum cash                     14,600      16,641
       requirements
       Miscellaneous subject to minimum cash requirements             1,080       2,509
       Miscellaneous                                                 13,854      11,161
                                                                    153,382     140,853

6.6)   Other liabilities - Other

       Taxes payable                                                 65,877      81,851
       Miscellaneous payables                                        22,899      20,971
       Salaries and payroll taxes payable                             9,547      15,819
       Prepayment for the sale of assets                              4,096       4,193
       Withholdings on salaries to be paid over                       2,286       2,376
                                                                    104,705     125,210

6.7)   Memorandum accounts – Debit-balance accounts – Control – Other

       Items in custody                                           3,205,486   2,548,379
       Managed portfolios                                           418,906     415,729
       Checks to be debited                                          72,723      56,191
       Checks to be collected                                        54,824      46,840
       Other                                                        130,776     117,648
                                                                  3,882,715   3,184,787



                                                                 03/31/2007   03/31/2006
6.8)   Financial income – Net income from
       government and private securities

       Income from government securities                             33,744       9,133
       Income from certificates of participation in financial
       trusts                                                         9,813       7,047
       Other                                                          3,601       4,043
                                                                     47,158      20,223



                                                     F-27
                           NOTES TO THE FINANCIAL STATEMENTS
                                     AS OF MARCH 31, 2007
         (Translation of financial statements originally issued in Spanish – See Note 21)
               (Figures stated in thousands of pesos, except for where indicated)



                                                           03/31/2007      03/31/2006

6.9)   Financial income – Other

       Premiums on reverse repurchase agreements with            8,969          2,317
       the financial sector
       Income from assets subject to financial lease             5,589          4,508
       Interest on loans for export prefinancing and
       financing                                                 4,746          1,202
       Foreign currency exchange difference                      3,276          5,751
       Other                                                     1,254            523
                                                               23,834         14,301


6.10) Financial expense – Other

       Turnover tax                                              6,257          3,862
       Premiums from repurchase agreements with the              4,188          2,194
       financial sector
       Contribution to the deposit guarantee fund                2,302          1,675
       Other                                                       482          1,515
                                                               13,229           9,246


6.11) Service-charge income - Other

       Debit and credit card income                            11,533           8,544
       Rental of safe deposit boxes                               804             808
       Other                                                    5,333           3,916
                                                               17,670         13,268

6.12) Service-charge expense - Other

       Debit and credit card expense                             5,490          3,332
       Turnover tax                                              2,795          2,013
       Other                                                     4,552          1,590
                                                               12,837           6,935




                                               F-28
                         NOTES TO THE FINANCIAL STATEMENTS
                                   AS OF MARCH 31, 2007
       (Translation of financial statements originally issued in Spanish – See Note 21)
             (Figures stated in thousands of pesos, except for where indicated)



                                                            03/31/2007   03/31/2006

6.13) Administrative expenses – Other operating expenses

      Depreciation of bank premises and equipment                6,232        4,565
      Maintenance, conservation and repair expenses              4,890        3,468
      Security services                                          4,090        3,215
      Electric power and communications                          3,672        3,066
      Amortization of organization and development costs         3,025        2,783
      Leases and rentals                                         1,959        1,487
      Stationery and office supplies                             1,928        1,236
      Insurance                                                    999          709
                                                                26,795      20,529


6.14) Other income – Other

      Other adjustments and interest on other receivables         422          514
      Credit cards                                                299          411
      Gain on transactions or sale of bank premises and
      equipment, and other assets                                 255         1,305
      Leases and rentals                                           91           153
      Certifications                                               89            79
      Checkbook and statement issuance fees                                     113
      Sale of guaranteed loans                                                4,987
      Other                                                      1,049        1,989
                                                                 2,205        9,551

6.15) Other expense – Other

      Corporate bonds issuance expenses                          5,189
      Tax on bank account transactions
                                                                 3,376        2,438
      Loss on transactions or impairment in value of bank
      premises and equipment, and other assets                   2,507            6
      Non-computable VAT credit                                  2,393        2,203
      Goodwill amortization                                      1,932          206
      Depreciation of other assets                                 271          327
      Donations                                                    210          168
      Turnover tax                                                 103          154
      Commissions of the placing agent for the public
      offering of shares                                                    12,167
      Other                                                      2,484       2,450
                                                                18,465      20,119




                                                F-29
                               NOTES TO THE FINANCIAL STATEMENTS
                                         AS OF MARCH 31, 2007
             (Translation of financial statements originally issued in Spanish – See Note 21)
                   (Figures stated in thousands of pesos, except for where indicated)


7.   RESTRICTED ASSETS

     As of March 31, 2007, and December 31, 2006, the following Bank’s assets are restricted:

     a) Government and private securities:

        a.1) Discount Bonds received in the exchange for Consolidation Bonds in Pesos – First Series amounting
             to 2,788 and 2,802, respectively, assigned to settle payables to the Central Bank and safety-net
             financing originated in the acquisition of assets and liabilities from former Banco Federal Argentino.

        a.2) Secured Bonds under Presidential Decree No. 1,579/02 for 36,621 and 35,994 (face value Ps.
             24,400,000), respectively, provided as security for the loan received from Banco de Inversión y
             Comercio Exterior S.A. (BICE) to finance the "Paso San Francisco" public work, in accordance with
             the note sent by the Bank on November 5, 2002, BICE's reply dated November 18, 2002, and the
             security agreement covering the abovementioned securities and dated January 29, 2004.

        a.3) GDP-linked securities maturing in 2035 for 671 as of both dates, under the provisions of the
             Prospectus Supplement approved by Presidential Decree No. 1,735/04, which were originally
             attached to the Discount Bonds issued under the “Offer to exchange eligible Argentine government
             debt securities”.

        a.4) Central Bank listed notes (NOBAC)- managed portfolio, in Argentine pesos, for an amount of 52,816
             (for a face value in thousands of Ps. of 52,200) and 4,956, (for a face value in thousands of
             Argentine pesos of 4,900), respectively used as security for Rosario Futures Exchange (Rofex)
             trading transactions.

     b) Loans:

        Agreements for loans backed by pledges and unsecured loans for 17,388 and 19,241, respectively,
        provided as guarantee in favor of the Mypes II Trust Fund, in full compliance with the terms and
        conditions of the program called “Mypes II (a)” and under the Global Credit Program for Small-sized and
        Micro-enterprises (see note 11.1.c)) to the consolidated financial statements.


     c) Other receivables from financial intermediation:

        c.1) It includes Central Bank unavailable deposits for 552, as provided by Central Bank Communiqué “A”
             1,190. The Bank has recorded allowances covering 100% of this receivable.

        c.2) The Bank had special guarantee checking accounts opened in the Central Bank for transactions
             related to the electronic clearing houses and similar entities, for an amount of 76,575 and 55,718,
             respectively.

        c.3) Contributions to the Risk Fund of Garantizar S.G.R. (mutual guarantee association) for 10,399 and
             10,422, respectively, made by the Bank on December 26, 2005, in its capacity as partner of such
             company. Such contribution may be fully or partially reimbursed once two years have elapsed from
             the date of contribution.




                                                       F-30
                                  NOTES TO THE FINANCIAL STATEMENTS
                                            AS OF MARCH 31, 2007
                (Translation of financial statements originally issued in Spanish – See Note 21)
                      (Figures stated in thousands of pesos, except for where indicated)

     d) Investments in other companies:

         Irrevocable capital contributions to Tunas del Chaco S.A., Emporio del Chaco S.A. y Campos del Chaco
         S.A. (formerly Proposis S.A.) in the amount of 450 (150 to each company), under the deferment of
         federal taxes, subscribed in accordance with the promotion system established by Law No. 22,021, as
         amended by Law No. 22,702, which provides that the investment must be kept in assets for a term not
         shorter than five years starting on January 1 of the year subsequent to that when the investment was
         made (investment year:2003).


     e) Other receivables:

         e.1) Attachments amounting to 26 and 543, respectively.

         e.2) Credit card transactions for 10,539 and 9,769, respectively.

         e.3) Other security deposits for 5,357 and 4,370, respectively.


8.   TRANSACTIONS WITH COMPANIES FALLING UNDER ARGENTINE BUSINESS ASSOCIATIONS LAW
     No. 19,550, SECTION 33 (SUBSIDIARIES AND AFFILIATES)

     The receivables/payables and income (loss) from transactions performed with subsidiaries and affiliates
     according to the provisions of Law No. 19,550 are as follows:

                              Nuevo        Nuevo                  Sud Bank
                              Banco        Banco     Banco del      & Trust                     March 31,   December
                              Suquía        Bisel    Tucumán      Company           Other         2007       31, 2006
                               S.A.         S.A.       S.A.        Limited       subsidiaries

ASSETS
Cash                                                                  2,222                         2,222       2,200
Other receivables from
financial intermediation      195,072      179,005     118,820                       15,760      508,657     642,863
Other receivables                                                                     3,262         3,262       3,262

           Total assets       195,072      179,005     118,820        2,222          19,022      514,141     648,325


LIABILITIES
Deposits                               1                                   364        1,842         2,207       1,980
Other liabilities from
financial intermediation      239,608      223,778     101,301        6,236             992      571,915     650,449
Other liabilities                                                                                                709

        Total liabilities     239,609      223,778     101,301        6,600           2,834      574,122     653,138




                                                        F-31
                               NOTES TO THE FINANCIAL STATEMENTS
                                         AS OF MARCH 31, 2007
             (Translation of financial statements originally issued in Spanish – See Note 21)
                   (Figures stated in thousands of pesos, except for where indicated)


                                Nuevo          Nuevo                          Sud Bank
                                Banco          Banco         Banco del          & Trust                  March 31,     December
                                Suquía          Bisel        Tucumán          Company        Other         2007         31, 2006
                                 S.A.           S.A.           S.A.            Limited    subsidiaries

MEMORANDUM ACCOUNTS
Debit-balance accounts -            3,101                                                                    3,101         3,070
  Contingent
Debit-balance accounts –                                          1,282          10,735                     12,017         1,011
Control
Credit-balance accounts -                                                                      2,213         2,213
Contingent

                                Nuevo          Nuevo                          Sud Bank
                                Banco          Banco         Banco del          & Trust                  March 31,     March 31,
                                Suquía          Bisel        Tucumán          Company        Other         2007          2006
                                 S.A.           S.A.           S.A.            Limited    subsidiaries

INCOME (LOSS)
Financial income                    2,378         2,488                                                      4,866          433
Financial expense                   (566)           (87)         (1,906)                                     (2,559)       (403)
Service-charge income                                                    5                           9          14            29
Service-charge expense                                                                                                       (14)

  Total income (expense)            1,812         2,401          (1,901)                             9        2,321           45



    The receivables/payables and income (loss) from transactions performed with “Other subsidiaries” are as
    follows:

                                             Macro
                                            Securities         Sud             Macro
                                               S.A.        Inversiones         Fondos      Macro         March 31,
                                            Sociedad        & Análisis       S.G.F.C.I.   Valores          2007
                                            de Bolsa           S.A.             S.A.        S.A.

            ASSETS
            Other receivables from
            financial intermediation           15,760                                                       15,760
            Other receivables                                                                3,262           3,262

                     Total assets              15,760                                        3,262          19,022




                                                                F-32
                               NOTES TO THE FINANCIAL STATEMENTS
                                         AS OF MARCH 31, 2007
             (Translation of financial statements originally issued in Spanish – See Note 21)
                   (Figures stated in thousands of pesos, except for where indicated)


                                         Macro
                                       Securities      Sud         Macro
                                          S.A.      Inversion     Fondos       Macro     March 31,
                                        Sociedad        es       S.G.F.C.I.   Valores      2007
                                        de Bolsa    & Análisis      S.A.        S.A.
                                                      S.A.
           LIABILITIES
           Deposits                        1,234          543           30          35        1,842
           Other liabilities from
           financial intermediation          992                                               992

                  Total liabilities        2,226          543           30          35        2,834



           MEMORANDUM ACCOUNTS
           Credit-balance accounts -       2,213                                             2,213
           Contingent


           INCOME (LOSS)
           Service-charge income                9                                                9

              Total income (expense)            9                                                9


     In addition, the Bank and its subsidiaries have granted loans to related parties. According to the Bank’s
     policy, loans are required to be granted during the normal course of business under normal market
     conditions, both with respect to interest and guarantees required. The financing granted to such related
     parties amounted to 26,164 and 36,743 as of March 31, 2007, and December 31, 2006, respectively
     (consolidated figures).

     Likewise, as of March 31, 2007, and December 31, 2006, the deposits made by individuals related to the
     Bank amounted to 310,151 and 271,289, respectively (consolidated figures).

     During the fiscal year ended December 31, 2006, trust certificates of participation were sold to a director
     from Banco Macro S.A., which generated income amounting to 8,499 for the Bank.

     Additionally, in December 2006, the Bank sold its equity interest in Inversora Juramento S.A. to a
     shareholder of Banco Macro S.A., which generated income amounting to 363.


9.   CAPITAL STOCK

     The Bank’s subscribed and paid-in capital as of March 31, 2007, amounts to 683,943. In addition, since
     December 31, 2003, the Bank’s capital stock has changed as follows:

            - As of December 31, 2003                                          608,943
            - Capital stock increase approved by the Shareholders’
             Meeting of September 26, 2005                                      75,000

            As of March 31, 2007                                               683,943



                                                        F-33
                             NOTES TO THE FINANCIAL STATEMENTS
                                       AS OF MARCH 31, 2007
           (Translation of financial statements originally issued in Spanish – See Note 21)
                 (Figures stated in thousands of pesos, except for where indicated)

   On September 26, 2005, the Bank’s general regular and special Shareholders’ Meeting approved a capital
   increase of up to a face value of Ps. 75,000,000 (face value: seventy-five million Argentine pesos), through
   the issuance of up to 75,000,000 new common, registered, Class “B” shares with a face value of Ps. 1, each
   one entitled to one vote, and entitled to dividends under the same conditions as common, registered, Class
   “B” shares outstanding upon issuance, to be publicly subscribed in Argentina or abroad. On January 6, 2006,
   the Bank submitted to the U.S. Securities and Exchange Commission (SEC) an application for registration of
   the abovementioned stock issue. Finally, on March 24, 2006, the Bank’s stock began to be listed on the New
   York Stock Exchange.

   During the year ended December 31, 2006, such capital increase was fully subscribed and paid in.

   As required by CNV General Resolution No. 368/01, the Bank informs that has applied all funds resulting
   from the public subscription of shares to finance its general business operations, increasing its lending
   capacity and obtain funds for potential acquisitions.


10. CORPORATE BONDS ISSUANCE

   The corporate bond liabilities recorded in the accompanying financial statements amount to:

                      Class                            Original value             03/31/2007          12/31/2006

    Subordinated corporate bonds                                 USD    a)         45,521              44,342
                                                           83,000,000
    Subordinated corporate bonds                                 USD    b)          2,731               3,077
                                                            4,000,000
    Subordinated corporate bonds                               USD      c.1)     478,079              460,425
                                                        150,000,000
    Nonsubordinated corporate bonds                            USD
                                                                        c.2)     471,914
                                                        150,000,000

                                     Total                                       998,245              507,844

   a.1) On February 19, 1996, the Bank’s regular and special Shareholders’ Meeting authorized issuing
        Subordinated Corporate Bonds for up to a face value of USD 60,000,000, which was carried out on May
        31, 1996.

       The net funds arising from the placement of the abovementioned corporate bonds were used to repay
       the loan borrowed from the FFCB (Bank Capitalization Trust Fund), currently the FFRE (Business
       Enterprise Reconstruction Trust Fund), due to the acquisition of certain assets and liabilities of Banco
       Federal Argentino.

       On April 16, 2003, the Bank paid the last installment of the Subordinated Corporate Bond, pursuant to
       the payment schedule established.

   a.2) On April 12, 1995, the Bank’s general regular Shareholders’ Meeting approved creating a Global
        Program for the issuance of simple and unsecured Corporate Bonds, subordinated or not,
        nonconvertible into shares for up to an aggregate of USD 50,000,000, and it entrusted the Board of
        Directors with the task of setting the characteristics of the referred bonds (price, form, payment and
        placement conditions, among others).

       On July 20, 1998, the Bank received funds from a loan requested from FFCB for an amount of USD


                                                    F-34
                          NOTES TO THE FINANCIAL STATEMENTS
                                    AS OF MARCH 31, 2007
        (Translation of financial statements originally issued in Spanish – See Note 21)
              (Figures stated in thousands of pesos, except for where indicated)

    5,000,000, whereby the Bank issued subordinated corporate bonds to finance the purchase of former
    Banco de Jujuy S.A.

    On July 20, 2005, the Bank paid the last installment of the Subordinated Corporate Bond, pursuant to
    the payment schedule established.

    Pursuant to the request made by the Bank to the Managing Committee of FFCB on July 26, 1999, to
    restructure the financing previously granted, a loan agreement was entered into on December 29,
    1999, by BNA, as FFCB’s trustee, and the Bank, whereby FFCB granted a subordinated loan of USD
    18,000,000, which was used by the Bank to strengthen its own computable equity.

    The Bank undertook to repay in full the new loan convertible into subordinated corporate bonds in five
    annual, equal and successive installments, the first installment falling due on December 29, 2002. In
    addition, the loan will accrue compensatory interest at 180 days LIBOR plus 3% p.a. on balances,
    payable in arrears on an annual basis starting a year after the disbursement date.

    On March 17, 2000, the Bank requested the CNV’s authorization to issue subordinated corporate bonds
    in the amount of USD 18,000,000 in order to repay the loan granted by the FFCB, received on
    December 29, 1999.

    On December 29, 2006, the Bank paid the last installment of the Subordinated Corporate Bond,
    pursuant to the payment schedule established.

The installments of the abovementioned corporate bonds (including the ones mentioned in a.1)) were settled
by the Bank in the original currency until February 3, 2002, on which the amounts payable were switched
into pesos at Ps. 1-to-USD 1, adjusted by CER. In that regard, subsequent settlements were made following
such method, taking into account what is stated in the following paragraphs.

Subsequently, the Managing Committee of FFRE objected to the conversion into pesos of 50% of its loans,
therefore requesting reassessment of all payments made.

On March 17, 2005, the Bank advised the Central Bank of the acceptance of the guidelines defined by such
agency and recorded such loans, thus reflecting the right to receive the compensation for the asymmetric
conversion into pesos and to cover the global net negative position resulting therefrom.

In that regard, as of March 31, 2007 and December 31, 2006, the amount due was booked under
“Subordinated corporate bonds” for an amount of 45,521 and 44,342, respectively.

On April 20, 2007, the Bank paid 33,500 as partial payment of the abovementioned payables; several
aspects, such as decrease in the interest rate to be applied to amounts in Argentine pesos and in US dollars
and the treatment of compensatory and punitive interest, which are necessary to the final calculation of the
amounts due and payable to date, remain to be defined.




                                                 F-35
                              NOTES TO THE FINANCIAL STATEMENTS
                                        AS OF MARCH 31, 2007
            (Translation of financial statements originally issued in Spanish – See Note 21)
                  (Figures stated in thousands of pesos, except for where indicated)

b) On January 20, 1997, the general special Shareholders’ Meeting of former Banco de Salta S.A. (which
   was absorbed by the Bank) approved issuing Subordinated Corporate Bonds in the amount of USD
   4,000,000 to exercise the power granted to it by the second clause of the Loan Agreement entered into
   with Banco Provincial de Salta (in liquidation) on June 28, 1996. In addition, the general special
   Shareholders’ Meeting of former Banco de Salta S.A. held on May 29, 1997, approved the IPO of such
   Corporate Bonds. Through Resolution No. 1,006, dated December 19, 1997, the CNV authorized the IPO
   of former Banco de Salta S.A. for the issuance of Corporate Bonds, and it also approved the public
   offering of such bonds.

     In addition, on October 19, 1999, through Resolution No. 13,043, the CNV authorized the transfer in
     favor of former Banco Macro Misiones S.A. (which was absorbed by the Bank) of the authorization
     granted to former Banco de Salta S.A. to issue the referred Corporate Bonds, since the latter merged
     with and into the former. Furthermore, it cancelled the authorization granted to former Banco de Salta
     S.A. for the public offering of its corporate bonds.

     Through March 31, 2007, the Bank had amortized the equivalent of USD 2,600,000 (original value),
     following the method described in point (a) above.

c)   On September 1, 2006, the general regular Shareholders’ Meeting approved the creation of a global
     program for the issuance of simple corporate bonds in a short, medium or long term, either subordinated
     or non-subordinated, with or without guarantee, in accordance with the provisions of Law No. 23,576, as
     amended by Law No. 23,962, and further applicable regulations, up to a maximum amount outstanding
     at any time during the term of the program of USD 400,000,000 (four hundred million US dollars), or an
     equal amount in other currencies, under which it will be possible to issue different classes and/or series
     of corporate bonds denominated in US dollars or other currencies and reissue the successive classes or
     series to be amortized.

     c.1)   On December 18, 2006, under the abovementioned global program, Banco Macro S.A. issued the
            1st series of Class 1 subordinated notes for a face value of USD 150,000,000 (US dollars one
            hundred and fifty million). The Bank will use the funds derived from such issuance to grant loans.
            The main characteristics of this issuance are:

            − Computable to the Bank’s required minimum capital (computable equity), as established by
                Communiqué “A” 4,576.
            − The notes fall due within a 30-year term, with full amortization upon maturity (December 18,
                2036), with a full redemption option in 10 years as from the issuance date.
            − Interest payments will be made with a semiannual frequency (June 18 and December 18, every
                year).
            − During the first 10 years, the interest rate will be a fixed one (9.75%), and a variable one for the
                remaining years (six-month LIBOR, plus 7.11%). The interest rate payable can be increased only
                once over the life of the instrument and subsequent to the 10-year term as from their issuance.
            −   They do not include covenants that change the subordination order.
            −   No interest on the notes will be neither fall due and payable if: (a) payments of such interest
                exceed the distributable amount, as defined in the pricing supplement dated November 23, 2006;
                (b) there is a general prohibition by the Central Bank; (c) the Bank is subject to the provisions of
                sections 34 or 35 bis, Financial Institutions Law; (d) the Bank is receiving financial assistance
                from the Central Bank under Article 17 of Central Bank Charter; (e) the Bank is not in compliance
                with or have failed to comply in a timely basis with reporting obligations to the Central Bank;
                and/or (f) the Bank is not in compliance with minimum capital requirements (both on an
                individual and consolidated basis) or with minimum cash reserves (on average).
            −   The unpaid interest is not cumulative.
            −   They have authorizations both for their public offering and their listing on domestic or foreign
                stock exchanges or markets.

                                                       F-36
                                NOTES TO THE FINANCIAL STATEMENTS
                                          AS OF MARCH 31, 2007
              (Translation of financial statements originally issued in Spanish – See Note 21)
                    (Figures stated in thousands of pesos, except for where indicated)

              − In no case, may the payment of interests exceed net unappropriated retained earnings
                (calculated under Communiqué “A” 4,591) which should be appropriated to a reserve created to
                such end.
              − Pursuant to the “Registration Rights Agreement” entered into by the Bank and the placing agents,
                Banco Macro S.A. agreed to file with the SEC and make its best efforts to obtain a exchange
                authorization for the current issue of corporate bonds for an issue registered with the SEC. Such
                agreement establishes certain deadlines and penalties for the Bank to carry out the process.

       c.2)   On January 29, 2007, the Bank issued the 1st series of Class 2 nonsubordinated corporate bonds at
              a fixed rate of 8.5% p.a., simple, not convertible into shares, maturing in 2017 for a face value of
              USD 150,000,000 (US dollars one hundred and fifty million), under the terms and conditions set
              forth in the price supplement dated January 10, 2007. Interest will be paid semiannually on
              February 1 and August 1 every year, starting on August 1, 2007. Additionally, the Bank has the
              option to redeem such issuance, either fully or partially, at any time and periodically.

              The Bank will use the funds derived from such issuance to grant loans.


11. DERIVATIVE FINANCIAL INSTRUMENTS

   The Bank performed transactions that involve derivative financial instruments, as established by Central
   Bank rules and professional accounting standards effective in Argentina. Such instruments mainly relate to:

   −   Repurchase agreements of securities and foreign currency.
   −   Forward transactions without delivery of the underlying asset.
   −   Call and put options.

   Those transactions were valued as explained in notes 3.3.h) and 3.3.m).

   Positions of transactions effective as of March 31, 2007, are as follows:

   −   Net position of repurchase agreements: 727,468 (liability).
   −   Net position of forward foreign-currency transactions: 479,635 (asset) (a).
   −   Position of call options taken: 119,345 (b).
   −   Position of put options taken: 33,923 (c).
   −   Position of call options sold: 21,808 (c).
   −   Position of put options sold: 119,345 (b).
   −   Position of put options sold on Boden 2012 and 2013 coupons (Presidential Decrees Nos. 905/02 and
       1,836/02): 102,767 (d).

   The total average terms of derivative financial instruments effective as of March 31, 2007, are as follows:

   −   Reverse repurchase agreements with Argentine entities: 36 días.
   −   Repurchase agreements with Argentine entities: 15 days
   −   Repurchase agreements with foreign entities: 1,095 days
   −   Call options taken and put options sold: 5,479 days (b).
   −   Put options taken: 60 days (c).
   −   Call options sold: 28 days (c).
   −   Offset Forward foreign-currency transactions: 65 days

   As of March 31, 2007, net income (loss) from these derivatives amount to:

   −   Premiums on reverse repurchase agreements: 9,548.
   −   Premiums on repurchase agreements: (4,223).

                                                      F-37
                              NOTES TO THE FINANCIAL STATEMENTS
                                        AS OF MARCH 31, 2007
            (Translation of financial statements originally issued in Spanish – See Note 21)
                  (Figures stated in thousands of pesos, except for where indicated)

   −   Transactions with options: 869.
   −   Offset forward foreign-currency transactions: (446).

   (a) Related to negotiation transactions of forward foreign currency exchange rates, carried out through
       ROFEX (Rosario Futures Exchange) and MAE (over-the-counter electronic market). The differences of
       such trading transactions are settled on a daily basis based on the prices agreed upon and their quoted
       price upon maturity; the underlying asset is not delivered or received.

   (b) Relates to the put and call options agreement entered into by the Bank and Nuevo Banco Suquía S.A.,
       in their capacity as buyers of Nuevo Banco Bisel S.A., and SEDESA (see note 2.6).

        According to the call option, for a fifteen-year term as from taking possession of the bank (August 11,
        2006), buyers are entitled to acquire preferred shares in Nuevo Banco Bisel S.A. The price of those
        shares is set at 66,240, plus interest at an annual 4% rate as from the takeover date. Such price is
        payable upon the expiration of the option term (August 11, 2021).

        In addition, through the put option, SEDESA will be entitled to sell to the buyers the preferred shares
        that it owns in Nuevo Banco Bisel S.A. Such put option may only be exercised by SEDESA after the
        term of fifteen years as from the date of issuance of the preferred shares (August 26, 2005). The price
        of those shares is set at 66,240, plus interest at an annual 4% rate as from August 11, 2006.

        By virtue of the analysis performed, the Bank’s Management considers that if any of those options is
        exercised, the buyer of preferred shares will be Banco Macro S.A. Therefore, the Bank recorded the
        whole amount of those options.

   (c) Related to:

        −   put and call options agreements related to Junior trust debt securities for a face value of 27,387, in
            the “BG” financial trust carried by the Bank in its portfolio (see note 3.3.h.3)). Those agreements
            were entered into on March 12, 2007, between Banco Macro S.A. and Cargill Investments SCA.

            According to the call option, through April 09, 2007, Cargill Investments SCA is entitled to purchase
            from the Bank those trust debt securities at a price of 21,634, plus a 10.50% adjustment p.a. for
            price adjustment, which will accrued from March 12, 2007.

            In addition, through the put option, on April 11, 2007, the Bank will be entitled to sell to Cargill
            Investments SCA those trust debt securities at the price determined as mentioned in connection with
            the call option.

            Such option was renewed upon maturity.

        −   Call option agreement related to the certificates of participation Class A in the “Agroaval IV” financial
            trust (see note 3.3.h.3)), on a nominal value in thousands of USD 3,873 with a price adjustment of
            9% p.a, maturing on May 30, 2007. Such certificates were settled on April 2007.

   (d) Relates to put options on coupons of the Argentine Government Bonds provided in Presidential Decrees
       Nos. 905/02 and 1,836/02, as supplemented, which were received by the holders of rescheduled
       deposits through the exchanges implemented by the Argentine Government.


12. PORTFOLIO MANAGEMENT

   a) On March 1, 1996, former Banco de Salta S.A. (which was absorbed by the Bank) and the Government of

                                                       F-38
                          NOTES TO THE FINANCIAL STATEMENTS
                                    AS OF MARCH 31, 2007
        (Translation of financial statements originally issued in Spanish – See Note 21)
              (Figures stated in thousands of pesos, except for where indicated)

   the Province of Salta entered into an “Agreement to Manage the Loan Portfolio of Banco Provincial de
   Salta (in liquidation)” related to the nonfinancial private sector, whereby the Bank undertakes to perform
   all acts necessary to manage such portfolio. In consideration thereof, the Province of Salta recognizes to
   the Bank a percentage of the amounts effectively recovered.

   As of March 31, 2007, and December 31, 2006, the loans portfolio managed for principal and interest,
   after application adjustments, amounted to 14,706 and 14,850, respectively.

b) By virtue of the agreement formalized on August 11, 1998, between former Banco de Jujuy S.A. (which
   was absorbed by the Bank) and the Government of the Province of Jujuy, the Bank undertakes to
   perform all acts necessary to manage the loan portfolio of the former Banco de la Provincia de Jujuy and
   to provide a monthly report on the tasks performed. In consideration thereof, the Province of Jujuy
   recognizes to the Bank, for all accounts and as a lump-sum and total consideration, a percentage of the
   amounts actually recovered.

   As of March 31, 2007, and as of December 31, 2006, the loans portfolio managed amounts to 44,370 and
   44,454, respectively.

c) On April 6, 2001, through Provincial Decree No. 806, the Ministry of the Treasury of the Province of Salta
   approved an extension to the “Contract for the service of collecting, processing and arranging
   information, managing the loan portfolio and performing collection procedures related to the receivables
   of the IPDUV (Provincial Institute of Urban and Housing Development)" entered into on March 27, 2001,
   between such agency and the former Banco Macro S.A. Through that extension, the Bank will provide to
   the IPDUV, among others, the service of collecting the installments payable by successful bidders for
   housing and a service of performing collection procedures related to such institute’s receivables. In
   consideration thereof, the IPDUV recognizes to the Bank a percentage of the amounts effectively
   recovered.

   As of March 31, 2007, and as of December 31, 2006, the loans portfolio managed amounts to 84,849 and
   85,262, respectively.

d) On August 19, 2002, ABN AMRO Bank N.V. Sucursal Argentina, as trustee, the former Scotiabank
   Quilmes S.A., as trustor, Banco Comafi S.A., as collecting agent and manager and the former Banco
   Bansud S.A. entered into an agreement for the LAVERC financial trust’s collection administration and
   management, whereby former Banco Bansud S.A. will be in charge of the collection management,
   custody, performance and any other task related to the corpus assets booked in the branches of former
   Scotiabank Quilmes S.A. received.

   Through Resolution No. 523 of August 20, 2002, the Central Bank Board of Governors –under Section No.
   35 bis II b), Financial Institutions Law– provided for excluding certain secured liabilities and the
   equivalent amount of certain assets from Scotiabank Quilmes S.A. (SBQ), and it authorized the transfer
   of 35% of total excluded assets (including certificates of participation in the LAVERC trust) and liabilities
   in favor of the former Banco Bansud S.A. In addition, the abovementioned Resolution authorized the
   former Banco Bansud S.A. to incorporate 36 branches that belonged to SBQ at the time of the transfer.

   As of March 31, 2007, and December 31, 2006, the portfolio managed by the Bank amounted to 150,495
   and 153,661, respectively.

e) On March 31, 2006, the Bank and Sud Inversiones y Análisis S.A. entered into a management and
   custody agreement regarding the “RETUC 1” trust loan portfolio.

   As of March 31, 2007, and December 31, 2006, the portfolio managed by the Bank amounted to 64,156
   and 64,442, respectively. Also, see note 11.1.m) to the consolidated financial statements.

                                                   F-39
                             NOTES TO THE FINANCIAL STATEMENTS
                                       AS OF MARCH 31, 2007
           (Translation of financial statements originally issued in Spanish – See Note 21)
                 (Figures stated in thousands of pesos, except for where indicated)


   f) In addition, as of March 31, 2007, and December 31, 2006, the Bank had under its management other
      portfolios for total amounts of 60,330 and 53,060, respectively.

   g) As of March 31, 2007, and December 31, 2006, the subsidiary Banco del Tucumán S.A. manages a loan
      portfolio assigned as part of the process for the transfer of Banco San Miguel de Tucumán S.A. for an
      amount of 13,926 and 14,153 respectively.


13. MUTUAL FUNDS

   As of March 31, 2007, the Bank, in its capacity as Depository Company, held in custody the shares of
   interest subscribed by third parties and securities from the following mutual funds:

                                                           Shares of      Shareholders’
                           Fund                             interest         equity          Investments
                                                                                                 (a)
       Pionero Pesos                                   514,912,943           588,832             550,873
       Pionero Renta                                    41,558,122            78,330              70,576
       Pionero Renta Ahorro                            289,144,523           306,886             299,263
       Pionero Crecimiento                               2,146,483             5,692               5,524
       Pionero Global                                      691,663               783
       Puente Hnos. Renta Fija                           2,122,264             3,307               3,195
       Puente Hnos. Renta Variable                       1,874,351             3,299               3,092
       Puente Hnos. Argentina Hedge Fund                 1,084,606             1,612                 815
       Puente Hnos. Corporativos Latinoamericanos          892,587             3,183               3,155
       Galileo Event Driven F.C.I.                      22,190,453            99,538              91,500

       (a) These amounts reflect the mutual funds’ investment portfolios and are recorded under the “Items in
            custody” memorandum account.


14. BANK DEPOSIT GUARANTEE INSURANCE SYSTEM

   Law No. 24,485, and Presidential Decree No. 540/95, provided for the organization of a Bank Deposit
   Guarantee Insurance System, characterized as being limited, mandatory and for valuable consideration,
   designed to provide coverage for risks inherent in bank deposits, subsidiary and supplementary to the bank
   deposit privileges and protection offered by the system created by Financial Institutions Law. Such law also
   provided for the organization of SEDESA to manage the Deposit Guarantee Fund. Such company was
   organized in August 1995. The Bank holds a 4.6699% equity interest therein, according to the percentages
   set forth in Central Bank Communiqué “B” 8,945 of March 20, 2007.




                                                    F-40
                                    NOTES TO THE FINANCIAL STATEMENTS
                                              AS OF MARCH 31, 2007
                  (Translation of financial statements originally issued in Spanish – See Note 21)
                        (Figures stated in thousands of pesos, except for where indicated)

      This system shall cover the deposits in Argentine pesos and foreign currency with the participating
      institutions as checking accounts, savings accounts, certificates of deposit or any other modes determined
      by the Central Bank, as long as fulfilling the requirements under Presidential Decree No. 540/95 and any
      others established by the enforcement agency. On the other hand, the Central Bank established that the
      deposits made by other financial institutions, those made by persons related to the Bank, deposits of
      securities, among others, would be excluded from the deposit guarantee system.


15. TRUST ACTIVITIES

      Banco Macro S.A. acts either directly or through its subsidiaries as trust agent. In no case shall the Trustee
      be liable with its own assets or for any obligation deriving from the performance as trustee. Such obligations
      do not imply any type of indebtedness or commitment for the trustee and they will be fulfilled only through
      trust assets. In addition, the trustee will not encumber the corpus assets or dispose of them beyond the
      limits established in the related trust agreements. The commissions earned by the Bank due to its
      performance as trust agent are calculated under the terms and conditions of the related agreements.

      In that regard, the Bank entered into guarantee trust agreements to ensure compliance with the obligations
      assumed by the trustor in favor of the beneficiary, through collections of corpus assets.

      The effective guarantee trusts are:
                                                                                                                                     Creation     Funds
                      Name                                      Trustor                               Beneficiary                      date     managed (1)
Cooperativa de Cerro Azul – IPRODHA guarantee     Cooperativa de Agua Potable y
                                                                                   Instituto Provincial de Desarrollo Habitacional   06/2005          18,924
trust                                             Otros Servicios
Banco Macro - Entretenimientos y Juegos de Azar
                                                  ENJASA                           Banco Macro S.A.                                  12/2003              52
S.A. trust
Banco Macro - Entretenimientos y Juegos de Azar
                                                  ENJASA                           Banco Macro S.A.                                  05/2004              58
S.A. trust II
Salta - ENJASA Riva trust IV                      ENJASA                           Riva S.A.                                         09/2004             172
Banco Macro Bansud S.A. - Entretenimientos y
                                                  ENJASA                           Banco Macro S.A.                                  01/2005              55
Juegos de Azar S.A. trust III
Banco Macro Bansud - Entretenimientos y Juegos
                                                  ENJASA                           Banco Macro S.A. (1º beneficiary)                 09/2005              49
de Azar S.A. trust V
Banco Macro - Entretenimientos y Juegos de Azar
                                                  ENJASA                           Banco Macro S.A.                                  10/2006
S.A. trust VI
                                                  ENJASA - Complejo Monumento
Complejo Monumento Güemes – Enjasa trust                                           Banco de Inversión y Comercio Exterior            10/2004              88
                                                  Güemes
Banco Macro - Horizonte S.A. trust                Horizonte S.A.                   Banco Macro S.A.                                  03/2004              97
Banco Macro - Horizonte S.A. trust                 Horizonte S.A.                  Banco Macro S.A.                                  12/2004               7
Banco Macro Bansud - La Veloz del Norte S.A. trust La Veloz del Norte S.A.         Banco Macro S.A                                   06/2005             701
Banco Macro Bansud - Sucesión de Yeizel Katz       Sociedad de hecho Sucesión de
                                                                                   Banco Macro S.A.                                  03/2006              11
Sociedad de hecho trust                            Yeizel Katz
Banco Macro – Sucesión de Yeizel Katz Sociedad     Sociedad de hecho Sucesión de
                                                                                   Banco Macro S.A.                                  10/2006              92
de hecho trust                                     Yeizel Katz
                                                   Sociedad de hecho Sucesión de
Sociedad de hecho Sucesión de Yeizel Katz                                          Banco Macro S.A.                                  03/2007             111
                                                   Yeizel Katz

      (1) Related to the monthly average on a straight-line basis of the funds managed during the three-month
          period ended March 31, 2007.




                                                                          F-41
                                    NOTES TO THE FINANCIAL STATEMENTS
                                              AS OF MARCH 31, 2007
                  (Translation of financial statements originally issued in Spanish – See Note 21)
                        (Figures stated in thousands of pesos, except for where indicated)

      In addition, the Bank entered into administration trust agreements for the following main purposes:

      a) Managing the trust’s corpus assets to guarantee in favor of the beneficiary the existence of the resources
         required to finance and/or pay certain obligations, such as the payment of amortization installments
         regarding work or service certificates, and the payment of invoices and fees stipulated in the related
         agreements.
      b) Guaranteeing the existence of resources forming part of provincial institutes’ equity.
      c) Promoting the production development of the private economic sector at a provincial level.
      d) Participating to public work concession agreement granting road exploitation, management, keeping and
         maintenance.

      The effective administration trusts are:

                                                                                                                                                        Funds
                                                                                                                                            Creation
                                                                                                                                                       managed
                         Name                                        Trustor                                  Beneficiary                     date
                                                                                                                                                         (1)
Los Castillos S.A. (Provincia de Salta) Banco Macro                                        Banco Macro S.A. (loan), Province of Salta
                                                    Los Castillos S.A.                                                                      11/2004              24
Bansud S.A. trust                                                                          (refinancing)
                                                    Ministry of Treasury of the Province
Hospital El Milagro trust                           of Salta and Ministry of Public        UTE Nuevo Hospital El Milagro                    03/2001         1,641
                                                    Health of Salta
                                                    Ministry of Treasury and Public
IPSS trust                                                                                 Health Institute of the Province of Salta        03/2003         5,795
                                                    Works of Salta
Obra Pública Decreto 106-01 Munic. trust            Municipality of the City of Salta      Sociedad Ingeniero Alonso Crespo S.A.            04/2001          176
Municipalidad de la Ciudad de Salta Acta Acuerdo                                           Province of Salta and/or the party appointed
                                                    Municipality of the City of Salta                                                       04/2005          651
30.12.2004 trust                                                                           thereby
Proyecto Barrio Autódromo trust                     Municipality of the City of Salta      Parties hired for the natural gas installation   12/2005              72
Municipalidad de la Ciudad de Salta Obra Puente
                                                    Municipality of the City of Salta      Sociedad Norobras Construcciones Civiles S.A.    05/2006          378
Gobernador Roberto Romero trust
Municipalidad de la Ciudad de Salta Obra Puente
                                                    Municipality of the City of Salta      Sociedad Norobras Construcciones Civiles S.A.    01/2007
Gobernador Roberto Romero trust
Municipalidad de la Ciudad de Salta Obra Accesos y
Puentes sobre Río Arenales -Vinculación Calles      Municipality of the City of Salta      Ingeniero Medina S.A.                            05/2006          212
Córdoba y Polonia trust
Fortalecimiento y Saneamiento Municipal - Banco
                                                                                           Municipalities and municipal commissions -
Macro Bansud S.A. y Gobierno Provincial - Ley 5435 Province of Jujuy                                                                        12/2004        90,913
                                                                                           Province
trust
Decreto 2132/2000 trust                             Province of Misiones                   Concesionaria Enriquez Albano UTE                12/2000          135
Decreto 149/2002 trust                                  Province of Misiones               Aesa Misiones S.A.                               02/2002         1,129
Decreto 2268/2006 trust                                 Province of Misiones               Concesionaria Enriquez Albano UTE                11/2006         2,956
Decreto 331 Servicios Hidrocarburíferos trust           Province of Salta                  Recovery Group S.A.                              12/2002         3,164
Provincia de Salta - La Casualidad S.A. trust           Province of Salta                  Cía Minera la Casualidad S.A.                    09/2005         2,885
                                                                                           UTE (Ingeniero Medina S.A. - Moncho
Provincia de Salta Avenida de Circunvalación trust      Province of Salta                                                                   05/2006         1,759
                                                                                           Construcciones)
Provincia de Salta – Adquisición vehículos Antis S.A.
                                                        Province of Salta                  Concesionaria de automotores Antis S.A.          10/2006          283
trust
Provincia de Salta – Adquisición vehículos Autolux
                                                        Province of Salta                  Concesionaria de automotores Autolux S.A.        10/2006          102
S.A. trust
Obra Gasoducto de Anta trust                            Province of Salta                  Sociedad Conta Walter Mario S.R.L.               12/2006
Banco Macro S.A. y la Secretaría de Estado de
                                                        Economy Department of the
Economía de la Provincia de Jujuy non-financial                                            Economy Department of the Province of Jujuy      05/2000         6,676
                                                        Province of Jujuy
trust
                                                                                           Employees from social security agencies,
                                                        Sociedad Anónima de Transporte
Saeta - Banco Macro Bansud S.A. trust                                                      statutory health care organizations, tax         10/2005         8,077
                                                        Automotor (SAETA)
                                                                                           authorities, among others.

      (1) Related to the monthly average on a straight-line basis of the funds managed during the three-month
          period ended March 31, 2007.
      Also, see note 11 to the consolidated financial statements.



                                                                               F-42
                             NOTES TO THE FINANCIAL STATEMENTS
                                       AS OF MARCH 31, 2007
           (Translation of financial statements originally issued in Spanish – See Note 21)
                 (Figures stated in thousands of pesos, except for where indicated)


16. COMPLIANCE WITH REQUIREMENTS TO ACT AS OVER-THE-COUNTER SECURITIES MARKET
    BROKER

   Under CNV Resolution 368/01, the Bank’s shareholder’s equity exceeds the minimum amount required.


17. CLAIM FROM THE AFIP – DGI (FEDERAL PUBLIC REVENUE AGENCY – FEDERAL TAX BUREAU)

   On January 21, 2002, the former Banco Bansud S.A. requested from the above agency that it be included in
   the debt consolidation, interest and fines exemption and installment plan system provided by Presidential
   Decree No. 1,384/01 in order to settle the tax payable that authorities had assessed ex-officio according to a
   resolution notified on December 19, 2001.

   The abovementioned claim from tax authorities related to income tax differences of the former Banco del
   Sud for the 1993 and 1994 tax years grounded on having challenged certain methods applied that –in the
   former Banco Bansud S.A.’s opinion– were consistent with the guidelines set by the specific regulations.

   The amount that the Bank has requested to settle under the installment plan system is 10,780, which will be
   paid in 120 monthly installments. The amount in question was charged to income for the fiscal year ended
   December 31, 2001. As of March 31, 2007, the outstanding amount is recognized in the “Other liabilities”
   account.

   The former Banco Bansud S.A., on February 18 and November 12, 2002, and the Bank, on February 3,
   2004, February 17, 2005, and February 17, 2006, filed appeals with the Federal Administrative Tax Court
   against the AFIP – DGI resolutions that, holding to the position mentioned in the preceding point, had
   objected the tax returns filed by the former Banco Bansud S.A for tax years ended from June 30, 1995,
   through June 30, 1999, and the irregular period ended December 31, 1999.

   On February 2, 2005, February 2, 2006, and November 22, 2006, the Bank filed the appeals with the
   Federal Administrative Tax Court against the AFIP resolution that had objected to the 1998, 1999 and 2000
   income tax returns of the former Banco Macro S.A.

   The issues under discussion and on which the regulatory agency bases its position are (i) the impossibility to
   deduct the non-performing secured loans and (ii) the requirement to begin judicial collection proceedings for
   non-performing loans to be deducted for tax purposes. Both issues were analyzed by the Federal
   Administrative Tax Court in similar judgments, which issued a resolution in favor of the position assumed by
   the Bank.

   The Bank estimates that the abovementioned issues are unlikely to give rise to additional charges and,
   therefore, no provision was recorded for such amounts.


18. CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT, AND THE SITUATIONS OF THE
    FINANCIAL SYSTEM AND THE BANK

   The Argentine economic and financial situation worsened in late 2001, when the Argentine government
   suspended payments on the sovereign debt and imposed severe restrictions on cash withdrawals from
   financial institutions.




                                                     F-43
                          NOTES TO THE FINANCIAL STATEMENTS
                                    AS OF MARCH 31, 2007
        (Translation of financial statements originally issued in Spanish – See Note 21)
              (Figures stated in thousands of pesos, except for where indicated)


In early 2002, the Argentine Congress enacted Public Emergency and Foreign Exchange System Reform Law
No. 25,561 (the effective term of which was extended through December 31, 2007). This law introduced
significant changes to the economic model implemented until that date and amended Convertibility Law (the
currency board that pegged the Argentine peso at parity with the US dollar) effective since March 1991.
After a period of an official foreign exchange market, a single foreign exchange market was established,
subject to Central Bank requirements and rules. Such law and subsequent presidential decrees established,
among others, measures that affected the financial system, primarily related to the conversion into pesos of
its assets and liabilities in foreign currency at different exchange rates and the related compensatory
measures.

The current administration has implemented a program that included important measures such as the
exchange of federal and provincial government debt, compensation provided to Financial Institutions for the
effects of the devaluation and the conversion into pesos of balances denominated in foreign currency, the
restructuring of Federal Government debt, deposits rescheduling and the lifting of restrictions thereto,
relaxation of foreign-exchange controls and monetary reunification with the redemption of quasi-currencies.
In addition, during 2005, the government debt restructuring process was completed and the Argentine
Government settled its payable to the International Monetary Fund. Also, the economic and financial
variables showed evolution and the financial system is undergoing a financial consolidation process.

Financial statements presentation requires Bank Management to make estimates that affect the reported
figures of assets, liabilities, income, expenses and contingencies. Current figures and final income (loss) may
differ from such estimations.

The accompanying financial statements should be read considering the circumstances previously mentioned.

Legal actions

The measures adopted by the Federal Executive with respect to the public emergency in political, economic,
financial and foreign exchange matters triggered a number of legal actions (known as recursos de amparo –
constitutional rights protection actions), brought by individuals and companies against the Federal
Government, the Central Bank and the financial institutions for considering that Public Emergency Law and
its supplementary regulations are unconstitutional.

In the specific case of deposits denominated in foreign currency, in some cases, the courts ordered the
reimbursement of such deposits, either in foreign currency or at free foreign exchange rate at the time of
reimbursement until a final judgment is issued with respect to the constitutionality of the conversion into
pesos.

Some of these claims were treated by the Argentine Supreme Court, which issued resolutions on lower-court
decisions for each particular case and in different manners.




                                                  F-44
                             NOTES TO THE FINANCIAL STATEMENTS
                                       AS OF MARCH 31, 2007
           (Translation of financial statements originally issued in Spanish – See Note 21)
                 (Figures stated in thousands of pesos, except for where indicated)

   Finally, on December 27, 2006, the case in re. “Massa Juan Agustín v. the Federal Government et al for
   constitutional rights protection actions” and in other later pronouncements, the Argentine Supreme Court
   revoked prior instance judgments that ordered the reimbursement of deposits in US dollars and resolved
   that depositors are entitled to the reimbursement of their deposits switched into pesos at the Ps. 1.40-to-
   USD 1 exchange rate, adjusted by the CER through the payment date, and interest should be applied to
   such amount at a 4% rate p.a., which may not be compounded through the payment date. In addition, the
   judgment established that the amounts paid by financial institutions in the course of the lawsuit should be
   computed as payments towards the total resulting amount, which, ultimately, may not be higher than the
   US dollars the client deposited with each bank, as decided at prior court instances, provided that such
   judgment had not been appealed by the plaintiff. Also, each party would bear its own legal costs, and the
   legal costs ruled at the first and second instances were confirmed.

   Under Communiqué “A” 3,916 dated April 3, 2003, the Bank and its subsidiaries continued capitalizing in
   “Intangible Assets” as of March 31, 2007 and December 31, 2006, the amounts of 69,877 and 74,745,
   respectively (net of the related amortization amounts) related to the resulting differences between
   complying with the court orders in relation to the deposits, as well as the estimates of the additional effects
   of the abovementioned court decision and the provisions of Presidential Decree No. 214/02, as
   supplemented.

   The Bank’s Management believes that there would be no significant effects, other than those recognized in
   accounts, that could derive from the final outcome of such actions on the amount due of the related
   liabilities.

   As regards courts deposit in US dollars, on March 20, 2007, the Argentine Supreme Court ruled in the case
   “EMM S.R.L. v.TIA S.A. on ordinary proceedings on precautionary measures" holding the inapplicability of
   section 2 of Presidential Decree 214/2002 and that principal should, therefore, be reimbursed with no
   deterioriation in value whatsoever, and that the sums should be kept in their original currency and that the
   substance of the assets entrusted to the Bank in its capacity as court bailor cannot be validly changed.

   The Bank’s Management understands that the potential effect of its obligation to reimburse such deposits in
   the original currency, would have no significant effects on the Bank's shareholders' equity.


19. RESTRICTION ON EARNINGS DISTRIBUTION

   a) As established by Central Bank rules, 20% of income (loss) for the year ended December 31, 2006,
      plus/less prior-year adjustments, shall be appropriated to legal reserve. Consequently, the Shareholders
      Meeting, held on April 26, 2007, decided to apply 84,860 out of unappropriated retained earnings to
      increase such legal reserve.




                                                     F-45
                             NOTES TO THE FINANCIAL STATEMENTS
                                       AS OF MARCH 31, 2007
           (Translation of financial statements originally issued in Spanish – See Note 21)
                 (Figures stated in thousands of pesos, except for where indicated)

   b) Central Bank Communiqué “A” 4,152 dated June 2, 2004, lifted the suspension of earnings distribution
      established by Communiqué “A” 3,574, but kept such distributions subject to certain requirements
      provided therein and to prior authorization from the SEFyC. In addition, through Communiqué “A” 4,589
      and 4,591, the Central Bank published the general procedure to approve the request for the authorization
      to distribute earnings.

      On April 16, 2007, the SEFyC (Financial and Foreign-Exchange Institutions Superintendency) notified the
      Bank that it had authorized the distribution of cash dividends amounting to 102,592.

      Subsequently, on April 26, 2007, the Regular and Special General Shareholders’ Meeting of Banco Macro
      S.A. approved, among other issues, the distribution of cash dividends amounting to 102,592.

   c) As mentioned in note 10.a), under the agreements entered into with the FFCB, the Bank may not
      distribute as cash dividends an amount exceeding 50% of liquid and realized income. In addition, the
      Bank may not distribute as cash dividends an amount exceeding 25% up to 50% of liquid and realized
      income, unless it redeems in advance subordinated corporate bonds for an amount equivalent to 50% of
      the total dividends distributed in cash.

   d) According to Law No. 25,063, the dividends distributed in cash or in kind will be subject to a 35% income
      tax withholding as a single and final payment. Dividend payments are subject to such withholding if they
      exceed the sum of: (i) the accumulated taxable earnings accumulated as of the year-end immediately
      prior to the payment or distribution date and (ii) certain tax-exempt income (such as dividend payments
      from other corporations). This is applicable for tax years ended as from December 31, 1998.

   e) On June 16, 2006, the Bank and Crédit Suisse First Boston International entered into a loan agreement
      for USD 50,000,000, maturing on January 21, 2008, at LIBOR plus 1.95%. Such agreement includes
      restrictions mainly related to the compliance with the payments established. In the event of
      noncompliance with the agreement, the Bank will be unable to distribute dividends either directly or
      indirectly through its subsidiaries.

   f) In addition, as mentioned in note 3.3.l.2), the Bank capitalized under the “Intangible assets” account
      amounts for differences resulting from compliance with court orders related to the pesification of
      deposits. As established by such agency regarding the distribution of earnings, these amounts should be
      deducted from “Unappropriated retained earnings” as of year-end. As of March 31, 2007, such amount is
      51,054 (net of amortizations).

   g) As established in the issuance conditions for the 1st series of Class 1 Subordinated Corporate Bonds
      mentioned in note 10.c.1), and as established by Central Bank Communiqué "A" 4,576, the Shareholders’
      Meeting held on April 26, 2007, decided to appropriate 45,515 out of “Unappropriated retained earnings”
      to set a special reserve for interest to be paid upon the maturities taking place in June and December
      2007.

20. FINANCIAL STATEMENTS PUBLICATION

   Under Communiqué “A” 760, the Central Bank's prior intervention is not required for the publication of these
   financial statements.




                                                    F-46
                             NOTES TO THE FINANCIAL STATEMENTS
                                       AS OF MARCH 31, 2007
           (Translation of financial statements originally issued in Spanish – See Note 21)
                 (Figures stated in thousands of pesos, except for where indicated)



21. ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

   These financial statements are presented on the basis of the accounting standards set forth by the BCRA
   and, except for the effects of the matters mentioned in note 5, in accordance with professional accounting
   standards effective in the City of Buenos Aires, Argentina. Certain accounting practices applied by the Bank
   may not conform with accounting principles generally accepted in other countries.




                                                     F-47                                   Jorge H. Brito
                                                                                             Chairperson
                                                                                                                                                                               EXHIBIT A

                                                                DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
                                                                  AS OF MARCH 31, 2007 AND DECEMBER 31, 2006
                                                      (Translation of financial statements originally issued in Spanish - See note 21)
                                                                           (Figures stated in thousands of pesos)


                                                                                                                     03/31/2007        12/31/2006              03/31/2007
                                                                                                                                                      Position
                                                                                                                   Market     Book        Book         without                    Final
                                         Name                                                                      value     balance     balance     options (1)     Options     position

GOVERNMENT AND PRIVATE SECURITIES

GOVERNMENT SECURITIES

Holdings for trading or financial intermediation
- Local
   Federal government bonds in pesos – Maturity: 2008                                                               20,503    20,503           499         25,672                   25,672
   Federal government bonds in US dollars at LIBOR - Maturity: 2012                                                125,763   125,763        92,363          4,020      71,932       75,952
   Federal government bonds in US dollars at LIBOR - Maturity: 2013                                                  3,045     3,045         1,568            295      30,835       31,130
   Federal government bonds in pesos – Maturity: 2014                                                               12,230    12,230        11,953             (3)                      (3)
   Argentine Government bonds in US dollars at 7% - Maturity: 2011- BONAR V                                          1,726     1,726         2,128          1,726                    1,726
   Argentine Government bonds in US dollars at 7% - Maturity: 2013- BONAR VII                                          555       555                          555                      555
   Consolidation bonds in pesos – Fourth series                                                                        474       474         1,971       (14,876)                 (14,876)
   Consolidation bonds in pesos – Second series at 2%                                                                  165       165                         165                      165
   Consolidation bonds in pesos – Sixth series                                                                          67        67                          67                       67
   Consolidation bonds of social security payables in pesos – Third series at 2%                                     1,372     1,372           500         1,393                    1,393
   Public debt secured bonds of the Province of Río Negro (Bogar) Class II - Series I                                  249       249           226            249                      249
   Discount bonds denominated in pesos maturing 2033                                                                 6,251     6,251         4,075         2,745                    2,745
   Par bonds denominated in US dollars maturing 2038 (governed by New York State legislation)                          315       315                         315                      315
   GDP-related securities in pesos – Maturity: 2035                                                                    671       671           671            673                      673
   Secured bonds under Presidential Decree No. 1,579/02                                                             39,630    39,630        36,322         36,783                   36,783
   Bonds for the conversion and restructuring of government borrowing, Province of Tucumán – Consadep – Series 1     2,444     2,444         1,441          2,444                    2,444
   Consolidation bonds of social security payables in pesos – Fourth Series                                          2,916     2,916         3,620        (1,041)                  (1,041)
   Par bonds denominated in pesos maturing 2038                                                                                                439              8                        8
   Par bonds denominated in US dollars maturing 2038 (governed by Argentine legislation)                                                       280
   Quasi-par securities in pesos – Maturity: 2045                                                                                            2,920
   Federal government bonds in pesos at 2% - Maturity: 2007                                                                                 60,791
   Other                                                                                                                         118            80           118                      118
Subtotal holdings for trading or financial intermediation                                                                    218,494       221,847        61,308     102,767      164,075

INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA

Central Bank of Argentina Bills – Listed – Managed Portfolio
  Central Bank of Argentina bills in pesos – Maturity: 02/21/07                                                                              9,157
  Central Bank of Argentina bills in pesos adjusted by CER – Maturity: 01/31/07                                                             18,383
Subtotal Central Bank of Argentina Bills –listed - Managed portfolio                                                                        27,540

Central Bank of Argentina Bills – Under repo transactions
  Central Bank of Argentina bills in pesos – Maturity: 08/15/07                                                    128,506   128,506
  Central Bank of Argentina bills in pesos – Maturity: 01/16/08                                                    101,088   101,088
  Central Bank of Argentina bills in pesos – Maturity: 05/14/08                                                      8,925     8,925
Subtotal Central Bank of Argentina Bills – Under repo transactions                                                           238,519

Subtotal instruments issued by the Central Bank of Argentina                                                                 238,519        27,540




                                                                                                                                                             Jorge H. Brito
                                                                                                                                                              Chairperson




                                                                                             F-48
                                                                                                                                                                   EXHIBIT A
                                                                                                                                                                  (Continued)
                                                               DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
                                                                 AS OF MARCH 31, 2007 AND DECEMBER 31, 2006
                                                     (Translation of financial statements originally issued in Spanish - See note 21)
                                                                         (Figures stated in thousands of pesos)




                                                                                                             03/31/2007          12/31/2006                03/31/2007
                                                                                                                                                   Position
                                                                                                           Market     Book                         without                Final
                                                     Name                                                  value     balance     Book balance     options (1)  Options   position


INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Contd.)                                                          238,519            27,540

Central Bank of Argentina notes - Listed - Managed portfolio
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity:       04/18/07     2,028      2,028             2,004         2,028               2,028
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity:       05/30/07   139,796    139,796            81,323       139,796             139,796
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity:       07/11/07    11,719     11,719            11,684        11,719              11,719
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity:       11/21/07        74         74            53,593            74                  74
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity:       11/28/07     2,035      2,035                           2,035               2,035
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity:       12/19/07    98,244     98,244            24,033       217,029             217,029
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity:       02/20/08   121,796    121,796            63,950       121,796             121,796
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity:       03/05/08    71,435     71,435            47,611        71,435              71,435
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity:       03/26/08    40,082     40,082            60,237        40,082              40,082
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity:       04/16/08    33,072     33,072            91,759        33,072              33,072
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity:       05/07/08   125,355    125,355            63,519       125,355             125,355
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity:       07/16/08    41,493     41,493            30,164        41,493              41,493
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity:       08/06/08    26,733     26,733            21,525        26,733              26,733
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity:       11/05/08    14,455     14,455                          14,455              14,455
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity:       01/21/09    49,763     49,763                          49,763              49,763
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity:       11/02/09   144,340    144,340                         164,960             164,960
  Central Bank of Argentina notes in pesos adjustable by CER – Maturity: 12/24/08                            6,300      6,300                           6,300               6,300
  Central Bank of Argentina notes in pesos adjustable by CER – Maturity: 01/23/08                                                         5,479
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity:       09/10/08                                 39,487
Subtotal Central Bank of Argentina notes - Listed - Managed portfolio                                                 928,720           596,368     1,068,125            1,068,125

Central Bank of Argentina Notes – Under repo transactions
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   02/20/08    97,261     97,261            30,819
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   03/05/08    20,410     20,410
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   03/26/08    30,405     30,405
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   08/06/08   143,947    143,947            30,832
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   09/10/08    30,645     30,645           106,018
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   11/05/08   103,250    103,250
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   11/26/08   114,430    114,430
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   12/17/08    91,980     91,980
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   05/30/07                               142,230
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   12/19/07                               100,189
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   07/16/08                                 3,409
Subtotal Central Bank of Argentina Notes – Under repo transactions                                                     632,328         413,497
Total instruments issued by the Central Bank of Argentina                                                            1,799,567       1,037,405      1,068,125           1,068,125
Total government securities                                                                                          2,018,061       1,259,252      1,129,433   102,767 1,232,200


INVESTMENTS IN LISTED PRIVATE SECURITIES

Debt securities
- Local
   Trust debt security - Italcred II Financial Trust                                                           496        496            1,035            496                 496
   Corporate Bonds - Petrobras Energía S.A. (the former Pecom S.A.)                                                                         14
Subtotal debt securities                                                                                                   496           1,049            496                 496
Total Investments in listed private securities                                                                             496           1,049            496                 496
Total government and private securities                                                                              2,018,557       1,260,301      1,129,929   102,767 1,232,696




    (1) The position without options as of March 31, 2007, results from the following disclosure:
        Holdings as of December 31, 2006                                    2,018,557
        Plus: Loans of government securities                                      8,933
        Plus: Spot and forward purchases pending settlement                    242,519
        Less: Deposits of government securities                                169,784
        Less: Spot and forward sales pending settlement                        970,296
                                                                            1,129,929




                                                                                                                                                       Jorge H. Brito
                                                                                                                                                        Chairperson




                                                                                                    F-49
                                                                                              EXHIBIT B

               FINANCING-FACILITIES CLASSIFICATION BY SITUATION
                                  AND GUARANTEES RECEIVED
                       AS OF MARCH 31, 2007 AND DECEMBER 31, 2006
           (Translation of financial statements originally issued in Spanish - See note 21)
                               (Figures stated in thousands of pesos)


                                                                         03/31/2007        12/31/2006

COMMERCIAL

In normal situation                                                         2,726,021          2,287,740
  With Senior “A” guarantees and counter-guarantees                            16,578             14,347
  With Senior “B” guarantees and counter-guarantees                           222,815            219,712
  Without Senior guarantees or counter-guarantees                           2,486,628          2,053,681

Subject to special monitoring                                                   4,896                 8,113
  In observation
 With Senior “B” guarantees and counter-guarantees                                257                   351
 Without Senior guarantees or counter-guarantees                                4,639                 7,762

Troubled                                                                        8,244                16,351
 With Senior “B” guarantees and counter-guarantees                                588                   755
 Without Senior guarantees or counter-guarantees                                7,656                15,596

With high risk of insolvency                                                    9,478                 8,637
 With Senior “B” guarantees and counter-guarantees                              1,430                 2,111
 Without Senior guarantees or counter-guarantees                                8,048                 6,526

Irrecoverable                                                                  15,404                16,262
  With Senior “B” guarantees and counter-guarantees                             5,841                 6,208
  Without Senior guarantees or counter-guarantees                               9,563                10,054


Subtotal Commercial                                                         2,764,043          2,337,103




                                                                                    Jorge H. Brito
                                                                                    Chairperson




                                               F-50
                                                                                               EXHIBIT B
                                                                                              (Continued)

               FINANCING-FACILITIES CLASSIFICATION BY SITUATION
                                  AND GUARANTEES RECEIVED
                   AS OF MARCH 31, 2007 AND AS OF DECEMBER 31, 2006
           (Translation of financial statements originally issued in Spanish - See note 21)
                               (Figures stated in thousands of pesos)




                                                                         03/31/2007        12/31/2006

CONSUMER

Performing                                                                  1,601,279             1,402,876
 With Senior “A” guarantees and counter-guarantees                              4,314                 5,286
 With Senior “B” guarantees and counter-guarantees                            163,804               158,572
 Without Senior guarantees or counter-guarantees                            1,433,161             1,239,018

Inadequate compliance                                                          32,835               18,445
  With Senior “B” guarantees and counter-guarantees                             3,432                4,753
  Without Senior guarantees or counter-guarantees                              29,403               13,692

Deficient compliance                                                           10,293                8,960
 With Senior “B” guarantees and counter-guarantees                              1,488                1,763
 Without Senior guarantees or counter-guarantees                                8,805                7,197

Difficult recovery                                                              9,377                7,147
 With Senior “B” guarantees and counter-guarantees                              1,139                  615
 Without Senior guarantees or counter-guarantees                                8,238                6,532

Irrecoverable                                                                  17,425               16,926
  With Senior “A” guarantees and counter-guarantees                                 3                    3
  With Senior “B” guarantees and counter-guarantees                             9,044                9,517
  Without Senior guarantees or counter-guarantees                               8,378                7,406

Irrecoverable according to Central Bank's rules                                   326                  279
  With Senior “B” guarantees and counter-guarantees                               234                  140
  Without Senior guarantees or counter-guarantees                                  92                  139


Subtotal Consumer                                                           1,671,535             1,454,633

Total                                                                       4,435,578             3,791,736




                                                                                 Jorge H. Brito
                                                                                  Chairperson




                                               F-51
                                                                          EXHIBIT C
                  FINANCING FACILITIES CONCENTRATION
              AS OF MARCH 31, 2007 AND DECEMBER 31, 2006
    (Translation of financial statements originally issued in Spanish - See note 21)
                      (Figures stated in thousands of pesos)



                                   03/31/2007                    12/31/2006
                             Outstanding      % of total   Outstanding    % of total
   Number of customers         balance        portfolio      balance      portfolio


10 largest customers            1,134,667          25.58       874,837           23.07
50 next largest customers        917,996           20.70       795,210           20.97
100 next largest customers       426,101            9.61       409,029           10.79
Other customers                 1,956,814          44.11      1,712,660          45.17

Total                           4,435,578         100.00      3,791,736         100.00




                                                               Jorge H. Brito
                                                                Chairperson




                                           F-52
                                                                                                                          EXHIBIT D

                                               BREAKDOWN BY FINANCING TERMS
                                                       AS OF MARCH 31, 2007
                          (Translation of financial statements originally issued in Spanish - See note 21)
                                               (Figures stated in thousands of pesos)




                                                              Terms remaining to maturity

                                                            Over 1        Over 3        Over 6      Over 12
                                                           month and      months       months       months
                                                Up to 1     up to 3     and up to 6   and up to    and up to    Over 24
               Item                Matured      month       months        months      12 months    24 months    months         Total

Non-financial government sector        9,692       5,595           31                         25       20,985    348,691          385,019

Financial sector                                 232,199       69,052        10,334       11,436       13,772       9,078         345,871

Non-financial private sector and
foreign residents                     74,463     887,674      621,586      467,441       460,195      440,486    752,843    3,704,688

Total                                 84,155   1,125,468      690,669      477,775       471,656      475,243   1,110,612   4,435,578




                                                                                                                 Jorge H. Brito
                                                                                                                 Chairperson




                                                                F-53
                                                                                                        EXHIBIT E

                             DETAIL OF INVESTMENTS IN OTHER COMPANIES
                             AS OF MARCH 31, 2007 AND DECEMBER 31, 2006
                 (Translation of financial statements originally issued in Spanish - See note 21)
                                     (Figures stated in thousands of pesos)

                                                                    03/31/2007                        12/31/2006

                                                         Shares and interests
                                                                   Votes
                                                         Unit face per
                   Name                        Class      value    share    Number        Amount         Amount

In financial institutions, supplementary and authorized activities

- Subsidiaries
  In Argentina
   Nuevo Banco Suquía S.A. (1)               Common            1        1 303,700,000      788,089           730,107
   Banco del Tucumán S.A.                    Common          100        1     395,279       95,235            42,570
   Nuevo Banco Bisel S.A.                    Common            1        1 650,650,000      684,935           653,180
   Macro Valores S.A.                        Common            1        1     249,868          481               422
   Sud Inversiones & Análisis S.A.           Common            1        1   2,297,263        6,268             4,977
   Macro Securities S.A. Soc. de Bolsa       Common            1        1   9,405,000       12,859            12,462
   Macro Fondos S.G.F.C.I.S.A.               Common            1        1      47,750          982               686
  Foreign
   Sud Bank & Trust Company Limited          Common             1       1   9,816,899      111,890           108,255
   Red Innova Administradora de Fondos de
   Inversión S.A. (5)                        Common        1,000        1         2,744         297              301
Subtotal subsidiaries                                                                     1,701,036        1,552,960

- Non-subsidiaries
  In Argentina
   A.C.H. S.A.                               Common             1       1        17,500         52                52
   Mercado Abierto Electrónico S.A.          Common        1,200        1             1          5                 5
   Visa Argentina S.A.                       Common        0.0001       1        11,400        238               238
   C.O.E.L.S.A.                              Common             1       1        17,364         58                58
   Macroaval S.G.R.                          Common             1       1        30,500         31                31
   Garantizar S.G.R.                         Common             1       1        10,000         10                10
  Foreign
   BLADEX S.A.                               Common            10       1         7,303        244               242
Subtotal non-subsidiaries                                                                      638               636
Total in financial institutions, supplementary and authorized activities                  1,701,674        1,553,596

In other companies
- Non-subsidiaries
  In Argentina
   Banelco S.A.                              Common             1       1   1,071,716        2,500             2,500
   Frigorífico Bermejo S.A.                  Preferred        0.1       -   2,064,813          554               554
   Provincanje S.A.                          Common             1       1     600,000          603               603
   Proin S.A.                                Common             1       1     244,457          293               293
   El Taura S.A.                                                                               185               185
   Tunas del Chaco S.A. (2)                                                                    150               150
   Emporio del Chaco S.A. (2)                                                                  150               150
   Campos del Chaco S.A. (ex Prosopis S.A.) (2)                                                150               150
   Utility Companies                                                                            90                85
   Cross Sale S.A.                           Common          100        1            12         59                59
   SEDESA                                    Common            1        1        45,518         45                45
   Argentina de Hoteles S.A.                                                                    34                34
   Sanatorio Las Lomas S.A.                  Common             1       1        13,245         32                32
   Argencontrol S.A.                         Common             1       1        28,049         28                28
   Macro Warrants S.A.                       Common             1       1        25,000         25                25
   Papel Misionero S.A.                      Common           0.1       1       122,097         12                12
   Vizora Desarrollos Inmobiliarios SA       Common             1       1         1,800         34                34
   Other                                                                                         1                 1
  Foreign
   SWIFT S.A.                                Common             1       1            3          15                15
Total in other companies                                                                     4,960             4,955

Total (3)                                                                                 1,706,634        1,558,551


                                                             F-54                                     Jorge H. Brito
                                                                                                      Chairperson
                                                                                                                                       EXHIBIT E
                                                                                                                                      (Continued)
                                                   DETAIL OF INVESTMENTS IN OTHER COMPANIES
                                                   AS OF MARCH 31, 2007 AND DECEMBER 31, 2006
                                       (Translation of financial statements originally issued in Spanish - See note 21)
                                                           (Figures stated in thousands of pesos)

                                                                                             Information on the issuer

                                                                                                           Data from latest financial statements

                                                                                                   Period /                                    Income (loss)
                                                                                                   year-end        Capital     Shareholders'   for the period
                       Name                                       Main business activity             date           stock         equity           / year

In financial institutions, supplementary and authorized activities

- Subsidiaries
  In Argentina
    Nuevo Banco Suquía S.A. (1)                        Financial institution                      03/31/2007       303,750           788,702            57,992
    Banco del Tucumán S.A.                             Financial institution                      03/31/2007        21,980           105,913             4,436
    Nuevo Banco Bisel S.A.                             Financial institution                      03/31/2007       911,240           956,587            41,398
    Macro Valores S.A.                                 Financial advisory services                03/31/2007           250               452                39
    Sud Inversiones & Análisis S.A.                    Services                                   03/31/2007         2,344             6,351             1,300
    Macro Securities S.A. Soc. de Bolsa                Brokerage house                            03/31/2007         9,500            13,142               342
    Macro Fondos S.G.F.C.I.S.A.                        Mutual funds management                    03/31/2007           250             5,096             1,567
  Foreign
    Sud Bank & Trust Company Limited                   Banking                                    03/31/2007          9,817          111,890             3,635
    Red Innova Administradora de Fondos de
    Inversión S.A.                                     Cash management                            03/31/2007            591              583               (7)


- Non-subsidiaries
  In Argentina
    A.C.H. S.A.                                        Electronic information services            12/31/2005            650            1,411               259
    Mercado Abierto Electrónico S.A.                   Electronic information services            12/31/2005            242            6,186               949
    Visa Argentina S.A.                                Business services                          05/31/2006              1           24,158             2,158
    C.O.E.L.S.A.                                       Services                                   12/31/2005          1,000            1,564                 68
    Macroaval S.G.R.                                   Reciprocal guarantee corporation           31/12/2006            250            1,544                (6)
    Garantizar S.G.R.                                  Reciprocal guarantee corporation           12/31/2005          2,882          142,309               757
  Foreign
    BLADEX S.A.                                        Banking                                    12/31/2006       859,399         1,792,266           177,730




In other companies
- Non-subsidiaries
  In Argentina
    Banelco S.A.                                       Network administration                     12/31/2006        23,599            54,525            13,386
    Frigorífico Bermejo S.A.                           Meat-packaging                             12/31/2005         3,399             6,858           (6,549)
    Provincanje S.A.                                   Swap of securities                         06/30/2006         9,000            10,027               112
    Proin S.A.                                         Juice production                           09/30/2005         4,604             7,127               174
    El Taura S.A.                                      Hotel construction and exploitation        12/31/2004           420             3,422             (199)
    Tunas del Chaco S.A. (2)                           Agriculture                                12/31/2005            12             1,163                (5)
    Emporio del Chaco S.A. (2)                         Agriculture                                12/31/2005            12             1,149              (15)
    Campos del Chaco S.A. (ex Prosopis S.A.) (2)       Agriculture                                12/31/2005            12             1,013              (53)
    Utility Companies                                  Utilities
    Cross Sale S.A.                                    Sale                                       11/30/2004            12                13             (124)
    SEDESA                                             Deposit guarantee fund management          12/31/2005         1,000            11,978               325
    Argentina de Hoteles S.A.                          Hotel services                             10/31/2005         1,585             4,470             (403)
    Sanatorio Las Lomas S.A.                           Medical clinic                             06/30/2006         8,889            15,893               657
    Argencontrol S.A.                                  Agency                                     12/31/2005           700               884                15
    Macro Warrants S.A.                                Warrants                                   09/30/2005           500               759               162
    Papel Misionero S.A.                               Paper manufacture                          12/31/2005        40,210           165,811            26,351
    Vizora Desarrollos Inmobiliarios SA                Real estate                                12/31/2005            30               387             (177)

 Foreign
  SWIFT S.A.                                           Services                                   12/31/2005       444,205           808,259            27,977


(1) Net of a negative goodwill amounting to 483 as of March 31, 2007 and December 31, 2006.
(2) See Note 7(d).
(3) As of March 31, 2007 and December 31, 2006, the Bank carried 1,016 as allowance for impairment in value (see Exhibit J).




                                                                                                                                      Jorge H. Brito
                                                                                                                                      Chairperson
                                                                          F-55
                                                                                                                         EXHIBIT F

                             MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS
                                                        AS OF MARCH 31, 2007
                             (Translation of financial statements originally issued in Spanish - See note 21)
                                                 (Figures stated in thousands of pesos)




                                                Net book                                        Depreciation for the
                                                                                                                          Net book
                                                 value at                                             period
                                                                                                                         value at end
                                              beginning of                                       Years of                 of period
                    Item                       fiscal year    Additions Transfers Retirements   useful life    Amount

Bank premises and equipment
Buildings                                           128,255         253                                   50     1,140       127,368
Furniture and facilities                             12,652       1,294                                   10       823        13,123
Machinery and equipment                              37,584       7,058                                    5     2,905        41,737
Vehicles                                             23,130          76                    76              5     1,364        21,766

Total                                               201,621       8,681                    76                    6,232       203,994



Other assets
Works in progress                                    21,334       5,989                                                       27,323
Works of art                                          1,048                                                                    1,048
Prepayments for the purchase of assets                3,522        916                  3,551                                    887
Assets acquired by attachment in aid of execution    13,426                                95             50        57        13,274
Leased buildings                                      9,434                             5,907             50        32         3,495
Stationery and office supplies                          914       3,380                 2,745                                  1,549
Other assets                                        104,160         534                   843             50       182       103,669

Total                                               153,838      10,819                13,141                      271       151,245




                                                                                                                Jorge H. Brito
                                                                                                                 Chairperson




                                                                   F-56
                                                                                                                                        EXHIBIT G

                                                  DETAIL OF INTANGIBLE ASSETS
                                                        AS OF MARCH 31, 2007
                           (Translation of financial statements originally issued in Spanish - See note 21)
                                                (Figures stated in thousands of pesos)




                                                  Net book                                        Amortization for the
                                                   value at                                               period                       Net book
                                                beginning of                                       Years of                         value at end of
                    Item                         fiscal year      Additions      Retirements      useful life    Amount                 period

Goodwill                                                66,607                                         10             1,932                 64,675

Organization and development costs (1)                  84,134      9,389 (2)                           5             7,155   (2)           86,368

Total                                                  150,741      9,389                                             9,087                151,043




(1) This mainly includes the cost of information technology projects contracted from independent parties, leasehold improvements and
foreign exchange differences capitalized in relation to constitutional rights protection actions and court orders paid mentioned in (2) below.
(2) It includes differences resulting from court orders amounting to 757 and 4,130, respectively, which are nondeductible for the
determination of the computable equity (see note 3.3.l.2.).




                                                                                                                       Jorge H. Brito
                                                                                                                        Chairperson




                                                                       F-57
                                                                            EXHIBIT H

                              DEPOSIT CONCENTRATION
                  AS OF MARCH 31, 2007 AND DECEMBER 31, 2006
        (Translation of financial statements originally issued in Spanish - See note 21)
                          (Figures stated in thousands of pesos)



                                   03/31/2007                     12/31/2006
                             Outstanding     % of total    Outstanding      % of total
     Number of customers       balance       portfolio       balance        portfolio

10 largest customers             1,084,183         18.92       1,130,850          21.75
50 next largest customers        1,189,243         20.75         959,835          18.46
100 next largest customers        482,620           8.42         398,611           7.67
Other customers                  2,974,392         51.91       2,709,424          52.12

Total                            5,730,438        100.00       5,198,720         100.00




                                                           Jorge H. Brito
                                                           Chairperson




                                      F-58
                                                                                                                 EXHIBIT I

        BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND
                                   SUBORDINATED CORPORATE BONDS
                                           AS OF MARCH 31, 2007
               (Translation of financial statements originally issued in Spanish - See note 21)
                                    (Figures stated in thousands of pesos)




                                                             Terms remaining to maturity
                                                                             Over 6   Over 12
                                                          Over 1    Over 3   months   months
                                                          month     months and up to and up to
                                           Up to 1       and up to and up to  12        24          Over 24
                  Item                     month         3 months 6 months months     months        months           Total

Deposits                                   4,615,704      734,554   257,109   100,119     22,937            15      5,730,438

Other liabilities from financial
intermediation

 Central Bank of Argentina                       829                                                                     829
 Banks and international Institutions                7      4,165     1,992   155,035                                161,199
 Non-subordinated corporated bonds                                    6,809                           465,105        471,914
 Financing received from Argentine
 financial Institutions                       20,415          383      574      1,148      2,296       38,452         63,268
 Other                                       153,382                                                                 153,382

                                             174,633        4,548     9,375   156,183      2,296      503,557        850,592


Subordinated corporate bonds (1)              33,500       12,974    12,426       388        775      466,268        526,331


Total                                      4,823,837      752,076   278,910   256,690     26,008      969,840       7,107,361


(1) It includes, under "Up to 1 month" and "Over 3 months and up to 6 months", the amounts due to the Business Enterprise
Reconstruction Trust Fund mentioned in note 10.a).




                                                                                                   Jorge H. Brito
                                                                                                   Chairperson

                                                            F-59
                                                                                                                                  EXHIBIT J

                                             CHANGES IN ALLOWANCES AND PROVISIONS
                                                           AS OF MARCH 31, 2007
                              (Translation of financial statements originally issued in Spanish - See note 21)
                                                   (Figures stated in thousands of pesos)


                                                             Balances at                                                          Balances at
                                                             beginning of    Increases              Decreases                       end of
                         Breakdown                            fiscal year       (1)         Write off            Reversals          period

ALLOWANCES
Loans
  For loan losses and impairment in value                          124,146         6,724           1,306                1,394         128,170
Other receivables from financial intermediation
  For uncollectibility risk and impairment in value                  2,661           494                 7                               3,148
Assets subject to financial leases
  For uncollectibility risk                                          1,611           357                                                 1,968
Investments in other companies
  For impairment in value                                            1,016                                                               1,016
Other receivables
  For uncollectibility risk                                         14,647           168                39               342           14,434

Total allowances                                                   144,081         7,743           1,352                1,736         148,736



PROVISIONS
  Contingent commitments                                             1,674            51                                      3          1,722
  For other contingencies                                           50,637           563             414                1,142          49,644

Total liabilities                                                   52,311           614             414                1,145          51,366



(1) See note 3.3.f).




                                                                                                             Jorge H. Brito
                                                                                                             Chairperson




                                                                    F-60
                                                                                EXHIBIT K

                                CAPITAL STRUCTURE
                               AS OF MARCH 31, 2007
        (Translation of financial statements originally issued in Spanish - See note 21)
                          (Figures stated in thousands of pesos)



                         Shares                                     Capital stock

                                                              Issued and
                                                  Votes per   outstanding
            Class                  Number           share         (1)         Paid in (1)


Registered common stock A          11,235,670         5             11,236           11,236

Registered common stock B         672,707,767         1            672,707          672,707


Total                            683,943,437                      683,943           683,943




(1) Related to Ps. 683,943,437 (See note 9).




                                                               Jorge H. Brito
                                                                Chairperson




                                               F-61
                                                                                                                                                                      EXHIBIT L

                                                                         FOREIGN CURRENCY BALANCES
                                                               AS OF MARCH 31, 2007 AND DECEMBER 31, 2006
                                                   (Translation of financial statements originally issued in Spanish - See note 21)
                                                                        (Figures stated in thousands of pesos)



                                                                                                   03/31/2007                                                         12/31/2006
                                                   Total Parent
                                                                                                       Total per currency
                                                  company and
                                                    Argentine      US dollar    Pound      Swiss   Danish    Canadian             Swedish   Norwegian
                       Items                        branches                    sterling   franc    krone      dollar       Yen    krone      krone        Euro          Total

ASSETS

Cash                                                    353,688      344,267        988      300        33      245         226        17      13            7,599       492,872

Government and private securities                       131,409      131,409                                                                                               96,390

Loans                                                   566,444      566,444                                                                                             446,180

Other receivables from financial intermediation         484,901      484,893                                                                                      8      431,692

Investments in other companies                          112,446      112,446                                                                                             108,813

Other receivables                                         4,870         4,838                                                                                    32         6,385



Total                                                 1,653,758     1,644,297       988      300        33      245         226        17      13            7,639      1,582,332



LIABILITIES

Deposits                                                833,666      833,666                                                                                             749,178

Other liabilities from financial intermediation         798,675      793,289        569       59                                                             4,758       278,503

Other liabilities                                           633           630                                                                                     3         1,102

Subordinated corporate bonds                            523,600      523,600                                                                                             504,768



Total                                                 2,156,574     2,151,185       569       59                                                             4,761      1,533,551



MEMORANDUM ACCOUNTS

DEBIT-BALANCE ACCOUNTS

(except contra debit-balance accounts)

Contingent                                               66,807        66,697                                                                                   110        73,351

Control                                                 924,194      805,890           1       1                                                         118,302         849,331

Derivatives                                              12,103        12,103

CREDIT-BALANCE ACCOUNTS

(except contra credit-balance accounts)

Contingent                                              187,998      183,196                                                                                 4,802       105,503




                                                                                                                                               Jorge H. Brito
                                                                                                                                               Chairperson




                                                                                       F-62
                                                                                 EXHIBIT N
                 CREDIT ASSISTANCE TO RELATED PARTIES
              AS OF MARCH 31, 2007 AND DECEMBER 31, 2006
    (Translation of financial statements originally issued in Spanish - See note 21)
                      (Figures stated in thousands of pesos)

                                                         03/31/2007             12/31/2006

                                                     In normal
                        Item                          situation     Total          Total

Loans
 Overdrafts                                             5,616        5,616           7,782
 Without Senior   guarantees or counter-guarantees       5,616        5,616           7,782
 Documents                                                298          298             279
 Without Senior   guarantees or counter-guarantees         298          298             279
 Credit cards                                             276          276             296
 Without Senior   guarantees or counter-guarantees         276          276             296
 Other                                                 17,367       17,367          20,438
 Without Senior   guarantees or counter-guarantees      17,367       17,367          20,438

Total loans                                             23,557      23,557           28,795


Other receivables from financial intermediation            337         337                 73


Assets subject to financial leases and other               267         267            5,795


Contingent Commitments                                   6,136       6,136            5,021


Investments in other companies                       1,702,099    1,702,099       1,554,023

Total                                                1,732,396    1,732,396       1,593,707


Allowances / Provisions                                    296         296                399




                                                                        Jorge H. Brito
                                                                            Chairperson




                                              F-63
                                                                                                                                          EXHIBIT O


                                               DERIVATIVE FINANCIAL INSTRUMENTS
                                                         AS OF MARCH 31, 2007
                            (Translation of financial statements originally issued in Spanish - See note 21)
                                                  (Figures stated in thousands of pesos)




           Purpose of the
Type of     transactions              Underlying                Type of                    Negotiation environment
contract     performed                  asset                  settlement                     or counter-party                              Amount

                                   Private                    With delivery of         Over The Counter - Residents
Options    Other                   securities                 underlying asset         in Argentina - Non-financial sector                   294,421


                                   Argentine                                           Over The Counter - Residents
Options    Other                   government securities      Other                    in Argentina - Non-financial sector                   102,767


           Intermediation          Argentine                  With delivery of         Over The Counter - Residents
Forward    - own account           government securities      underlying asset         in Argentina - Financial sector                       101,088


           Intermediation          Argentine                  With delivery of
Futures    - own account           government securities      underlying asset         BCBA (Buenos Aires stock exchange)                     18,923


           Intermediation          Argentine                  With delivery of         MAE (over-the-counter
Futures    - own account           government securities      underlying asset         electronic market)                                    985,298


           Intermediation          Argentine                  With delivery of         Foreign self-regulated
Futures    - own account           government securities      underlying asset         markets                                                67,127


           Intermediation          Foreign                    Daily settlement of      Rosario Futures
Futures    - own account           currency                   differences              Exchange (ROFEX)                                      445,537


           Intermediation          Foreign                    Daily settlement of      MAE (over-the-counter
Futures    - own account           currency                   differences              electronic market)                                    111,606




                                                                                                                         Jorge H. Brito
                                                                                                                         Chairperson


                                                                      F-64
                                           CONSOLIDATED BALANCE SHEETS
                                              (Section 33, Law No. 19,550)
                                 AS OF MARCH 31, 2007 AND DECEMBER 31, 2006
                            (Translation of financial statements originally issued in Spanish -
                                  See Note 21 to the stand-alone financial statements)
                                          (Figures stated in thousands of pesos)



                                                                                                  03/31/2007       12/31/2006
ASSETS

A. CASH
   Cash on hand                                                                                        562,312            564,191
   Due from banks and correspondents                                                                 1,361,720          2,062,609
   Other                                                                                                   109                108
                                                                                                     1,924,141          2,626,908

B. GOVERNMENT AND PRIVATE SECURITIES (Exhibit I)
   Holdings for trading or financial intermediation                                                    305,060            304,065
   Unlisted government securities                                                                       15,705             13,441
   Instruments issued by the Central Bank of Argentina                                               3,997,480          2,787,019
   Investments in listed private securities                                                            167,454            118,459
   less: Allowances (Note 8.)                                                                             (29)               (29)
                                                                                                     4,485,670          3,222,955

C. LOANS (Note 5.)
   To the non-financial government sector                                                             796,845            774,273
   To the financial sector                                                                            635,461            436,930
   To the non-financial private sector and foreign residents
     Overdrafts                                                                                      1,015,261          1,103,270
     Documents                                                                                         574,973            543,734
     Mortgage loans                                                                                    447,762            426,138
     Pledged loans                                                                                     294,145            300,949
     Personal loans                                                                                  1,761,848          1,431,105
     Credit cards                                                                                      538,008            497,872
     Other (Note 10.1.)                                                                              1,379,166          1,131,315
     Accrued interest, adjustments, foreign exchange and quoted price differences receivables          105,546            101,744
   less: Unposted payments                                                                               (166)              (139)
   less: Unearned discount                                                                            (12,276)           (11,505)
   less: Allowances (Note 8.)                                                                        (209,126)          (208,581)
                                                                                                     7,327,447          6,527,105




                                                                                                       Jorge H. Brito
                                                                                                       Chairperson




                                                             F-65
                                                                                              03/31/2007         12/31/2006

D. OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
   Central Bank of Argentina                                                                         153,011           119,954
   Amounts receivable from spot and forward sales pending settlement                                 859,152           213,605
   Securities and foreign currency receivable from spot and forward purchases pending settlement     238,488           140,717
   Premiums on options taken                                                                                               868
   Unlisted corporate bonds (Note 5.)                                                                 12,771            12,661
   Receivables from forward transactions without delivery of underlying asset                                              110
   Other receivables not covered by debtors classification standards (Note 10.2.)                     666,480          557,870
   Other receivables covered by debtors classification standards (Note 5.)                             61,829           47,108
   less: Allowances (Note 8.)                                                                       (183,565)        (178,319)
                                                                                                    1,808,166            914,574

E. ASSETS SUBJECT TO FINANCIAL LEASES
   Assets subject to financial leases (Note 5.)                                                      310,638             282,129
   less: Allowances (Note 8.)                                                                         (4,081)             (3,489)
                                                                                                     306,557             278,640

F. INVESTMENTS IN OTHER COMPANIES
   In financial institutions                                                                              439                 429
   Other                                                                                               11,128              11,116
   less: Allowances (Note 8.)                                                                         (1,172)             (1,172)
                                                                                                      10,395              10,373

G. OTHER RECEIVABLES
   Receivables from sale of assets (Note 5.)                                                           23,799              26,330
   Minimum presumed income tax - Tax Credit                                                            23,432              47,780
   Other (Note 10.3.)                                                                                 178,034             155,038
   Accrued interest and adjustments receivable on receivables from sale of assets (Note 5.)               374                 302
   Other accrued interest and adjustments receivable                                                       62                  66
   less: Allowances (Note 8.)                                                                        (37,800)            (36,153)
                                                                                                     187,901             193,363

H. BANK PREMISES AND EQUIPMENT, NET                                                                  339,050             336,251

I. OTHER ASSETS                                                                                      201,368             202,765
J. INTANGIBLE ASSETS
   Goodwill                                                                                           78,852              81,164
   Organization and development costs                                                                112,696             110,015
                                                                                                     191,548             191,179
K. ITEMS PENDING ALLOCATION                                                                              721                 859

TOTAL ASSETS                                                                                       16,782,964      14,504,972

                                                                                                        Jorge H. Brito
                                                                                                         Chairperson




                                                            F-66
                                                                                              03/31/2007           12/31/2006
LIABILITIES

L. DEPOSITS (Note 7.)
   From the non-financial government sector                                                          1,247,058          1,295,630
   From the financial sector                                                                             6,050              5,078
   From the non-financial private sector and foreign residents
     Checking accounts                                                                               2,085,042          1,876,232
     Savings accounts                                                                                2,070,825          2,097,362
     Time deposits                                                                                   5,140,795          4,380,981
     Investment accounts                                                                                16,552             18,836
     Other (Note 10.4.)                                                                                377,917            360,195
     Accrued interest, adjustments, foreign exchange and quoted price differences payables              39,378             36,703
                                                                                                 10,983,617            10,071,017

M. OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
   Central Bank of Argentina (Note 7.)
     Other                                                                                            394,109            386,089
   Banks and international Institutions (Note 6.)                                                     161,690            176,687
   Non-subordinated Corporate Bonds (Note 7.)                                                         458,869
   Amounts payable for spot and forward purchases pending settlement                                  218,916            132,434
   Securities and foreign currency to be delivered under spot and forward sales pending settlement    886,946            217,066
   Premiums on options sold                                                                             1,577                868
   Financing received from Argentine financial Institutions (Note 7.)                                  36,382             47,982
   Other (Note 7. and 10.5.)                                                                          292,155            250,091
   Accrued interest, adjustments, foreign exchange and quoted price differences payables (Note 7.)     29,854             25,899
                                                                                                     2,480,498          1,237,116

N. OTHER LIABILITIES
   Dividends payable                                                                                      662                662
   Profesional fees                                                                                         9                  9
   Other (Note 10.6.)                                                                                 170,214            188,260
                                                                                                      170,885            188,931

O. PROVISIONS (Note 8.)                                                                               103,814            104,870

P. SUBORDINATED CORPORATE BONDS (Note 7.)                                                             526,331            507,844

Q. ITEMS PENDING ALLOCATION                                                                             1,379              2,052

  MINORITY INTERESTS IN SUBSIDIARIES                                                                   78,288             78,165

  TOTAL LIABILITIES                                                                              14,344,812            12,189,995

  SHAREHOLDERS' EQUITY                                                                               2,438,152          2,314,977

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                                       16,782,964            14,504,972


                                                                                                      Jorge H. Brito
                                                                                                       Chairperson




                                                            F-67
                                                                                                          03/31/2007         12/31/2006
MEMORANDUM ACCOUNTS

 DEBIT-BALANCE ACCOUNTS                                                                                     11,695,107          10,333,170

 Contingent                                                                                                  3,439,173            3,286,537
  Loans borrowed (unused amounts)
  Guarantees received                                                                                         2,840,804            2,718,097
  Other not covered by debtors classification standards                                                             493                  459
  Contingent debit-balance contra accounts                                                                      597,876              567,981
 Control                                                                                                     6,787,148            6,041,123
  Receivables classified as irrecoverable                                                                       866,623              879,769
  Other (Note 10.7.)                                                                                          5,772,572            5,028,310
  Control debit-balance contra accounts                                                                         147,953              133,044
 Derivatives                                                                                                 1,038,051              574,775
  Notional value of call options taken                                                                          119,345              159,804
  Notional value of put options taken                                                                            33,923               50,649
  Notional value of forward transactions without delivery of underlying asset                                   518,389
  Derivatives debit-balance contra accounts                                                                     366,394             364,322
 Trust activity                                                                                                430,735             430,735
  Trust funds                                                                                                   430,735             430,735

 CREDIT-BALANCE ACCOUNTS                                                                                    11,695,107          10,333,170

 Contingent                                                                                                  3,439,173            3,286,537
  Unused portion of loans granted, covered by debtors classification standards (Note 5.)                          9,252                9,120
  Guarantees provided to the Central Bank of Argentina                                                          184,677              180,908
  Other guarantees provided covered by debtors classification standards (Note 5.)                               214,292              243,057
  Other guarantees provided not covered by debtors classification standards                                      43,649               43,289
  Other covered by debtors classification standards (Note 5.)                                                   146,006               91,607
  Contingent credit-balance contra accounts                                                                   2,841,297            2,718,556
 Control                                                                                                     6,787,148            6,041,123
  Checks to be credited                                                                                         147,953              133,044
  Control credit-balance contra accounts                                                                      6,639,195            5,908,079
 Derivatives                                                                                                 1,038,051              574,775
  Notional value of call options sold                                                                            80,709               91,071
  Notional value of put options sold                                                                            246,931              245,675
  Notional value of forward transactions without delivery of underlying asset                                    38,754               27,576
  Derivatives credit-balance contra account                                                                     671,657              210,453
 Trust activity                                                                                                430,735              430,735
  Trust activity credit-balance contra accounts                                                                 430,735              430,735



 Note: The accompanying notes 1 through 11 to the consolidated financial statements and the exhibit I are an integral part of these statements,
 which are part of the stand-alone financial statements of Banco Macro S.A. and should be read together with them.




                                                                                                                 Jorge H. Brito
                                                                                                                  Chairperson




                                                                  F-68
                               CONSOLIDATED STATEMENTS OF INCOME
                                   FOR THE THREE-MONTH PERIODS
                                   ENDED MARCH 31, 2007 AND 2006
                        (Translation of financial statements originally issued in Spanish -
                            See Note 21 to the stand-alone financial statements)
                                   (Figures stated in thousands of pesos)

                                                                     03/31/2007        03/31/2006

A. FINANCIAL INCOME
   Interest on cash and due from banks                                      5,185                2,452
   Interest on loans to the financial sector                               10,090                2,644
   Interest on overdrafts                                                  40,010               16,280
   Interest on documents                                                   23,858                9,696
   Interest on mortgage loans                                              14,349                9,102
   Interest on pledged loans                                               12,238                9,035
   Interest on credit card loans                                           11,611                5,200
   Interest on other loans                                                100,363               44,783
   Interest on other receivables from financial intermediation              4,176                3,821
   Income from government and private securities, net (Note 10.8.)        126,490               50,224
   Income from guaranteed loans - Presidential Decree No. 1,387/01          8,885                6,478
   Net income from options                                                                          14
   CER (Benchmark Stabilization Coefficient) adjustment                    24,562               28,636
   CVS (Salary Variation Coefficient) adjustment                              359                  356
   Other (Note 10.9.)                                                      35,328               22,313
                                                                          417,504              211,034

B. FINANCIAL EXPENSE
   Interest on checking accounts                                            5,301                  622
   Interest on savings accounts                                             2,086                1,709
   Interest on time deposits                                               89,742               36,256
   Interest on financing from the financial sector                            134                  122
   Interest on other liabilities from financial intermediation              9,835                3,761
   Interest on subordinated bonds                                          13,731                  209
   Other interest                                                           2,990                2,906
   Net loss from options                                                      504
   CER adjustment                                                          15,440               18,969
   Other (Note 10.10.)                                                     18,210               11,697
                                                                          157,973               76,251

  GROSS INTERMEDIATION MARGIN - GAIN                                      259,531              134,783

C. PROVISION FOR LOAN LOSSES                                               17,321                    8,044

D. SERVICE-CHARGE INCOME
   Related to lending transactions                                         12,930                6,407
   Related to deposits                                                     96,644               56,612
   Other fees                                                               5,240                4,540
   Other (Note 10.11.)                                                     32,037               21,254
                                                                          146,851               88,813


                                                                                    Jorge H. Brito
                                                                                    Chairperson


                                                         F-69
                                                                                    03/31/2007            03/31/2006

E. SERVICE-CHARGE EXPENSE
   Fees                                                                                      14,022                 9,477
   Other (Note 1012.)                                                                        18,138                 8,679
                                                                                             32,160                18,156

F. ADMINISTRATIVE EXPENSES
   Personnel expenses                                                                       137,709                79,148
   Directors' and statutory auditors' fees                                                    3,460                 1,611
   Other professional fees                                                                    9,601                 7,795
   Advertising and publicity                                                                  9,531                 5,003
   Taxes                                                                                      3,070                 2,302
   Other operating expenses (Note 10.13.)                                                    49,086                28,614
   Other                                                                                      5,093                 3,935
                                                                                            217,550               128,408

  NET INCOME FROM FINANCIAL INTERMEDIATION                                                  139,351                68,988

G. OTHER INCOME
   Income from long-term investments                                                            976                   369
   Penalty interest                                                                           1,376                 1,167
   Recovered loans and allowances reversed                                                   27,355                30,673
   CER adjustments                                                                              128                   248
   Other (Note 10.14.)                                                                        4,527                11,158
                                                                                             34,362                43,615

H. OTHER EXPENSE
   Penalty interest and charges payable to the Central Bank ok Argentina                         18                     9
   Charges for other receivables uncollectibility and other allowances                        4,750                 5,334
   Amortization of differences from amparos                                                   5,708                 3,769
   Other (Note 10.15.)                                                                       25,064                21,872
                                                                                             35,540                30,984

  MINORITY INTERESTS                                                                           (868)                    (8)

  NET INCOME BEFORE INCOME TAX                                                              137,305                81,611

I. INCOME TAX                                                                                14,130                  8,716

  NET INCOME FOR THE PERIOD                                                                 123,175                72,895



  Note: The accompanying notes 1 through 11 to the consolidated financial statements and the exhibit I are an integral part of
  these statements, which are part of the stand-alone financial statements of Banco Macro S.A. and should be read together with
  them.




                                                                                                 Jorge H. Brito
                                                                                                  Chairperson




                                                          F-70
                                                             CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                     FOR THE THREE-MONTH PERIODS
                                                                    ENDED MARCH 31, 2007 AND 2006
                                                      (Translation of financial statements originally issued in Spanish -
                                                            See Note 21 to the stand-alone financial statements)
                                                                    (Figures stated in thousands of pesos)



                                                                                                                                        03/31/2007                     03/31/2006

CHANGES IN CASH
Cash and cash equivalents at the beginning of the fiscal year                                                                                     2,626,908                      1,189,129
(Decrease) / Increase in cash and cash equivalents                                                                                                (702,767)                        937,539
Cash and cash equivalents at the end of the period                                                                                               1,924,141                       2,126,668

CAUSES OF CHANGES IN CASH

Cash provided by operations
Financial income collected                                                                                                                         354,669                         210,013
Service-charge income collected                                                                                                                    145,261                          89,073
Financial expense paid                                                                                                                            (126,385)                      (102,091)
Service-charge expense paid                                                                                                                        (26,828)                       (17,840)
Administrative expenses paid                                                                                                                      (213,661)                      (119,250)

Subtotal                                                                                                                                           133,056                          59,905

Other sources of cash
Net decrease in government and private securities                                                                                                                                  868,922
Net increase in deposits                                                                                                                            907,412
Net increase in other liabilities from financial intermediation (1)                                                                                 955,700
Net increase in other liabilities                                                                                                                   362,172                          2,888
Capital increase                                                                                                                                                                   465,680
Other sources of cash                                                                                                                               84,340                          22,485
Subtotal                                                                                                                                         2,309,624                       1,359,975
Total sources of cash                                                                                                                            2,442,680                       1,419,880

Uses of cash
Net increase in government and private securities                                                                                                 1,223,618
Net increase in loans                                                                                                                               776,633                        162,372
Net increase in other receivables from financial intermediation                                                                                     977,324                         72,283
Net increase in other assets                                                                                                                        139,145                         52,592
Net decrease in deposits                                                                                                                                                           100,105
Net decrease in other liabilities from financial intermediation                                                                                                                     72,703
Other uses of cash                                                                                                                                    28,727                        22,286

Total uses of cash                                                                                                                                3,145,447                        482,341
(Decrease) / Increase in cash and cash equivalents                                                                                                (702,767)                        937,539



(1) Including the effect deriving from the issuance of Non-subordinated Corporate Bonds mentioned in note 10.c.2) to the stand-alone financial statements of Banco Macro S.A.




Note: The accompanying notes 1 through 11 to the consolidated financial statements and the exhibit I are an integral part of these statements, which are part of the stand-alone financial
statements of Banco Macro S.A. and should be read together with them.




                                                                                                                                                  Jorge H. Brito
                                                                                                                                                   Chairperson




                                                                                           F-71
                     CONSOLIDATED STATEMENT OF DEBTORS BY SITUATION
                         AS OF MARCH 31, 2007 AND DECEMBER 31, 2006
                    (Translation of financial statements originally issued in Spanish -
                          See Note 21 to the stand-alone financial statements)
                                  (Figures stated in thousands of pesos)



                                                                            03/31/2007       12/31/2006

COMMERCIAL

In normal situation                                                            4,464,480         4,004,780
  With Senior “A” guarantees and counter-guarantees                               37,537            26,037
  With Senior “B” guarantees and counter-guarantees                              351,572           339,078
  Without Senior guarantees or counter-guarantees                              4,075,371         3,639,665

Subject to special monitoring                                                     22,476              26,651
  In observation
 With Senior “A” guarantees and counter-guarantees                                 3,643
 With Senior “B” guarantees and counter-guarantees                                   947               6,058
 Without Senior guarantees or counter-guarantees                                   5,327               7,762
  In negotiation or with refinancing agreements
 Without Senior guarantees or counter-guarantees                                  12,559              12,831

Troubled                                                                          13,251              24,944
  With Senior “A” guarantees and counter-guarantees                                                    3,371
  With Senior “B” guarantees and counter-guarantees                                3,202               3,050
  Without Senior guarantees or counter-guarantees                                 10,049              18,523

With high risk of insolvency                                                      16,320              16,267
 With Senior “B” guarantees and counter-guarantees                                 5,926               7,310
 Without Senior guarantees or counter-guarantees                                  10,394               8,957

Irrecoverable                                                                     20,959              24,608
  With Senior “B” guarantees and counter-guarantees                               10,197              10,973
  Without Senior guarantees or counter-guarantees                                 10,762              13,635


Subtotal Commercial                                                            4,537,486         4,097,250




                                                                                     Jorge H. Brito
                                                                                      Chairperson




                                                      F-72
                                                                                                                   (Continued)
                         CONSOLIDATED STATEMENT OF DEBTORS BY SITUATION
                             AS OF MARCH 31, 2007 AND DECEMBER 31, 2006
                        (Translation of financial statements originally issued in Spanish -
                              See Note 21 to the stand-alone financial statements)
                                      (Figures stated in thousands of pesos)


                                                                                            03/31/2007           12/31/2006


CONSUMER

Performing                                                                                       3,633,007            3,230,190
  With Senior “A” guarantees and counter-guarantees                                                 12,778               18,384
  With Senior “B” guarantees and counter-guarantees                                                786,871              759,573
  Without Senior guarantees or counter-guarantees                                                2,833,358            2,452,233

Inadequate compliance                                                                               58,970               38,965
  With Senior “A” guarantees and counter-guarantees                                                     30                   30
  With Senior “B” guarantees and counter-guarantees                                                 10,894               11,198
  Without Senior guarantees or counter-guarantees                                                   48,046               27,737

Deficient compliance                                                                                24,234               22,345
 With Senior “B” guarantees and counter-guarantees                                                   5,655                5,227
 Without Senior guarantees or counter-guarantees                                                    18,579               17,118

Difficult recovery                                                                                  24,288               20,591
 With Senior “B” guarantees and counter-guarantees                                                   4,466                3,525
 Without Senior guarantees or counter-guarantees                                                    19,822               17,066

Irrecoverable                                                                                       34,386               34,574
  With Senior “A” guarantees and counter-guarantees                                                    250                  249
  With Senior “B” guarantees and counter-guarantees                                                 13,783               15,406
  Without Senior guarantees or counter-guarantees                                                   20,353               18,919

Irrecoverable according to Central Bank's rules                                                       3,163                4,085
  With Senior “B” guarantees and counter-guarantees                                                     404                  390
  Without Senior guarantees or counter-guarantees                                                     2,759                3,695


Subtotal Consumer                                                                                3,778,048            3,350,750

Total                                                                                            8,315,534            7,448,000


Note: The accompanying notes 1 through 11 to the consolidated financial statements and the exhibit I are an integral part of
these statements, which are part of the stand-alone financial statements of Banco Macro S.A. and should be read together
with them.



                                                                                                        Jorge H. Brito
                                                                                                         Chairperson




                                                           F-73
                                CONSOLIDATED FINANCIAL STATEMENTS
                                            WITH SUBSIDIARIES
                                       (Section 33, Law No. 19,550)
                      NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                           AS OF MARCH 30, 2007
               (Translation of financial statements originally issued in Spanish – See note 21
                                   of the stand-alone financial statements)
                    (Figures stated in thousands of pesos, except otherwise indicated)


1.   SIGNIFICANT ACCOUNTING POLICIES AND SUBSIDIARIES

     According to the procedures provided in Central Bank Communiqué “A” 2,227, as supplemented, and FACPCE
     Technical Resolution No. 21, the Bank has made a line-by-line consolidation of its balance sheets as of March
     31, 2007 and December 31, 2006, and the statements of income and cash flows for the three-month periods
     ended March 31, 2007 and 2006, with those of the subsidiaries detailed below, for the three-month periods
     and years then ended:

                                                                                                        Value obtained
                                              Shares                           Percentage of             by the equity
                                                                                                            method
           Company                     Type         Number             Capital stock   Possible votes

Nuevo Banco Suquía S.A.              Common      303,700,000            99.984%          99.984%            788,089      (a)

Nuevo Banco Bisel S.A. (h)           Common     650,650,000      (b)    71.400%          77.000%            684,935

Banco del Tucumán S.A. (h)           Common            395,279   (c)    89.918%          89.918%             95,235

Sud Bank & Trust (d)                 Common        9,816,899            99.999%          99.999%            111,890

Macro Securities S.A. Sociedad
                                     Common        9,405,000     (e)    99.000%          99.000%             12,859
de Bolsa

Sud Inversiones & Análisis S.A.      Common        2,297,263            98.000%          98.000%              6,268

Macro Fondos S.G.F.C.I. S.A.         Common             47,750   (f)    19.100%          19.100%                982

Macro Valores S.A.                   Common            249,868   (g)    99.950%          99.950%                481

Red Innova Administradora de
                                     Common              2,744          51.000%          51.000%                297
Fondos de Inversión S.A. (h)


     (a) Net of negative goodwill for 483.

     (b) Banco Macro S.A. has an indirect equity interest in such bank of 21.33% in the capital stock and 23.00%
         in voting rights (through the subsidiary Nuevo Banco Suquía S.A.).

     (c) See also note 2.5 to the Bank’s stand-alone financial statements.

     (d) Sud Bank & Trust consolidates with Sud Asesores (ROU) S.A. (voting rights: 100%, equity interest: 171).




                                                         F-74
                           CONSOLIDATED FINANCIAL STATEMENTS
                                       WITH SUBSIDIARIES
                                  (Section 33, Law No. 19,550)
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                      AS OF MARCH 30, 2007
          (Translation of financial statements originally issued in Spanish – See note 21
                              of the stand-alone financial statements)
               (Figures stated in thousands of pesos, except otherwise indicated)



(e) The effect of 8,464,500 shares to be received from the capital increase is considered. Such transaction was
    approved by the Special Unanimous Shareholders’ Meeting of Macro Securities S.A Sociedad de Bolsa held
    on March 30, 2007. As of the date of issuance of these financial statements, the registration with the IGJ
    (a regulatory agency for argentine business associations) of the capital increase was still pending.

   Additionally, Banco Macro S.A. has an indirect equity interest of 1% in Macro Securities S.A. Sociedad de
   Bolsa (through its subsidiary Sud Inversiones & Análisis S.A.), in addition to the direct equity interest of
   99% in such company.

(f) Consolidated through S.I.A.S.A., its Parent Company (interest in capital stock and voting rights: 80.90%).

(g) The effect of 1,618,852 shares to be received from the capital increase and the simultaneous redemption
    of 2,718,274 shares as a result of the voluntary reduction in capital stock are considered. Such
    transactions were approved by the General Special Unanimous Shareholders’ Meeting of Macro Valores
    S.A. held on June 30, 2006. As of the date of these financial statements, the registration with the IGJ of
    the abovementioned capital increase and voluntary reduction was still pending.

(h) Consolidated companies only as of March 31, 2007 and December 31, 2006 (see notes 2.5., 2.6. and 2.7.
    to the Bank's stand-alone financial statements).

The receivables/payables and income (loss) from transactions between the institutions were eliminated in the
consolidation process.

Furthermore, prior to consolidation, the financial statements of Sud Bank & Trust Company Limited
(consolidated with Sud Asesores (ROU) S.A.) and Red Innova Administradora de Fondos de Inversión S.A.
were adapted to the professional accounting standards effective in the City of Buenos Aires and the Central
Bank rules. Also, as they are originally stated in US dollars and Uruguayan pesos, respectively, they were
translated into pesos following the procedures indicated below:

a) Assets and liabilities were translated at the reference exchange rate or the exchange rate reported by the
   Central Bank trading room and effective for the foreign currency at the closing of transactions on the last
   business day of the three-month period ended March 31, 2007, and the fiscal year ended December 31,
   2006.

b) Figures related to the owners’ contributions (capital stock, additional paid-in capital and irrevocable capital
   contributions) were translated applying the effective exchange rates as of the date on which such
   contributions were paid in.

c) Retained earnings were estimated by the difference between assets, liabilities and owners’ contributions,
   translated into pesos, as indicated above.




                                                    F-75
                          CONSOLIDATED FINANCIAL STATEMENTS
                                      WITH SUBSIDIARIES
                                 (Section 33, Law No. 19,550)
                NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                     AS OF MARCH 30, 2007
         (Translation of financial statements originally issued in Spanish – See note 21
                             of the stand-alone financial statements)
              (Figures stated in thousands of pesos, except otherwise indicated)



d) The amounts of the accounts in the statement of income for the three-month periods ended March 31,
   2007, and 2006, were translated into pesos, as described in (a) above. In both cases, the difference
   between the sum of the amounts thus obtained and lump-sum income (loss) for each year (difference
   between retained earnings at beginning of year and retained earnings at year-end) was recorded in “Other
   income – Income from long-term investments” and “Financial income – Other” or “Financial expense –
   Other”, as the case may be, in the stand-alone and consolidated financial statements, respectively.

The main figures included in the consolidated financial statements arising from the figures of Sud Bank and
Trust Company Limited (consolidated with Sud Asesores R.O.U. S.A.) and Red Innova Administradora de
Fondos de Inversión S.A. as of March 31, 2007, considering the translation process mentioned above are as
follows:

- Sud Bank and Trust Company Limited (consolidated with Sud Asesores R.O.U. S.A.):

                                             In thousands      In thousands
                                                of USD             of Ps.
                    Assets                     233,073              722,691
                    Liabilities                196,988              610,801

                    Shareholders’ equity         36,085             111,890


- Red Innova Administradora de Fondos de Inversión S.A.:

                                              In thousands     In thousands
                                                 of UYU                of Ps.
                    Assets                        4,704                  614
                    Liabilities                     238                   31
                    Shareholders’ equity          4,466                  583

The table below shows the assets, liabilities, shareholders’ equity and income (loss) of Banco Macro S.A. and
each one of its subsidiaries as of March 31, 2007:




                                                  F-76
                                    CONSOLIDATED FINANCIAL STATEMENTS
                                                WITH SUBSIDIARIES
                                           (Section 33, Law No. 19,550)
                          NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                               AS OF MARCH 30, 2007
                   (Translation of financial statements originally issued in Spanish – See note 21
                                       of the stand-alone financial statements)
                        (Figures stated in thousands of pesos, except otherwise indicated)



                                                                       Sud Bank
                                   Nuevo        Nuevo                    & Trust
                       Banco       Banco        Banco     Banco del    Company         Other                      Banco Macro
                       Macro       Suquía        Bisel    Tucumán       Limited     subsidiaries                       S.A.
                        S.A.        S.A.         S.A.       S.A.           (1)          (2)        Eliminations    (consolidate
                                                                                                                        d)

Assets              10,920,731   4,137,892    2,971,695     960,616      722,691        63,998      2,994,659     16,782,964
Liabilities          8,482,579   3,349,190    2,015,108     854,703      610,801        43,549      1,011,118     14,344,812
Shareholders’        2,438,152     788,702      956,587     105,913      111,890        20,449      1,983,541       2,438,152
equity
Income (loss)          123,175      57,992       41,398       4,436        3,635         1,771        109,232         123,175


     (1) Figures related to Sud Bank & Trust consolidated with Sud Asesores (ROU) S.A.

     (2) Figures related to the subsidiaries Macro Securities S.A. Sociedad de Bolsa, Sud Inversiones & Análisis S.A.
         (consolidated with Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión S.A.), Macro Valores
         S.A. and Red Innova Administradora de Fondos de Inversión S.A.


2.   VALUATION METHODS

     The financial statements of the Bank’s subsidiaries have been prepared based on methods similar to those
     applied by the Bank to prepare its own financial statements, with respect to assets and liabilities valuation and
     disclosure, income (loss) measurement and restatement procedures, as explained in note 3 to the Bank’s
     stand-alone financial statements.


3.   RESTRICTED ASSETS

     Certain assets are restricted as follows:

     3.1. Nuevo Banco Suquía S.A.:

              a) As of March 31, 2007, and December 31, 2006, Nuevo Banco Suquía S.A. had provided in guarantee
                 6,433 and 5,913, respectively, regarding credit card transactions, and 999 and 1,088, respectively, for
                 other security deposits.

              b) As of March 31, 2007 and December 31, 2006, Nuevo Banco Suquía S.A. recorded 46,920 and
                 37,011, respectively, in the “Other receivables from financial intermediation – Central Bank” account
                 related to the amounts in the special guarantee checking accounts with the Central Bank for
                 transactions related to the electronic clearing houses and similar ones.




                                                            F-77
                          CONSOLIDATED FINANCIAL STATEMENTS
                                      WITH SUBSIDIARIES
                                 (Section 33, Law No. 19,550)
                NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                     AS OF MARCH 30, 2007
         (Translation of financial statements originally issued in Spanish – See note 21
                             of the stand-alone financial statements)
              (Figures stated in thousands of pesos, except otherwise indicated)



    c) As of December 31, 2005, Nuevo Banco Suquía S.A. had provided the Class “A” Bond Certificate of
       Participation in the Suquía Trust as guarantee for the loan granted by the Central Bank to such bank
       to purchase “Argentine Government Bonds 2005, 2007 and 2012,” which would be used for the
       deposit exchange option exercised by the holders of deposits with Nuevo Banco Suquía S.A. This
       guarantee covered principal, adjustments and interest up to the maximum amount of 178,056.

       The Central Bank accepted the exchange of this guarantee for Guaranteed Loans and registered
       mortgage bills. As of March 31, 2007, these guarantees amounted to 211,986 in Guaranteed Loans
       and 23,587 in registrable mortgage bills.

       As of March 31, 2007 and December 31, 2006, such loan amounted to 207,783 and 203,437,
       respectively.

3.2. Banco del Tucumán S.A.:

    a) As of March 31, 2007 and December 31, 2006, Banco del Tucumán S.A. recorded 14,329 and 14,305
       respectively, in the “Other receivables from financial intermediation – Central Bank” account related to
       the amounts in the special guarantee checking accounts with the Central Bank for transactions related
       to the electronic clearing houses and similar transactions.

    b) As of March 31, 2007 and December 31, 2006, Banco del Tucumán S.A. recorded 357 and 343
       respectively, under “Other receivables – Other – Security deposits” to secure credit card transactions.

3.3. Nuevo Banco Bisel S.A.:

    a) As of March 31, 2007, and December 31, 2006, Nuevo Banco Bisel S.A. continued to keep as security
       the prepayments for the acquisition of Argentine Government Bonds (section 14, Presidential Decree
       905/02, “Canje I”) for an amount of 184,678 and 180,908, respectively. To secure the prepayments of
       the Boden exchange, Nuevo Banco Bisel S.A. transferred in favor of the Central Bank BODEN 2007, for
       a face value of Ps. 131,197,500, Guaranteed Loans for a face value of Ps. 61,861,822, and Book-entry
       Mortgage Bills for a face value of Ps. 29,667,837 recorded in the amount of 193,632 and 221,329,
       respectively.

    b) As of March 31, 2007 and December 31, 2006, Nuevo Banco Bisel S.A. recorded 11,148 and 8,648,
       respectively, in the “Other receivables from financial intermediation – Central Bank” account related to
       the amounts in the special guarantee checking accounts with the Central Bank for transactions related
       to the electronic clearing houses and similar ones.

    c) As of March 31, 2007 and December 31, 2006, Nuevo Banco Bisel S.A. included under “Other
       receivables” the funds related to credit card transactions for an amount of 5,829 and 5,542
       respectively; funds to guarantee expenses and financial trusts liquidity for 1,010 and 1,137
       respectively, and other minor guarantees for 126 and 140, respectively. In addition, as of both dates,
       it included 200 that was withheld by the purchaser for the sale of Bisel Servicios S.A.




                                                  F-78
                               CONSOLIDATED FINANCIAL STATEMENTS
                                           WITH SUBSIDIARIES
                                      (Section 33, Law No. 19,550)
                     NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                          AS OF MARCH 30, 2007
              (Translation of financial statements originally issued in Spanish – See note 21
                                  of the stand-alone financial statements)
                   (Figures stated in thousands of pesos, except otherwise indicated)


         d) As of March 31, 2007, and December 31, 2006, Nuevo Banco Bisel S.A. included under “Other
            receivables” receivables from foreign correspondents for 7,516 and 7,417 acquired from Bisel trust
            and subject to attachments against former Banco Bisel S.A., although these accounts are part of the
            assets excluded from former Banco Bisel S.A. as per Resolution 580/02 of the Central Bank Board of
            Governors.

     3.4. Macro Securities S.A. Sociedad de Bolsa:

         a) As of March 31, 2007, and December 31, 2006, the two shares in Mercado de Valores de Buenos Aires
            S.A., which are disclosed in the “Investments in other companies” account in the amount of 1,452
            (owned by Macro Securities S.A. Sociedad de Bolsa), are pledged in favor of "La Buenos Aires Cía.
            Argentina de Seguros S.A." under the insurance agreement entered into by the company that issued
            such shares to cover the security granted in connection with Sociedad de Bolsa’s failure to comply
            with its obligations.

         b) Investments in Tunas del Chaco S.A., Emporio del Chaco S.A. y Campos del Chaco S.A. (formerly
            Proposis S.A.) in the amount of 775, 725 and 618, respectively, under the deferment of federal taxes,
            subscribed in accordance with the promotion system established by Law No. 22,021, as amended by
            Law No. 22,702, which provides that the investment must be kept in assets for a term not shorter
            than five years starting on January 1 of the year subsequent to that when the investment was made
            (investment year: 2003).

     See also note 7 to the Bank’s stand-alone financial statements.


4.   FINANCING FACILITIES CONCENTRATION

     The following is the Bank’s consolidated financing facilities concentration with its subsidiaries as of March 31,
     2007:


                                                            Outstanding         % of total
                                    Item
                                                              balance           portfolio
                     10 largest customers                      1,954,292             23.50
                     50 next largest customers                 1,246,598             14.99
                     100 next largest customers                 583,363               7.02
                     Other customers                           4,531,281             54.49
                     Total                                     8,315,534           100.00




                                                        F-79
                               CONSOLIDATED FINANCIAL STATEMENTS
                                           WITH SUBSIDIARIES
                                      (Section 33, Law No. 19,550)
                     NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                          AS OF MARCH 30, 2007
              (Translation of financial statements originally issued in Spanish – See note 21
                                  of the stand-alone financial statements)
                   (Figures stated in thousands of pesos, except otherwise indicated)



5.   FINANCING BREAKDOWN BY TERM

     The following is the breakdown by term of the Bank's financing consolidated with its subsidiaries as of March
     31, 2007:

                                                                  Maturity
                                                       Up to 12              Over 12
                               Item                                                             Total
                                                       months                months
               To the nonfinancial government            65,638              745,866           811,504
               sector
               To the financial sector                  621,323               22,850           644,173
               To the nonfinancial private sector
                                                      4,673,232            2,186,625      6,859,857
               and foreign residents
               Total                                  5,360,193            2,955,341      8,315,534


6.   DEPOSIT CONCENTRATION

     The following is the Bank’s consolidated deposit concentration with its subsidiaries as of March 31, 2007:

                                                           Outstanding            % of total
                                      Item
                                                             balance              portfolio
                       10 largest customers                    1,097,778                 9.99
                       50 next largest customers               1,420,420                12.93
                       100 next largest customers               748,949                  6.82
                       Other customers                         7,716,470                70.26
                       Total                               10,983,617                  100.00




                                                        F-80
                                  CONSOLIDATED FINANCIAL STATEMENTS
                                              WITH SUBSIDIARIES
                                         (Section 33, Law No. 19,550)
                        NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                             AS OF MARCH 30, 2007
                 (Translation of financial statements originally issued in Spanish – See note 21
                                     of the stand-alone financial statements)
                      (Figures stated in thousands of pesos, except otherwise indicated)



7.   BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND
     SUBORDINATED CORPORATE BONDS BY TERM

     The following is the breakdown of the Bank’s deposits, other liabilities from financial intermediation and
     subordinated corporate bonds consolidated with its subsidiaries by term as of March 31, 2007:

                                                                                 Maturity
                                    Item                          Up to 12 months     Over 12 months               Total
     Deposits                                                      10,960,411                    23,206         10,983,617
     Other liabilities from financial intermediation
             Central Bank of Argentina                                  68,105               326,017              394,122
             Banks and International Organizations                     163,716                                    163,716
             Non-subordinated corporate bonds                            6,809               458,869              465,678
             Financing received from financial institutions in
                                                                        16,485                   40,903             57,388
             Argentina
             Other                                                     292,155                                     292,155
                                                                       547,270               825,789             1,373,059
     Subordinated corporate bonds                                       59,288               467,043              526,331
     Total                                                         11,566,969               1,316,038           12,883,007


8.   CHANGES IN ALLOWANCES AND PROVISIONS

     The following are the changes in the Bank’s allowances and provisions consolidated with its subsidiaries as of
     March 31, 2007:

                                                       Balances at                       Decreases              Balances at
                             Item                      beginning of                   Write                       end of
                                                                                              Reversals
                                                           year         Increases      off                        period
     Allowances

     For government and private securities                        29                                                       29
     For loans                                              208,581       15,977      7,297          8,135        209,126
     For other receivables from financial intermediation    178,319        8,102        137          2,719        183,565
     For assets subject to financial lease                    3,489          662                          70         4,081
     For investments in other companies                       1,172                                                  1,172
     For other receivables                                   36,153        2,133            66            420       37,800
     Total                                                  427,743       26,874      7,500         11,344        435,773




                                                           F-81
                                CONSOLIDATED FINANCIAL STATEMENTS
                                            WITH SUBSIDIARIES
                                       (Section 33, Law No. 19,550)
                      NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                           AS OF MARCH 30, 2007
               (Translation of financial statements originally issued in Spanish – See note 21
                                   of the stand-alone financial statements)
                    (Figures stated in thousands of pesos, except otherwise indicated)



                                                         Balances at                      Decreases        Balances at
                             Item                        beginning of                  Write                 end of
                                                                                               Reversals
                                                             year        Increases      off                  period
     Provisions

     For contingent commitments                                1,674          119                     3         1,790
     For negative goodwill                                         483                                            483
     For other contingencies                                 102,217        2,498          2,340   1,142     101,233
     For severance pay                                             496                      188                   308
     Total                                                   104,870        2,617          2,528   1,145     103,814


9.   DERIVATIVE FINANCIAL INSTRUMENTS

     The following is the breakdown of the volumes in absolute values of transactions effective as of March 31,
     2007, according to the type of derivative financial instrument involved in transactions performed by the Bank
     and its subsidiaries (see note 11 to the Bank’s stand-alone financial statements):

                               Type of contract / underlying asset
                                                                         Amount
                               Futures / foreign currency                     557,143
                               Futures / government securities               1,223,864
                               Options / foreign currency                         55,730
                               Options / Boden coupons                        127,587
                               Options / Stock index                               3,171
                               Options / other                                294,421
                               Forward / government securities                248,242

     In addition, positions of transactions effective as of March 31, 2007, are as follows:

     −   Net position of repurchase agreements: 535,002 (liability).
     −   Position of forward government securities transactions: 248,242 (liability).
     −   Net position of forward foreign-currency transactions: 479,635 (asset) (a).
     −   Position of stock call options purchased: 119,345 (b).
     −   Position of trust debt securities call options sold: 21,808 (c).
     −   Position of stock put options sold: 119,345 (b).
     −   Position of foreign currency call options sold: 55,730.
     −   Position of stock index put options sold: 3,171.
     −   Position of trust debt securities call options purchased: 33,923 (c).
     −   Position of put options sold on Boden 2012 and 2013 coupons (Presidential Decrees Nos. 905/02 and
         1,836/02): 127,587 (d).




                                                            F-82
                                 CONSOLIDATED FINANCIAL STATEMENTS
                                             WITH SUBSIDIARIES
                                        (Section 33, Law No. 19,550)
                       NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                            AS OF MARCH 30, 2007
                (Translation of financial statements originally issued in Spanish – See note 21
                                    of the stand-alone financial statements)
                     (Figures stated in thousands of pesos, except otherwise indicated)


   (a)   See   note   11.a) to the Bank’s stand-alone financial statements.
   (b)   See   note   11.b) to the Bank’s stand-alone financial statements.
   (c)   See   note   11.c) to the Bank’s stand-alone financial statements.
   (d)   See   note   11.d) to the Bank’s stand-alone financial statements.


10. BREAKDOWN OF MAIN ITEMS AND ACCOUNTS

   As mentioned in note 1 to the consolidated financial statements, the information as of March 31, 2006, does
   not include income (loss) generated by Nuevo Banco Bisel S.A., Banco del Tucumán S.A. and Red Innova
   Administradora de Fondos de Inversión S.A., since such interests were acquired after the abovementioned
   date. The breakdown of the “Other” account in the balance sheet and statement of income consolidated with
   subsidiaries is as follows:


                                                                         03/31/2007     12/31/2006
   10.1)   Loans - Other

               Other loans                                                    716,115      629,929
               Export financing and prefinancing                              658,138      499,595
               Government securities                                            3,121
               Documentary credits                                              1,792        1,791
                                                                          1,379,166      1,131,315

   10.2)   Other receivables from financial intermediation - Other not covered by
           debtor classification standards

               Certificates of participation in financial trusts              535,655      448,710
               Debt securities in financial trusts                            126,756       90,133
               Unaccrued premiums on repurchase agreements                        603        1,518
               Other                                                            3,466       17,509
                                                                              666,480      557,870

   10.3)   Other receivables - Other

               Sundry receivables                                              71,464      67,332
               Tax prepayments                                                 41,749      29,997
               Security deposits                                               35,709      30,971
               Advance payments                                                28,950      25,705
               Other                                                              162       1,033
                                                                              178,034     155,038




                                                          F-83
                           CONSOLIDATED FINANCIAL STATEMENTS
                                       WITH SUBSIDIARIES
                                  (Section 33, Law No. 19,550)
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                      AS OF MARCH 30, 2007
          (Translation of financial statements originally issued in Spanish – See note 21
                              of the stand-alone financial statements)
               (Figures stated in thousands of pesos, except otherwise indicated)




                                                                  03/31/2007   12/31/2006
10.4)   Deposits - Other

        Balances of accounts without movements                       190,557      182,990
        Unemployment fund for workers of the building
        industry                                                      38,911       33,984
        Special deposits related to inflows of foreign funds
                                                                      28,881       14,002
        Security deposits                                             10,208        9,908
        Orders payable                                                   644        1,972
        Other                                                        108,716      117,339
                                                                     377,917      360,195


10.5)   Other liabilities from financial intermediation - Other

        Collections and other transactions on account and             58,383      59,508
        behalf of others
        Other withholdings and additional withholdings                57,826      48,653
        Purchase financing payables                                   47,296      34,749
        Miscellaneous not subject to minimum cash                     42,576      46,388
        requirements
        Retirement pension payment orders pending
        settlement                                                    28,204      14,139
        Other payment orders pending settlement                       19,790      17,323
        Miscellaneous subject to minimum cash requirements             1,506       3,441
        Miscellaneous                                                 36,574      25,890
                                                                     292,155     250,091

10.6)   Other liabilities - Other

        Taxes payable                                                 85,401     100,043
        Miscellaneous payables                                        47,801      47,168
        Salaries and payroll taxes payable                            21,825      26,333
        Withholdings on salaries to be paid over                       5,841       5,375
        Prepayment for the sale of assets                              4,579       4,581
        Other                                                          4,767       4,760
                                                                     170,214     188,260




                                                     F-84
                          CONSOLIDATED FINANCIAL STATEMENTS
                                      WITH SUBSIDIARIES
                                 (Section 33, Law No. 19,550)
                NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                     AS OF MARCH 30, 2007
         (Translation of financial statements originally issued in Spanish – See note 21
                             of the stand-alone financial statements)
              (Figures stated in thousands of pesos, except otherwise indicated)




                                                                 03/31/2007   12/31/2006
10.7)   Memorandum accounts – Debit-balance accounts – Control – Other

        Checks and securities in custody                          4,858,275   4,153,895
        Managed portfolio                                           432,979     493,783
        Checks and securities to be debited                         192,152     199,141
        Checks and securities to be collected                       158,390      63,843
        Other                                                       130,776     117,648
                                                                  5,772,572   5,028,310




                                                                 03/31/2007   03/31/2006
10.8)   Financial income – Net income from
        government and private securities

        Income from government securities                           109,387      38,679
        Income from certificates of participation in financial
        trusts                                                       13,119       7,441
        Other                                                         3,984       4,104
                                                                    126,490      50,224

10.9)   Financial income – Other

        Income from assets subject to financial lease                12,131       5,217
        Interest on loans for export prefinancing and
        financing                                                     8,925       1,631
        Foreign currency exchange difference                          5,171       9,699
        Premiums on reverse repurchase agreements with                4,856       2,734
        the financial sector
        Other                                                         4,245       3,032
                                                                     35,328      22,313




                                                    F-85
                          CONSOLIDATED FINANCIAL STATEMENTS
                                      WITH SUBSIDIARIES
                                 (Section 33, Law No. 19,550)
                NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                     AS OF MARCH 30, 2007
         (Translation of financial statements originally issued in Spanish – See note 21
                             of the stand-alone financial statements)
              (Figures stated in thousands of pesos, except otherwise indicated)




                                                                03/31/2007   03/31/2006
10.10) Financial expense – Other

        Turnover tax                                                11,287       5,537
        Contribution to the guarantee fund                           4,329       2,551
        Premiums on repurchase agreements        with   the            145       2,094
        financial sector
        Other                                                        2,449       1,515
                                                                    18,210      11,697


10.11) Service-charge income - Other

        Debit and credit card income                                13,564       9,700
        Rental of safe deposit boxes                                 3,117       1,789
        Other                                                       15,356       9,765
                                                                    32,037      21,254

10.12) Service-charge expense - Other

        Turnover tax                                                 6,310       3,666
        Debit and credit card expense                                5,490       3,332
        Other                                                        6,338       1,681
                                                                    18,138       8,679


10.13) Administrative expenses – Other operating expenses

        Depreciation of bank premises and equipment                  9,821       5,512
        Electric power and communications                            8,823       4,713
        Maintenance, conservation and repair expenses                8,748       4,659
        Security services                                            8,293       5,224
        Leases and rentals                                           4,608       2,886
        Amortization of organization and development expenses        3,788       3,012
        Stationery and office supplies                               3,392       1,672
        Insurance                                                    1,613         936
                                                                    49,086      28,614




                                                F-86
                         CONSOLIDATED FINANCIAL STATEMENTS
                                     WITH SUBSIDIARIES
                                (Section 33, Law No. 19,550)
               NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                    AS OF MARCH 30, 2007
        (Translation of financial statements originally issued in Spanish – See note 21
                            of the stand-alone financial statements)
             (Figures stated in thousands of pesos, except otherwise indicated)




                                                              03/31/2007   03/31/2006

10.14) Other income – Other

       Other adjustments and interest on other receivables          861          574
       Gain (loss) on transactions or sale of bank premises
       and equipment, and other assets                              655        1,411
       Credit cards                                                 299          411
       Leases and rentals                                           132          195
       Certifications                                                89           79
       Sale of guaranteed loans                                                4,987
       Checkbook and statement issuance fees                                     113
       Other                                                       2,491       3,388
                                                                   4,527      11,158



10.15) Other expense – Other

       Tax on bank account transactions
                                                                   5,669       3,303
       Corporate bonds issuance expenses                           5,189
       Commissions of the placing agent for the public
       offering of shares                                                     12,167
       Non-computable VAT credit                                   3,325       2,531
       Loss on transactions or impairment in value of bank
       premises and equipment, and other assets                    2,561         123
       Goodwill amortization                                       2,313         206
       Depreciation of other assets                                  432         414
       Donations                                                     273         168
       Turnover tax                                                  264         223
       Guarantee fund and credit card losses
                                                                      20
       Other                                                       5,018       2,737
                                                                  25,064      21,872




                                                 F-87
                                CONSOLIDATED FINANCIAL STATEMENTS
                                            WITH SUBSIDIARIES
                                       (Section 33, Law No. 19,550)
                      NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                           AS OF MARCH 30, 2007
               (Translation of financial statements originally issued in Spanish – See note 21
                                   of the stand-alone financial statements)
                    (Figures stated in thousands of pesos, except otherwise indicated)



11. TRUST AGREEMENTS

   11.1.   Sud Inversiones y Análisis S.A.

       a) Transporte Automotor Plaza S.A. trust

           On May 7, 1998, Sud Inversiones y Análisis S.A., Transporte Automotor Plaza S.A. and the former
           Banco Bansud S.A. (currently Banco Macro S.A.), in their capacities as trustee, trustor and
           beneficiary, respectively, entered into a trust agreement to secure the guarantee provided by the
           former Banco Bansud S.A. to the trustor on certain bills of exchange issued for acquiring passenger
           transportation buses from Scania Latinoamérica Ltda. and whereby the trustor assigned to the Trust:

           −    The rights over the amounts resulting from 15% of income generated per day as a result of the
                exploitation of public passenger transportation services, and
           −    A daily amount equivalent to the value of the bills to fall due in the six-month period divided by the
                number of working days of such period.

           The Trustee deposits the funds collected as previously mentioned in a trust account. The funds
           previously mentioned are immediately reimbursed to the trustor provided there are no events of
           default or delay in the fulfillment of any obligation assumed towards the beneficiary.

           Banco Macro S.A. recorded the payments made in relation to the guarantee granted under “Loans”.

           Afterwards, on September 25, 2003, it was agreed to restructure such debt, keeping the trust as
           guarantee for the loan granted. However, the trust did not operate since such date; therefore, no
           assets or liabilities are recorded.

       b) Luján trust

           On May 20, 2003, a trust agreement was entered into between Federalia S.A. de Finanzas, in its
           capacity as trustor, and Sud Inversiones y Análisis S.A., in its capacity as trustee, whereby a financial
           trust named “Luján” was created to sell the corpus assets (real property), and to pay off the
           certificates of participation issued with the proceeds. For such purpose, certificates of participation
           were issued in two classes: Class “A” in the amount of 34,800, and class “B”, whose redemption value
           is subordinate to the actual payment of the full amount of the class “A” certificate of participation, plus
           any interest and, consequently, will confer the right to the remaining proceeds of the sale.

           On July 15, 2004, the parties agreed to split class “A” certificates of participation into two certificates
           of participation, the class “Nuevo A” certificate of participation for 26,542, with a priority right, and
           class “A Prima” certificate of participation in the amount of 8,258, subordinate to “Nuevo A” certificate
           of participation. Subsequently, on October 14 and November 24, 2004, the parties agreed to reduce
           the Certificate of Participation class “Nuevo A”, which was issued for a face value of 18,507, and
           increase the face value of the Certificate of Participation class “A PRIMA” to 16,293.

           As per the latest financial statements available issued by the trust, corpus assets amounted to about
           49,400.




                                                        F-88
                        CONSOLIDATED FINANCIAL STATEMENTS
                                    WITH SUBSIDIARIES
                               (Section 33, Law No. 19,550)
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                   AS OF MARCH 30, 2007
       (Translation of financial statements originally issued in Spanish – See note 21
                           of the stand-alone financial statements)
            (Figures stated in thousands of pesos, except otherwise indicated)



   This trust will end with the settlement of the certificates of participation and/or the sale of corpus
   assets.

c) Mypes II (a) trust

   On May 26, 2004, Sud Inversiones y Análisis S.A., in its capacity as trustee, entered into a trust
   agreement with the Federal Executive, through the Ministry of Economy and Production, hereinafter
   “Trustor-Beneficiary”, the Under-department of Small- and Medium-sized Enterprises belonging to the
   Ministry of Economy and Production, in its capacity as executor and organizer, whereby an ordinary
   trust called “Mypes II (a)” was created for the purpose of granting financial assistance to small- and
   medium-sized enterprises:

   The trust is made up of the following corpus assets:

   −    The funds contributed by the Trustor – Beneficiary;
   −    The loans granted by the intermediary financial institutions (IFI’s), which are assigned and
        discounted by the Trustee; and
   −    The rights and privileges arising from the assignment of receivables as guarantee or pledge in
        favor of the trust.

   The loans that the IFIs will discount the Trustee will be granted to the Mypes (medium- and small-
   sized companies) eligible for such financing under the Loan Agreement BID 1,192/OC and the trust
   agreement.

   The trust agreement was amended through Resolution No. 389/2005 issued by the Ministry of
   Economy and Production to support through credit the increase in the production capacity of micro-,
   small- and medium-sized companies, for the purpose of improving their market competitiveness and
   help reduce unemployment.

   The trust agreement was amended through Resolution No. 967/2006 issued by the Ministry of
   Economy and Production to improve the credit lie operating capacity.

   The first trust will end three years after the date on which the trust was created (first disbursement on
   September 26, 2005), unless the trustor extends the term.

d) Northia trust

   On December 31, 2004, Sud Inversiones y Análisis S.A., in its capacity as trustee, Laboratorios
   Northia S.A.C.I.F.I.A., in its capacity as trustor and/or debtor and Banco Macro S.A., in its capacity as
   beneficiary, entered into a guarantee trust agreement called “Northia trust”, the purpose of which is to
   guarantee the repayment, when due, of the obligations assumed by the trustor by virtue of the loan
   granted by Banco Macro S.A.

   The Trustor assigns and transfers to the Trust:




                                               F-89
                        CONSOLIDATED FINANCIAL STATEMENTS
                                    WITH SUBSIDIARIES
                               (Section 33, Law No. 19,550)
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                   AS OF MARCH 30, 2007
       (Translation of financial statements originally issued in Spanish – See note 21
                           of the stand-alone financial statements)
            (Figures stated in thousands of pesos, except otherwise indicated)


   −    The collection rights derived from the sales of products made (but not yet paid) and those to be
        made by the trustor in the future;
   −    The amounts the trustor is entitled to collect by virtue of the pharmaceuticals supply and/or
        production agreements;
   −    The trustor's collection of its present and future billing;
   −    The amounts that the trustor is entitled to collect for any reason and for whatever items related to
        and/or directly or indirectly resulting from the trustor’s products or business activities; and
   −    The amounts that the trustor is entitled to collect for any reason whatsoever, either past and/or
        present and/or future related to the production and sale of its products.

   This trust will end with the settlement of the mentioned above obligations.

e) Pulte trust

   On January 6, 2005, Sud Inversiones y Análisis S.A., in its capacity as trustee, Pulte S.R.L., in its
   capacity as trustor and Banco Macro S.A., in its capacity as beneficiary, entered into a guarantee trust
   agreement called “Pulte trust”, the purpose of which is to guarantee the timely performance of the
   obligations assumed by the trustor by virtue of the loan granted by the beneficiary.

   On March 7, 2006, Pulte S.R.L. settled all the obligations assumed with Banco Macro S.A., in
   guarantee of which the referred trust had been created. The related procedures are being carried out
   to end “Pulte trust”.

f) San Isidro trust

   On June 4, 2001, Banco Macro S.A. (replaced as from February 25, 2005, by Sud Inversiones y
   Análisis S.A.), as trustee , and the former Banco República S.A. de Finanzas, as trustor, entered into a
   trust agreement, whereby the “San Isidro” financial trust was set up. Under such agreement, the
   trustor assigned the trustee the fiduciary ownership of the property and a plot of land located in the
   San Isidro district, Province of Buenos Aires, in order to realize them and use the proceeds to settle
   the certificates of participation: class “A”, amounting to USD 2,988,000; class “B” for USD 3,546,000,
   and class “C” for the remainder. Subsequently, such certificates were switched into pesos a provided
   by Presidential Decree No. 214/02, as amended and supplemented.

   As per the latest financial statements available issued by the trust, corpus assets amounted to about
   25,689.

   This trust will end with the settlement of the certificates of participation and/or the sale of corpus
   assets.

g) Onext financial trust

   On May 19, 2005, Banco Macro S.A., Banco Credicoop Cooperativo Limitado, Dalvian House S.A. and
   Conjunto los Cerros S.A., in their capacities as trustors, Sud Inversiones y Análisis S.A., as trustee,
   and Dalvian S.A. and Tecan Austral S.A, entered into an agreement whereby “Onext financial trust”
   was set up, by virtue of which the trustors assigned the following to the Trust:




                                                F-90
                       CONSOLIDATED FINANCIAL STATEMENTS
                                   WITH SUBSIDIARIES
                              (Section 33, Law No. 19,550)
             NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                  AS OF MARCH 30, 2007
      (Translation of financial statements originally issued in Spanish – See note 21
                          of the stand-alone financial statements)
           (Figures stated in thousands of pesos, except otherwise indicated)


  −    Banco Macro S.A., the amount of 16,060.
  −    Credicoop, the amount of 16,060.
  −    Dalvian House: the plots of land owned, including: a) the right to obtain and use the authorizations
       and any type of permissions in connection with such plots of land; and b) the price that might be
       obtained from any sale and/or any other way of legal divestiture of the plots of land, and
  −    Conjunto los Cerros: the plots of land owned, including: a) the right to obtain and use the
       authorizations and any type of permissions in connection with such plots of land; and b) the price
       that might be obtained from any sale and/or any other way of legal divestiture of the plots of land.

  The purpose of such trust is to settle the debt securities issued by the trust and distribute the
  remaining corpus assets, if any, among the holders of the certificates of participations in their
  respective proportions. The Class “A” Debt Certificates were issued for a total face value of 32,120,
  and the Certificates of Participation were issued for a total face value of 48,947.

  On November 7, 2006, in compliance with the trustors’ instructions, Sud Inversiones y Análisis S.A.
  transferred certain real property to Conjunto los Cerros S.A. The assets transferred are exchanged for
  liquid funds, which does not imply issuing new certificates of participation or changing those held by
  Conjunto los Cerros S.A. in the trust.

  As per the latest financial statements available issued by the trust, corpus assets amounted to about
  62,708.

  This trust will end with the full settlement of debt securities, unless the holders of certificates of
  participation decide to extend it.

h) Tucumán trust

  On August 31, 2005, Sud Inversiones y Análisis, in its capacity as trustee, Federalia Sociedad
  Anónima de Finanzas, Maxifarm S.A. and Gabrinel S.A., in their capacity as trustors, and Banco Macro
  S.A., in its capacity as potential trustor, and the securities holders, in their capacity as beneficiaries,
  entered into a trust agreement that created the “Tucumán” financial trust, whereby the Trustors
  assign to the Trust the following debt securities issued by the República trust:

  The “Tucumán” trust is aimed at guaranteeing the payment of the certificates of participation issued.
  Initially, certificates of participation “A” for a total face value of 61,000 and certificates of participation
  “B” were issued.

  On October 26, 2006, the trust agreement was amended to allow the trustee to exercise the right to
  purchase “A” debt securities in the República trust, as established by Central Bank Resolution No.
  333/99.

  On the same date, Banco Macro S.A., in its capacity as potential trustor, made a contribution in cash
  to the trust that was allocated to the acquisition of loans from the Central Bank, related to República
  trust. As a result of such contribution, Tucumán Trust issued additional certificates of participation “A”
  in the amount of 70,483; in consequence, the total face value of the certificates of participation “A”
  issued amounted to 131,483.




                                                F-91
                        CONSOLIDATED FINANCIAL STATEMENTS
                                    WITH SUBSIDIARIES
                               (Section 33, Law No. 19,550)
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                   AS OF MARCH 30, 2007
       (Translation of financial statements originally issued in Spanish – See note 21
                           of the stand-alone financial statements)
            (Figures stated in thousands of pesos, except otherwise indicated)


   As per the latest financial statements available issued by the trust, (for FY05), corpus assets
   amounted to about 12,370.

   This trust will end with the full settlement of the certificates of participation issued.

i) Puerto Madero Siete trust

   On September 27, 2005, Sud Inversiones y Análisis S.A., in its capacity as trustee, certain
   shareholders of Banco Macro S.A., and others, in their capacity as trustors, and the holders of
   securities as beneficiaries, entered into a trust agreement to create “Puerto Madero Siete financial
   trust”, the purpose of which is to purchase real property (Dock 1, East Side of Puerto Madero) and,
   potentially, other real property to develop a business plan in the Puerto Madero area, City of Buenos
   Aires.

   The trustors assign and transfer to the trustee the following corpus assets:

   −    Initial contributions;
   −    The additional funds in Argentine pesos and/or foreign currency the beneficiaries may potentially
        contribute to carry out the business plan; and
   −    Any other assets and rights that may be incorporated to the Trust during its performance (the real
        property, other real property, buildings, facilities and fixtures and any other elements affixed to or
        planted in the land of the real property or any other real property, any other assets, rights or
        obligations incorporated into the trust for any reason).

   Upon the deposit of the initial and additional contributions, the trustee issued certificates of
   participation for an equivalent face value, which were originally subscribed by the trustors.

   As per the latest financial statements available issued by the trust, corpus assets amounted to about
   202,894.

   This trust will end 15 years after the creation thereof.

j) TST & AF trust

   On November 29, 2005, an agreement was entered into to replace the Trustee of the TST & AF
   financial trust between Austral Financial LLC (formerly known as Tishman Speyer – Citigroup
   Alternative Investments and Austral Financial LLC), in its capacity as Trustor, First Trust of New York,
   National Association, Permanent Representation Office in Argentina, in its capacity as Trustee, Sud
   Inversiones & Análisis, in its capacity as Substitute Trustee and Austral Financial LLC, Proa del Puerto
   S.A. and Sud Bank and Trust Company Limited, in its capacity as Beneficiaries, whereby the Trustee
   ratifies its express and irrevocable resignation as trustee, the Beneficiaries ratify the acceptance of the
   Trustee’s resignation and appoint Sud Inversiones y Análisis S.A. as Substitute Trustee of the Trust.

   Sud Inversiones y Análisis S.A. will manage the following assets:

   −    The site located at Block 1, “I”, Dock IV, in Puerto Madero, City of Buenos Aires, intended for the
        construction of a real estate project; and the rights thereon;




                                                 F-92
                        CONSOLIDATED FINANCIAL STATEMENTS
                                    WITH SUBSIDIARIES
                               (Section 33, Law No. 19,550)
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                   AS OF MARCH 30, 2007
       (Translation of financial statements originally issued in Spanish – See note 21
                           of the stand-alone financial statements)
            (Figures stated in thousands of pesos, except otherwise indicated)


   −    All other assets to be incorporated into the Trust through the subscription of Securities;
   −    All improvements, constructions and facilities incorporated to the Project;
   −    The rights deriving from the Project contracts;
   −    All financial assets held in fiduciary ownership by the Trustee;
   −    Such party's rights and obligations regarding the documents listed in the agreement;
   −    Name and title to the payments account.

   The purpose of the trust is to develop a real estate project and the subsequent sale thereof to settle
   the debt securities issued.

   As per the latest financial statements available issued by the trust, corpus assets amounted to about
   77,713.

   This trust will end 30 years after the execution and/or full payment, sale or any other disposition
   related to the project in full.

k) CIYPSA trust

   On January 26, 2006, Sud Inversiones y Análisis S.A., in its capacity as Trustee, Compañía de
   Inversiones y Participaciones S.A. (CIYPSA)., in its capacity as Trustor and Banco Macro S.A., in its
   capacity as Beneficiary, entered into a guarantee trust agreement called “CIYPSA trust”, the purpose
   of which is to guarantee the payment of the obligations assumed by the Trustor towards the
   Beneficiary.

   The Trustor transferred to the Trust all rights and actions to which the Trustor is entitled as purchaser
   under the three Agreements of Sale that the latter entered into on November 18, 2005, whereby First
   Trust of NY, N.A., in its capacity as Trustee of the “TST & AF financial trust” trust fund sold to the
   Trustor the real property situated in Manzana 1 I, Lado Este, Dique IV (Block 1, East Side, Dock IV) of
   the Puerto Madero area in the City of Buenos Aires.

   This trust will end with the settlement of the mentioned above obligations.

l) Edificio Torre Olmos trust

   On February 1, 2006, Sud Inversiones y Análisis            S.A., in its capacity as Trustee, Grunhaut
   Construcciones S.A., in its capacity as Trustor and       Nuevo Banco Suquía S.A., in its capacity as
   Beneficiary, entered into a guarantee trust agreement     called “Edificio Torre Olmos trust”, the purpose
   of which is to guarantee the repayment, when due,         of the obligations assumed by the Trustor by
   virtue of the loan granted by the Beneficiary.

   The Trustor assigns and transfers to the Trust:

   −    The real property, including: (i) the receivables and money resulting from the real property
        insurance; (ii) the right to obtain and use the authorizations and any type of permissions in
        connection with the real property; and (iii) any price that might be obtained from the sale and/or
        any other way of legal divestiture of the real property.
   −    The rights on construction works; and




                                                 F-93
                       CONSOLIDATED FINANCIAL STATEMENTS
                                   WITH SUBSIDIARIES
                              (Section 33, Law No. 19,550)
             NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                  AS OF MARCH 30, 2007
      (Translation of financial statements originally issued in Spanish – See note 21
                          of the stand-alone financial statements)
           (Figures stated in thousands of pesos, except otherwise indicated)


  −    Any other amount the Trustor is entitled to collect: (i) for any reason, item and/or description
       whatsoever related to and/or derived from, either directly or indirectly, the corpus assets, including
       commissions, charges and fees; and/or (ii) derived from any activity performed and/or to be
       performed in connection with the corpus assets.

  This trust will end with the settlement of the mentioned above obligations.

m) RETUC 1 trust

  On March 31, 2006, Sud Inversiones y Análisis S.A., in its capacity as Trustee, and Banco Macro S.A.,
  in its capacity as Trustor, entered into a Financial Trust Agreement called “RETUC 1”, the purpose of
  which is to administer and manage the collection of certain receivables transferred by the Trustor.
  Pursuant to the execution of the agreement and the payment of the initial contribution, valued at
  2,000, the Trustee issued, for the same nominal value, a Certificate of Participation No. 1, originally
  subscribed by the Trustor.

  The Trustor assigns and transfers to the Trust:

  −    the receivables (to which it assigns a nominal value of 2,000);
  −    all rights, actions, claimable interest and expenses and guarantees over the receivables; and
  −    the right to receive and collect any and all amounts due from or payable by any person related to
       the loans.

  This trust will end with the full settlement of the trust securities or the depletion of corpus assets.

  On April 4, 2007, an amendment to the contract was signed. Such amendment provides that once the
  trust is liquidated, the trustee will distribute the corpus assets to the beneficiaries/ultimate
  beneficiary, until the corpus assets are fully liquidated.

n) London trust

  On May 23, 2006, Sud Inversiones y Análisis S.A., in its capacity as Trustee, London Supply
  S.A.C.I.F.I., in its capacity as Trustor and/or Ultimate Beneficiary, and Banco Macro S.A. as
  Beneficiary, entered into a Trust Agreement called “London guarantee trust”. The purpose of such
  Trust is to secure the payment of the obligations assumed by the trustor for the loan granted to the
  beneficiary.

  The Trustor assigns and transfers to the Trust:

  −    100% of all current and future collection rights for the airport taxes that the trustor is and will be
       entitled to collect by virtue of the concession contract;
  −    all the amounts that the trustor was entitled to collect for any reason, account and/or item related
       to and/or deriving from airport taxes, either directly or indirectly, including any difference that the
       trustor may be entitled to collect as a result of an increase in airport taxes and/or any claim made
       to recognize a quoted price difference, among others, for the conversion into pesos of the airport
       taxes that were originally denominated in US dollars; and




                                                F-94
                        CONSOLIDATED FINANCIAL STATEMENTS
                                    WITH SUBSIDIARIES
                               (Section 33, Law No. 19,550)
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                   AS OF MARCH 30, 2007
       (Translation of financial statements originally issued in Spanish – See note 21
                           of the stand-alone financial statements)
            (Figures stated in thousands of pesos, except otherwise indicated)


   −    all the amounts that the trustor was entitled to collect before the concession grantor for an alleged
        early termination or concession redemption.

   This trust will end with the settlement of the mentioned above obligations.

o) San Vicente trust

   On June 28, 2006, Sud Inversiones y Análisis S.A., in its capacity as Trustee, Unider Internacional
   S.A., in its capacity as Trustor, and Banco Macro S.A., in its capacity as Beneficiary, entered into a
   Guarantee Trust Agreement, the purpose of which is to secure the payment of the obligations
   assumed by the Trustor by virtue of the agreement to refinance the loan granted by the Beneficiary.

   The Trustor assigns and transfers to the Trust the rights on its shares in Cometrans S.A.

   This trust will end with the settlement of the mentioned above obligations.

p) Tawer security agreement and trust assignment

   On July 7, 2006, Sud Inversiones y Análisis S.A., as Guarantee Depository and Trustee, Tawer
   Construcciones S.A., as Grantor and Assignor, and Banco Macro S.A., as Beneficiary, entered into a
   Security and Trust Assignment Agreement to secure the payment of the obligations assumed by Tawer
   Construcciones S.A. for the loan granted by the Beneficiary.

   Assignor transfers to the trust the shares, the additional shares, the proceeds from shares and the
   rights to which it is entitled with respect to Sud Inversiones y Análisis S.A. as a result of future
   contributions, creating a security agreement over them in favor of the Beneficiary.

   On October 13, 2006, Tawer Construcciones S.A. settled all the obligations assumed with Banco Macro
   S.A., for the guarantee of which the referred trust had been created, whereby the first pledge security
   interest over corpus assets and the trust assignment thereof were liquidated. Administrative
   proceedings are being carried out to end such trust.

q) Tucumán I financial trust

   On July 31, 2006, Sud Inversiones y Análisis S.A., as Trustee, and Gasnor S.A., as Trustor, entered
   into a trust agreement called “Tucumán I financial trust”. The purpose of the trust is to manage the
   corpus assets detailed below to settle the certificates to be issued:

   −    Receivables from the customers involved regarding the construction of a natural gas distribution
        network for new customers in the city of San Miguel de Tucumán.
   −    The funds resulting from converting the abovementioned items into cash, other liquid assets and
        other assets and any gain from the abovementioned items
   −    Any other asset acquired by the trust under the terms of the agreement.

   In addition, Banco Macro S.A. granted a loan to Gasnor S.A. to finance the abovementioned
   construction works. Such loan provides that Gasnor S.A. may settle its payable by delivering such
   certificates of deposit to Banco Macro S.A.




                                                F-95
                        CONSOLIDATED FINANCIAL STATEMENTS
                                    WITH SUBSIDIARIES
                               (Section 33, Law No. 19,550)
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                   AS OF MARCH 30, 2007
       (Translation of financial statements originally issued in Spanish – See note 21
                           of the stand-alone financial statements)
            (Figures stated in thousands of pesos, except otherwise indicated)



   This trust will end with the full settlement of the certificates of participation.

r) Altos de la Calera I trust

   On August 7, 2006, Sud Inversiones y Análisis S.A., in its capacity as Trustee, Altos de la Calera S.A.,
   in its capacity as Trustor, Nuevo Banco Suquía S.A., in its capacity as Beneficiary, and certain
   individuals, as Guarantors, entered into a guarantee trust agreement called “Altos de la Calera I
   guarantee trust”, the purpose of which is to guarantee the payment of the obligations assumed by the
   Trustor by virtue of the loan granted by the Beneficiary.

   The Trustor assigns and transfers to the Trust all the rights and actions to which the Trustor is entitled
   -and should collect- over the full or outstanding price of agreements of sale of real property, as
   detailed in the trust agreement.

   This trust will end with the settlement of the mentioned above obligations.

s) Madcur Construcciones trust

   On September 7, 2006, an agreement was entered into between Madcur Construcciones S.A., as
   Trustor and Ultimate Beneficiary, Sud Inversiones y Análisis S.A., as Trustee, and Hexagon Bank
   Argentina S.A., as Beneficiary, whereby the Trustor assigned the following to the trust:

   −    Three pieces of real property located in the Rivadavia district in the Province of San Juan.
   −    Five pieces of real property located in the Chimbas district in the Province of San Juan.

   The purpose of such trust –for the maximum term of one year- is to manage and dispose of corpus
   assets to settle the "beneficiary’s right". For such purpose, it was determined that the maximum limit
   of the Beneficiary’s right regarding the corpus assets is the amount of 1,659. Once all expenses have
   been paid and the Beneficiary’s right has been fully settled, the Trustee will reimburse the remaining
   funds to the Beneficiary and Ultimate Beneficiary in equal parts.

   On November 24, 2006, the Beneficiary exercised the option allowed in the trust agreement to receive
   corpus assets as full and definitive settlement of its right. On April 11, 2007, the transfer of assets to
   the beneficiary was carried out. As of the date of these financial statements, the appropriate actions
   to end the trust are being taken.

t) Racing por Siempre I financial trust

   On October 23, 2006, Sud Inversiones y Análisis S.A., as Trustee, and Blanquiceleste S.A., as
   Contributing Trustor and Contributing Beneficiary, entered into a trust agreement called “Racing por
   Siempre I financial trust”. The purpose of such Trust is to manage and/or dispose of, under the
   particular terms of the agreement, the economic rights of professional and/or amateur soccer players,
   and settle the certificates of participation to be issued.




                                                 F-96
                        CONSOLIDATED FINANCIAL STATEMENTS
                                    WITH SUBSIDIARIES
                               (Section 33, Law No. 19,550)
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                   AS OF MARCH 30, 2007
       (Translation of financial statements originally issued in Spanish – See note 21
                           of the stand-alone financial statements)
            (Figures stated in thousands of pesos, except otherwise indicated)



   The Contributing Trustor assigns and transfers in trust to the Trustee:

   −    30% of the economic rights derived from the federative rights to be obtained from transfers of
        soccer players, contributed to the Trust.
   −    The sums of money deposited by the Trustor in trust accounts.
   −    The economic income derived from the transfer of the economic rights on soccer players
        contributed to the Trust in the percentage allocated (30%).
   −    The assets and/or rights and/or sums of money contributed by third parties, either natural or
        artificial persons, nationals or foreigners.
   −    The rights to insured amounts on each player agreed with authorized insurance companies, if
        appropriate. To such end, insurance policies shall be endorsed by the Trustor in favor of the
        Trustee.
   −    The sums of money resulting from the transfer for any reason and/or sale and/or assignment
        and/or loan, to any natural or artificial person of the economic rights, regardless of whether
        federative rights are assigned or not.

   On December 20, 2006, the certificate of participation was issued for a face value of USD 1,000,000,
   Blanquiceleste S.A. becoming the contributing beneficiary.

   All certificates of participation will be entitled to:

   −    Earn interest equal to 180-day LIBOR published by the Central Bank. Interest will be accrued
        semiannually only for the first two years when the Trust is effective, provided that no income from
        sales or loans of soccer players is carried.
   −    Earn income from the sale and/or loan of soccer players, in proportion to their respective holdings,
        after deducting the funds to set the reserves provided in the trust agreement.

   The Trust will end with the expiration of the 5-year term as from its creation or upon fulfillment of its
   purpose, whichever first. In addition, the agreement provides the possibility of early termination, fully
   ratified by the beneficiaries, creditors under security agreements and/or usufructuaries.

u) Casino Club trust

   On November 16, 2006, Sud Inversiones y Análisis S.A., in its capacity as Trustee, and Casino Club
   S.A. and Casino Rosario S.A., in their capacity as trustors, entered into a trust agreement. The trust
   is called Casino Club trust. Banco Macro S.A. and Nuevo Banco Suquía S.A. are the beneficiaries.

   The subject-matter of such agreement is to guarantee the provision and/or restoration of the funds
   that the beneficiaries should pay or have paid as a result of the surety provided as security for the
   investment commitment undertaken by the Trustors to carry out the Rosario projects (operation of a
   casino and hotel).




                                                   F-97
                        CONSOLIDATED FINANCIAL STATEMENTS
                                    WITH SUBSIDIARIES
                               (Section 33, Law No. 19,550)
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                   AS OF MARCH 30, 2007
       (Translation of financial statements originally issued in Spanish – See note 21
                           of the stand-alone financial statements)
            (Figures stated in thousands of pesos, except otherwise indicated)


   The following collection rights are assigned to the Trust:

   −    Casino Club S.A. assigns 100% of the collection rights arising from revenues from operating the
        game rooms in the interior of Argentina. Additionally, it assigns 60% of the collection rights to
        which it is entitled for any item to Casino Club S.A. as member of the UTE “Hipódromo Argentino
        de Palermo S.A. / Casino Club S.A.”, the purpose of which is the operation of games of chance.

   −    Casino Rosario S.A. assigns 100% of the collection rights to which it is entitled for any item in its
        capacity as concessionaire of the Rosario casino operation. Also, it assigns 100% of the collection
        rights arising from operating the Rosario hotel and the Rosario convention center.

   The Trust will end: (i) upon releasing the Beneficiaries from the surety provided; (ii) termination of
   the surety if beneficiaries had not received any demand for the provision thereof; or (iii) the full
   payment of surety, whichever later.

v) Gas Salta Saturación I financial trust

   On January 12, 2007, Sud Inversiones y Análisis S.A., as Trustee, and Gasnor S.A., as Trustor,
   entered into a trust agreement. The trust is called “Gas Salta Saturación I financial trust”. The
   purpose of the trust is to manage the corpus assets detailed below to settle the certificates to be
   issued:

   −    Receivables accrued against customers who joined the financing plan to adapt internal connection
        facilities to the natural gas service;
   −    Cash funds transferred by the Trustee;
   −    All funds resulting from converting the abovementioned items into cash, other liquid assets and
        other assets and any gain from the abovementioned items; and
   −    Any other asset acquired by the Trust under the terms of the agreement.

   Also, Banco Macro S.A. granted a loan to Gasnor S.A. for the latter to be able to perform works
   encouraged by the Province of Salta and customers who joined the plan, and to be able to finance
   customers' participation in the plan. Such loan provides that Gasnor S.A. may settle its payable by
   delivering such certificates of deposit to Banco Macro S.A.
   This trust will be liquidated primarily in the following cases: (i) full settlement of certificates of
   participation; and (ii) upon the Beneficiaries’ decision if there are insufficient funds to afford the
   Trust’s expenses and taxes after the deadline for assigning receivables in trust (April 30, 2009).

w) Fibra Papelera S.A. security and trust assignment

   On March 23, 2007, Sud Inversiones y Análisis S.A., as Guarantee Depository and Trustee,
   Agrotécnica del Sur S.A. and certain individuals as Grantors and Assignors; and Fibra Papelera S.A.
   and Banco Macro S.A. as Beneficiary, entered into a Security and Trust Assignment Agreement to
   secure the payment of the obligations assumed by Fibra Papelera S.A. for the loan granted by the
   Beneficiary.

   The grantors transfer to the Trust, the shares, additional shares and the proceeds from shares and
   create a security agreement over them in favor of the Beneficiary. The security agreement will end




                                                F-98
                            CONSOLIDATED FINANCIAL STATEMENTS
                                        WITH SUBSIDIARIES
                                   (Section 33, Law No. 19,550)
                  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                       AS OF MARCH 30, 2007
           (Translation of financial statements originally issued in Spanish – See note 21
                               of the stand-alone financial statements)
                (Figures stated in thousands of pesos, except otherwise indicated)


       once the secured obligations are fully complied with.

    x) Sunny Land S.A. security and trust assignment

       On April 04, 2007, Sud Inversiones y Análisis S.A., as Guarantee Depository and Trustee, certain
       individuals as Grantors and Assignors, Sunny Land S.A. as the company and Banco Macro S.A. as
       Beneficiary, entered into a Security and Trust Assignment Agreement to secure the payment of the
       obligations assumed by Transclor S.A. for the loan granted by the Beneficiary.

       The assignors transfer to the Trust, the shares, additional shares and the proceeds from shares and
       create a security agreement over them in favor of the Beneficiary. The security agreement will end
       once the secured obligations are fully settled.


11.2. Nuevo Banco Suquía S.A.

    a) Hospital Privado trust

       On August 31, 1998, a trust assignment agreement was entered into between Hospital Privado Centro
       Médico de Córdoba S.A. (trustor), International Finance Corporation (beneficiary) and Nuevo Banco
       Suquía S.A. (trustee). The purpose of such trust is to guarantee all the assignor’s payment obligations
       as a result of the corporate bond issued and delivered by the latter to International Finance
       Corporation:

       −    The parties involved entered into a “custody and payment agreement”, whereby the trustee shall
            manage and dispose of the funds deposited in trust accounts under the instructions and for the
            guarantee of the beneficiary.
       −    The rights to earn all the amounts that, for any reason, may be payable by enrollees and statutory
            health care organizations to Hospital Privado were transferred for tax purposes. It includes funds
            and the proceeds of all rights, securities and interest previously mentioned and income deriving
            from the funds deposited.

    b) Sideco trust

       On December 07, 2005, a security and trust assignment agreement was entered into among SOCMA
       and SIDECO (grantors and assignors), Nuevo Banco Suquía S.A. (guarantee trustee) and Banco Macro
       S.A. (beneficiary) to provide a guarantee regarding the compliance with the payment obligations
       related to the loan granted by the beneficiary. It was agreed as follows:

       −    Grantors created a security agreement over shares.
       −    Trustors assigned in favor of beneficiary the trust ownership of shares.
       −    SIDECO assigned as guarantee the rights over the agreement to sell of a real property acquired.




                                                   F-99
                          CONSOLIDATED FINANCIAL STATEMENTS
                                      WITH SUBSIDIARIES
                                 (Section 33, Law No. 19,550)
                NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                     AS OF MARCH 30, 2007
         (Translation of financial statements originally issued in Spanish – See note 21
                             of the stand-alone financial statements)
              (Figures stated in thousands of pesos, except otherwise indicated)


       On December 19, 2006, SIDECO settled all the obligations assumed with Banco Macro S.A., under the
       loan for consumption agreement in guarantee of which the referred trust had been created. On
       January 11, 2007, the guarantee release agreement was entered into. Administrative proceedings are
       being carried out to end such trust.

11.3. Nuevo Banco Bisel S.A.

    a) NBB Personales I financial trust

       On March 17, 2005, a financial trust called “NBB Personales I” was created between Nuevo Banco
       Bisel S.A. (trustor) and Rosario Administradora Sociedad Fiduciaria S.A. (trustee), which consists of
       personal loans generated by the trustor. The trust issued securities for a total face value of Ps.
       25,561,608, consisting of Class “A” trust debt securities for a face value of Ps. 20,449,286, Class “B”
       trust debt securities for a face value of Ps. 2,556,161 and certificate of participation for a face value of
       Ps. 2,556,161. Each class of trust securities will mature at one hundred eighty days as from the
       normal maturity of the loan with longer term. Taking into account the experience and knowledge of
       the portfolios transferred, Nuevo Banco Bisel S.A. was instructed to manage and collect the loans.

       The trust follows the terms under Law No. 24,441, its public offering is authorized by the CNV and its
       listing is authorized by the Stock Exchange of Rosario.

       On March 30, 2005, the subscription of trust securities was closed, and 100% of Class “A” trust debt
       securities and 37.84% of Class “B” trust debt securities were delivered to third parties. The remaining
       Class “B” securities and all the certificate of participation were subscribed by Nuevo Banco Bisel S.A.

    b) NBB Personales II financial trust

       The Board of Directors of Nuevo Banco Bisel S.A., as part of the bank’s participation in the capital
       market, authorized the issuance of a second series of a financial trust created with personal loans
       called NBB Personales II, through the creation of financial trusts.

       The trust follows the terms under Law No. 24,441, its public offering is authorized by the CNV and its
       listing is authorized by the Stock Exchange of Rosario.

       NBB Personales II financial trust was authorized by the CNV in December 2005 and, on February 28,
       2006, the subscription of trust securities was closed and 100% of Class "A" trust debt securities was
       delivered to third parties.

    c) NBB Agroprendas I financial trust

       As stated in note 11.3.b) above, a financial trust called Agroprendas I was created with collateral
       loans for a total amount of 49,502 divided into Class “A” trust debt securities (VDF A) for an amount
       of 34,650, Class “B” trust debt securities (VDF B) for an amount of 7,425 and certificates of
       participation (CP C) amounting to 7,427.

       The trust follows the terms under Law No. 24,441, its public offering is authorized by the CNV and its
       listing is authorized by the Stock Exchange of Rosario.




                                                   F-100
                  CONSOLIDATED FINANCIAL STATEMENTS
                              WITH SUBSIDIARIES
                         (Section 33, Law No. 19,550)
        NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             AS OF MARCH 30, 2007
 (Translation of financial statements originally issued in Spanish – See note 21
                     of the stand-alone financial statements)
      (Figures stated in thousands of pesos, except otherwise indicated)



On October 18, 2005, the subscription of trust securities belonging to Agroprendas I financial trust
was closed, delivering 100% of VDF A and 6.2% of VDF B to third parties. Nuevo Banco Bisel S.A.
subscribed the remaining VDF B and all the certificates of participation. In November 2005, 59.44% of
VDF B still remaining in the bank’s possession was replaced through the secondary market.




                                         F-101
                                                                                          Jorge H. Brito
                                                                                           Chairperson
                                                                                                                                                       EXHIBIT I


                                           CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
                                                       AS OF MARCH 31, 2007 AND DECEMBER 31, 2006
                                                  (Translation of financial statements originally issued in Spanish -
                                                        See Note 21 to the stand-alone financial statements)
                                                                (Figures stated in thousands of pesos)


                                                                                                                                       Holding
                                                                                                                                           Book balance
                                                                                                                  Market value
                                                     Name                                                                         03/31/2007         12/31/2006

GOVERNMENT AND PRIVATE SECURITIES

GOVERNMENT SECURITIES

Holdings for trading or financial intermediation
- Local
   Federal government bonds in pesos at 2% - Maturity: 2007                                                                                                  92,049
   Federal government bonds in pesos - Maturity: 2008                                                                    20,503         20,503                  500
   Federal government bonds in US dollars at LIBOR - Maturity: 2012                                                     187,899        187,899              107,189
   Federal government bonds in US dollars at LIBOR - Maturity: 2013                                                       3,613          3,613                4,075
   Federal government bonds in pesos – Maturity: 2014                                                                    12,230         12,230               11,953
   Argentine Government bonds in US dollars at 7% - Maturity: 2011- BONAR V                                               1,726          1,726                2,128
   GDP-related securities in pesos                                                                                        2,099          2,099                2,337
   Consolidation bonds in pesos – Fourth series                                                                             474            474                1,971
   Consolidation bonds of social security payables in pesos – Third series at 2%                                          1,383          1,383                  523
   Discount bonds maturing 2033                                                                                          19,234         19,234                4,143
   Quasi-par securities in pesos – Maturity: 2045                                                                                                             2,920
   Secured bonds under Presidential Decree No. 1,579/02                                                                  40,147         40,147               36,414
   Consolidation bonds – Third series                                                                                     7,219          7,219
   Bonds for the conversion and restructuring of government borrowing, Province of Tucumán – Consadep – Series 1          3,714          3,714                1,905
   Treasury Notes maturity 02-15-07                                                                                                                          30,851
   Consolidation bonds of social security payables in pesos – Fourth Series                                               2,916          2,916                3,628
   Other                                                                                                                                 1,903                1,479
Subtotal holdings for trading or financial intermediation                                                                              305,060              304,065

Unlisted government securities
- Local
   Province of Tucumán bonds - Second series in dollars at 9,45%                                                                         1,844                     169
   Federal government bonds in pesos – Maturity: 2013                                                                                   13,845                  13,254
   Other                                                                                                                                    16                      18
Subtotal unlisted government securities                                                                                                 15,705                  13,441

INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA

Central Bank of Argentina Bills – Listed – Managed Portfolio
  Central Bank of Argentina bills in pesos – Maturity: 02/21/07                                                                                                 14,080
  Central Bank of Argentina bills in pesos adjusted by CER – Maturity: 01/31/07                                                                                 18,383
Subtotal Central Bank of Argentina Bills –listed - Managed portfolio                                                                                            32,463

Central Bank of Argentina Bills – Under repo transactions
  Central Bank of Argentina bills in pesos – Maturity: 08/15/07                                                         203,870        203,870
  Central Bank of Argentina bills in pesos – Maturity: 01/16/08                                                         121,336        121,336
  Central Bank of Argentina bills in pesos – Maturity: 05/14/08                                                           8,925          8,925
  Central Bank of Argentina bills in pesos – Maturity: 02/11/09                                                          24,675         24,675
Subtotal Central Bank of Argentina Bills – Under repo transactions                                                                     358,806

Subtotal instruments issued by the Central Bank of Argentina                                                                           358,806                  32,463




                                                                                                                                                 Jorge H. Brito

                                                                                                                                                  Chairperson




                                                                                  F-102
                                                                                                                                           EXHIBIT I
                                                                                                                                          (Continued)

                                      CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
                                               AS OF MARCH 31, 2007 AND DECEMBER 31, 2006
                                          (Translation of financial statements originally issued in Spanish -
                                               See Note 21 to the stand-alone financial statements)
                                                       (Figures stated in thousands of pesos)

                                                                                                                               Holding
                                                                                                                                   Book balance
                                                                                                           Market value
                                                 Name                                                                     03/31/2007          12/31/2006


INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Contd.)                                                                    358,806               32,463

Central Bank of Argentina notes - Listed - Managed portfolio
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   05/30/07        270,372         270,372              122,526
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   11/21/07        297,522         297,522              220,545
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   12/19/07        341,076         341,076              156,489
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   02/20/08        318,366         318,366              229,068
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   03/05/08        125,522         125,522               91,170
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   03/26/08        114,372         114,372              134,197
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   04/16/08        170,218         170,218              117,534
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   05/07/08        151,042         151,042               89,131
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   08/06/08         47,297          47,297              144,443
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   09/10/08        289,595         289,595              101,544
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   11/05/08         55,755          55,755              143,290
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   11/26/08         79,733          79,733              168,053
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   01/21/09        184,703         184,703
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   02/11/09        216,510         216,510
  Other                                                                                                                         225,478              324,434
Subtotal Central Bank of Argentina notes - Listed - Managed portfolio                                                         2,887,561            2,042,424

Central Bank of Argentina Notes – Under repo transactions

  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   12/19/07        118,785         118,785              273,762
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   02/20/08         97,261          97,261               93,376
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   08/06/08        143,947         143,947               30,832
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   09/10/08         30,645          30,645              106,018
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   11/05/08        103,250         103,250
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   11/26/08        114,430         114,430
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   12/17/08         91,980          91,980
  Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate)   –   Maturity:   05/30/07                                             142,230
  Other                                                                                                                          50,815               65,914
Subtotal Central Bank of Argentina Notes – Under repo transactions                                                              751,113              712,132
Total instruments issued by the Central Bank of Argentina                                                                     3,997,480            2,787,019
Total government securities                                                                                                   4,318,245            3,104,525


INVESTMENTS IN LISTED PRIVATE SECURITIES

  Corporate Bonds - Bank Austria Creditanstalt                                                                                   43,926                  833
  Corporate Bonds - Erste Bank ECP                                                                                               30,614               26,012
  Corporate Bonds - GE                                                                                                           21,600                2,582
  Frankling Templeton Funds                                                                                                      15,886
  Mutual Funds - Columbia Strategic                                                                                              15,504               15,348
  Mutual Funds - PIONERO PESOS                                                                                                   10,653                4,091
  Corporate Bonds - Petrobras Energía S.A. (the former Pecom S.A.)                                                                6,361               13,094
  Commercial Paper - UBS Financial                                                                                                                    30,717
  Other                                                                                                                          22,910               25,782
Total Investments in listed private securities                                                                                  167,454              118,459
Total government and private securities (1)                                                                                  4,485,699            3,222,984




    (1) As of March 31, 2007 and December 31, 2006, the Bank booked allowances for impairment in value amounting to 29.




                                                                                                                                             Jorge H. Brito
                                                                                                                                             Chairperson




                                                                                F-103
                                                      BANCO MACRO S.A.
                                                          Sarmiento 447
                                                      Buenos Aires-C104AAI
                                                            Argentina

                                            AUDITORS OF BANCO MACRO S.A.
                                            Pistrelli, Henry Martin y Asociados S.R.L.
                                                Member of Ernst & Young Global
                                                          25 de Mayo 487
                                                       C1002ABI Buenos Aires
                                                             Argentina

 TRUSTEE, CO-REGISTRAR, PRINCIPAL PAYING                          REGISTRAR, PAYING AGENT, TRANSFER AGENT AND
       AGENT AND TRANSFER AGENT                                   REPRESENTATIVE OF THE TRUSTEE IN ARGENTINA
               HSBC Bank USA                                                   HSBC Bank Argentina S.A.
                452 Fifth Avenue                                               Av. De Mayo 701, Piso 23
           New York, New York 10018                                            Buenos Aires, C1084AAC
            United States of America                                                  Argentina
              Attn: Issuer Services                                             + 5411-4344-3354 (fax)
            + 1 (212) 525-1300 (fax)

                                               ARRANGER AND DEALER
                                               Citigroup Global Markets Inc.
                                                   390 Greenwich Street
                                                New York, New York 10013
                                                    + 1 (212) 723-8831
                                            ARGENTINE PLACEMENT AGENTS

                      LUXEMBOURG PAYING AGENT, TRANSFER AGENT AND LISTING AGENT
                                         Dexia Banque Internationale
                                       a Luxembourg sociète anonyme
                                               69 route d’ Esch
                                             L-2953 Luxembourg
                                      Attn: Transaction Execution Group
                                            + 352-4590-4227 1(fax)
                                           + 352-4590 4228 (phone)

                                                      LEGAL ADVISORS
                         To us                                                           To the arranger
                     as to U.S. law                                                       as to U.S. law
                Shearman & Sterling LLP                                           Simpson Thacher & Bartlett LLP
                 599 Lexington Avenue                                                 425 Lexington Avenue
               New York, New York 10022                                             New York, New York 10017
                United States of America                                             United States of America

                          To us                                                           To the arranger
                   as to Argentine law                                                  as to Argentine law
     Cabanellas, Etchebarne, Kelly & Dell’Oro Maini                       Bruchou, Fernández Madero, Lombardi & Mitrani
                 San Martin 323, Piso 17                                          Ing. Enrique Butty 275, Piso 12
              Buenos Aires – C1004AAG                                                Buenos Aires, C1001AFA
                         Argentina                                                            Argentina

                     To the Trustee                                                       To the Trustee
                      as to U.S. law                                                    as to Argentine law
Jones, Walker, Waechter, Poitevent, Carrère & Denègre, LLP                Bruchou, Fernández Madero, Lombardi & Mitrani
                 201 St. Charles Avenue                                           Ing. Enrique Butty 275, Piso 12
               New Orleans, Louisiana 70170                                          Buenos Aires, C1001AFA
                 United States of America                                                     Argentina
                                                    OFFERING CIRCULAR
                                                   US$400,000,000



                                            BANCO MACRO S.A.
                                     (incorporated in the Republic of Argentina)
                                       Global Medium-Term Note Program
     We may from time to time issue notes in one or more series under our Global Medium-Term Note Program. The maximum
aggregate principal amount of all notes we may have outstanding under this program at any time is limited to US$400,000,000 (or
its equivalent in other currencies).
    We will describe the specific terms and conditions of each series of notes in a pricing supplement. Notes issued under this
program may:
    • be denominated in U.S. dollars or another currency or currencies;
    • have maturities of no less than 30 days from the date of issue;
    • bear interest at a fixed or floating rate or be issued on a non-interest bearing basis; and
    • provide for redemption at our option or at the holder’s option.
     We may redeem all, but not part, of a series of notes, at our option, upon the occurrence of specified Argentine tax events at
a price equal to 100% of the principal amount plus accrued and unpaid interest.
     Unless otherwise specified in the pricing supplement applicable to a series of notes, the notes will constitute our direct,
unconditional, unsecured and unsubordinated obligations and will rank at all times at least pari passu in right of payment with all
our other existing and future unsecured and unsubordinated indebtedness (other than obligations preferred by statute or by
operation of law).
     We may apply to have the notes of a series listed on the Luxembourg Stock Exchange for trading on the EuroMTF, the
alternative market of the Luxembourg Stock Exchange, and listed on the Buenos Aires Stock Exchange (Bolsa de Comercio de
Buenos Aires). We cannot assure you, however, that these applications will be accepted. Notes may be issued under this
program that will not be listed on any securities exchange, and the pricing supplement applicable to a series of notes will specify
whether or not the notes in such series will be listed on the Luxembourg Stock Exchange for trading on the EuroMTF, on the
Buenos Aires Stock Exchange or on any other securities exchange. We expect that certain series of notes, as described in the
applicable pricing supplement, will be eligible for trading on the PORTAL Market or on the Mercado Abierto Electrónico S.A.
(“MAE”).
    See “Risk Factors” commencing on pages I-5 and II-10 for a discussion of certain risks that you should
consider prior to making an investment in the notes. The applicable pricing supplement to any series of notes may
describe additional risks you should consider.
     This program has not been rated by any rating agency. If series of notes under this program will be rated, we will provide the
ratings and information relating to such ratings in the applicable pricing supplement.
     The notes issued under this program have not been registered under the U.S. Securities Act of 1933, as amended, or the
“Securities Act”, or any state securities laws. Unless the notes are registered under the Securities Act, the notes may be offered
only in transactions that are exempt from registration under the Securities Act and the securities laws of other jurisdictions.
Accordingly, we will only offer and sell notes registered under the Securities Act or in transactions exempt from registration under
the Securities Act to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) or in compliance with
Regulation S under the Securities Act. For a description of certain restrictions on resale and transfer of the notes, see “Transfer
Restrictions” in this offering circular.
     We may offer the notes issued under this program directly or through one or more dealers that we may designate from time
to time, who may purchase notes, as principal, from us for resale to investors and other purchasers at varying prices relating to
prevailing market prices as determined by any such dealer at the time of resale or, if so agreed, at a fixed offering price. In
addition, we may agree with a dealer that it may utilize its reasonable efforts to place our notes on an agency basis as specified in
the applicable pricing supplement. Any such dealers will be set forth in the applicable pricing supplement. We reserve the right to
withdraw, cancel or modify any offering of notes contemplated by this offering circular or any pricing supplement without notice.
See “Plan of Distribution.” This offering circular may only be used for the purpose for which it has been published.

                                                              Arranger

                                                      Credit Suisse
                                                              Dealers
Credit Suisse                                                                                         Raymond James
                                      This offering circular is dated as of April 27, 2007
(This page intentionally left blank)
In this offering circular, we use the terms “we,” “us,” “our” and the “bank” to refer to Banco Macro S.A. and its
subsidiaries on a consolidated basis

The information provided in this offering circular that relates to the Republic of Argentina (“Argentina”) and its
economy is based upon publicly available information, and we do not make any representation or warranty with
respect thereto. Argentina, and any governmental agency or political subdivision thereof, does not in any way
guarantee, and their credit does not otherwise back, our obligations in respect of the notes.

You should rely only on the information contained in this offering circular and any pricing or other supplements.
We have not, and the dealers have not, authorized anyone to provide you with information that is different from the
information contained in this offering circular and any pricing or other supplements. The information in this
offering circular is accurate only as of the date of this offering circular, regardless of the time of delivery of this
offering circular or when any sale of the notes occurs.

In making your decision whether to invest in the notes, you must rely on your own examination of us and the terms
of the offering, including the merits and risks involved. You should not construe the contents of this offering
circular as legal, business or tax advice. You should consult your own attorney, business advisor or tax advisor.

The distribution of this offering circular or any part of it, including any pricing supplement, and the offering, sale
and delivery of the notes in certain jurisdictions may be restricted by law. We and the dealers require persons into
whose possession this offering circular comes to become familiar with and to observe such restrictions. This
offering circular does not constitute an offer to sell or a solicitation of an offer to buy any notes in any jurisdiction to
any person to whom it is unlawful to make the offer or solicitation nor does this offering circular constitute an
invitation to subscribe for or purchase any notes. For a description of restrictions on offers, sales and deliveries of
the notes and on the distribution of this offering circular and other offering material relating to the notes, see
“Transfer Restrictions” and “Plan of Distribution.”

The notes have not been recommended by any U.S. federal or state securities commission or regulatory authority.
Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this
document. Any representation to the contrary is a criminal offense.

The notes issued under this program will qualify as “obligaciones negociables” under Argentine Law No. 23,576, as
amended (the “Negotiable Obligations Law”), and Joint Resolution No. 470-1738/2004 (the “Joint Resolution 470-
1738/2004”) issued by the Argentine securities commission (Comisión Nacional de Valores or “CNV”) and the
Argentine tax authority (Administración Federal de Ingresos Públicos), and will be entitled to the benefits set forth
in, and subject to the procedural requirements of, such law and resolution and Argentine Decree No. 677/2001.

The creation of this program was approved by resolution of our shareholders at a meeting held on September 1,
2006 and by resolution of our Board of Directors approved on September 19, 2006. The offering of the notes under
this program has been authorized by the CNV pursuant to Resolution No. 15480, dated September 28, 2006. The
CNV authorization means only that the information requirements of the CNV have been satisfied. The CNV has not
rendered any opinion in respect of the accuracy of the information contained in this offering circular. In addition, in
order to issue and offer any series of notes under this program, we are required to file with the CNV a pricing and/or
other supplement describing the particular terms and conditions of the relevant notes, updating our financial and
accounting information for each fiscal year and quarter (if we have approved financial statements for such year or
quarter) and providing other information relating to any subsequent material events or developments. Offers of the
notes to the public in Argentina will be made by a substantially identical offering circular in the Spanish language.

The notes will not qualify for the Argentine deposit insurance system established pursuant to Argentine Law
No. 24,485, as amended, and will not benefit from the priority right granted to depositors pursuant to Article
49(d) and (e) of the Argentine Law No. 21,526, as amended (the “Financial Institutions Law”). The notes will
not be secured by any floating lien or special guarantee nor will the notes be guaranteed by any other means
or by any other entity.




                                                             i
                                                           TABLE OF CONTENTS

                                                                Page                                                                            Page

INTRODUCTION TO OFFERING .........................iii                          OVERVIEW OF BANCO MACRO S.A. .............II-3
CIRCULAR                                                                       RISK FACTORS ...................................................II-9
WHERE YOU CAN FIND MORE                                                        EXCHANGE RATES AND EXCHANGE
   INFORMATION.................................................iii                 CONTROLS.................................................II-15
                                                                               CAPITALIZATION ............................................II-17
PART I – INFORMATION RELATING TO                                               SELECTED FINANCIAL AND OPERATING
   GLOBAL MEDIUM-TERM NOTE                                                         DATA...........................................................II-18
   PROGRAM                                                                     THE CRISIS AND RECOVERY IN
                                                                                   ARGENTINA...............................................II-22
SUMMARY OF THE PROGRAM ........................ I-1                            MANAGEMENT'S DISCUSSION AND
RISK FACTORS .................................................... I-5              ANALYSIS OF FINANCIAL
USE OF PROCEEDS ............................................. I-7                  CONDITION AND RESULTS OF
DESCRIPTION OF THE NOTES.......................... I-8                             OPERATIONS .............................................II-28
CLEARING AND SETTLEMENT...................... I-35                             THE ARGENTINE BANKING INDUSTRY .....II-59
TRANSFER RESTRICTIONS............................. I-40                        BUSINESS ..........................................................II-64
TAXATION ......................................................... I-42        SELECTED STATISTICAL
ENFORCEMENT OF CIVIL LIABILITIES ....... I-57                                     INFORMATION............................................II-79
PLAN OF DISTRIBUTION................................. I-58                     ARGENTINE BANKING REGULATION ........II-92
LEGAL MATTERS ............................................. I-61               MANAGEMENT AND CORPORATE
                                                                                  GOVERNANCE ..........................................II-109
                                                                               PRINCIPAL SHAREHOLDERS ......................II-118
PART II – INFORMATION RELATING TO                                              RELATED PARTY TRANSACTIONS............II-119
   BANCO MACRO S.A.                                                            INDEPENDENT ACCOUNTANTS.................II-120
                                                                               GENERAL INFORMATION............................II-121
PRESENTATION OF FINANCIAL                                                      INDEX TO CONSOLIDATED
   INFORMATION ............................................II-1                   FINANCIAL STATEMENTS ......................... F-1
SPECIAL NOTE REGARDING                                                         APPENDIX A – FORM OF PRICING
  FORWARD-LOOKING STATEMENTS........II-2                                          SUPPLEMENT ................................................A-1




                                                                          ii
                                 INTRODUCTION TO OFFERING CIRCULAR

This offering circular consists of two parts. Part I principally presents the terms and conditions of our program, risk
factors relating to an investment in the notes, and certain Argentine and U.S. federal income tax consequences of
ownership of the notes. Part II principally presents information about our business, properties, results of operations
and financial condition, including, among other sections, descriptions of our business and management, risks factors
relating to Argentina, the Argentine financial system and our business, a management’s discussion and analysis of
our financial condition and results of operations, our consolidated financial statements and other financial and non-
financial information relating to the bank. We will, from time to time, update, amend or supplement Part I and/or
Part II of this offering circular, which updates, amendments or supplements may be included in pricing or other
supplements to this offering circular. Alternatively, we may from time to time amend Part I and/or Part II of this
offering circular. If there is any inconsistency between the information in this offering circular and a pricing or
other supplement, you should rely on that supplement, which will be deemed to supersede such information in this
offering circular.

Before investing in the notes, you should carefully read Part I and Part II of this offering circular, together with the
applicable pricing supplement and any other supplement or amendment to this offering circular.

                               WHERE YOU CAN FIND MORE INFORMATION

We file annual and current reports and other information with the United States Securities and Exchange
Commission (the “SEC”). You may read and copy any document we file with the SEC at the SEC’s public
reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further
information on the public reference room. The SEC maintains a website at http://www.sec.gov that contains reports
and other information regarding issuers that file electronically with the SEC. We will also make available upon
request all annual and current reports and other information that we file with the SEC. However, the reports and
other information filed with the SEC are not incorporated by reference in this offering circular.

We also file our annual and quarterly financial statements and certain other information with the CNV and the
Buenos Aires Stock Exchange in Argentina. Copies of our financial statements, this offering circular and any
pricing supplement may be obtained at (i) our offices; (ii) the offices of the dealers in Argentina and (iii) from the
CNV’s website at http://www.cnv.gov.ar.

To permit compliance with Rule 144A in connection with resales of the notes, for so long as the notes remain
outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, we have
agreed to furnish upon the request of a holder of notes, or of a beneficial owner of an interest therein, to such holder
or beneficial owner, or to a prospective purchaser designated by such holder or beneficial owner, the information
required to be delivered under Rule 144A(d)(4) under the Securities Act and will otherwise comply with the
requirements of Rule 144A(d)(4) under the Securities Act if, at the time of such request, we are neither a reporting
company under Section 13 or Section 15(d) of the Exchange Act nor exempt from reporting pursuant to Rule 12g3-
2(b) thereunder.




                                                          iii
(This page intentionally left blank)
PART I – INFORMATION RELATING TO GLOBAL MEDIUM-TERM NOTE PROGRAM
(This page intentionally left blank)
                                                              SUMMARY OF THE PROGRAM

This summary highlights important information regarding this program. We urge you to read the remainder of this
offering circular. You should also review the applicable pricing supplement for additional information about the
particular series of notes that you are considering purchasing. The terms of the applicable pricing supplement for a
series of notes may supersede the description of the notes contained in this offering circular.

In this offering circular, references to “notes” are to any notes that we may issue under this program, unless the
context otherwise requires.

Issuer ....................................................    Banco Macro S.A.

Arranger................................................       Credit Suisse Securities (USA) LLC

Dealers..................................................      Credit Suisse Securities (USA) LLC, Credit Suisse Securities (Europe)
                                                               Limited, Raymond James Argentina Sociedad de Bolsa S.A., Raymond
                                                               James & Associates, Inc. and/or such other dealers as may be set forth in
                                                               the applicable pricing supplement for each series of notes.

Program Size ........................................          We may issue up to US$400,000,000 aggregate principal amount of notes
                                                               (or the equivalent in other currencies) outstanding at any time.

Issuance in Series..................................           Unless otherwise specified in the applicable pricing supplement, we will
                                                               issue notes in series under the indenture. Within each series, we may issue
                                                               tranches of notes, subject to terms identical to those of other tranches in
                                                               that series, except that the issue date, the issue price, the restrictive
                                                               legends and the initial interest payment date may vary.

                                                               We will set out the specific terms of each tranche in a pricing supplement
                                                               to this offering circular.

Status and Ranking ...............................             The notes issued under this program will qualify as “obligaciones
                                                               negociables simples no convertibles” under Argentine law and will be
                                                               issued pursuant to, and in compliance with, all of the requirements of the
                                                               Negotiable Obligations Law and any other applicable Argentine laws and
                                                               regulations.

                                                               Unless otherwise specified in the applicable pricing supplement, the notes
                                                               will constitute our direct, unconditional, unsecured and unsubordinated
                                                               obligations and will rank at all times at least pari passu in right of
                                                               payment with all our other existing and future unsecured and
                                                               unsubordinated indebtedness (other than obligations preferred by statute
                                                               or by operation of law).

                                                               If so specified in the applicable pricing supplement, we may issue, under a
                                                               separate indenture, subordinated notes that will rank at all times junior in
                                                               right of payment to our secured indebtedness and, to the extent set forth
                                                               therein, certain of our unsecured and unsubordinated indebtedness (as well
                                                               as obligations preferred by statute or by operation of law).

                                                               Under Argentine law, all of our existing and future depositors will have a
                                                               general priority right over holders of notes issued under this program. The
                                                               Financial Institutions Law provides that in the event of our judicial
                                                               liquidation or insolvency, all depositors, regardless of the type, amount or
                                                               currency of their deposits, whether individuals or corporations, would



                                                                             I-1
                                                              have priority over all of our other creditors (including holders of notes),
                                                              except certain labor creditors and secured creditors.

Issue Price.............................................      We may issue notes at their principal amount or at a discount or premium
                                                              to their principal amount as specified in the applicable pricing supplement.

Currencies.............................................       We may issue notes in any currency as specified in the applicable pricing
                                                              supplement. We may also issue notes with principal and interest payable,
                                                              to the extent permitted by Argentine law, in one or more currencies
                                                              different from the currency in which such notes are denominated.

Maturities..............................................      We may issue notes with maturities of no less than 30 days from the date
                                                              of issue as set forth in the applicable pricing supplement.

Interest ..................................................   Notes may bear interest at a fixed rate or at a margin above or below a
                                                              floating rate based on LIBOR, U.S. Treasury rates or any other base rate,
                                                              as we will specify in the applicable pricing supplement. We may also
                                                              issue notes on a non-interest bearing basis, as may be specified in the
                                                              applicable pricing supplement.

Redemption...........................................         The applicable pricing supplement may provide that the notes of a series
                                                              will be redeemable at our option and/or the option of the holders, in whole
                                                              or part, at a price or prices as set forth in the applicable pricing
                                                              supplement. Partial redemption will be made on a pro rata basis.

Redemption for Taxation Reasons........                       Notes may be redeemed by us, in whole but not in part, at a price equal to
                                                              100% of the principal amount plus accrued and unpaid interest upon the
                                                              occurrence of specified Argentine tax events. See “Description of the
                                                              Notes—Redemption and Repurchase—Redemption for Taxation
                                                              Reasons.”

Covenants .............................................       The indenture contains certain covenants that limit our ability to incur
                                                              certain liens and, unless we comply with certain requirements, merge,
                                                              consolidate or transfer all or substantially all our assets.

Use of Proceeds ....................................          We will use the net proceeds, if any, from the issuance of notes under this
                                                              program in compliance with the requirements set forth in Article 36 of the
                                                              Negotiable Obligations Law, Communication “A” 3046, as amended, of
                                                              the Central Bank and other applicable regulations, as specified in the
                                                              applicable pricing supplement. Under such law and regulations, the use of
                                                              proceeds is restricted to certain purposes, including making loans in
                                                              accordance with Central Bank regulations, working capital in Argentina
                                                              and investment in tangible assets located in Argentina. See “Use of
                                                              Proceeds.”

Withholding Taxes; Additional
 Amounts.............................................         We will make our payments in respect of notes without withholding or
                                                              deduction for any taxes or other governmental charges imposed by
                                                              Argentina, or any political subdivision or any taxing authority thereof. In
                                                              the event that such withholdings or deductions are required by law, we
                                                              will, subject to certain exceptions, pay such additional amounts to ensure
                                                              that the holders receive the same amount as the holders would otherwise
                                                              have received in respect of payments on the notes in the absence of such
                                                              withholdings or deductions. See “Description of the Notes—Additional
                                                              Amounts.”




                                                                            I-2
Denominations......................................          We will issue notes in the minimum denominations and other
                                                             denominations specified in the applicable pricing supplement.

Form .....................................................   Notes offered in the United States to qualified institutional buyers in
                                                             reliance on Rule 144A under the Securities Act will be represented by one
                                                             or more Rule 144A global notes. Notes offered in reliance on Regulation
                                                             S will be represented by one or more Regulation S global notes.

Transfer Restrictions.............................           We have not registered the notes under the Securities Act, and the notes
                                                             may not be transferred except in compliance with the transfer restrictions
                                                             set forth under “Transfer Restrictions.”

Registration Rights ...............................          If so specified in the applicable pricing supplement, we may provide
                                                             holders of a series of notes registration rights.

                                                             Pursuant to a Registration Rights Agreement, we may agree to file with
                                                             the SEC and use our reasonable best efforts to cause to become effective a
                                                             registration statement with respect to an offer to exchange the relevant
                                                             notes for notes (“Exchange Notes”) with substantially identical terms (but
                                                             without transfer restrictions and certain other terms concerning increased
                                                             interest, as described below). Upon the registration statement becoming
                                                             effective, we would offer to holders of such notes who are able to make
                                                             certain representations the opportunity to exchange their notes for an equal
                                                             principal amount of Exchange Notes. Under certain circumstances, we
                                                             may instead be required to file a registration statement to cover resales of
                                                             notes by the holders. Failure to file or cause the exchange offer
                                                             registration statement to become effective or to consummate the exchange
                                                             offer, or, if required, failure to file or cause the resale registration
                                                             statement to become and remain effective, within time periods specified in
                                                             the applicable pricing supplement, will result in an increase in the interest
                                                             rate borne by the relevant notes. See “Description of the Notes—
                                                             Registration Rights.”

Listing...................................................   We may apply to have the notes of a series listed on the Luxembourg
                                                             Stock Exchange for trading on the EuroMTF and listed on the Buenos
                                                             Aires Stock Exchange. We cannot assure you, however, that these
                                                             applications will be accepted. Notes may be issued under this program
                                                             that will not be listed on any securities exchange, and the pricing
                                                             supplement applicable to a series of notes will specify whether or not the
                                                             notes in such series have been listed on the Luxembourg Stock Exchange
                                                             for trading on the EuroMTF, on the Buenos Aires Stock Exchange or on
                                                             any other securities exchange. We expect that certain series of notes, as
                                                             described in the applicable pricing supplement, will be eligible for trading
                                                             on the PORTAL Market or on the MAE.

Governing Law .....................................          The Negotiable Obligations Law establishes the requirements for the notes
                                                             to qualify as obligaciones negociables thereunder, and Argentine laws and
                                                             regulations will govern our capacity and corporate authorization to
                                                             establish this program and offer the notes in Argentina and to execute and
                                                             deliver the notes. All other matters with respect to the indenture and the
                                                             notes will be governed by, and construed in accordance with, the laws of
                                                             the State of New York.




                                                                           I-3
Placement of the Notes
  in Argentina .......................................    Notes to be issued under this program may be offered to the public in
                                                          Argentina in accordance with General Resolution No. 368/2001 of the
                                                          CNV, as amended. This offering circular will be available to the general
                                                          public in Argentina. The placement of notes in Argentina will take place
                                                          in accordance with the provisions set forth in Article 16 of Argentine Law
                                                          No. 17,811, as amended (the “Argentine Public Offering Law”), and with
                                                          the applicable CNV regulations, through, among other things: (i)
                                                          publication of a summary of the terms of this offering circular and the
                                                          applicable pricing supplement in the Boletín de la Bolsa de Comercio de
                                                          Buenos Aires (Gazette of the Buenos Aires Stock Exchange) and in a
                                                          newspaper of general circulation in Argentina; (ii) distribution of this
                                                          offering circular and the applicable pricing supplement to the public in
                                                          Argentina; (iii) road shows in Argentina for prospective investors; and (iv)
                                                          conference calls with prospective investors in Argentina. The pricing
                                                          supplements will detail the placement efforts to be undertaken pursuant to
                                                          the Argentine Public Offering Law.

Trustee, Co-Registrar, Principal
 Paying Agent and Transfer Agent......                    HSBC Bank USA, National Association

Registrar, Paying Agent, Transfer
 Agent, and Representative of the
 Trustee in Argentina ..........................          HSBC Bank Argentina S.A.

Luxembourg Paying Agent and
 Transfer Agent ...................................       Dexia Banque Internationale à Luxembourg, société anonyme

Risk Factors ..........................................   See “Risk Factors” in Part I and Part II of this offering circular and
                                                          the applicable pricing supplement for a description of the principal
                                                          risks involved in making an investment in the notes.




                                                                        I-4
                                                  RISK FACTORS

Investing in the notes involves risks. Before making a decision to purchase the notes, you should carefully consider
the risks described below and the other information included in the applicable pricing supplement and in this
offering circular.

Risks Relating to the Notes

The notes will be effectively subordinated to our secured creditors and our depositors.

Unless otherwise specified in the applicable pricing supplement, the notes will rank at least pari passu in right of
payment with all of our existing and future unsecured and unsubordinated indebtedness, other than obligations
preferred by statute or by operation of law, including, without limitation, tax and labor-related claims and our
obligations to depositors.

In particular, under the Financial Institutions Law, all of our existing and future depositors will have a general
priority right over holders of notes issued under this program. The Financial Institutions Law provides that in the
event of judicial liquidation or insolvency, all depositors would have priority over all of our other creditors
(including holders of notes), except certain labor creditors and secured creditors. Moreover, depositors would have
priority over all other creditors, with the exception of certain labor creditors, to funds held by the Argentine Central
Bank (Banco Central de la República Argentina or the “Central Bank”) as reserves, any other funds at the time of
any revocation of our banking license and proceeds from any mandatory transfer of our assets by the Central Bank.

If so specified in the applicable pricing supplement, we may also issue subordinated notes. In that case, in addition
to the priority of certain other creditors described in the preceding paragraphs, subordinated notes will also rank at
all times junior in right of payment to certain of our unsecured and unsubordinated indebtedness, as described in the
applicable pricing supplement.

Exchange controls and restrictions on transfers abroad may impair your ability to receive payments on the notes.

In 2001 and 2002, Argentina imposed exchange controls and transfer restrictions, substantially limiting the ability of
companies to retain foreign currency or make payments abroad. These restrictions have been substantially eased,
including those requiring the Central Bank’s prior authorization for the transfer of funds abroad in order to pay
principal and interest on debt obligations. However, Argentina may re-impose exchange controls and transfer
restrictions in the future, among other things, in response to capital flight or a significant depreciation of the peso.
In such event, your ability to receive payments on the notes may be impaired.

An active trading market for the notes may not develop.

The notes under this program are new securities for which there is currently no active trading market. We may
apply to have the notes of a series listed on the Luxembourg Stock Exchange for trading on the EuroMTF and on the
Buenos Aires Stock Exchange; however, we cannot assure you that these applications will be accepted. Moreover,
we may not list the notes of a series on any securities exchange or quotation system. If the notes are traded after
their initial issuance, they may trade at a discount to their initial offering price, depending upon prevailing interest
rates, the market for similar securities, general economic conditions and our financial performance.

There can be no assurance that an active trading market for the notes of any series will develop, or, if one does
develop, that it will be maintained. If an active trading market for the notes does not develop or is not maintained,
the market price and liquidity of the notes may be adversely affected.

The notes will be subject to transfer restrictions which could limit your ability to resell your notes.

The notes are being offered in reliance on an exemption from the registration requirements of the Securities Act. As
a result, the notes may be transferred or resold only in transactions that are registered under the Securities Act or on




                                                          I-5
the basis of an exemption from such registration and in compliance with any other applicable securities laws of other
jurisdictions. These restrictions could impair your ability to resell notes you purchase. See “Transfer Restrictions.”

We may redeem the notes prior to maturity.

The notes are redeemable at our option in the event of certain changes in Argentine taxes and, if the applicable
pricing supplement so specifies, the notes may also be redeemable at our option for any other reason. We may
choose to redeem those notes at times when prevailing interest rates may be relatively low. Accordingly, an investor
may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as
that of the notes.

As a financial institution, any bankruptcy proceeding against us would be subject to intervention by the Central
Bank, which may limit remedies otherwise available and extend the duration of proceedings.

If we are unable to pay our debts as they come due, the Central Bank would typically intervene by appointing a
reviewer, request us to file a reorganization plan, transfer certain of our assets and liabilities and possibly revoke our
banking license and file a liquidation petition before a local court. Upon any such intervention, noteholders’
remedies may be restricted and the claims and interests of our depositors and other creditors may be prioritized over
those of noteholders. As a result, the noteholders may realize substantially less on their claims than they would in a
bankruptcy proceeding in Argentina, the United States or any other country.

Holders of notes may find it difficult to enforce civil liabilities against us or our directors, officers and controlling
persons.

We are organized under the laws of Argentina and our principal place of business (domicilio social) is in the City of
Buenos Aires, Argentina. Most of our directors, officers and controlling persons reside outside the United States. In
addition, all or a substantial portion of our assets and their assets are located outside of the United States. As a
result, it may be difficult for holders of notes to effect service of process within the United States on such persons or
to enforce judgments against them, including any action based on civil liabilities under the U.S. federal securities
laws. Based on the opinion of our Argentine counsel, there is doubt as to the enforceability against such persons in
Argentina, whether in original actions or in actions to enforce judgments of U.S. courts, of liabilities based solely on
the U.S. federal securities laws.

Risks Relating to Argentina, the Argentine Financial System and the Bank

Prospective investors in the notes should carefully consider the additional risks factors discussed under Part II—
“Risks Factors” beginning on page II-10, as well as any risk factors discussed in the applicable pricing supplement.




                                                           I-6
                                               USE OF PROCEEDS

We will use any net proceeds of the issuance of notes under this program in compliance with the requirements of
Article 36 of the Negotiable Obligations Law, Communication “A” 3046 of the Central Bank, as amended, and other
applicable regulations, as specified in the applicable pricing supplement. Article 36 of the Negotiable Obligations
Law and Communication “A” 3046 require that we use any proceeds for:

                      making loans in accordance with Central Bank regulations;

                      working capital in Argentina;

                      investments in tangible assets located in Argentina;

                      refinancing of outstanding debt; or

                      contributions to the capital of a controlled or related corporation, provided that the latter uses
                      the proceeds of such contribution for the purposes set forth above.

Pending their application, proceeds, if any, may be invested in government securities and short-term investments.




                                                         I-7
                                         DESCRIPTION OF THE NOTES

General

Unless otherwise specified in the applicable pricing supplement, the notes are to be issued under an Indenture (the
“Indenture”) to be entered into by and among us, HSBC Bank USA, National Association, as trustee (in such
capacity, the “Trustee”), co-registrar (in such capacity, the “Co-Registrar”), principal paying agent (in such capacity,
the “Principal Paying Agent,” and together with any other paying agents under the Indenture, the “Paying Agents”)
and transfer agent (in such capacity, a “Transfer Agent,” and together with any other transfer agents under the
Indenture, the “Transfer Agents”), and HSBC Bank Argentina S.A., as registrar (in such capacity, the “Registrar”),
Paying Agent, Transfer Agent and representative of the Trustee in Argentina (in such capacity, the “Representative
of the Trustee in Argentina”). The following summaries of certain provisions of the Indenture and the notes do not
purport to be complete and are subject to, and are qualified in their entirety by reference to, all of the provisions of
the Indenture and the notes, including the definitions therein of certain terms. Capitalized terms not otherwise
defined herein shall have the meanings given to them in the Indenture. The Indenture will not be qualified under the
U.S. Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), except upon effectiveness of any
registration statement or shelf registration statement. However, by its terms, the Indenture will incorporate by
reference certain provisions of the Trust Indenture Act and, upon consummation of an exchange offer or
effectiveness of a shelf registration statement, if any, the Indenture will be governed by, and subject to, the Trust
Indenture Act.

Notes may be issued from time to time in one or more series. The notes of all series outstanding at any one time
under this program are limited to an aggregate principal amount of US$400,000,000 (or its equivalent in other
currencies). The particular terms of each issue of notes, including, without limitation, the date of issue, issue price,
currency of denomination and payment, maturity, interest rate or interest rate formula, if any, and, if applicable,
redemption, repayment and index provisions, will be set forth for each such issue in the notes and in the applicable
pricing supplement. With respect to any particular note, the description of the notes herein is qualified in its entirety
by reference to, and to the extent inconsistent therewith is superseded by, such note and the applicable pricing
supplement.

The notes will qualify as “obligaciones negociables simples no convertibles” under the Negotiable Obligations Law
and Joint Resolution 470-1738/2004, and will be entitled to the benefits set forth therein and subject to the
procedural requirements thereof. Unless otherwise specified in the applicable pricing supplement, the notes will
constitute our direct, unconditional, unsecured and unsubordinated obligations and will rank at all times at least pari
passu in right of payment with all our other existing and future unsecured and unsubordinated indebtedness (other
than obligations preferred by statute or by operation of law, including our obligations to depositors). If so specified
in the applicable pricing supplement, we may issue under a separate indenture subordinated notes that will rank at all
times junior in right of payment to our secured indebtedness and, to the extent set forth therein, certain of our
unsecured and unsubordinated indebtedness (as well as obligations preferred by statute or by operation of law). See
“—Status and Ranking.”

Unless previously redeemed, a note will mature on the date (the “Stated Maturity”) no less than 30 days from its
date of issue as specified on the face thereof and in the applicable pricing supplement.

Each note may be denominated in any currency (a “Specified Currency”) as shall be specified on the face thereof
and in the applicable pricing supplement. Unless otherwise specified in the applicable pricing supplement,
payments on each note will be made in the applicable Specified Currency; provided, however, that in certain
circumstances, as may be described in the applicable pricing supplement, payments on any such note denominated
in a currency other than U.S. dollars may, to the extent permitted by Argentine law, be made in U.S. dollars. See
“—Payment of Principal and Interest.”

Each note will bear interest, if any, at the interest rate or interest rate formula set forth in the applicable pricing
supplement. Unless otherwise indicated in the applicable pricing supplement, each note may bear interest at a fixed
rate (a “Fixed Rate Note”) or at a rate determined by reference to an interest rate basis or other interest rate formula
(a “Floating Rate Note”) or may bear no interest (a “Zero Coupon Note”). See “—Interest Rate.”



                                                          I-8
The notes may also be issued with principal and/or interest payable, to the extent permitted by Argentine law, in one
or more currencies different from the currency in which such notes are denominated (“Dual Currency Notes”) or
linked to an index and/or a formula (“Indexed Notes”). Dual Currency Notes and Indexed Notes may be issued to
bear interest on a fixed or floating rate basis or on a non-interest bearing basis or a combination of such bases, in
which case provisions relating to Fixed Rate Notes, Floating Rate Notes, Zero Coupon Notes or a combination
thereof, respectively, shall, where the context so admits, apply to such Dual Currency or Indexed Notes. References
herein to notes denominated in a Specified Currency shall, unless the context otherwise requires, include Dual
Currency Notes payable in such Specified Currency.

The notes may be issued as Original Issue Discount Notes. An “Original Issue Discount Note,” including any Zero
Coupon Note, is a note which is issued at a price lower than the principal amount thereof, and which provides that
upon redemption or acceleration of the Stated Maturity thereof, the amount payable to the holder of such note will
be determined in accordance with the terms of such note, and will be an amount that is less than the amount payable
on the Stated Maturity of such note. See “Taxation—United States Federal Income Tax Considerations.” We will
summarize any special United States federal tax considerations relevant to a particular issue of Original Issue
Discount Notes in the applicable pricing supplement.

Unless otherwise specified in the applicable pricing supplement, the notes will not be subject to any sinking fund
and will not be redeemable prior to their Stated Maturity, except in the event of certain changes involving Argentine
taxes. See “—Redemption and Repurchase.”

If specified in the applicable pricing supplement with respect to a series of notes, we may from time to time, without
the consent of holders of notes outstanding, create and issue additional notes of such series provided that such
additional notes have the same terms and conditions as the notes of that series in all respects (except for the date of
issue, the issue price, the applicable legends and, if applicable, the first payment of interest) and the additional notes
will ultimately form a single series with the previously outstanding notes of the relevant series.

Form and Denomination

General

Unless otherwise permitted by applicable law and specified in the applicable pricing supplement, notes will be
issued in registered form without interest coupons (“Registered Notes”). The Registrar and Co-Registrar will
maintain the register (the “Register”) in which names and addresses of holders of any notes, the note numbers and
other details with respect to the issuance, transfer and exchange of the notes will be recorded, unless otherwise
stated in the applicable pricing supplement. No service charge will be made for any registration of transfer or
exchange of the notes, but the Trustee, Registrar, Co-Registrar or any Transfer Agent may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith.

The applicable pricing supplement will specify the minimum denominations and any other denominations for the
notes.

Registered Notes will be issued in the forms described below, unless otherwise specified in the applicable pricing
supplement.

Registered Notes of the same tranche and tenor initially sold in compliance with Regulation S will be represented by
one or more Registered Notes in global form (collectively, a “Regulation S Global Note”) which will be (a)
deposited with the Trustee in New York City as custodian for The Depository Trust Company (“DTC”) and will be
registered in the name of a nominee of DTC, for the accounts of Euroclear and Clearstream, Luxembourg or (b)
deposited with a common depositary for Euroclear and Clearstream, Luxembourg and registered in the name of such
common depositary or its nominee, for the accounts of Euroclear and Clearstream, Luxembourg (DTC or such other
depositary, a “Depositary”).

Registered Notes of the same tranche or tenor initially sold within the United States and eligible for resale in
reliance on Rule 144A will be represented by one or more Registered Notes in global form (collectively, a



                                                           I-9
“Restricted Global Note” and, together with the Regulation S Global Note, the “Global Notes”) which will be
deposited upon issuance with the Trustee in New York City as custodian for DTC and will be registered in the name
of DTC or a nominee of DTC for credit to an account of a direct or indirect participant in DTC as described below.
The Restricted Global Notes (and any Certificated Notes (as defined herein) issued in exchange therefor) will be
subject to certain restrictions on transfer set forth under “Transfer Restrictions.”

On or prior to the 40th day after the completion of the distribution (as certified to the Trustee by the relevant dealer)
of all notes of an identifiable tranche (the “Restricted Period”), a beneficial interest in a Regulation S Global Note
may be transferred to a person who takes delivery in the form of an interest in a Restricted Global Note of the same
tranche and like tenor, but only upon receipt by the Trustee of a written certification from the transferor (in the form
provided in the Indenture) to the effect that such transfer is being made to a person whom the transferor reasonably
believes is purchasing for its own account or accounts as to which it exercises sole investment discretion and that
such person and each such account is a qualified institutional buyer within the meaning of Rule 144A, in each case
in a transaction meeting the requirements of Rule 144A and in accordance with all applicable securities laws of the
states of the United States (a “Restricted Global Note Certification”). After the last day of the Restricted Period,
such certification requirement will no longer apply to such transfers. Beneficial interests in a Restricted Global Note
may be transferred to a person in the form of an interest in a Regulation S Global Note of the same tranche and of
like tenor, whether before, on or after the end of the Restricted Period, but only upon receipt by the Trustee of a
written certification from the transferor (in the form(s) provided in the Indenture) to the effect that such transfer is
being made in accordance with Rule 903 or Rule 904 of Regulation S or (if available) Rule 144 under the Securities
Act (a “Regulation S Global Note Certification”). Any beneficial interest in a Global Note that is transferred to a
person who takes delivery in the form of an interest in another Global Note of the same tranche and of like tenor
will, upon transfer, cease to be an interest in such Global Note and become an interest in such other Global Note
and, accordingly, will thereafter be subject to all transfer restrictions and other procedures applicable to beneficial
interests in such other Global Note for as long as it remains such an interest.

Global Notes

A Global Note may not be transferred except as a whole by its Depositary to a nominee of such Depositary or by a
nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any
such nominee to a successor of such Depositary or a nominee of such successor.

Upon the issuance of a Global Note, DTC, Euroclear or Clearstream, Luxembourg, as the case may be, will credit,
on its book-entry registration and transfer system, the respective principal amounts of the notes represented by such
Global Note to the accounts of institutions that have accounts with DTC, Euroclear or Clearstream, Luxembourg, as
the case may be (“participants”). The accounts to be credited shall be designated by the dealers of such notes or by
us, if such notes are offered and sold directly by us. Ownership of beneficial interests in a Global Note will be
limited to participants or persons that may hold interests through participants. Ownership of beneficial interests in
such Global Note will be shown on, and the transfer of that ownership will be effected only through, records
maintained by DTC, Euroclear or Clearstream, Luxembourg, as the case may be (with respect to interests of
participants), or by participants or persons that hold through participants (with respect to interests of persons other
than participants). The laws of some states require that certain purchasers of securities take physical delivery of
such securities in definitive form. Such limits and such laws may impair the ability to transfer beneficial interests in
a Global Note.

So long as a Depositary, or its nominee, is the holder of a Global Note, such Depositary or its nominee, as the case
may be, will be considered the sole registered owner or holder of the notes represented by such Global Note for all
purposes under the Indenture. Except as set forth below under “—Certificated Notes,” owners of beneficial interests
in a Global Note will not be entitled to have notes represented by such Global Note registered in their names, will
not receive or be entitled to receive physical delivery of notes of such tranche in definitive form and will not be
considered the owners or holders thereof under the Indenture.

Payments of principal of and premium (if any) and interest on notes registered in the name of or held by a
Depositary or its nominee will be made to such Depositary or its nominee, as the case may be, as the registered
owner or the holder of the Global Note representing such notes. Neither we nor the Trustee or any Paying Agent
will have any responsibility or liability for any aspect of the records relating to or payments made on account of


                                                          I-10
beneficial ownership interests in a Global Note or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests.

We expect that DTC, Euroclear or Clearstream, Luxembourg, as the case may be, upon receipt of any payment of
principal of or premium (if any) or interest in respect of a Global Note, will credit immediately participants’
accounts with payments in amounts proportionate to their respective beneficial ownership interests in the principal
amount of such Global Note as shown on the records of DTC, Euroclear or Clearstream, Luxembourg, as the case
may be. We also expect that payments by participants to owners of beneficial interests in such Global Note held
through such participants will be governed by standing instructions and customary practices, as is now the case with
securities held for the accounts of customers in bearer form or registered in “street name,” and will be the
responsibility of such participants.

Certificated Notes

Interests in a Global Note deposited with DTC or Euroclear and/or Clearstream, Luxembourg will be exchanged for
Certificated Notes only if (i) in the case of a Global Note deposited with DTC, DTC notifies us and the Trustee that
it is unwilling or unable to continue as depositary for such Global Note or at any time DTC ceases to be a clearing
agency registered under the Exchange Act, and a successor depositary so registered is not appointed by us within 90
days of such notice, (ii) in the case of a Global Note deposited with Euroclear and/or Clearstream, Luxembourg, the
clearing system(s) through which it is cleared and settled is closed for business for a continuous period of 14 days
(other than by reason of holidays, statutory or otherwise) or announces an intention to cease business permanently or
does in fact do so, (iii) an Event of Default has occurred and is continuing or (iv) we in our sole discretion notify the
Trustee in writing that Certificated Notes will be delivered in exchange for such Global Note. In the case of
Certificated Notes issued in exchange for a Restricted Global Note, such certificates will bear, and be subject to, the
legend referred to under “Transfer Restrictions”.

Neither the Trustee nor any Transfer Agent will be required to register the transfer or exchange of any Certificated
Notes for a period of 15 days preceding any interest payment date, or register the transfer or exchange of any
Certificated Notes previously called for redemption.

Certificated Notes may be presented for registration of transfer, or for exchange for new Certificated Notes of
authorized denominations, at the corporate trust office of the Trustee in the Borough of Manhattan, New York City,
or at the office of any Transfer Agent. Upon the transfer, exchange or replacement of Certificated Notes bearing a
restrictive legend, or upon specific request for removal of such legend, we will deliver only Certificated Notes that
bear such legend, or will refuse to remove such legend, as the case may be, unless there is delivered to us such
satisfactory evidence, which may include an opinion of New York counsel, as may reasonably be required by us,
that neither the legend nor the restrictions on transfer set forth therein are required to ensure compliance with the
provisions of the Securities Act. In the case of a transfer of less than the principal amount of any Certificated Note,
a new Certificated Note will be issued to the transferee in respect of the amount transferred and another Certificated
Note will be issued to the transferor in respect of the portion not transferred. Such new notes will be available
within three Business Days at the corporate trust office of the Trustee in New York City or at the office of any
Transfer Agent.

No service charge will be made for any registration of transfer or exchange of notes, but we or the Trustee may
require payment of a sum sufficient to cover any stamp tax or other governmental duty payable in connection
therewith.

Replacement of Notes

Notes that become mutilated, destroyed, stolen or lost will be replaced upon delivery to the Trustee of the notes, or
delivery to us and the Trustee of evidence of the loss, theft or destruction thereof satisfactory to us and the Trustee.
In the case of a lost, stolen or destroyed note, an indemnity satisfactory to us and the Trustee may be required at the
expense of the holder of such note before a replacement note will be issued. Upon the issuance of any new note, we
may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and the expenses of the Trustee, its counsel and its
agents) connected therewith.


                                                          I-11
Status and Ranking

The notes will qualify as “obligaciones negociables” under the Negotiable Obligations Law and Joint Resolution
470-1738/2004, and will be entitled to the benefits set forth therein and subject to the procedural requirements
thereof. In particular, pursuant to Article 29 of the Negotiable Obligations Law, in the event of a default by us in the
payment of any amount due under a note of any series, the holder of such note will be entitled to institute summary
judicial proceedings (juicio ejecutivo) in Argentina to recover payment of any such amount.

Unless otherwise specified in the applicable pricing supplement, the notes will constitute our direct, unconditional,
unsecured and unsubordinated obligations and will rank at all times at least pari passu in right of payment with all
our other existing and future unsecured and unsubordinated indebtedness (other than obligations preferred by statute
or by operation of law, including, without limitation, tax and labor related claims and our obligations to depositors).

In particular, under the Financial Institutions Law, all of our existing and future depositors will have a general
priority right over holders of notes issued under this program. The Financial Institutions Law provides that in the
event of judicial liquidation or insolvency, all depositors, regardless of the type, amount or currency of their
deposits, whether individuals or corporations, would have priority over all of our other creditors (including holders
of notes), except certain labor creditors and secured creditors. In addition, depositors would have priority over all
other creditors, with the exception of certain labor creditors, to funds held by the Central Bank as reserves, any other
funds at the time of any revocation of our banking license and proceeds from any mandatory transfer of our assets
by the Central Bank.

If so specified in the applicable pricing supplement, we may issue, under a separate indenture, subordinated notes.
In addition to the priority of certain other creditors described in the preceding paragraphs, subordinated notes will
rank at all times junior in right of payment to our secured indebtedness and, to the extent set forth therein, certain of
our unsecured and unsubordinated indebtedness (as well as obligations preferred by statute or by operation of law).

Interest Rate

General

Unless otherwise specified in the applicable pricing supplement, each Fixed Rate Note or Floating Rate Note will
bear interest from (and including) the issue date or such other date (the “Interest Commencement Date”) specified in
the applicable pricing supplement or from the most recent Interest Payment Date (or, if such note is a Floating Rate
Note and the Interest Reset Period is daily or weekly, from the day following the most recent Regular Record Date)
(as each such term is defined below) to which interest on such note has been paid or duly provided for at the fixed
rate per annum, or at the rate per annum determined pursuant to the interest rate formula, stated in the applicable
pricing supplement, until the principal thereof is paid or made available for payment. Interest will be payable on the
date or dates specified in the applicable pricing supplement (an “Interest Payment Date”) and at Stated Maturity or
upon redemption or acceleration, as specified under “Payment of Principal and Interest” below.

Each note bearing interest will bear interest at either (a) a fixed rate or (b) a variable rate determined by reference to
an interest rate basis (including LIBOR (a “LIBOR Note”), the Treasury Rate (a “Treasury Rate Note”) or such
other interest rate basis as is set forth in the applicable pricing supplement), which may be adjusted by adding or
subtracting the Spread and/or multiplying by the Spread Multiplier. The “Spread” is the number of basis points
specified in the applicable pricing supplement as being applicable to the interest rate for such note, and the “Spread
Multiplier” is the percentage specified in the applicable pricing supplement as being applicable to the interest rate
for such note. A Floating Rate Note may also have either or both of the following as specified in the applicable
pricing supplement: (a) a maximum numerical interest rate limitation, or ceiling, on the rate of interest which may
accrue during any interest period (a “Maximum Rate”) and (b) a minimum numerical interest rate limitation, or
floor, on the rate of interest which may accrue during any interest period (a “Minimum Rate”).

We use the following general definitions throughout this section:




                                                          I-12
“Business Day” means, unless otherwise defined in the applicable pricing supplement, any day, other than a
Saturday or Sunday, that is neither a legal holiday nor a day on which commercial banks are authorized or required
by law, regulation or executive order to close in New York City or Buenos Aires City; provided, however, that, with
respect to notes denominated in a Specified Currency other than U.S. dollars, it is also not a day on which
commercial banks are authorized or required by law, regulation or executive order to close in the principal financial
center of the country issuing the Specified Currency (or, if the Specified Currency is the Euro, such day is also a day
on which the Trans-European Automated Real Time Gross Settlement Express Transfer (TARGET) System is open,
(a “TARGET Settlement Date”); provided further that, with respect to a LIBOR Note, it is also a London Banking
Day.

“London Banking Day” means any day on which dealings in deposits in U.S. dollars are transacted in the London
interbank market.

“Index Maturity” means, with respect to a Floating Rate Note, the period to maturity of the instrument or obligation
on which the interest rate formula is based, as specified in the applicable pricing supplement.

Unless otherwise specified in the applicable pricing supplement, the Trustee will be the calculation agent (the
“Calculation Agent”) with respect to the Floating Rate Notes.

Fixed Rate Notes

Fixed Rate Notes will bear interest from (and including) the Interest Commencement Date specified in the
applicable pricing supplement at the rate or rates per annum so specified (the “Fixed Rate(s) of Interest”) payable in
arrears on the Interest Payment Date(s) in each year and on the Stated Maturity or upon redemption or acceleration.
The first payment of interest will be made on the Interest Payment Date next following the Interest Commencement
Date and, if the period from the Interest Commencement Date to the Interest Payment Date differs from the period
between subsequent Interest Payment Dates, will equal the “Initial Broken Amount” specified in the applicable
pricing supplement. If the Stated Maturity is not an Interest Payment Date, interest from and including the
preceding Interest Payment Date (or the Interest Commencement Date, as the case may be) to (but excluding) the
Stated Maturity will equal the “Final Broken Amount” specified in the applicable pricing supplement.

Floating Rate Notes

General

The applicable pricing supplement relating to a Floating Rate Note will designate an interest rate basis (the “Interest
Rate Basis”) for such Floating Rate Note. The Interest Rate Basis for each Floating Rate Note will be: (a) LIBOR,
in which case such note will be a LIBOR Note; (b) the Treasury Rate, in which case such note will be a Treasury
Rate Note; or (c) such other interest rate basis as is set forth in such pricing supplement. The pricing supplement for
a Floating Rate Note will also specify, if applicable, the Calculation Agent, the Index Maturity, the Spread and/or
Spread Multiplier, the Maximum Rate, the Minimum Rate, the Regular Record Dates and the Initial Interest Rate,
the Interest Payment Dates, the Calculation Dates, the Interest Determination Dates, the Interest Reset Period and
the Interest Reset Dates (each as defined below) with respect to such note.

The rate of interest on each Floating Rate Note will be reset and become effective daily, weekly, monthly, quarterly,
semiannually or annually or otherwise, as specified in the applicable pricing supplement (each an “Interest Reset
Period”); provided, however, that (a) the interest rate in effect from the date of issue to the first Interest Reset Date
with respect to a Floating Rate Note will be the initial interest rate as set forth in the applicable pricing supplement
(the “Initial Interest Rate”) and (b) unless otherwise specified in the applicable pricing supplement, the interest rate
in effect for the ten days immediately prior to Stated Maturity of a note will be that in effect on the tenth day
preceding such Stated Maturity. The dates on which the rate of interest will be reset (each an “Interest Reset Date”)
will be specified in the applicable pricing supplement. If any Interest Reset Date for any Floating Rate Note would
otherwise be a day that is not a Business Day with respect to such Floating Rate Note, the Interest Reset Date for
such Floating Rate Note will be postponed to the next day that is a Business Day with respect to such Floating Rate




                                                          I-13
Note, except that, in the case of a LIBOR Note, if such Business Day is in the next succeeding calendar month, such
Interest Reset Date will be the next preceding Business Day.

Unless otherwise specified in the applicable pricing supplement, “Interest Determination Dates” will be as set forth
below. The Interest Determination Date pertaining to an Interest Reset Date for a LIBOR Note (the “LIBOR
Interest Determination Date”) will be the second Business Day preceding such Interest Reset Date. The Interest
Determination Date pertaining to an Interest Reset Date for a Treasury Rate Note (the “Treasury Interest
Determination Date”) will be the day of the week in which such Interest Reset Date falls and on which Treasury
bills would normally be auctioned. Treasury bills are usually sold at auction on the Monday of each week, unless
that day is a legal holiday, in which case the auction is usually held on the following Tuesday, except that such
auction may be on the preceding Friday. If, as the result of a legal holiday, an auction is so held on the preceding
Friday, such Friday will be the Treasury Interest Determination Date pertaining to the Interest Reset Date occurring
in the next succeeding week. If an auction date falls on any Interest Reset Date for a Treasury Rate Note, then such
Interest Reset Date will instead be the first Business Day immediately following such auction date.

All percentages resulting from any calculations referred to in this offering circular will be rounded, if necessary, to
the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded
upward (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)), and all Specified Currency
amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent rounded
upward) or nearest equivalent in Specified Currencies other than U.S. dollars.

In addition to any Maximum Rate which may be applicable to any Floating Rate Note pursuant to the above
provisions, the interest rate on Floating Rate Notes will in no event be higher than the maximum interest rate
permitted by applicable law.

Upon the request of the holder of any Floating Rate Note, the Calculation Agent will provide the interest rate then in
effect, and, if determined, the interest rate which will become effective on the next Interest Reset Date with respect
to such Floating Rate Note. The Calculation Agent’s determination of any interest rate will be final and binding in
the absence of manifest error.

The Calculation Agent will cause notice of the rate of interest and the amount of interest for each interest period and
the relevant Interest Payment Date to be given to us and the Trustee as soon as possible after their determination but
in no event later than the fourth Business Day thereafter and, in the case of notes listed on the Luxembourg Stock
Exchange for trading on the EuroMTF, no later than the first day of the relevant Interest Reset Period. Such notice
will be in accordance with the provisions of the notes relating to notices to holders of notes. See “—Notices.” The
amount of interest and the Interest Payment Date may subsequently be amended (or appropriate alternative
arrangements as may be made by way of adjustment) without notice in the event of an extension or shortening of the
Interest Reset Period.

The manner in which the interest rate for any Floating Rate Note that is not a LIBOR Note or a Treasury Rate Note
will be determined as set forth in the applicable pricing supplement.

LIBOR Notes

LIBOR Notes will bear interest at the interest rates (calculated with reference to LIBOR and the Spread and/or
Spread Multiplier, if any, subject to the Maximum Rate or the Minimum Rate, if any), and will be payable on the
dates, specified on the face of the LIBOR Note and in the applicable pricing supplement.

Unless otherwise indicated in the applicable pricing supplement, LIBOR with respect to any Interest Reset Date will
be determined by the Calculation Agent in accordance with the following provisions. On the relevant LIBOR
Interest Determination Date, LIBOR will be determined on the basis of either of the following, as specified in the
applicable pricing supplement:

                 (a)    the offered rates for deposits in the Specified Currency having the specified Index
         Maturity, commencing on the next succeeding Interest Reset Date, which appear on the display designated



                                                         I-14
         as page “LIBOR” on the Reuters Monitor Money Rates Service (or such other page as may replace the
         LIBOR Page on that service for the purpose of displaying London interbank offered rates of major banks
         for deposits in the Specified Currency) (“Reuters Screen LIBOR Page”) as of 11:00 A.M., London time, on
         such LIBOR Interest Determination Date. If at least two such offered rates appear on the Reuters Screen
         LIBOR Page, LIBOR with respect to such Interest Reset Date will be the arithmetic mean of such offered
         rates as determined by the Calculation Agent. If fewer than two offered rates appear, LIBOR with respect
         to such Interest Reset Date will be determined as described in (c) below; or

                   (b)     the offered rates for deposits in the Specified Currency having the specified Index
         Maturity, commencing on the next succeeding Interest Reset Date, which appear on the display designated
         as Page 3740 or Page 3750, as applicable, on the Dow Jones Telerate Service (or such other page as may
         replace any such page on that service for the purpose of displaying London interbank offered rates of major
         banks for deposits in the Specified Currency) (each a “Telerate Page”) as of 11:00 A.M., London time, on
         such LIBOR Interest Determination Date. If no such offered rate appears, LIBOR with respect to such
         Interest Reset Date will be determined as described in (c) below.

         If neither a Reuters Screen LIBOR Page nor a Telerate Page is specified in the applicable pricing
         supplement, LIBOR will be determined as if a Telerate Page had been so specified.

                   (c)      With respect to a LIBOR Interest Determination Date on which fewer than two offered
         rates for the applicable Index Maturity appear on the Reuters Screen LIBOR Page as described in (a)
         above, or on which no rate appears on Telerate Page 3740 or 3750, as the case may be, as described in (b)
         above, as applicable, LIBOR will be determined on the basis of the rates at approximately 11:00 A.M.,
         London time, on such LIBOR Interest Determination Date at which deposits in the Specified Currency
         having the specified Index Maturity are offered to prime banks in the London interbank market by four
         major banks in the London interbank market selected by the Calculation Agent (after consultation with us)
         commencing on the second Business Day immediately following such LIBOR Interest Determination Date
         and in a principal amount equal to an amount of not less than US$1,000,000 (or its approximate equivalent
         in a Specified Currency other than U.S. dollars) that in our judgment is representative for a single
         transaction in such market at such time (a “Representative Amount”). The Calculation Agent will request
         the principal London office of each of such banks to provide a quotation of its rate. If at least two such
         quotations are provided, LIBOR with respect to such Interest Reset Date will be the arithmetic mean of
         such quotations. If fewer than two quotations are provided, LIBOR with respect to such Interest Reset Date
         will be the arithmetic mean of the rates quoted at approximately 11:00 A.M., New York City time, on such
         LIBOR Interest Determination Date by three major banks in New York City, selected by the Calculation
         Agent (after consultation with us), for loans in the Specified Currency to leading European banks having
         the specified Index Maturity commencing on the Interest Reset Date and in a Representative Amount;
         provided, however, that if fewer than three banks selected as aforesaid by the Calculation Agent are quoting
         as mentioned in this sentence, LIBOR with respect to such Interest Reset Date will be LIBOR in effect on
         such LIBOR Interest Determination Date.

Treasury Rate Notes

Treasury Rate Notes will bear interest at the interest rates (calculated with reference to the Treasury Rate and the
Spread and/or Spread Multiplier, if any, subject to the Maximum Rate or Minimum Rate, if any) and will be payable
on the dates specified in the applicable pricing supplement. Unless otherwise specified in the applicable pricing
supplement, the “Calculation Date” with respect to a Treasury Interest Determination Date will be the tenth day after
such Treasury Interest Determination Date or, if any such day is not a Business Day, the next succeeding Business
Day.

Unless otherwise indicated in the applicable pricing supplement, “Treasury Rate” means, with respect to any Interest
Reset Date, the rate for the auction on the relevant Treasury Interest Determination Date of direct obligations of the
United States (“Treasury Bills”) having the Index Maturity specified in the applicable pricing supplement, as such
rate appears on the display of Moneyline Telerate, Inc. (or any successor service) on page 56 (or any other page as
may replace such page) or page 57 (or any other page as may replace such page) under the heading “INVESTMENT
RATE.” In the event that such rate does not appear by 3:00 p.m., New York City time, on the Calculation Date


                                                        I-15
pertaining to such Treasury Interest Determination Date, then the Treasury Rate for such Interest Reset Date shall be
the rate on such date as published in H.15 Daily Update under the heading “U.S. government securities—Treasury
bills—Auction high.” In the event that the foregoing rates do not so appear or are not so published by 3:00 p.m.,
New York City time, on the Calculation Date pertaining to such Treasury Interest Determination Date, then the
Treasury Rate for such Interest Reset Date shall be the “Investment Rate” (expressed as a bond equivalent yield, on
the basis of a year of 365 or 366 days, as applicable, and applied on a daily basis) as announced by the United States
Department of the Treasury for the auction held on such Treasury Interest Determination Date, currently available
on the worldwide web at: http://www.treasurydirect.gov/RT/RTGateway?page=institHome. In the event that the
results of the auction of Treasury Bills having the Index Maturity specified in the applicable pricing supplement are
not published or reported as provided above by 3:00 p.m., New York City time, on such Calculation Date or if no
such auction is held on such Treasury Interest Determination Date, then the Treasury Rate shall be calculated by the
Calculation Agent and shall be the rate for such Treasury Interest Determination Date for the issue of Treasury Bills
with a remaining maturity closest to the specified Index Maturity (expressed as a bond equivalent yield, on the basis
of a year of 365 or 366 days, as applicable, and applied on a daily basis) as published in H.15(519) under the
heading “U.S. government securities—Treasury bills (secondary market).” In the event that the foregoing rates do
not so appear or are not so published by 3:00 p.m., New York City time, on the Calculation Date pertaining to such
Treasury Interest Determination Date, then the Treasury Rate for such Interest Reset Date shall be the rate for such
Treasury Interest Determination Date for the issue of Treasury Bills with a remaining maturity closest to the
specified Index Maturity, as published in H.15 Daily Update or another recognized electronic source used for the
purpose of displaying such rate under the heading “U.S. government securities—Treasury bills (secondary market).”
In the event that the foregoing rates do not so appear or are not so published by 3:00 p.m., New York City time, on
the Calculation Date pertaining to such Treasury Interest Determination Date, then the Treasury Rate shall be
calculated by the Calculation Agent and shall be a yield to maturity (expressed as a bond equivalent yield, on the
basis of a year of 365 or 366 days, as applicable, and applied on a daily basis) of the arithmetic mean of the
secondary market bid rates, at approximately 3:30 p.m., New York City time, on such Treasury Interest
Determination Date, quoted by three leading primary United States government securities dealers selected by the
Calculation Agent with our approval (such approval not to be unreasonably withheld) for the issue of Treasury Bills
with a remaining maturity closest to the specified Index Maturity; provided that if the dealers selected as aforesaid
by the Calculation Agent with our approval (such approval not to be unreasonably withheld) are not quoting as
mentioned in this sentence, the Treasury Rate for such Interest Reset Date shall be the Treasury Rate in effect on
such Treasury Interest Determination Date.

Payment of Principal and Interest

General

Interest (and principal, if any, payable other than at Stated Maturity or upon acceleration or redemption) will be
payable in immediately available funds to the person in whose name a note is registered at the close of business on
the Regular Record Date next preceding each Interest Payment Date notwithstanding the cancellation of such notes
upon any transfer or exchange thereof subsequent to such Record Date and prior to such Interest Payment Date;
provided, however, that interest payable at Stated Maturity or upon acceleration or redemption will be payable to the
person to whom principal will be payable; provided further that if and to the extent we default in the payment of the
interest (including Additional Amounts) due on such Interest Payment Date, such defaulted interest (including
Additional Amounts) will be paid to the person in whose names such notes are registered at the end of a subsequent
record date established by us by notice given by mail by or on behalf of us to the holders of the notes not less than
15 days preceding such subsequent record date, such record date to be not less than 15 days preceding the date of
payment in respect of such defaulted interest. Unless otherwise specified in the applicable pricing supplement, the
first payment of interest on any note originally issued between a Regular Record Date and an Interest Payment Date
will be made on the Interest Payment Date following the next succeeding Regular Record Date to the registered
owner at the close of business on such next succeeding Regular Record Date. Unless otherwise indicated in the
applicable pricing supplement and note, the “Regular Record Date” with respect to any note will be the date 15
calendar days prior to each Interest Payment Date, whether or not such date will be a Business Day.

Payment of the principal of and any premium, interest, Additional Amounts and other amounts on or in respect of
any Registered Note at Stated Maturity or upon redemption or acceleration will be made in immediately available
funds to the person in whose name such note is registered upon surrender of such note at the corporate trust office of


                                                        I-16
the Trustee in the Borough of Manhattan, New York City, or at the specified office of any other Paying Agent,
provided that the Registered Note is presented to the Paying Agent in time for the Paying Agent to make such
payments in such funds in accordance with its normal procedures. Payments of the principal of and any premium,
interest, Additional Amounts and other amounts on or in respect of Registered Notes to be made other than at Stated
Maturity or upon redemption will be made by check mailed on or before the due date for such payments to the
address of the person entitled thereto as it appears in the Register; provided that (a) the applicable Depositary, as
holder of the Global Notes, shall be entitled to receive payments of interest by wire transfer of immediately available
funds, (b) a holder of US$1,000,000 (or the approximate equivalent thereof in a Specified Currency other than U.S.
dollars) in aggregate principal or face amount of notes of the same series shall be entitled to receive payments of
interest by wire transfer of immediately available funds to an account maintained by such holder at a bank located in
the United States as may have been appropriately designated by such person to the Trustee in writing no later than
15 days prior to the date such payment is due and (c) to the extent that the holder of a Registered Note issued and
denominated in a Specified Currency other than U.S. dollars elects to receive payment of principal and interest at
Stated Maturity or upon redemption in such Specified Currency, such payment, except in circumstances described in
the applicable pricing supplement, shall be made by wire transfer of immediately available funds to an account
specified in writing not less than 15 days prior to Stated Maturity by the holder to the Trustee. Unless such
designation is revoked, any such designation made by such holder with respect to such notes shall remain in effect
with respect to any future payments with respect to such notes payable to such holder.

Payments of interest on any Fixed Rate Note or Floating Rate Note with respect to any Interest Payment Date will
include interest accrued to but excluding such Interest Payment Date; provided, however, that, unless otherwise
specified in the applicable pricing supplement, if the Interest Reset Dates with respect to any Floating Rate note are
daily or weekly, interest payable on such note on any Interest Payment Date, other than interest payable on the date
on which principal on any such note is payable, will include interest accrued to but excluding the day following the
next preceding Regular Record Date.

With respect to a Floating Rate Note, accrued interest from the date of issue or from the last date to which interest
has been paid is calculated by multiplying the principal or face amount of such Floating Rate Note by an accrued
interest factor. Such accrued interest factor is computed by adding the interest factor calculated for each day from
the date of issue, or from the last date to which interest has been paid, to but excluding the date for which accrued
interest is being calculated. Unless otherwise specified in the applicable pricing supplement and note, the interest
factor (expressed as a decimal) for each such day is computed by dividing the interest rate (expressed as a decimal)
applicable to such date by 360, in the case of LIBOR notes, or by the actual number of days in the year, in the case
of Treasury Rate Notes.

Unless otherwise specified in the applicable pricing supplement, interest on Fixed Rate Notes will be calculated on
the basis of a 360-day year consisting of twelve months of 30 days each and, in the case of an incomplete month, the
number of days elapsed.

Unless otherwise specified in the applicable pricing supplement, if any Interest Payment Date (other than the Stated
Maturity) for any Floating Rate Note would otherwise be a day that is not a Business Day in the relevant locations
specified in the pricing supplement and the place of payment, such Interest Payment Date will be the next Business
Day succeeding such Business Day (except that, in the case of a LIBOR Note, if such Business Day is in the next
succeeding calendar month, such Interest Payment Date will be the next Business Day preceding such Business
Day). If the Stated Maturity for any Fixed Rate Note or Floating Rate Note or the Interest Payment Date for any
Fixed Rate Note falls on a day which is not a Business Day in the relevant locations specified in the pricing
supplement and the place of payment, payment of principal (and premium, if any) and interest with respect to such
note will be made on the next succeeding Business Day in the place of payment with the same force and effect as if
made on the due date and no interest on such payment will accrue from and after such due date.

Specified Currency Other than U.S. Dollars

If any note is to be denominated in a Specified Currency other than U.S. dollars, certain provisions with respect
thereto will be set forth in the applicable pricing supplement, which will specify the foreign currency or currency
unit in which the principal or any premium or interest with respect to such note is to be paid, along with any other
terms relating to the non-U.S. dollar denomination.


                                                         I-17
If we offer Indexed Notes or Dual Currency Notes, the applicable pricing supplement and such Indexed Notes or
Dual Currency Notes will set forth the method by and the terms on which the amount of principal (payable on or
prior to Stated Maturity), interest and/or any premium will be determined, any additional tax consequences to the
holder of such note, a description of certain risks associated with investment in such note and other information
relating to such note.

Unless otherwise specified in the applicable pricing supplement, notes denominated in a Specified Currency other
than U.S. dollars will provide that, in the event of an official redenomination of the Specified Currency, our
obligations with respect to payments on such notes will, in all cases, be deemed immediately following such
redenomination to provide for payment of that amount of the redenominated Specified Currency representing the
amount of such obligations immediately before such redenomination.

If the principal of or any premium, interest, Additional Amounts or other amounts on any note are payable in a
Specified Currency other than U.S. dollars and such Specified Currency is not available due to the imposition of
exchange controls or other circumstances beyond our control, or is no longer used by the government of the country
issuing such currency or for settlement of transactions by public institutions of or within the international banking
community, we will be entitled, to the extent permitted by Argentine law, to satisfy our obligations to the holder of
such notes by making such payment in U.S. dollars on the basis of (i) in the case of interest payments, the Exchange
Rate Agent’s bid (U.S. dollar offer) quotation for such Specified Currency, and, in the case of principal payments,
the Exchange Rate Agent’s offer (U.S. dollar bid) quotation for such Specified Currency, in each case at or prior to
11:00 a.m., New York City time, on the second Business Day next preceding the applicable payment date, or (ii) if
no such rate is quoted for any reason, the rate determined by the Exchange Rate Agent based on an average of
quotations given to the Exchange Rate Agent by commercial banks which conduct foreign exchange operations, or
based on such other method as the Exchange Rate Agent may reasonably determine to calculate a market exchange
rate, without liability on its part to us or to any holder of a note, in each case on the second Business Day next
preceding the applicable payment date, as notified to us by the Exchange Rate Agent (such rate determined as set
forth in clauses (i) (ii) above, the “Exchange Rate”). In the event that the Exchange Rate is not available on the
second Business Day next preceding the applicable payment date, the rate at which the amount due shall be
converted into U.S. dollars shall be such rate as may be agreed to at such time by us and the Exchange Rate Agent.
Any payment made under such circumstances in U.S. dollars where the required payment is due in a Specified
Currency other than U.S. dollars will not constitute an Event of Default (as defined below) under the notes. Unless
otherwise specified in the applicable pricing supplement, the Trustee will be the exchange rate agent (the “Exchange
Rate Agent”) with respect to notes denominated in a Specified Currency other than U.S. dollars.

Payments of the principal and any premium, interest, Additional Amounts or other amounts to holders of a note
denominated in a Specified Currency other than U.S. dollars who hold the note through DTC will, to the extent
permitted by Argentine law, be made in U.S. dollars. However, any DTC holder of a note denominated in a
Specified Currency other than U.S. dollars may elect to receive payments by wire transfer in such Specified
Currency other than U.S. dollars by delivering a written notice to the DTC participant through which it holds its
beneficial interest, not later than the Regular Record Date, in the case of an interest payment, or at least 15 calendar
days before the Stated Maturity, specifying wire transfer instructions to an account denominated in the Specified
Currency. The DTC participant must notify DTC of the election and wire transfer instructions on or before the
twelfth Business Day before the applicable payment of the principal.

If so specified in a note denominated in a Specified Currency other than U.S. dollars and the applicable pricing
supplement, and except as provided in the next following paragraph, payments of principal and any premium,
interest, Additional Amounts or other amounts with respect to such note will, to the extent permitted by Argentine
law, be made in U.S. dollars if the holder of such note on the relevant Regular Record Date or at Stated Maturity, as
the case may be, has transmitted a written request for such payment in U.S. dollars to the Trustee and the applicable
Paying Agent on or prior to such Regular Record Date or the date 15 days prior to Stated Maturity, as the case may
be. Such request may be in writing (mailed or hand delivered) or by facsimile transmission. Any such request made
with respect to any Registered Note by a holder will remain in effect with respect to any further payments of
principal and any premium, interest, Additional Amounts or other amounts with respect to such Registered Note
payable to such holder, unless such request is revoked on or prior to the relevant Regular Record Date or the date 15
days prior to Stated Maturity, as the case may be. Holders of notes denominated in a Specified Currency other than



                                                         I-18
U.S. dollars that are registered in the name of a broker or nominee should contact such broker or nominee to
determine whether and how an election to receive payments in U.S. dollars may be made.

The U.S. dollar amount to be received by a holder of a note denominated in a Specified Currency other than U.S.
dollars who elects to receive payment in U.S. dollars will be based on the Exchange Rate on the second Business
Day next preceding the applicable payment date. If Exchange Rate quotations are not available on the second
Business Day preceding the date of payment of principal or any premium, interest, Additional Amounts or other
amounts with respect to any note, such payment will be made in the Specified Currency. All currency exchange
costs associated with any payment in U.S. dollars on any such note denominated in a Specified Currency other than
U.S. dollars will be borne by the holder thereof by deductions from such payment of such currency exchange being
effected on behalf of the holder by the Exchange Rate Agent.

Unless otherwise specified in the applicable pricing supplement, (i) a note denominated in Euro may only be
presented for payment on a day on which the TARGET system is operating and (ii) if interest is required to be
calculated for a period of less than one year, unless otherwise specified in the applicable pricing supplement, it will
be calculated on the basis of the actual number of days elapsed divided by 365 (or, if any of the days elapsed fall in a
leap year, the sum of (A) the number of those days falling in a leap year divided by 366 and (B) the number of those
days falling in a non-leap year divided by 365).

Redemption and Repurchase

Redemption for Taxation Reasons

The notes of any series may be redeemed at our option in whole, but not in part, at any time, on giving not less than
30 nor more than 60 days’ written notice (which will be irrevocable) to the Trustee and, if applicable, the CNV, in
writing, at the principal amount thereof (or, in the case of Original Issue Discount Notes, at the Amortized Face
Amount (as defined below) thereof), together with any accrued but unpaid interest and any Additional Amounts to
the date fixed for redemption (which date, in the case of Floating Rate Notes, must be an Interest Payment Date), if,
as a result of any change in, or amendment to, the laws (or any regulations or rulings issued thereunder) of
Argentina or any political subdivision of or any taxing authority in Argentina or any change in the application,
administration or official interpretation of such laws, regulations or rulings, including, without limitation, the
holding of a court of competent jurisdiction, we have or will become obligated to pay Additional Amounts on or in
respect of such notes, which change or amendment becomes effective on or after the date of issuance of the notes of
such series, and we determine in good faith that such obligation cannot be avoided by our taking reasonable
measures available to us. Prior to the distribution of any notice of redemption pursuant to this paragraph, we will
deliver to the Trustee a certificate signed by a duly authorized officer stating that we have or will become obligated
to pay Additional Amounts as a result of such change or amendment, and that such obligation cannot be avoided by
our taking reasonable measures available to us. If so specified in the applicable pricing supplement in Argentina, we
will also deliver to the Trustee, prior to the distribution of such notice, an opinion of counsel to the effect that as a
result of such change or amendment we will be obligated to pay Additional Amounts. The Trustee will be entitled
to accept such certificate (and, if specified in the applicable pricing supplement, such opinion) as sufficient evidence
of the satisfaction of the conditions precedent contained in the second preceding sentence, in which event it will be
conclusive and binding on the holders.

Redemption at Our Option

If so specified in the applicable pricing supplement, we may, subject to compliance with all relevant laws and
regulations, having given (unless otherwise specified in the applicable pricing supplement) not more than 60 nor less
than 30 days’ notice to the holders of the notes in accordance with the provisions governing the giving of notices set
forth below (which notice will be irrevocable) and to the Trustee and, if applicable, the CNV, redeem all or only
some of the notes then outstanding on the dates (the “Optional Redemption Date(s)”) and at the amounts (the
“Optional Redemption Amount(s)”) specified in, or determined in the manner specified in, the applicable pricing
supplement together with accrued interest (if any) to the date fixed for redemption (which date, in the case of
Floating Rate Notes, must be an Interest Payment Date). In the event of a redemption of only some of the notes of a
series, such redemption must be of a principal amount being the “Minimum Redemption Amount” or a “Higher
Redemption Amount,” in each case if so indicated in the applicable pricing supplement. In the case of a partial


                                                          I-19
redemption of Certificated Notes, such notes will be selected on a pro rata basis not more than 60 days prior to the
date fixed for redemption and a list of the notes called for redemption will be notified in accordance with the
provisions governing the giving of notices set forth below not less than 30 days prior to such date. In the case of a
partial redemption of notes which are represented by a Global Note, the relevant notes will be selected in accordance
with the rules of the relevant clearing system or systems, as the case may be. If the notes are listed on the
Luxembourg Stock Exchange for trading on the EuroMTF or on any other securities exchange and the rules of the
Luxembourg Stock Exchange or such other securities exchange so require, as applicable, we will, once in each year
in which there has been a partial redemption of the notes, cause to be published in a leading newspaper of general
circulation in Luxembourg or as specified by such other securities exchange a notice specifying the aggregate
principal amount of notes outstanding and a list of the notes drawn for redemption but not surrendered.

Redemption at the Option of the Holder

If so specified in the applicable pricing supplement, upon the holder of any note giving to us (unless otherwise
specified in the applicable pricing supplement) not more than 60 nor less than 30 days’ notice in accordance with the
provisions governing the giving of notices set forth below, which notice will be irrevocable, we will, subject to
compliance with all relevant laws and regulations, upon the expiry of such notice, redeem such note, subject to, and
in accordance with, the terms specified in the applicable pricing supplement on the Optional Redemption Date and
at the Optional Redemption Amount specified in or determined in the manner specified in the applicable pricing
supplement, in whole but not in part, together with accrued interest (if any) to the date fixed for redemption.

Only the registered holder of a Global Note can exercise a right to repayment in respect thereof. In order to ensure
that such entity will timely exercise a right to repayment with respect to a particular note, the beneficial owners of
such notes must instruct the broker or other direct or indirect participant through which it holds an interest in such
note to notify DTC, Euroclear or Clearstream, Luxembourg, as the case may be, of its desire to exercise a right to
repayment. Different firms have different deadlines for accepting instructions from their customers and,
accordingly, each beneficial owner should consult the broker or other direct or indirect participant through which it
holds an interest in a note in order to ascertain the deadline by which such an instruction must be given in order for
timely notice to be delivered to DTC, Euroclear or Clearstream, Luxembourg, as the case may be.

Redemption of Original Issue Discount Notes

Unless otherwise specified in the applicable pricing supplement, in the event of acceleration of maturity or
redemption prior to maturity of an Original Issue Discount Note, the amount payable thereon in lieu of the principal
amount due at the Stated Maturity will be the amount (the “Amortized Face Amount”) equal to the sum of (i) the
issue price (as defined in “Taxation—United States Federal Income Tax Considerations”) of such note and (ii) the
product of the accrual yield specified in the applicable pricing supplement (compounded annually) and the issue
price from (and including) the issue date to (but excluding) the Optional Redemption Date (or, in the case of an early
redemption for taxation reasons, the date fixed for redemption) and computed in accordance with generally accepted
United States bond yield computation principles, but in no event will the Amortized Face Amount exceed the
principal amount of such note due at Stated Maturity thereof.

Repurchase of Notes

We and our Subsidiaries may at any time purchase or otherwise acquire any note in the open market or otherwise at
any price and may resell or otherwise dispose of such note at any time; provided that in determining at any time
whether the holders of the requisite principal amount of the notes outstanding have given any request, demand,
authorization, direction, notice, consent or waiver under the Indenture, notes then owned by us or any of our
Subsidiaries will be disregarded and deemed not outstanding.

Cancellation

Any notes redeemed in full by us will be immediately canceled and may not be reissued or resold.




                                                        I-20
Procedure for Payment upon Redemption

If notice of redemption has been given in the manner set forth herein and in the applicable pricing supplement, the
notes of a series to be redeemed will become due and payable on the redemption date specified in such notice, and
upon presentation and surrender of the notes at the place or places specified in such notice, the notes will be paid
and redeemed by us at the places and in the manner and currency therein specified and at the redemption price
therein specified together with accrued interest and Additional Amounts, if any, to the redemption date. From and
after the redemption date, if monies for the redemption of notes called for redemption will have been made available
at the corporate trust office of the Trustee for redemption on the redemption date, the notes called for redemption
will cease to bear interest (and, in the case of Original Issue Discount Notes, cease to increase the Amortized Face
Amount payable in respect thereof), and the only right of the holders of such notes will be to receive payment of the
redemption price together with accrued interest and Additional Amounts, if any, to the redemption date as aforesaid.

Additional Amounts

All payments of principal, premium or interest by us in respect of the notes of any series will be made without
deduction or withholding for or on account of any present or future taxes, penalties, fines, duties, assessments or
other governmental charges of whatever nature imposed or levied by or on behalf of Argentina, or any political
subdivision thereof or any authority therein having power to tax (“Argentine Taxes”), unless we are compelled by
law to deduct or withhold such Argentine Taxes.

In any such event, we will pay such additional amounts (“Additional Amounts”) in respect of Argentine Taxes as
may be necessary to ensure that the amounts received by holders of such notes after such withholding or deduction
will equal the respective amounts that would have been receivable in respect of such notes in the absence of such
withholding or deduction, except that no such Additional Amounts will be payable:

                 (1)      to or on behalf of a holder or beneficial owner of a note that is liable for Argentine Taxes
        in respect of such note by reason of having a present or former connection with Argentina other than
        merely the holding or owning of such note or the enforcement of rights with respect to such note or the
        receipt of income or any payments in respect thereof;

                 (2)       to or on behalf of a holder or beneficial owner of a note in respect of Argentine Taxes
        that would not have been imposed but for the failure of the holder or beneficial owner of a note to comply
        with any certification, identification, information, documentation or other reporting requirement (within 30
        calendar days following a written request from us to the holder for compliance) if such compliance is
        required by applicable law, regulation, administrative practice or an applicable treaty as a precondition to
        exemption from, or reduction in the rate of deduction or withholding of, Argentine Taxes;

                 (3)        to or on behalf of a holder or beneficial owner of a note in respect of any estate,
        inheritance, gift, sales, transfer, personal assets or similar tax, assessment or other governmental charge;

                (4)      to or on behalf of a holder or beneficial owner of a note in respect of Argentine Taxes
        payable otherwise than by withholding from payment of principal of, premium, if any, or interest on the
        notes;

                 (5)       to or on behalf of a holder or beneficial owner of a note in respect of Argentine Taxes
        that would not have been imposed but for the fact that the holder presented such note for payment (where
        presentation is required) more than 30 days after the later of (x) the date on which such payment became
        due and (y) if the full amount payable has not been received by the Trustee on or prior to such due date, the
        date on which, the full amount having been so received, notice to that effect will have been given to the
        holders by the Trustee; or

                 (6)      any combination of items (1) to (5) above;




                                                        I-21
nor will Additional Amounts be paid with respect to any payment of the principal of, or any premium or interest on,
any notes to any holder or beneficial owner of a note who is a fiduciary or partnership or limited liability company
or other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of
Argentina to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a
member of such partnership, limited liability company or beneficial owner who would not have been entitled to such
Additional Amounts had it been the holder of such notes.

All references in this offering circular to principal, premium or interest payable hereunder will be deemed to include
references to any Additional Amounts payable with respect to such principal, premium or interest. We will provide
the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of any amounts
deducted or withheld promptly upon our payment thereof, and copies of such documentation will be made available
by the Trustee to holders upon written request to the Trustee.

We will pay promptly when due any present or future stamp, court or documentary taxes or any excise or property
taxes, charges or similar levies that arise in any jurisdiction from the execution, delivery or registration of each note
or any other document or instrument referred to in the Indenture or such note, excluding any such taxes, charges or
similar levies imposed by any jurisdiction outside Argentina except those resulting from, or required to be paid in
connection with, the enforcement of such note after the occurrence and during the continuance of any Event of
Default with respect to the note in default.

Covenants

Unless otherwise indicated in the applicable pricing supplement, for as long as any note is outstanding, we will, and
to the extent specified below will cause our Subsidiaries to, comply with the terms of the following covenants.

Payment of Principal and Interest

We will duly and punctually pay the principal of and interest and any Additional Amounts on the notes in
accordance with the terms of the notes and the Indenture.

Maintenance of Corporate Existence; Properties

We will, and will cause each of our Subsidiaries to, (a) maintain in effect its corporate existence and all registrations
necessary therefor, (b) take all actions to maintain all rights, privileges, titles to property or franchises necessary in
the normal conduct of its business and (c) keep all its property used or useful in the conduct of its business in good
working order and condition; provided that this covenant will not require us to maintain any such right, privilege,
title to property or franchises or to preserve the corporate existence of any Subsidiary, if our Board of Directors
determines in good faith that the maintenance or preservation thereof is no longer necessary or desirable in the
conduct of our business.

Compliance with Law

We will, and will cause each of our Subsidiaries to, comply with all applicable laws, rules, regulations, orders and
resolutions of each Government Agency (as defined below) having jurisdiction over it or its business except where
the failure to so comply would not have a material adverse effect on our and our Subsidiaries’ business, assets,
operations or financial condition taken as a whole.

Reports to Trustee

We will furnish to the Trustee:

                  (1) within 120 days after the end of each of our fiscal years (or, if later, the date on which we are
         required to deliver to the CNV or to the Central Bank financial statements for the relevant fiscal period), a
         copy of our audited consolidated balance sheet as of the end of such year and our consolidated statements
         of income and statements of shareholders’ equity and statements of cash flows for such fiscal year,



                                                          I-22
          prepared in accordance with Central Bank Rules applied consistently throughout the periods reflected
          therein (except as otherwise expressly noted therein) and delivered in both the English and Spanish
          languages;

                    (2) within 60 days after the end of the first three fiscal quarters of each of our fiscal years (or, if
          later, the date on which we are required to deliver to the CNV or to the Central Bank financial statements
          for the relevant fiscal period), a copy of our unaudited consolidated balance sheet as of the end of each such
          quarter and our unaudited consolidated statements of income and statements of shareholders’ equity and
          statements of cash flows for such quarter, prepared in accordance with Central Bank Rules applied
          consistently throughout the periods reflected therein (except as otherwise expressly noted therein) and
          delivered in both the English and Spanish languages; and

                   (3) within 195 days after the end of each of our fiscal years, an English language version of our
          annual audited consolidated financial statements prepared in accordance with U.S. GAAP (or, if we are not
          preparing consolidated financial statements in accordance with U.S. GAAP, a reconciliation of our
          financial statements described in clause (1) above to U.S. GAAP), together with a “management’s
          discussion and analysis” thereof, in form and substance to the effect generally required of foreign private
          issuers subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act; provided that, in
          the event we are no longer required to submit reports to the SEC, we will not be required to provide a
          reconciliation of our financial statements to U.S. GAAP.

Notice of Default

We will give written notice to a responsible officer of the Trustee, promptly after we become aware thereof, of the
occurrence and continuance of any Event of Default, accompanied by an officer’s certificate signed by the Chief
Executive Officer or Chief Financial Officer of the Bank setting forth the details of such Event of Default and
stating what action we propose to take with respect thereto.

Maintenance of Books and Records

We will maintain books, accounts and records in accordance with Argentine GAAP and the Central Bank Rules.

Ranking

Except as specified in the applicable pricing supplement, we will ensure that our obligations under the notes will
rank at least pari passu in right of payment with all of our other existing and future unsecured and unsubordinated
indebtedness (other than obligations preferred by statute or by operation of law).

Further Actions

We will use our reasonable best efforts to take any action, satisfy any condition or do any thing (including the
obtaining or effecting of any necessary consent, approval, authorization, exemption, filing, license, order, recording
or registration) at any time required in accordance with the applicable laws and regulations to be taken, fulfilled or
done in order (a) to enable us lawfully to enter into, exercise our rights and perform and comply with our payment
obligations under the notes and the Indenture, as the case may be, (b) to ensure that those obligations are legally
binding and enforceable, and (c) to make the notes and the Indenture admissible in evidence in the courts of
Argentina.

Negative Pledge

We will not, and will not permit any of our Subsidiaries to, directly or indirectly, create, incur, assume or suffer to
exist any Lien (as defined below), except a Permitted Lien (as defined below), upon our or its present or future
assets to secure any Indebtedness unless, at the same time or prior thereto, our obligations under the notes and the
Indenture, as the case may be, are secured equally and ratably therewith.




                                                           I-23
Mergers, Consolidations, Sales, Leases

We will not merge, consolidate or amalgamate with or into, or convey or transfer or lease all or substantially all of
our properties and assets, whether in one transaction or a series of transactions, to any Person unless (a) immediately
after giving effect to such transaction, no Event of Default will have occurred and be continuing, (b) any Person
formed by any such merger, consolidation or amalgamation, or the Person which acquires by conveyance or transfer,
or which leases, such properties and assets (the “Successor Person”) (i) is a corporation organized and validly
existing under the laws of Argentina, the United States, or any other country that is a member country of the
European Union or any political subdivision thereof and (ii) expressly assumes, by a supplemental indenture,
executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, the due and punctual payment
of the principal of, and interest on (including Additional Amounts, if any, that may result due to withholding by any
authority having the power to tax to which the Successor Person is or may be subject) all of the notes and all of our
other obligations under the notes and the Indenture, (c) the Successor Person agrees to indemnify each holder
against any tax, assessment or governmental charge thereafter imposed on such holder by a Government Agency
solely as a consequence of such consolidation, merger, amalgamation, conveyance, transfer or lease with respect to
the payment of principal of, or interest on, the notes and (d) the Successor Person (except in the case of leases), if
any, succeeds to and becomes substituted for us with the same effect as if it had been named in the notes as us.

Certain Definitions

For the purposes of the covenants and the events of default:

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For the purposes of this definition, “control”
when used with respect to any specified Person means the power to direct or cause the direction of the management
and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

“Authorized Person” means any of our officers duly authorized in writing to take actions under the Indenture on our
behalf.

“Capital Stock” means, with respect to any Person, any and all shares, interests, participations, warrants, options,
rights or other equivalents of or interests in (however designated and whether voting or non-voting) corporate stock
of a corporation and any and all equivalent ownership interests in a Person (other than a corporation), in each case
whether now outstanding or hereafter issued, including any preferred stock.

“Central Bank Rules” means the accounting rules of the Central Bank as in effect from time to time.

“Government Agency” means any public legal entity or public agency, created by federal, state or local government,
or any other legal entity now existing or hereafter created, or now or hereafter owned or controlled, directly or
indirectly, by any public legal entity or public agency, including any central bank.

“Hedging Obligations” means, with respect to any Person, the obligations of such Person pursuant to any interest
rate swap agreement, foreign currency exchange agreement, interest rate collar agreement, option or futures contract
or other similar agreement or arrangement designed to protect such person against changes in interest rates or
foreign exchange rates.

“Indebtedness” means, with respect to any Person, without duplication: (a) all obligations of such Person for
borrowed money; (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments; (c) all obligations of such Person under any lease that are required to be classified and accounted for as
capital lease obligations under the Central Bank Rules; (d) all obligations of such Person issued or assumed as the
deferred purchase price of property or services, all conditional sale obligations and all obligations under any title
retention agreement (but excluding trade accounts payable and other accrued liabilities arising in the ordinary course
of business); (e) all letters of credit, banker’s acceptances or similar credit transactions, including reimbursement
obligations in respect thereof; (f) guarantees and other contingent obligations of such Person in respect of



                                                         I-24
Indebtedness referred to in clauses (a) through (e) above and clause (h) below; (g) all Indebtedness of any other
Person of the type referred to in clauses (a) through (f) which is secured by any Lien on any property or asset of such
Person; and (h) all obligations due and payable under Hedging Obligations of such Person; provided, however, that
the term “Indebtedness” will not include any of the following liabilities or obligations incurred by us or any of our
Subsidiaries in the ordinary course of business: (1) any deposits with or funds collected by us or any of our
Subsidiaries (but not funds borrowed or raised by us or any of our Subsidiaries), (2) any check, note, certificate of
deposit, draft or bill of exchange, issued, accepted or endorsed by us or any of our Subsidiaries, (3) any transaction
in which we or any of our Subsidiaries act solely in a fiduciary or agency capacity, (4) any banker’s acceptance, (5)
any agreement to purchase or repurchase securities or loans or currency or to participate in loans, and (6) letters of
credit to the extent they are issued by us or any of our Subsidiaries.

“Lien” means any mortgage, charge, security interest, pledge, hypothecation or similar encumbrance.

“Permitted Lien” means: (a) any Lien existing on the date hereof; (b) any landlord’s, workmen’s, carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of
business (excluding, for the avoidance of doubt, Liens in connection with any Indebtedness) that are not overdue for
a period of more than 30 days, that are being contested in good faith by appropriate proceedings and that do not
materially adversely affect the use of the property to which they relate; (c) any Lien on any asset securing
Indebtedness incurred or assumed solely for the purpose of financing all or any part of the cost of acquiring such
asset, which Lien attached to such asset concurrently with or within 90 days after the acquisition thereof; (d) any
Lien required to be created in connection with: (i) special lines of credit or advances granted to us by or through
local or foreign governmental entities (including, without limitation, the Central Bank, Banco de Inversión y
Comercio Exterior S.A. (“BICE”), Fondo Fiduciario para la Reconstrucción de Empresas (“FFR”), Seguro de
Depósitos S.A. (“SEDESA”) and banks and export credit agencies) or international multilateral lending
organizations (including, without limitation, the International Bank for Reconstruction and Development and the
Inter-American Development Bank), directly or indirectly, in order to promote or develop the Argentine economy
(the “líneas especiales de crédito”); or (ii) rediscount loans (redescuentos) or advances granted by the Central Bank
and by other Argentine government entities (including, without limitation, BICE, FFR and SEDESA) in response to
circumstances of short-term, extraordinary illiquidity (the “redescuentos” or “adelantos”), each obtained in
accordance with the applicable rules and regulations of the Central Bank or such other applicable rules and
regulations governing líneas especiales de crédito or redescuentos or adelantos; (e) any Lien on any property
existing thereon at the time of acquisition of such property and not created in connection with such acquisition; (f)
any Lien securing an extension, renewal or refunding of Indebtedness secured by an Lien referred to in (a), (c), (d)
or (e) above, provided that such new Lien is limited to the property which was subject to the prior Lien immediately
before such extension, renewal or refunding and provided that the principal amount of Indebtedness secured by the
prior Lien immediately before such extension, renewal or refunding is not increased; (g) (i) any inchoate Lien for
taxes, assessments or governmental charges or levies not yet due (including any relevant extensions) or (ii) any Lien
in the form of a tax or other statutory Lien or any other Lien arising by operation of law, provided further that any
such Lien will be discharged within 30 days after the date it is created or arises (unless contested in good faith and
for which adequate reserves have been established, in which case it will be discharged within 30 days after final
adjudication); or (h) any other Lien on our assets or those of any of our Subsidiaries, provided that on the date of the
creation or assumption of such Lien, the Indebtedness secured by such Lien, together with all our and our
Subsidiaries’ indebtedness secured by any Lien under this clause, will have an aggregate amount outstanding of no
greater than 10% of our total consolidated assets as set forth in our most recent consolidated financial statements.

“Person” means any individual, corporation (including a business trust), limited liability company, partnership, joint
venture, association, joint stock company, trust, unincorporated organization or other entity, or government or any
agency or political subdivision thereof.

“Significant Subsidiary” means, at any relevant time, any of our Subsidiaries which is a “significant subsidiary” of
ours within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC.

“Subsidiary” means, with respect to any Person, any corporation, association or other business entity of which more
than 50% of the voting power of the Capital Stock thereof is at the time owned or controlled, directly or indirectly,
by such Person or one or more of the other Subsidiaries of such Person or a combination thereof.



                                                         I-25
Events of Default

In case one or more of the following events (each an “Event of Default”) will have occurred and be continuing with
respect to the notes of any series:

                 (i)      we fail to pay any principal or interest (or Additional Amounts, if any) on the notes of
        such series on the date when it becomes due and payable in accordance with the terms thereof, and such
        failure continues for a period of seven days (in the case of principal) or 14 days (in the case of interest or
        Additional Amounts, if any);

                 (ii)      we fail duly to perform or observe any other covenant or obligation applicable to such
        series under the Indenture or such notes and such failure continues for a period of 30 days after written
        notice to that effect is received by us or by us and the Trustee from the holders of at least 25% in aggregate
        principal amount of the outstanding notes of such series;

                 (iii)     we or any of our Subsidiaries fail to pay when outstanding interest due on or principal of
        any of our or such Subsidiary’s Indebtedness in an aggregate principal amount of at least US$20,000,000
        (or the equivalent thereof at the time of determination) and such failure continues after the grace period, if
        any, applicable thereto; or any other event of default occurs under any agreement or instrument relating to
        any such Indebtedness in an aggregate principal amount of at least US$20,000,000 (or the equivalent
        thereof at the time of determination) which results in the acceleration of the maturity thereof;

                 (iv)      one or more final judgments or decrees for the payment of money in excess of
        US$20,000,000 (or the equivalent thereof at the time of determination) in the aggregate are rendered
        against us or any of our Subsidiaries and are not discharged and, in the case of each such judgment or
        decree, either (a) an enforcement proceeding has been commenced by any creditor upon such judgment or
        decree and is not dismissed within 30 days following commencement of such enforcement proceedings or
        (b) there is a period of 60 days following such judgment during which such judgment or decree is not
        discharged, waived or the execution thereof stayed;

                  (v)      (a) a court having jurisdiction enters a decree or order for (x) relief in respect of us or any
        of our Significant Subsidiaries in an involuntary case under the Financial Institutions Law, Argentine Law
        No. 24,522, as amended (the “Bankruptcy Law”), or any other applicable bankruptcy, insolvency or other
        similar law now or hereafter in effect or (y) appointment of an administrator, receiver, trustee or intervenor
        for us or any or our Significant Subsidiaries for all or substantially all of the property of us or any or of our
        Significant Subsidiaries and, in each case, such decree or order remains unstayed and in effect for a period
        of 60 consecutive days or (b) the Central Bank (x) initiates a proceeding under Section 34, 35 or 35(bis) of
        the Financial Institutions Law, requesting us or any of our Significant Subsidiaries to submit a plan under
        such Section, or (y) orders a temporary, total or partial suspension of our or any of our Significant
        Subsidiaries’ activities pursuant to Article 49 of the charter of the Central Bank;

                 (vi)      we or any of our Significant Subsidiaries (a) commence a voluntary case under the
        Financial Institutions Law, the Bankruptcy Law or any other applicable bankruptcy, insolvency or other
        similar law now or hereafter in effect, (b) consent to the appointment of or taking possession by an
        administrator, receiver, trustee or intervenor for us or any of our Significant Subsidiaries for all or
        substantially all of our or any of our Significant Subsidiaries’ properties or (c) effect any general
        assignment for the benefit of creditors;

                  (vii)   a resolution is passed or adopted by our Board of Directors or shareholders, or an order is
        adopted by the Central Bank, or a ruling or judgment of a governmental entity or court of competent
        jurisdiction is made, that we be wound up or dissolved (other than pursuant to a merger, consolidation,
        amalgamation or other transaction otherwise permitted in accordance with the terms of Indenture as
        described in “—Mergers, Consolidations, Sales and Leases”);




                                                          I-26
                   (viii)   it becomes unlawful for us to perform or comply with any of our payment obligations
          under the notes of such series;

                   (ix)    the Indenture for any reason ceases to be in full force and effect in accordance with its
          terms, or we deny that we have any further liability or obligation thereunder or in respect thereof; or

                  (x)      a moratorium is agreed or declared in respect of any of our Indebtedness;

then the Trustee will, upon the request of the holders of not less than 25% in aggregate principal amount of the notes
of such series, by written notice to us declare all the notes of such series then outstanding to be immediately due and
payable; provided that in the case of any of the Events of Default described in paragraphs (v), (vi) and (vii) above
with respect to us, all notes will, without any notice to us or any other act by the Trustee or any holder of any notes,
become immediately due and payable. In the event an Event of Default set forth in clause (iii) above has occurred
and is continuing with respect to the notes of any series, such Event of Default will be automatically rescinded and
annulled once the event of default or payment default triggering such Event of Default pursuant to clause (iii) is
remedied or cured by us and/or the relevant Subsidiary or waived by the holders of the relevant Indebtedness. No
such rescission and annulment will affect any subsequent Event of Default or impair any right consequent thereto.
Upon any such declaration of acceleration, the principal of the notes so accelerated and the interest accrued thereon
and all other amounts payable with respect to such notes will become and be immediately due and payable. If the
Event of Default or Events of Default giving rise to any such declaration of acceleration are cured following such
declaration, such declaration may be rescinded by the holders of such notes in the manner set forth in the Indenture.

Listing

We may apply to have the notes of a series listed on the Luxembourg Stock Exchange for trading on the EuroMTF
and listed on the Buenos Aires Stock Exchange. We cannot assure you, however, that these applications will be
accepted. Notes may be issued under this program that will not be listed on any securities exchange, and the pricing
supplement applicable to a series of notes will specify whether or not the notes in such series have been listed on
Luxembourg Stock Exchange for trading on the EuroMTF, on the Buenos Aires Stock Exchange or on any other
securities exchange. We expect that certain series of notes, as specified in the applicable pricing supplement, will be
eligible for trading on the PORTAL Market or the MAE.

Registration Rights

If so specified in the applicable pricing supplement, we may enter into a registration rights agreement (a
“Registration Rights Agreement”) with the relevant dealers with respect to a series of notes. In that agreement, we
will agree for the benefit of the holders of such notes to file with the SEC and use our reasonable best efforts to
cause to become effective a registration statement relating to an offer to exchange the notes for an issue of
SEC-registered notes with terms identical to the notes (except that the exchange notes will not be subject to
restrictions on transfer in the United States or to any increase in the interest rate as described below) (the “Exchange
Notes”).

After the SEC declares the exchange offer registration statement effective, we will offer the Exchange Notes in
exchange for the notes. The exchange offer will remain open for the number of days specified in the applicable
pricing supplement after the date we mail the notice of the exchange offer to holders of the notes. For each note
surrendered to us under the exchange offer, the holder will receive an Exchange Note of equal principal amount.
Interest on each Exchange Note will accrue from the last Interest Payment Date on which interest was paid on the
notes or, if no interest has been paid on the notes, from the issue date of the notes.

If applicable interpretations of the staff of the SEC do not permit us to effect the exchange offer, we will use our
reasonable best efforts to cause to become effective a shelf registration statement relating to the resales of the notes
and to keep that shelf registration statement effective until the expiration of the time period referred to in Rule
144(k) under the Securities Act, or such shorter period that will terminate when all notes covered by the shelf
registration statement have been sold. We will, in the event of such registration statement, provide to each holder of
notes copies of a prospectus, notify each holder of notes when the shelf registration statement has become effective



                                                         I-27
and take certain other actions to permit resales of the notes. A holder of the notes that sells notes under the shelf
registration statement generally will be required to be named as a selling security holder in the related prospectus
and to deliver a prospectus to purchasers, will be subject to certain of the civil liability provisions under the
Securities Act in connection with those sales and will be bound by the provisions of the registration rights agreement
that are applicable to such a holder (including certain indemnification obligations).

If (i) the exchange offer registration statement is not filed with the SEC on or prior to the day set forth in the
applicable pricing supplement, (ii) the exchange offer is not declared effective on or prior to the day set forth in the
applicable pricing supplement, (iii) the exchange offer is not consummated on or prior to the day set forth in the
applicable pricing supplement, or (iv) if required under the Registration Rights Agreement, a shelf registration
statement relating to the resales of the notes is not declared effective on or prior to the day set forth in the applicable
pricing supplement or ceases to be effective or usable in the term specified therein, then upon the occurrence of each
of the events referred to in points (i) to (iv) above the interest rate borne by the affected notes will be increased as
specified in the applicable pricing supplement.

If we effect an exchange offer, we will be entitled to close the respective exchange offer on the date specified in the
applicable pricing supplement, provided that we have accepted all notes validly surrendered in accordance with the
terms of the exchange offer. Notes not tendered in the exchange offer shall continue to be subject to all the terms
and conditions specified in the applicable pricing supplement, including transfer restrictions.

This is a summary of the provisions that a Registration Rights Agreement may include; it does not purport to be a
complete description of the provisions thereof and is qualified in its entirety by reference to such Registration Rights
Agreement.

If the notes are listed on the Luxembourg Stock Exchange for trading on the EuroMTF, the relevant exchange offer
will be conducted in accordance with the requirements thereof. If required, the Luxembourg Stock Exchange will be
informed and notice will be published in a Luxembourg newspaper having general circulation in the event of any
change in the rate of interest payable on the notes and to announce the beginning of, and the results of, the exchange
offer. For so long as the notes are listed on the Luxembourg Stock Exchange for trading in the EuroMTF,
documents prepared and all services provided for the exchange offer will be available at and through the offices of
the Luxembourg listing agent.

Meetings, Modification and Waiver

We and the Trustee may, without the vote or consent of any holder of notes of a series, modify or amend the
Indenture or the notes of a series for the purpose of:

         •    adding to our covenants such further covenants, restrictions, conditions or provisions as are for the
              benefit of the holders of such notes;

         •    surrendering any right or power conferred upon us;

         •    securing the notes of any series pursuant to the requirements thereof or otherwise;

         •    evidencing the succession of another person to us and the assumption by any such successor of our
              covenants and obligations in the notes and in the Indenture pursuant to any merger, consolidation or
              sale of assets;

         •    establishing the form or terms of any new series of notes as permitted under the Indenture;

         •    complying with any requirement of the CNV in order to effect and maintain the qualification of the
              Indenture;

         •    complying with any requirements of the SEC in order to qualify the Indenture under the Trust
              Indenture Act;


                                                           I-28
accordance with its usual procedures, to the Euroclear Participant’s or Clearstream, Luxembourg Participant’s
account. The securities credit will appear the next day (European time), and the cash debit will be back-valued to,
and the interest on the DTC Global Note will accrue from, the value date (which would be the preceding day, when
settlement occurred in New York). If settlement is not completed on the intended value date (i.e., the trade fails),
the Euroclear or Clearstream, Luxembourg cash debit will be valued instead as of the actual settlement date.

Euroclear Participants and Clearstream, Luxembourg Participants will need to make available to the relevant
clearing system the funds necessary to process same-day funds settlement. The most direct means of doing so is to
preposition funds for settlement, either from cash on-hand or existing lines of credit, as such Participants would for
any settlement occurring with Euroclear or Clearstream, Luxembourg. Under this approach, such Participants may
take on credit exposure to the Euroclear Operator or Clearstream, Luxembourg until the interests in the relevant
DTC Global Note are credited to their accounts one day later.

As an alternative, if the Euroclear Operator or Clearstream, Luxembourg has extended a line of credit to a Euroclear
Participant or a Clearstream, Luxembourg Participant, as the case may be, such Participant may elect not to
preposition funds and allow the credit line to be drawn upon to finance settlement. Under this procedure, Euroclear
Participants or Clearstream, Luxembourg Participants purchasing interests in a DTC Global Note would incur
overdraft charges for one day, assuming they cleared the overdraft when the interests in the relevant DTC Global
Note were credited to their accounts. However, interest on the relevant DTC Global Note would accrue from the
value date. Therefore, in many cases the investment income on the interest in the relevant DTC Global Note earned
during that one-day period may substantially reduce or offset the amount of such overdraft charges, although this
result will depend on each Participant’s particular cost of funds.

Since settlement takes place during New York business hours, DTC Participants can employ their usual procedures
for transferring global bonds to the respective depositaries of Euroclear or Clearstream, Luxembourg for the benefit
of Euroclear Participants or Clearstream, Luxembourg Participants. The sale proceeds will be available to the DTC
seller on the settlement date. Thus, to DTC Participants, a cross-market sale transaction will settle no differently
from a trade between two DTC Participants.

Trading between Euroclear or Clearstream, Luxembourg Sellers and DTC Purchasers

Due to time zone differences in their favor, Euroclear Participants and Clearstream, Luxembourg Participants may
employ their customary procedures for transactions in which interests in a DTC Global Note are to be transferred by
the relevant clearing system, through its respective depositary, to a DTC Participant at least one business day prior
to settlement. In these cases, Euroclear or Clearstream, Luxembourg will instruct its respective depositary to deliver
the interest in the relevant DTC Global Note to the DTC Participant’s account against payment. The payment will
then be reflected in the account of the Euroclear Participant or Clearstream, Luxembourg Participant the following
day, and receipt of the cash proceeds in the Euroclear Participant’s or Clearstream, Luxembourg Participant’s
account would be back-valued to the value date (which would be the preceding day, when settlement occurred in
New York City). Should the Euroclear Participant or Clearstream, Luxembourg Participant have a line of credit in
its respective clearing system and elect to be in debt in anticipation of receipt of the sale proceeds in its account, the
back-valuation will extinguish any overdraft charges incurred over that one-day period. If settlement is not
completed on the intended value date (i.e., the trade fails), receipt of the cash proceeds in the Euroclear Participant’s
or Clearstream, Luxembourg Participant’s account would instead be valued as of the actual settlement date.

Finally, day traders that use Euroclear or Clearstream, Luxembourg to purchase interests in a DTC Global Note from
DTC Participants for delivery to Euroclear Participants or Clearstream, Luxembourg Participants should note that
these trades will automatically fail on the sale side unless affirmative action is taken. At least three techniques
should be readily available to eliminate this potential problem:

        •         borrowing through Euroclear or Clearstream, Luxembourg for one day (until the purchase side of
                  the day trade is reflected in their Euroclear or Clearstream, Luxembourg accounts) in accordance
                  with the clearing system’s customary procedures;




                                                          I-38
         •   making any modification which is of a minor or technical nature or correcting or supplementing any
             ambiguous, inconsistent or defective provision contained in the Indenture or in such notes, provided
             that any such modification, correction or supplement will not adversely affect the interests of the
             holders of the notes of such series; and

         •   making any other modification, or granting any waiver or authorization of any breach or proposed
             breach, of any of the terms and conditions of such notes or any other provisions of the Indenture in any
             manner which does not adversely affect the interest of the holders of the notes of such series in any
             material respect.

Modifications to and amendments of the Indenture and the notes of a series may be made, and future compliance or
past default by us may be waived, by us and the Trustee by the adoption of a resolution at a meeting of holders of a
series of notes as set forth below, but no such modification or amendment and no such waiver may, without the
unanimous consent of the holders of all notes of a series adversely affected thereby, (i) extend the due date for the
payment of principal of, premium, if any, or any installment of interest on any such note, (ii) reduce the principal
amount of, the portion of such principal amount which is payable upon acceleration of the maturity of, the rate of
interest on or the premium payable upon redemption of any such note, (iii) reduce our obligation to pay Additional
Amounts on any such note, (iv) shorten the period during which we are not permitted to redeem any such note, or
permit us to redeem any such note if, prior to such action, we are not permitted to do so, (v) amend the
circumstances under which the notes of such series may be redeemed, (vi) change the Specified Currency in which
or the required places at which any such note or the premium or interest thereon is payable, (vii) reduce the
percentage of the aggregate principal amount of such notes necessary to modify, amend or supplement the Indenture
or such notes, or for waiver of compliance with certain provisions thereof or for waiver of certain defaults, (viii)
reduce the percentage of aggregate principal amount of outstanding notes required for the adoption of a resolution or
the quorum required at any meeting of holders of such notes at which a resolution is adopted or (ix) modify any
provisions of the Indenture relating to meetings of holders of such notes, modifications or waivers as described
above, except to increase any such percentage or to provide that certain other provisions of the Indenture cannot be
modified or waived without the consent of the holder of each security adversely affected thereby.

The Indenture contains provisions for convening meetings of holders of notes to consider matters affecting their
interests. A meeting of the holders of notes of a series may be called by our Board of Directors, our Supervisory
Committee, the Trustee or upon the request of the holders of at least 5% in principal amount of the outstanding notes
of such series. If a meeting is held pursuant to the written request of holders of notes, such meeting will be
convened within 40 days from the date such written request is received by us.

Any such meeting will be held simultaneously in the City of Buenos Aires and New York City by means of
telecommunications which permit the participants to hear and speak to each other. Notice of any meeting of holders
of notes (which will include the date, place and time of the meeting, the agenda therefor and the requirements for
attendance) will be given as set forth under “—Notices” not less than 10 nor more than 30 days prior to the date
fixed for the meeting and will be published for five business days in Argentina in the Official Gazette of Argentina
(Boletín Oficial), a newspaper of general circulation in Argentina and the Bulletin of the Buenos Aires Stock
Exchange (as long as the notes are listed on the Buenos Aires Stock Exchange). Meetings of holders may be
simultaneously convened for two dates, in case the initial meeting were to be adjourned for lack of quorum.
However, for meetings that include in the agenda items requiring unanimous approval by the holders, notice of a
new meeting resulting from adjournment of the initial meeting for lack of quorum will be given not less than eight
days prior to the date fixed for such new meeting and will be published for three business days in the Official
Gazette of Argentina, a newspaper of general circulation in Argentina and the Bulletin of the Buenos Aires Stock
Exchange (as long as the notes are listed on the Buenos Aires Stock Exchange).

To be entitled to vote at a meeting of holders, a person shall be (i) a holder of one or more notes as of the relevant
record date or (ii) a person appointed by an instrument in writing as proxy by such a holder of one or more notes.

The quorum at any meeting called to adopt a resolution will be persons holding or representing a majority in
aggregate principal amount of the outstanding notes of a series and at any reconvened adjourned meetings will be
the person(s) present at such reconvened adjourned meeting. At a meeting or a reconvened adjourned meeting duly



                                                        I-29
convened and at which a quorum is present, any resolution to modify or amend, or to waive compliance with, any
provision of the notes of any series (other than the provisions referred to in the fourth preceding paragraph) will be
validly passed and decided if approved by the persons entitled to vote a majority in aggregate principal amount of
the notes of such series then outstanding represented and voting at the meeting. Any instrument given by or on
behalf of any holder of a note in connection with any consent to any such modification, amendment or waiver will
be irrevocable once given and will be conclusive and binding on all subsequent holders of such note. Any
modifications, amendments or waivers to the Indenture or to the notes of a series will be conclusive and binding
upon all holders of notes of such series whether or not they have given such consent or were present at any meeting,
and on all notes of such series.

The Trustee will designate the record date for determining the holders of notes of any series entitled to vote at any
meeting and will provide notice to holders of notes of such series in the manner set forth in the Indenture. The
holder of a note may, at any meeting of holders of a series of notes at which such holder is entitled to vote, cast one
vote for each U.S. dollar in principal amount of the notes held by such holder in which such notes are denominated.
Notwithstanding the foregoing, at any meeting of holders of more than one series of notes, a holder of a note which
does not specify regular payments of interest, including, without limitation, Original Issue Discount Notes, will be
entitled to one vote at any such meeting for each U.S. dollar of the redemption value of such note calculated as of
the date of such meeting. Where notes are denominated in one or more Specified Currencies other than U.S. dollars,
the U.S. dollar equivalent of such notes will be calculated at the Exchange Rates on the date of such meeting or, in
the case of written consents or notices, on such dates as we designate for such purpose.

For purposes of the above, any note authenticated and delivered pursuant to the Indenture will, as of any date of
determination, be deemed to be “outstanding,” except:

                  (i)       notes theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

                  (ii)     notes that have been called for redemption in accordance with their terms or which have
         become due and payable at maturity or otherwise and with respect to which monies sufficient to pay the
         principal thereof and any premium, interest, Additional Amounts or other amount thereon have been
         deposited with the Trustee; or

                  (iii)   notes in lieu of or in substitution for which other notes have been authenticated and
         delivered pursuant to the Indenture;

provided, however, that in determining whether the holders of the requisite principal amount of outstanding notes of
a series are present at a meeting of holders of notes of such series for quorum purposes or have consented to or voted
in favor of any notice, consent, waiver, amendment, modification or supplement under the Indenture, notes of such
series owned directly or indirectly by us or any of our Affiliates, including any Subsidiary, will be disregarded and
deemed not to be outstanding.

Promptly after the execution by us and the Trustee of any supplement or amendment to the Indenture, we will give
notice thereof to the holders of the notes and, if applicable, to the CNV, setting forth in general terms the substance
of such supplement or amendment. If we fail to give such notice to the holders of the notes within 15 days after the
execution of such supplement or amendment, the Trustee will give notice to the holders at our expense. Any failure
by us or the Trustee to give such notice, or any defect therein, will not, however, in any way impair or affect the
validity of any such supplement or amendment.

In the event that a series of notes are listed on the Luxembourg Stock Exchange for trading on the Luxembourg
Stock Exchange or listed on any other securities exchange, such meetings of holders and notices thereof will also
comply with the applicable rules of the EuroMTF or such securities exchange, as applicable.

Enforcement by Holders of Notes

Except as described in the next paragraph, no holder of a note of a series will have any right by virtue of or by
availing itself of any provision of the Indenture or such note to institute any suit, action or proceeding in equity or at



                                                          I-30
law upon or under or with respect to the Indenture or the notes of such series or for the appointment of a receiver or
trustee, or for any other remedy thereunder, unless (i) such holder previously has given to the Trustee written notice
of a default with respect to the notes, (ii) holders of not less than 25% in aggregate principal amount of the notes of
such series have made written request upon the Trustee to institute such action, suit or proceeding in its own name as
Trustee under the Indenture and have offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby and (iii) the Trustee for 60 days after its receipt of
such notice, request and offer of indemnity has failed to institute any such action, suit or proceeding and no direction
inconsistent with such written request has been given to the Trustee pursuant to the Indenture.

Notwithstanding any other provision in the Indenture and any provision of any note, the right of any holder of notes
to receive payment of the principal of and interest on such note (including Additional Amounts) on or after the
respective due dates expressed in such note, or to institute suit, including a summary proceeding (acción ejecutiva
individual) pursuant to Article 29 of the Argentine Negotiable Obligations Law, for the enforcement of any such
payment on or after such respective dates, will not be impaired or affected without the consent of such holder.

Any beneficial owner of notes represented by a Global Note will be able to obtain from the relevant depositary,
upon request and subject to certain limitations set forth in the Indenture, a certificate representing its interest in the
relevant Global Note in accordance with Argentine Decree No. 677/2001. This certificate will enable such
beneficial owner to initiate legal action before any competent court in Argentina, including a summary proceeding,
to obtain overdue amounts under the notes.

Defeasance

Unless otherwise specified in the applicable pricing supplement with respect to U.S. dollar denominated Fixed Rate
Notes, we may, at our option, elect to terminate (1) all of our obligations with respect to the notes (“legal
defeasance”), except for certain obligations, including those regarding any trust established for defeasance and
obligations relating to the transfer and exchange of the notes, the replacement of mutilated, destroyed, lost or stolen
notes and the maintenance of agencies with respect to the notes or (2) our obligations under certain of the covenants
in the Indenture, so that any failure to comply with such obligations will not constitute an event of default
(“covenant defeasance”). In order to exercise either legal defeasance or covenant defeasance, we must irrevocably
deposit with the Trustee money or U.S. government obligations, or any combination thereof, in such amounts as will
be sufficient to pay the principal, premium, if any, and interest (including Additional Amounts) in respect of the
notes then outstanding on the Stated Maturity of the notes, and comply with certain other conditions, including,
without limitation, the delivery to the Trustee of an opinion of a nationally recognized counsel in the United States
(and, if so specified in the applicable pricing supplement, in Argentina) experienced in such tax matters to the effect
that the deposit and related defeasance would not cause the holders of the notes to recognize income, gain or loss
under the tax laws of the applicable jurisdictions as well as to other relevant matters.

If we elect either legal defeasance or covenant defeasance with respect to the notes of a series, we must so elect it
with respect to all of the notes of such series.

Repayment of Monies; Prescription

Any monies deposited with or paid to the Trustee or any Paying Agent for the payment of the principal of or interest
or any other amounts payable on or in respect of any note (including Additional Amounts) and not applied but
remaining unclaimed for two years after the date upon which such principal or interest or other amounts have
become due and payable will, unless otherwise required by mandatory provisions of applicable escheat or
abandoned or unclaimed property law, be repaid to us by the Trustee or such Paying Agent, and the holder of such
note will, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed
property laws, thereafter look only to us for any payment that such holder may be entitled to collect, and all liability
of the Trustee or any Paying Agent with respect to such monies will thereupon cease.

All claims against us for payment of principal of or interest or any other amounts payable on or in respect of any
note (including Additional Amounts) will prescribe unless made within ten years for principal and four years for
interest from the later of (i) the date on which such payment first became due and (ii) if the full amount payable has



                                                          I-31
not been received by the Trustee on or prior to such due date, the date on which, the full amount having been so
received, notice has been given to the holders of the notes by the Trustee that the full amount has been received.

Notices

Notices to holders of notes will be deemed to be validly given (i) if sent by first class mail to them (or, in the case of
joint holders, to the first-named in the Register) at their respective addresses as recorded in the Register, and will be
deemed to have been validly given on the fourth Business Day after the date of such mailing, and for notices mailed
to holders of notes located in Argentina, upon receipt, (ii) for as long as such notes are listed on the Buenos Aires
Stock Exchange and MAE, upon publication in the City of Buenos Aires in the Bulletin of the Buenos Aires Stock
Exchange, MAE and in a widely circulated newspaper in Argentina, and (iii) for as long as such notes are listed on
the Luxembourg Stock Exchange for trading on the EuroMTF, upon publication in a leading daily newspaper of
general circulation in Luxembourg (however, if such publication is not practicable, notice will be considered to be
validly given if otherwise made in accordance with the rules of the Luxembourg Stock Exchange). It is expected
that notices in Luxembourg will be published in the d’Wort and notices in the City of Buenos Aires will be
published in La Nación or El Cronista Comercial. Any such notice will be deemed to have been given on the date
of such publication or, if published more than once or on different dates, on the last date on which publication is
required and made as so required. In the case of Global Notes, notices will be sent to DTC, Euroclear or
Clearstream, Luxembourg, as the case may be, or their nominees (or any successors), as the holder thereof, and such
clearing agency or agencies will communicate such notices to their participants in accordance with their standard
procedures.

In addition, we will be required to cause all such other publications of such notices as may be required from time to
time by applicable Argentine law. Neither the failure to give notice nor any defect in any notice given to any
particular holder of a note will affect the sufficiency of any notice with respect to any other notes.

Judgment Currency Indemnity

If a judgment or order given or made by any court for the payment of any amount in respect of any note is expressed
in a currency (the “judgment currency”) other than the currency (the “denomination currency”) in which such notes
are denominated or in which such amount is payable, we will indemnify the relevant holder against any deficiency
arising or resulting from any variation in rates of exchange between the date as of which the amount in the
denomination currency is notionally converted into the amount in the judgment currency for the purposes of such
judgment or order and the date of actual payment thereof. This indemnity will constitute a separate and independent
obligation from the other obligations contained in the terms and conditions of the notes, will give rise to a separate
and independent cause of action, will apply irrespective of any indulgence granted from time to time and will
continue in full force and effect notwithstanding any judgment or order for a liquidated sum or sums in respect of
amounts due in respect of the relevant note or under any such judgment or order.

Governing Law, Judgments, Jurisdiction, Service of Process, Waiver of Immunities

Unless otherwise stated in the applicable pricing supplement, the Indenture and the notes are governed by, and will
be construed in accordance with, the law of the State of New York; provided, however, that all matters relating to
the due authorization, execution, issuance and delivery of the notes by us, and matters relating to the legal
requirements necessary in order for the notes to qualify as “obligaciones negociables” under Argentine law, will be
governed by the Negotiable Obligations Law together with Argentine Business Companies Law No. 19,550, as
amended and other applicable Argentine laws and regulations.

Under the Judiciary Law of the State of New York, a judgment or decree in an action based upon an obligation
denominated in a currency other than U.S. dollars will be rendered in the foreign currency of the underlying
obligation and converted into U.S. dollars at a rate of exchange prevailing on the date of the entry of the judgment or
decree.

We will irrevocably submit to the non-exclusive jurisdiction of any state or federal court sitting in the Borough of
Manhattan, City and State of New York, any Argentine court sitting in the City of Buenos Aires, including the



                                                          I-32
ordinary courts for commercial matters and the Tribunal de Arbitraje General de la Bolsa de Comercio de Buenos
Aires (Permanent Arbitral Tribunal of the Buenos Aires Stock Exchange) under the provisions of Article 38 of
Argentine Decree No. 677/2001, and any competent court in the place of our corporate domicile for purposes of any
action or proceeding arising out of or related to the Indenture or the notes. We will irrevocably waive, to the fullest
extent permitted by law, any objection which it may have to the laying of the venue of any such action or proceeding
brought in such a court and any claim that any such action or proceeding brought in such a court has been brought in
an inconvenient forum. We have also agreed that final judgment in any such action or proceeding brought in such
court will be conclusive and binding upon us and may be enforced in any court in the jurisdiction to which we are
subject by a suit upon such judgment; provided, however, that service of process is effected upon us in the manner
specified in the following paragraph or as otherwise permitted by law.

As long as any note remains outstanding, we will at all times have an authorized agent in the Borough of Manhattan
in the City and State of New York upon whom process may be served in any legal action or proceeding arising out
of or relating to the notes or the Indenture. Service of process upon such agent and written notice of such service
mailed or delivered to the party being joined in such action or proceeding will, to the extent permitted by law, be
deemed in every respect effective service of process upon such party in any such legal action or proceeding. We
have appointed CT Corporation System, 111 Eight Avenue, New York, New York 10011 as our agent for service of
process in any proceedings in the Borough of Manhattan, City and State of New York.

Trustee

Unless otherwise stated in the applicable pricing supplement, the notes will be issued in accordance with the
Indenture. HSBC Bank USA, National Association has been appointed as the Trustee under the Indenture. The
Indenture contains provisions relating to the duties and responsibilities of the Trustee and its obligations to the
holders of the notes.

The Trustee may resign at any time and the holders of a majority in aggregate principal amount of the notes may
remove the Trustee at any time. If the Trustee has or shall acquire a conflicting interest within the meaning of the
Trust Indenture Act, the Trustee shall either eliminate such interest or resign in accordance with the Trust Indenture
Act. We may remove the Trustee if the Trustee becomes ineligible to serve as Trustee under the terms of the
Indenture, becomes incapable of acting as Trustee, or is adjudged insolvent or bankrupt. If the Trustee resigns or is
removed, a successor Trustee will be appointed in accordance with the terms of the Indenture. We will give notice
of any resignation, termination or appointment of the Trustee to the holders of the notes and to the CNV.

In the Indenture, we covenant to indemnify and defend the Trustee for, and to hold it harmless against, any loss,
liability or expense (including the reasonable costs and expenses of its counsel) arising out of or in connection with
the acceptance or administration of the Indenture or the trusts thereunder and the performance of its duties and the
exercise of its rights thereunder, including in each of its capacities hereunder as Co-Registrar, Principal Paying
Agent and Transfer Agent, except to the extent such loss, liability or expense is due to its own negligence or willful
misconduct.

The Indenture provides that the Trustee or any affiliate or agent of the Trustee may become the owner or pledgee of
securities with the same rights it would have if it were not the Trustee or any agent of the Trustee and may otherwise
deal with us and receive, collect, hold and retain collections from us with the same rights it would have if it were not
the Trustee or an affiliate or agent. The Trustee and its affiliates and agents are entitled to enter into business
transactions with us or any of our affiliates without accounting for any profit resulting from such transactions.

Paying Agents; Transfer Agents; Registrars

Unless otherwise stated in the applicable pricing supplement, the Registrars, Paying Agents and Transfer Agents
appointed by us are listed at the back of this offering circular. We may at any time appoint additional or other
Registrars, Paying Agents and Transfer Agents and terminate the appointment thereof; provided, however, that (i)
while notes of any series are outstanding, we will maintain a Registrar, a Paying Agent and a Transfer Agent in New
York City; (ii) as long as the notes are listed on the Luxembourg Stock Exchange for trading on the Luxembourg
Stock Exchange and the rules of the EuroMTF so require, at least one Paying Agent and transfer agent will be
located in Luxembourg; and (iii) as long as it is required by Argentine law or by the CNV, we will maintain a


                                                         I-33
Registrar, a Paying Agent and a Transfer Agent in the City of Buenos Aires. In the event required by the Indenture,
notice of any resignation, termination or appointment of any Registrar, Paying Agent or Transfer Agent, and of any
change in the office through which any Registrar, Paying Agent or Transfer Agent will act, will be promptly given
to the holders of the notes in the manner described under “—Notices” above and to the CNV.

The Trustee, the Paying Agents, the Transfer Agents, Registrar and Co-Registrar make no representation regarding
this offering circular, any pricing supplement or the matters contained herein or therein.




                                                       I-34
                                         CLEARING AND SETTLEMENT

Arrangements will be made with each of DTC, Euroclear and Clearstream, Luxembourg to facilitate initial issuance
of Global Notes deposited with, or on behalf of, DTC (“DTC Global Notes”). See “Description of Notes—Form
and Denomination.” Transfers within DTC, Euroclear and Clearstream, Luxembourg will be made in accordance
with the usual rules and operating procedures of the relevant system. Cross-market transfers between investors who
hold or who will hold DTC Global Notes through DTC and investors who hold or will hold DTC Global Notes
through Euroclear and/or Clearstream, Luxembourg will be effected in DTC through the respective depositaries of
Euroclear and Clearstream, Luxembourg. Each Regulation S Global Note and each Restricted Global Note
deposited with DTC will have a different CUSIP or CINS number.

DTC

DTC has advised us as follows: DTC is a limited-purpose trust company organized under the laws of the State of
New York, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal
Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code and a
“clearing agency” registered pursuant to the provisions of Section 17A of the Exchange Act. DTC was created to
hold securities for its participating organizations (“DTC Participants”) and to facilitate the clearance and settlement
of securities transactions between DTC Participants through electronic book-entry changes in accounts of the DTC
Participants, thereby eliminating the need for physical movement of certificates. DTC Participants include securities
brokers and dealers, brokers, banks, trust companies and clearing corporations and may include certain other
organizations. Indirect access to the DTC system is also available to others such as banks, brokers, dealers and trust
companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly
(“Indirect DTC Participants”).

Under the rules, regulations and procedures creating and affecting DTC and its operations (the “Rules”), DTC is
required to make book-entry transfers between DTC Participants on whose behalf it acts with respect to the notes
and is required to receive and transmit distributions of principal of and interest on the notes. DTC Participants and
Indirect DTC Participants with which investors have accounts with respect to the notes similarly are required to
make book-entry transfers and receive and transmit such payments on behalf of their respective investors.

Because DTC can only act on behalf of DTC Participants, who in turn act on behalf of Indirect DTC Participants
and certain banks, the ability of a person having a beneficial interest in a note held in DTC to transfer or pledge such
interest to persons or entities that do not participate in the DTC system, or otherwise take actions in respect of such
interest, may be affected by the lack of a physical certificate of such interest. The laws of some states of the United
States require that certain persons take physical delivery of securities in definitive form. Consequently, the ability to
transfer beneficial interests in a note held in DTC to such persons may be limited.

DTC has advised us that it will take any action permitted to be taken by a holder of notes (including, without
limitation, the presentation of notes for exchange as described above) only at the direction of one or more
participants to whose account with DTC interests in the relevant notes are credited, and only in respect of such
portion of the aggregate principal amount of the notes as to which such participant or participants has or have given
such direction. However, in certain circumstances, DTC will exchange the DTC Global Notes held by it for
Certificated Notes, which it will distribute to its participants and which, if representing interests in the Restricted
Global Note, will be legended as set forth under “Transfer Restrictions.” See “Description of Notes—Certificated
Notes.”

Euroclear

Euroclear was created in 1968 to hold securities for participants of Euroclear and to clear and settle transactions
between Euroclear participants through simultaneous electronic book-entry delivery against payment, thus
eliminating the need for physical movement of certificates and risk from lack of simultaneous transfers of securities
and cash. Transactions may now be settled in many currencies, including United States dollars and Japanese yen.
Euroclear provides various other services, including securities lending and borrowing and interfaces with domestic
markets in several countries generally similar to the arrangements for cross-market transfers with DTC described
below.


                                                          I-35
Euroclear is operated by Euroclear Bank S.A./N.V. (the “Euroclear Operator”), under contract with Euroclear
Clearance System plc, a U.K. corporation (“Euroclear”). The Euroclear Operator conducts all operations, and all
Euroclear securities clearance accounts and Euroclear cash accounts are accounts with the Euroclear Operator, not
Euroclear. The Euroclear Operator establishes policy for Euroclear on behalf of Euroclear participants. Euroclear
participants (“Euroclear Participants”) include banks (including central banks), securities brokers and dealers and
other professional financial intermediaries and may include the dealers. Indirect access to Euroclear is also available
to other firms that clear through or maintain a custodial relationship with a Euroclear participant, either directly or
indirectly. Euroclear is an indirect participant in DTC.

The Euroclear Operator is a Belgian bank. The Belgian Banking Commission and the National Bank of Belgium
regulate and examine the Euroclear Operator.

The Terms and Conditions Governing Use of Euroclear (the “Euroclear Terms and Conditions”) and the related
Operating Procedures of Euroclear and applicable Belgian law govern securities clearance accounts and cash
accounts with the Euroclear Operator. Specifically, these terms and conditions govern:

         •        transfers of securities and cash within Euroclear;
         •        withdrawal of securities and cash from Euroclear; and
         •        receipts of payments with respect to securities in Euroclear.

All securities in Euroclear are held on a fungible basis without attribution of specific certificates to specific
securities clearance accounts. The Euroclear Operator acts under the terms and conditions only on behalf of
Euroclear Participants and has no record of or relationship with persons holding securities through Euroclear
Participants.

Distributions with respect to notes held beneficially through Euroclear will be credited to the cash accounts of
Euroclear Participants in accordance with the Euroclear Terms and Conditions, to the extent received by the
Euroclear Operator and by Euroclear.

Clearstream, Luxembourg

Clearstream Banking, société anonyme (“Clearstream, Luxembourg”), was incorporated as a limited liability
company under Luxembourg law. Clearstream, Luxembourg is owned by Cedel International, société anonyme, and
Deutsche Börse AG. The shareholders of these two entities are banks, securities dealers and financial institutions.

Clearstream, Luxembourg holds securities for its customers and facilitates the clearance and settlement of securities
transactions between Clearstream, Luxembourg customers through electronic book-entry changes in accounts of
Clearstream, Luxembourg customers, thus eliminating the need for physical movement of certificates. Clearstream,
Luxembourg provides to its customers, among other things, services for safekeeping, administration, clearance and
settlement of internationally traded securities, securities lending and borrowing and collateral management.
Clearstream, Luxembourg interfaces with domestic markets in a number of countries. Clearstream, Luxembourg has
established an electronic bridge with the Euroclear Operator to facilitate settlement of trades between Clearstream,
Luxembourg and Euroclear.

As a registered bank in Luxembourg, Clearstream, Luxembourg is subject to regulation by the Luxembourg
Commission for the Supervision of the Financial Sector. Clearstream, Luxembourg customers (“Clearstream,
Luxembourg Participants”) are recognized financial institutions around the world, including agents, securities
brokers and dealers, banks, trust companies and clearing corporations. In the United States, Clearstream,
Luxembourg customers are limited to securities brokers and dealers and banks, and may include the dealers for the
notes. Other institutions that maintain a custodial relationship with a Clearstream, Luxembourg customer may
obtain indirect access to Clearstream, Luxembourg. Clearstream, Luxembourg is an indirect participant in DTC.

Distributions with respect to the notes held beneficially through Clearstream, Luxembourg will be credited to cash
accounts of Clearstream, Luxembourg Participants in accordance with its rules and procedures, to the extent
received by Clearstream, Luxembourg.



                                                         I-36
Initial Settlement in Relation to DTC Global Notes

Upon the issuance of a DTC Global Note, DTC or its custodian will credit, on its internal system, the respective
principal amount of the individual beneficial interests represented by such DTC Global Note to the accounts of
persons who have accounts with DTC. Such accounts initially will be designated by or on behalf of the relevant
dealer or us, in the case of a note sold directly by us. Ownership of beneficial interests in a DTC Global Note will
be limited to DTC Participants, including Euroclear and Clearstream, Luxembourg, or Indirect DTC Participants.
Ownership of beneficial interests in DTC Global Notes will be shown on, and the transfer of that ownership will be
effected only through, records maintained by DTC or its nominee (with respect to interests of DTC Participants) and
the records of DTC Participants (with respect to interests of Indirect DTC Participants).

Euroclear and Clearstream, Luxembourg will hold omnibus positions on behalf of their participants through
customers’ securities accounts for Euroclear and Clearstream, Luxembourg on the books of their respective
depositaries, which in turn will hold such positions in customers’ securities accounts in such depositaries’ names on
the books of DTC.

Investors that hold their interests in a DTC Global Note through DTC will follow the settlement practices applicable
to global bond issues. Investors’ securities custody accounts will be credited with their holdings against payment in
same-day funds on the settlement date.

Investors that hold their interests in a DTC Global Note through Euroclear or Clearstream, Luxembourg accounts
will follow the settlement procedures applicable to conventional eurobonds in registered form. The interests will be
credited to the securities custody accounts on the settlement date against payment in same-day funds.

Secondary Market Trading in Relation to DTC Global Notes

Since the purchaser determines the place of delivery, it is important to establish at the time of the trade where both
the purchaser’s and the seller’s accounts are located to ensure that settlement can be made on the desired value date.
Although DTC, Euroclear and Clearstream, Luxembourg have agreed to the following procedures in order to
facilitate transfers of interests in a Regulation S Global Note and a Restricted Global Note among participants of
DTC, Euroclear and Clearstream, Luxembourg, they are under no obligation to perform or continue to perform such
procedures, and such procedures may be discontinued at any time. Neither we nor the Trustee, the Registrar, the
Co-Registrar or any Paying Agent or Transfer Agent will have any responsibility for the performance by DTC,
Euroclear or Clearstream, Luxembourg or their respective participants or indirect participants of their respective
obligations under the rules and procedures governing their operations.

Trading between DTC Participants

Secondary market trading between DTC Participants will be settled using the procedures applicable to global bond
issues in same-day funds.

Trading between Euroclear and/or Clearstream, Luxembourg Participants

Secondary market trading between Euroclear Participants and/or Clearstream, Luxembourg Participants will be
settled using the procedures applicable to conventional eurobonds in same-day funds.

Trading between DTC Sellers and Euroclear or Clearstream, Luxembourg Purchasers

When interests are to be transferred from the account of a DTC Participant to the account of a Euroclear Participant
or a Clearstream, Luxembourg Participant, the purchaser will send instructions to Euroclear or Clearstream,
Luxembourg through a Euroclear Participant or a Clearstream, Luxembourg Participant, as the case may be, at least
one business day prior to settlement. The Euroclear Operator or Clearstream, Luxembourg will instruct its
respective depositary to receive such interest against payment. Payment will then be made by the depositary to the
DTC Participant’s account against delivery of the interest in the relevant DTC Global Note. After settlement has
been completed, the interest will be credited to the respective clearing system, and by the clearing system, in



                                                        I-37
       •        borrowing the interests in the DTC Global Note in the United States from a DTC Participant no
                later than one day prior to settlement, which would give sufficient time for the notes to be
                reflected in their Euroclear or Clearstream, Luxembourg account in order to settle the sale side of
                the trade; or

       •        staggering the value date for the buy and sell sides of the trade so that the value date for the
                purchase from the DTC Participant is at least one day prior to the value date for the sale to the
                Euroclear Participant or Clearstream, Luxembourg Participant.

Initial Settlement and Secondary Market Trading in relation to Global Notes deposited with the Common
Depositary

Initial settlement in Euroclear and Clearstream, Luxembourg and secondary market trading between Euroclear
Participants and/or Clearstream, Luxembourg Participants will be settled using the procedures applicable to
conventional eurobonds.




                                                      I-39
                                          TRANSFER RESTRICTIONS

We have not registered, and will not register, the notes under the Securities Act or any other applicable securities
laws, and the notes may not be offered or sold except pursuant to an effective registration statement or pursuant to
transactions exempt from, or not subject to, registration under the Securities Act. Accordingly, the notes are being
offered and sold only:

         •        in the United States to qualified institutional buyers (as defined in Rule 144A) in reliance on Rule
                  144A under the Securities Act; and

         •        to certain persons, other than U.S. persons, in transactions meeting the requirements of Rule 903
                  of Regulation S under the Securities Act.

Purchasers’ Representations and Restrictions on Resale

Each purchaser of notes (other than a dealer in connection with the initial issuance and sale of notes) and each owner
of any beneficial interest therein will be deemed, by its acceptance or purchase thereof, to have represented and
agreed as follows:

                  (1)      It is purchasing the notes for its own account or an account with respect to which it
         exercises sole investment discretion and it and any such account is either (a) a qualified institutional buyer
         and is aware that the sale to it is being made in reliance on Rule 144A, or (b) non-U.S. person that is in
         compliance with Regulation S under the Securities Act.

                  (2)        It acknowledges that the notes have not been registered under the Securities Act or with
         any securities regulatory authority of any jurisdiction and may not be offered or sold within the United
         States or to, or for the account or benefit of, U.S. persons except as set forth below.

                   (3)     It understands and agrees that notes initially offered in the United States to qualified
         institutional buyers will be represented by one or more global notes and that notes offered in reliance on
         Regulation S will also be represented by one or more global notes.

                   (4)     It will not resell or otherwise transfer any of such notes except (a) to our company or a
         dealer or by, through, or in a transaction approved by a dealer, (b) within the United States to a qualified
         institutional buyer in a transaction complying with Rule 144A under the Securities Act, (c) in compliance
         with Rule 903 or 904 under the Securities Act, (d) pursuant to the exemption from registration provided by
         Rule 144 under the Securities Act (if available) or (e) pursuant to an effective registration statement under
         the Securities Act.

                   (5)      It agrees that it will give to each person to whom it transfers the notes notice of any
         restrictions on transfer of such notes.

                  (6)        It acknowledges that prior to any proposed transfer of notes (other than pursuant to an
         effective registration statement or in respect of notes sold or transferred pursuant to Regulation S and listed
         on the Luxembourg Stock Exchange for trading on the EuroMTF) the holder of such notes may be required
         to provide certifications relating to the manner of such transfer as provided in the indenture.

                   (7)      It acknowledges that the Trustee for the notes will not be required to accept for
         registration transfer of any notes acquired by it (except for notes sold or transferred pursuant to Regulation
         S and listed on the Luxembourg Stock Exchange for trading on the EuroMTF), except upon presentation of
         evidence satisfactory to us and such Trustee that the restrictions set forth herein have been complied with.

                 (8)       It acknowledges that we, the dealers and other persons will rely upon the truth and
         accuracy of the foregoing acknowledgements, representations and agreements and agrees that if any of the
         acknowledgements, representations and agreements deemed to have been made by its purchase of the notes



                                                         I-40
         are no longer accurate, it will promptly notify us and the dealers. If it is acquiring the notes as a fiduciary
         or agent for one or more investor accounts, it represents that it has sole investment discretion with respect
         to each such account and it has full power to make the foregoing acknowledgements, representations, and
         agreements on behalf of each account.

The following is the form of restrictive legend which will appear on the face of the Rule 144A global notes, and
which will be used to notify transferees of the foregoing restrictions on transfer.

                   “This note has not been registered under the U.S. Securities Act of 1933, as amended (the
         “Securities Act”), or any other securities laws. The holder hereof, by purchasing this note, agrees for
         the benefit of Banco Macro S.A. (the “Bank”) that this note or any interest or participation herein
         may be offered, resold, pledged or otherwise transferred only (i) to the Bank or to any dealers
         appointed by the Bank with respect to a particular series of notes (each, a “dealer” and collectively,
         the “dealers”) or by, through or in a transaction approved by a dealer, (ii) so long as this note is
         eligible for resale pursuant to Rule 144A under the Securities Act (“Rule 144A”), to a person who the
         seller reasonably believes is a qualified institutional buyer (as defined in Rule 144A) in accordance
         with Rule 144A, (iii) in an offshore transaction in accordance with Rule 903 or 904 of Regulation S
         under the Securities Act, (iv) pursuant to an exemption from registration under the Securities Act
         afforded by Rule 144 under the Securities Act (if available) or (v) pursuant to an effective
         registration statement under the Securities Act, and in each of such cases in accordance with any
         applicable securities laws of any state of the United States or other applicable jurisdiction. The
         holder hereof, by purchasing this note, represents and agrees for the benefit of the Bank that it will
         notify any purchaser of this note from it of the resale restrictions referred to above.

                  The foregoing legend may be removed from this note on satisfaction of the conditions
         specified in the indenture referred to herein.”

The following is the form of restrictive legend which will appear on the face of the Regulation S global notes and
which will be used to notify transferees of the foregoing restrictions on transfer. Additional copies of this notice
may be obtained from the Trustee.

                  “This note has not been registered under the U.S. Securities Act of 1933, as amended (the
         “Securities Act”), or any other securities laws. The holder hereof, by purchasing this note, agrees for
         the benefit of Banco Macro S.A. that neither this note nor any interest or participation herein may be
         offered, resold, pledged or otherwise transferred in the absence of such registration unless such
         transaction is exempt from, or not subject to, such registration.

                  The foregoing legend may be removed from this note after 40 consecutive days beginning on
         and including the later of (a) the day on which the notes are offered to persons other than
         distributors (as defined in Regulation S under the Securities Act) and (b) the original issue date of
         this note.”

For further discussion of the requirements (including the presentation of transfer certificates) under the indenture to
effect exchanges or transfers of interest in global notes and certificated notes, see the “Description of the Notes—
Form and Denomination.”




                                                         I-41
                                                     TAXATION

Argentine Tax Considerations

The following summary is based upon tax laws of Argentina as in effect on the date of this offering circular and is
subject to any change in Argentine law that may come into effect after such date. Prospective purchasers of the
notes are advised to consult their own tax advisers as to the consequences under the tax laws of the country of which
they are residents of an investment in the notes, including, without limitation, the receipt of interest and the sale,
redemption or any disposition of the notes.

Income Tax

Interest

Except as described below, interest payments on the notes (including original issue discount, if any) will be exempt
from Argentine income tax, provided that the notes are issued in accordance with the Negotiable Obligations Law,
and qualify for tax exempt treatment under Article 36 of such law. Under Article 36, interest on the notes shall be
exempt if the following conditions (the “Article 36 Conditions”) are satisfied:

           (a)    the notes must be placed through a public offering authorized by the CNV in compliance with
                  Joint Resolution 470-1738/2004;

           (b)    the proceeds of the issue of such notes must be, pursuant to corporate resolutions authorizing the
                  offering, applied either to (i) investments in tangible assets in Argentina, (ii) working capital in
                  Argentina, (iii) refinancing of debt, whether at its original maturity or prior to such maturity, (iv)
                  capital contributions to controlled or affiliated corporations, provided that such corporations use
                  the proceeds of such contributions for the purposes set forth in (i), (ii) or (iii) above or (v) making
                  loans in accordance with Central Bank regulations; and

           (c)    we must provide evidence to the CNV in the time and manner prescribed by regulations that the
                  proceeds of the issue have been used for the purposes described in section (b).

Resolution 470-1738/2004 provides, to a certain extent, interpretation of “public offering tax exemption” which,
until the date of its issuance, had not been clearly construed by the Argentine Tax Authority. Although the
interpretation of the Resolution 470-1738/2004 is not free from doubt given its recent issuance, many of the matters
concerning such concept have been clarified by it. The main points of the Joint Resolution 470-1738/2004 are as
follows:

           (a)    Whether a securities offering is a “public offering placement” is exclusively to be construed under
                  Argentine law (Article 16 of the Argentine Public Offering Law). Under the Argentine Public
                  Offering Law notes offered to qualified institutional buyers under Rule 144A or offered pursuant
                  to Regulation S can be made under the concept of a public offering set forth by such law.

           (b)    Public offering efforts should be properly carried out and documentation of such efforts should be
                  kept by the issuer. Notes will not be considered tax exempt by virtue of the authorization of the
                  CNV to conduct a public offering.

           (c)    Public offering efforts may be made not only in Argentina but also abroad.

           (d)    Offerings may be made to the “general public” or to a “specified group of investors” (such as
                  qualified institutional buyers).

           (e)    The offering may be underwritten pursuant to an “underwriting agreement”. The notes placed
                  pursuant to such agreement will be considered placed by means of a public offering to the extent




                                                         I-42
                  that the underwriter effectively carries out public offering efforts in accordance with the Argentine
                  Public Offering Law.

         (f)      The refinancing of “bridge loans” is an accepted use of proceeds from the offering.

Accordingly, we must undertake that each series of notes will be issued in compliance with the Article 36
Conditions and placed by means of a public offering as defined in the Joint Resolution 470-1738/2004. CNV has
authorized the establishment of this program, pursuant to Resolution No. 15480 dated September 28, 2006. For that
purpose, after the issue of a series of notes, we must file with the CNV the documents required by Resolution No.
368/01 of the CNV, as amended, and Joint Resolution 470-1738/2004. Upon approval by the CNV of such filing,
and provided that Article 36 Conditions are met, the notes will qualify for the tax-exempt treatment set forth under
Articles 36 and 36bis of the Negotiable Obligations Law.

However, in accordance with Article 38 of the Negotiable Obligations Law, if we are subsequently found to have
violated or not complied with the Article 36 Conditions, the responsibility for payment of the taxes from which the
holders of the notes would have been exempt otherwise will rest on us. Consequently, the specified exemptions will
benefit the holders of the notes regardless of any subsequent violation or non-compliance by us, and holders of the
notes will be entitled to receive the full amount due as if no withholding had been required. See also “Description of
the Notes—Additional Amounts”.

According to Decree No. 1,076 of July 2, 1992, as amended by Decree No. 1,157 of July 10, 1992, ratified by
Argentine Law No. 24,307 of December 30, 1993 (“Decree No. 1,076”), taxpayers subject to the tax adjustment for
inflation rules pursuant to Title VI of the Income Tax Law (“ITL”) (in general, entities organized or incorporated
under Argentine law, Argentine branches of foreign entities, sole proprietorships and individuals carrying on certain
commercial activities in Argentina) (“Argentine entities”) do not enjoy the aforementioned exemption under Article
36 of the Negotiable Obligations Law. As a result thereof, payments of interest on the notes to Argentine entities
are subject to income tax in Argentina at a rate of 35%.

Although in certain cases payments of interest to Argentine entities (except to financial entities subject to the
Financial Institutions Law) are also subject to a 35% withholding tax on account of the income tax mentioned above,
when the debtor is a bank such withholding tax should not be applicable (Article 81 of the ITL). In addition, the
regime established by the Argentine Tax Authority through General Resolution No. 830 provides for withholdings
of 3% or 10%, depending on whether the beneficiary shall or shall not be registered as an income tax taxpayer,
respectively, on certain interest amounts, regardless of its denomination or means of payments. That withholding
shall be considered as a payment on account of the income tax of the bondholder and shall become due unless the
beneficiary alleges the occurrence of any exemption event and provided that such events shall be evidenced by
means of any of the formal requirements established by the tax authority. In principle, such withholding does not
apply to interest payments on the notes. However, no assurance may be given that the Argentine Tax Authority may
not successfully allege its applicability.

Argentine law generally provides that tax exemptions do not apply when, as a result of the application of an
exemption, revenue that would have been collected by the Argentine tax authority would be collected instead by a
foreign tax authority (Articles 21 of the Income Tax Law and 106 of the Argentine Federal Tax Procedure Law).
This principle, however, does not apply to holders who are foreign beneficiaries.

Therefore, the exemption established under Article 36 of the Negotiable Obligations Law is applicable only to: (i)
individuals (including undivided estates) residing in Argentina and (ii) foreign beneficiaries (either individuals or
entities).

Capital Gain

If the Article 36 Conditions are fully complied with, resident and non-resident individuals and foreign entities
without a permanent establishment in Argentina are not subject to taxation on capital gains derived from the sale or
other disposition of the notes. As a result of the Decree No. 1076, Argentine entities are subject to the payment of




                                                         I-43
income tax at a rate of 35% on capital gains derived from the sale or other disposition of the notes as prescribed by
Argentine tax regulations.

Personal Assets Tax

Individuals domiciled and undivided estates located in Argentina or abroad must include securities, such as the
notes, in order to determine their tax liability for the Personal Assets Tax (“PAT”). This tax levies certain taxable
assets held at December 31 of each year, at the rate of (i) 0.50% for those individuals domiciled and undivided
estates located in Argentina whose assets subject to the tax do not exceed an aggregate amount of Ps.302,300; or (ii)
0.75% for those individuals domiciled and undivided estates located in Argentina whose assets subject to the tax
exceed an aggregate amount of Ps.302,300, and for those non resident individuals and undivided estates located
outside Argentina. The tax is applicable on the market value of the notes (or the acquisition costs plus accrued
interest in the case of unlisted notes) at December 31 of each calendar year.

There is a non taxable amount of Ps.102,300 in respect of individuals domiciled and undivided estates located in
Argentina. In respect of individuals domiciled or undivided estates located abroad, the PAT is not required to be
paid if the amount of such tax is equal or less than Ps.255.75. Although securities, such as the notes, owned by
individuals domiciled or undivided estates located outside Argentina would be technically subject to the PAT,
according to the provisions of Decree No. 127/96, a procedure for the collection of such tax has not been established
in respect of such securities.

Under certain circumstances, assets held by companies or other entities domiciled or incorporated abroad (offshore
entities, other than insurance companies, open-end investment funds, pension funds and banks or financial entities
whose head offices are incorporated in a country whose Central Bank or equivalent authority has adopted the
international standards of supervision established by the Basel Committee) are presumed to be owned by individuals
or undivided estates domiciled or incorporated in Argentina and, consequently, are subject to the PAT at an
aggregate rate of 1.5%. Notwithstanding, Decree No. 812/1996, dated July 24, 1996, establishes that the legal
presumption discussed above shall not apply to shares and debt-related private securities, such as the notes, whose
public offering has been authorized by the CNV and which are tradable on the stock exchanges located in Argentina
or abroad.

In order to ensure that this legal presumption will not apply and, correspondingly, that we will not be liable as a
Substitute Obligor in respect of the notes, we will keep in our records a duly certified copy of the CNV resolution
authorizing the public offering of the shares or debt-related private securities and evidence verifying that such
certificate or authorization was effective as of December 31 of the year in which the tax liability occurred, as
required by Resolution N° 4,203 of the Argentine Tax Authority.

Value Added Tax

To the extent that the Article 36 Conditions are fulfilled, any financial transaction and operation related to the
issuance, placement, purchase, transfer, payment of principal and/or interest or redemption of the notes will be
exempted from value added tax.

Tax on Presumed Minimum Income

The tax on minimum presumed income (the “PMIT”) is levied on the potential income from the ownership of
certain income-generating assets. Corporations domiciled in Argentina, among others, are subject to the tax at the
rate of 1.0% (0.20% in the case of local financial entities, leasing entities or insurance entities) applicable over the
total value of assets, including the notes, above an aggregate amount of Ps.200,000. The tax basis shall be the fair
market value if the notes are listed in a self regulated securities exchange market, and the adjusted acquisition cost if
they are not. This tax will only be owed if the income tax determined for any fiscal year does not equal or exceed
the amount owed under the PMIT. In such case, only the difference between the PMIT determined for such fiscal
year and the income tax determined for the same fiscal year shall be paid. Any PMIT paid will be applied as a credit
toward income tax owed in the immediately following ten fiscal years.




                                                          I-44
Tax on Debits and Credits on Bank Accounts

Law No. 25,413 (published in the Official Gazette of Argentina on March 26th, 2001), as amended, establishes, with
certain exceptions, a tax levied on debits and credits on checking accounts maintained at financial institutions
located in Argentina and on other transactions that are used as a substitute for the use of checking accounts. The
general tax rate is 0.6% for each debit and credit (although in certain cases an increased rate of 1.2% and a reduced
rate of 0.075% may apply).

Pursuant to Decree No. 534/2004 (published in the Official Gazette of Argentina on May 3, 2004), 34.0% of the tax
paid on credits levied at the 0.6% tax rate and 17.0% of the tax paid on transactions levied at the 1.2% tax rate will
be considered (subject to periodical revision by the government) as a payment on account of income taxes and taxes
on presumed minimum income.

The credit of such amounts as a payment on account will be carried out, with no distinction, against income tax
and/or PMIT. The exceeding amount will not be subject to compensation with other taxes or transfer in favor of
third parties, being able to be transferred, to its exhaustion, to other fiscal periods of the above-mentioned taxes.

Turnover Tax

Any investors regularly engaged in activities, or presumed to be engaged in activities, in any jurisdiction where they
receive revenues from interest arising from holding notes, or from their sale or conveyance, could be subject to the
turnover tax at rates that vary according to the specific laws of each Argentine province, unless an exemption
applies.

Article 136, item (1) of the Tax Code of the City of Buenos Aires establishes that the income resulting from any
transaction in respect of notes issued pursuant to the Negotiable Obligations Law (such as interest income and the
purchase value in the event of conveyance) is exempted from the turnover tax. Although the Tax Code of the City
of Buenos Aires does not require the fulfillment of the conditions under Article 36 of the Negotiable Obligations
Law, the local tax authority of such jurisdiction recently issued a Resolution No. 1494/05 in which it considers that
this exemption from the turnover tax only applies when the notes fulfill the conditions under Article 36 of the
Negotiable Obligations Law.

Article 180, item (c) of the Tax Code of the Province of Buenos Aires establishes that income resulting from any
transaction on notes issued pursuant to the Negotiable Obligations Law and Law No. 23,962, as amended, (such as
interest income and the purchase value in the event of conveyance) is exempted from the turnover tax to the extent
the income tax exemption applies.

Stamp and Transfer Taxes

Pursuant to Article 35 of the Negotiable Obligations Law, resolutions, agreements and transactions related to the
issuance, subscription, placement and transfer of the notes are exempted from Argentine stamp tax.

The acts, contracts and transactions related to the issuance, subscription, placement and transfer of the exchange
notes shall not be subject to stamp taxes in the City of Buenos Aires.

No Argentine transfer taxes are applicable on the sale or transfer of the notes.

Court Tax

In the event that it becomes necessary to institute enforcement proceedings in relation to the notes in Argentina, a
court tax (currently at a rate of 3.0%) will be imposed on the amount of any claim brought before the Argentine
courts sitting in the City of Buenos Aires.

The City of Buenos Aires imposes a special contribution to the Lawyers Social Security System (“CASSABA
Contribution”), in addition to the court tax of 3.0%, on any claim brought before the Argentine courts sitting in the



                                                          I-45
City of Buenos Aires. The CASSABA Contribution will be equal to 3.0% of the amount of the court tax imposed as
result of the claim.

Tax Treaties

Argentina has entered into tax treaties with several countries. There is currently no tax treaty in force between
Argentina and the United States.

United States Federal Income Tax Considerations

The following discussion is a summary of certain material U.S. federal income tax consequences of the acquisition,
ownership and disposition of notes by a U.S. Holder (as defined below). This summary does not address the
material U.S. federal income tax consequences of every type of note which may be issued under this program, and
the relevant pricing supplement will contain additional or modified disclosure concerning the material U.S. federal
income tax consequences relevant to each such type of note as appropriate. This summary deals only with U.S.
Holders of notes that purchase the notes at original issuance at their initial “issue price” and that will hold the
notes as capital assets (generally, property held for investment). The discussion does not cover all aspects of U.S.
federal income taxation that may be relevant to, or the actual tax effect that any of the matters described herein will
have on, the acquisition, ownership or disposition of notes by particular investors, and does not address state, local
or non-U.S. tax laws, or any aspect of U.S. federal tax law other than income taxation. In particular, this summary
does not discuss all of the tax considerations that may be relevant to certain types of investors subject to special
treatment under the U.S. federal income tax laws (such as financial institutions, insurance companies, investors
liable for the alternative minimum tax, individual retirement accounts and other tax-deferred accounts, tax-exempt
organizations, partnerships and other pass-through entities, dealers in securities or currencies, investors that will
hold the notes as part of straddles, hedging transactions, conversion transactions or other integrated transactions
for U.S. federal income tax purposes or investors whose functional currency is not the U.S. dollar). Moreover, this
summary deals only with notes with a term of 30 years or less and does not discuss notes in bearer form (“Bearer
Notes”) or Indexed Notes. The U.S. federal income tax consequences of owning notes with a longer term or notes
that are Indexed Notes will be discussed in the applicable pricing supplements. In general, U.S. federal income tax
law imposes significant limitations on U.S. Holders of Bearer Notes (which can include taxation of gains recognized
from the sale, retirement or other disposition of Bearer Notes at the rates applicable to ordinary income (rather
than capital gain), and the disallowance of a deduction for losses recognized on such a disposition of Bearer Notes).
U.S. Holders should consult their tax advisors regarding the U.S. federal income and other tax consequences of the
acquisition, ownership and disposition of Bearer Notes. The discussion below assumes that all notes issued under
this program will be classified for U.S. federal income tax purposes as our indebtedness and in the event of an
alternative characterization, the tax consequences would differ from those discussed below. We will summarize any
special U.S. federal income tax considerations relevant to a particular issue of the notes in the applicable pricing
supplement.

As used herein, the term “U.S. Holder” means a beneficial owner of notes that is, for U.S. federal income tax
purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation or other entity treated
as a corporation for U.S. federal income tax purposes created or organized in the United States or under the laws of
the United States, any State thereof or the District of Columbia, (iii) an estate the income of which is subject to U.S.
federal income tax without regard to its source or (iv) a trust if a court within the United States is able to exercise
primary supervision over the administration of the trust and one or more U.S. persons have the authority to control
all substantial decisions of the trust, or if the trust has a valid election in place to be treated as a domestic trust for
U.S. federal income tax purposes. The U.S. federal income tax treatment of a partner in a partnership that holds
notes will depend on the status of the partner and the activities of the partnership. Partners or partnerships should
consult their tax advisors concerning the U.S. federal income tax consequences of the acquisition, ownership and
disposition of the notes by the partnership.

This summary is based on the tax laws of the United States, including the Internal Revenue Code of 1986, as
amended, its legislative history, existing and proposed Treasury regulations thereunder, published rulings of the
U.S. Internal Revenue Service (“IRS”) and court decisions, all as currently in effect and all of which are subject to
change at any time, possibly with retroactive effect.



                                                           I-46
ANY DISCUSSION OF THE U.S. FEDERAL TAX ISSUES SET FORTH IN THIS OFFERING CIRCULAR
WAS WRITTEN TO SUPPORT THE PROMOTION AND MARKETING OF THE TRANSACTIONS
DESCRIBED HEREIN. SUCH DISCUSSION WAS NOT INTENDED OR WRITTEN TO BE USED, AND IT
CANNOT BE USED, BY ANY PERSON FOR THE PURPOSE OF AVOIDING ANY TAX PENALTIES THAT
MAY BE IMPOSED ON SUCH PERSON. EACH INVESTOR SHOULD SEEK ADVICE BASED ON ITS
PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.

THE SUMMARY OF U.S. FEDERAL INCOME TAX CONSEQUENCES SET OUT BELOW IS FOR GENERAL
INFORMATION ONLY. PROSPECTIVE PURCHASERS SHOULD CONSULT THEIR TAX ADVISORS AS
TO THE PARTICULAR TAX CONSEQUENCES TO THEM OF OWNING THE NOTES, INCLUDING THE
APPLICABILITY AND EFFECT OF STATE, LOCAL, NON-U.S. AND OTHER TAX LAWS AND POSSIBLE
CHANGES IN TAX LAW.

Payments of Stated Interest

General

Stated interest on a note, whether payable in U.S. dollars or a currency other than U.S. dollars (a “foreign
currency”), other than interest that is not “qualified stated interest” (as defined below under “Original Issue
Discount—General”), generally will be taxable to a U.S. Holder as ordinary income at the time that such interest is
received or accrued, depending on the U.S. Holder’s regular method of accounting for U.S. federal income tax
purposes. Interest paid by us on the notes and original issue discount (“OID”), if any, accrued with respect to the
notes (as described below under “—Original Issue Discount—General”) generally will constitute income from
sources outside the United States. Prospective purchasers should consult their tax advisors concerning the
applicability of the foreign tax credit and source of income rules to income attributable to the notes.

Effect of Argentine Withholding Taxes

As discussed in “Taxation─Argentine Tax Considerations,” payments of interest in respect of the notes may be
subject to Argentine withholding taxes in certain circumstances. In such circumstances, discussed under
“Description of the Notes—Additional Amounts,” we may become liable for the payment of additional amounts to
U.S. Holders so that U.S. Holders receive the same amounts they would have received had no Argentine
withholding taxes been imposed. For U.S. federal income tax purposes, U.S. Holders would be treated as having
actually received the amount of Argentine taxes withheld by us (as well as the additional amounts paid by us in
respect thereof) with respect to a note, and as then having actually paid over the withheld taxes to the Argentine
taxing authorities. As a result, the amount of interest income included in gross income for U.S. federal income tax
purposes by a U.S. Holder with respect to a payment of interest may be greater than the amount of cash actually
received (or receivable) by the U.S. Holder from us with respect to the payment.

Subject to certain limitations, a U.S. Holder generally will be entitled to a credit against its U.S. federal income tax
liability for Argentine income taxes, if any, withheld by us. Alternatively, a U.S. Holder may elect to deduct such
Argentine income taxes when computing its U.S. federal taxable income, provided that such U.S. Holder elects to
deduct (rather than credit) all foreign income taxes paid or accrued for the taxable year. For purposes of the foreign
tax credit limitation, foreign source income is classified in one of several “baskets,” and the credit for foreign taxes
on income in any basket is limited to U.S. federal income tax allocable to such income. For U.S. foreign tax credit
limitation purposes, interest in respect of notes generally will constitute income in the “passive category income”
basket or “general category income basket.” Holders who file a U.S. federal income tax return using a fiscal year
other than the calendar year should consult their tax advisor about the potential alternative characterization of their
foreign source income for U.S. foreign tax credit purposes with respect to their fiscal year ending in 2007. The U.S.
foreign tax credit rules are complex and subject to a number of limitations under the Code. In certain circumstances,
a U.S. Holder may be unable to claim foreign tax credits (and may instead be allowed deductions) for foreign
income taxes imposed on a payment of interest, if the U.S. Holder has not held the notes for at least 16 days during
the 31-day period beginning on the date that is 15 days before the date on which the right to receive the payment
arises. Since a U.S. Holder may be required to include OID on the notes in its gross income in advance of any
withholding of Argentine income taxes from payments attributable to the OID (which may not occur until the note is



                                                         I-47
repaid or redeemed), a U.S. Holder may not be entitled to a credit or deduction for these Argentine income taxes in
the year the OID is included in the U.S. Holder’s gross income, and may be limited in its ability to credit or deduct
in full the Argentine income taxes in the year those taxes are actually withheld by us. Prospective purchasers should
consult their tax advisors concerning the U.S. foreign tax credit implications of the payment of any Argentine
income taxes.

Original Issue Discount

General

A note, other than a note with a term of one year or less (a “Short-Term Note”), will be treated as issued with OID (a
“Discount Note”) for U.S. federal income tax purposes if the excess of the note’s “stated redemption price at
maturity” over its issue price is equal to or more than a de minimis amount, which generally is 0.25% of the note’s
stated redemption price at maturity multiplied by the number of complete years to its maturity. An obligation that
provides for the payment of amounts other than qualified stated interest before maturity (an “installment obligation”)
will be treated as a Discount Note if the excess of the note’s stated redemption price at maturity over its issue price
is equal to or more than 0.25% of the note’s stated redemption price at maturity multiplied by the weighted average
maturity of the note. A note’s weighted average maturity is the sum of the following amounts determined for each
payment on a note (other than a payment of qualified stated interest): (i) the number of complete years from the
issue date until the payment is made multiplied by (ii) a fraction, the numerator of which is the amount of the
payment and the denominator of which is the note’s stated redemption price at maturity. Generally, the issue price
of a note will be the first price at which a substantial amount of notes included in the issue of which the note is a part
is sold to persons other than bond houses, brokers, or similar persons or organizations acting in the capacity of
underwriters, placement agents, or wholesalers. The stated redemption price at maturity of a note is the total of all
payments provided by the note that are not payments of “qualified stated interest.” For this purpose, a qualified
stated interest payment is generally any one of a series of stated interest payments on a note that is unconditionally
payable in cash or property, other than additional debt instruments of ours, at least annually at a single fixed rate
(with certain exceptions for lower rates paid during some periods), or a variable rate (in the circumstances described
below under “—Variable Interest Rate Notes”). Solely for the purposes of determining whether a note has OID, we
will be deemed to exercise any call option that has the effect of decreasing the yield on the note, and the U.S. Holder
will be deemed to exercise any put option that has the effect of increasing the yield on the note. The foregoing rule
only applies, however, if the timing and amount of the payments that comprise each possible payment schedule are
known as of the issue date of the note.

U.S. Holders of Discount Notes must accrue OID into gross income calculated on a constant-yield basis before the
receipt of cash attributable to the OID, and generally will have to include in gross income increasingly greater
amounts of OID over the life of the Discount Notes. However, such U.S. Holders generally will not be required to
include separately in income cash payments received on the Discount Notes, even if denominated as interest, to the
extent those payments do not constitute qualified stated interest payments. Notice will be given in the applicable
pricing supplement when we determine that a particular note will be a Discount Note. The amount of OID
includible in gross income by a U.S. Holder of a Discount Note is the sum of the daily portions of OID with respect
to the Discount Note for each day during the taxable year or portion of the taxable year on which the U.S. Holder
holds the Discount Note (“accrued OID”). The daily portion is determined by allocating to each day in any “accrual
period” a pro rata portion of the OID allocable to that accrual period. Accrual periods with respect to a note may be
of any length selected by the U.S. Holder and may vary in length over the term of the note as long as (i) no accrual
period is longer than one year and (ii) each scheduled payment of interest or principal on the note occurs on either
the final or first day of an accrual period. The amount of OID allocable to an accrual period equals the excess, if
any, of (a) the product of the Discount Note’s adjusted issue price at the beginning of the accrual period and the
Discount Note’s yield to maturity (determined on the basis of compounding at the close of each accrual period and
properly adjusted for the length of the accrual period) over (b) the sum of the payments of qualified stated interest
on the note allocable to the accrual period. OID allocable to a final accrual period is the difference between the
amount payable at maturity, other than a payment of qualified stated interest, and the adjusted issue price of the
Discount Note at the beginning of the final accrual period. Special rules will apply for calculating OID for an initial
short accrual period. The “adjusted issue price” of a Discount Note at the beginning of any accrual period is the
issue price of the note increased by (x) the amount of accrued OID for each prior accrual period (without regard to
the amortization of any acquisition premium or bond premium, as discussed below under “—Original Issue


                                                          I-48
Discount—Acquisition Premium” and “Notes Purchased at a Premium”) and decreased by (y) the amount of any
payments previously made on the note that were not qualified stated interest payments.

De Minimis OID

If a U.S. Holder owns a note issued with de minimis OID, which is discount that is not OID because it is less than
0.25% of the stated redemption price at maturity multiplied by the number of complete years to maturity (or, in the
case of an installment obligation, the weighted average maturity), such U.S. Holder generally must include the de
minimis OID in income at the time principal payments on the note are made in proportion to the amount paid. Any
amount of de minimis OID included in income will be treated as a capital gain.

Acquisition Premium

A U.S. Holder that purchases a Discount Note for an amount that is less than or equal to the sum of all amounts
payable on the note after the purchase date, other than payments of qualified stated interest, but that exceeds the
adjusted issue price of the Discount Note (any such excess being “acquisition premium”), is permitted to reduce the
daily portions of OID by a fraction, the numerator of which is the excess of the U.S. Holder’s adjusted tax basis in
the Discount Note immediately after its purchase over the Discount Note’s adjusted issue price, and the denominator
of which is the excess of the sum of all amounts payable on the Discount Note after the purchase date, other than
payments of qualified stated interest, over the Discount Note’s adjusted issue price.

Market Discount

A note, other than a Short-Term Note, generally will be treated as purchased at a market discount (a “Market
Discount Note”) if the note’s stated redemption price at maturity or, in the case of a Discount Note, the note’s
“revised issue price,” exceeds the amount for which the U.S. Holder purchased the note by at least 0.25% of the
note’s stated redemption price at maturity or revised issue price, respectively, multiplied by the number of complete
years to the note’s maturity (or, in the case of a note that is an installment obligation, the note’s weighted average
maturity). For this purpose, the “revised issue price” of a note generally equals its issue price, increased by the
amount of any OID that has previously accrued on the note (without regard to the amortization of any acquisition
premium or bond premium) and decreased by the amount of any payments previously made on the note that were
not qualified stated interest payments.

In general, any gain recognized on the maturity or disposition of a Market Discount Note (including any partial
principal payment on a note), and possibly gain realized in certain non-recognition transactions, will be taxable as
ordinary income to the extent that the gain does not exceed the accrued market discount on the note. Alternatively, a
U.S. Holder of a Market Discount Note may elect to accrue market discount into gross income currently over the life
of the note. This election shall apply to all debt instruments with market discount acquired by the electing U.S.
Holder on or after the first day of the first taxable year to which the election applies, and may not be revoked
without the consent of the IRS. A U.S. Holder of a Market Discount Note that does not elect to include market
discount in gross income currently will generally be required to defer deductions for interest on borrowings incurred
to purchase or carry a Market Discount Note that is in excess of the interest and OID on the note includible in the
U.S. Holder’s gross income, to the extent that this excess interest expense does not exceed the portion of the market
discount allocable to the days on which the Market Discount Note was held by the U.S. Holder.

Under current law, market discount will accrue on a straight-line basis unless the U.S. Holder elects to accrue the
market discount on a constant-yield method. This election applies only to the Market Discount Note with respect to
which it is made and is irrevocable.

Election to Treat All Interest as Original Issue Discount

A U.S. Holder may elect to include in gross income all interest that accrues on a note using the constant-yield
method described above under “—Original Issue Discount—General,” with certain modifications. For purposes of
this election, interest includes stated interest, OID, de minimis OID, market discount, de minimis market discount
and unstated interest, as adjusted by any amortizable bond premium (described below under “Notes Purchased at a


                                                            I-49
Premium”) or acquisition premium. This election generally will apply only to the note with respect to which the
election is made and may not be revoked without the consent of the IRS. If the election to apply the constant-yield
method to all interest on a note is made with respect to a Market Discount Note, the electing U.S. Holder will be
treated as having made the election discussed above under “Market Discount” to accrue market discount into gross
income currently for all debt instruments with market discount held or thereafter acquired. U.S. Holders should
consult their tax advisors concerning the propriety and consequences of making this election.

Variable Interest Rate Notes

Notes that provide for the payment of interest at certain variable rates (“Variable Interest Rate Notes”) may
constitute “variable rate debt instruments” under the Treasury regulations governing accrual of OID. A Variable
Interest Rate Note will qualify as a “variable rate debt instrument” if, among other requirements, (a) its issue price
does not exceed the total non-contingent principal payments due under the Variable Interest Rate Note by more than
a specified de minimis amount and (b) it provides for stated interest, paid or compounded at least annually, at (i) one
or more qualified floating rates, (ii) a single fixed rate and one or more qualified floating rates, (iii) a single
objective rate, or (iv) a single fixed rate and a single objective rate that is a qualified inverse floating rate. A
Variable Interest Rate Note that does not meet the requirements for qualification as a “variable rate debt instrument”
under the Treasury regulations generally will be treated as a “contingent payment debt instrument” for U.S. federal
income tax purposes. See “—Contingent Payment Debt Instruments” below.

A “qualified floating rate” is any variable rate where variations in the value of the rate can reasonably be expected to
measure contemporaneous variations in the cost of newly borrowed funds in the currency in which the Variable
Interest Rate Note is denominated. A fixed multiple of a qualified floating rate will constitute a qualified floating
rate only if the multiple is greater than 0.65 but not more than 1.35. A variable rate equal to the product of a
qualified floating rate and a fixed multiple that is greater than 0.65 but not more than 1.35, increased or decreased by
a fixed rate, will also constitute a qualified floating rate. In addition, two or more qualified floating rates that can
reasonably be expected to have approximately the same values throughout the term of the Variable Interest Rate
Note (e.g., two or more qualified floating rates with values within 25 basis points of each other as determined on the
Variable Interest Rate Note’s issue date) will be treated as a single qualified floating rate. Notwithstanding the
foregoing, a variable rate that would otherwise constitute a qualified floating rate but which is subject to one or more
restrictions such as a maximum numerical limitation (i.e., a cap) or a minimum numerical limitation (i.e., a floor)
may, under certain circumstances, fail to be treated as a qualified floating rate unless the cap or floor is fixed
throughout the term of the note.

An “objective rate” is a rate that is not itself a qualified floating rate but which is determined using a single fixed
formula and which is based on objective financial or economic information (e.g., one or more qualified floating rates
or the yield of actively traded personal property). A rate will not qualify as an objective rate if it is based on
information that is within our control (or that of a related party) or that is unique to our circumstances of (or those of
a related party), such as dividends, profits or the value of our stock (although a rate does not fail to be an objective
rate merely because it is based on our credit quality). Other variable interest rates may be treated as objective rates
if so designated by the IRS in the future. Despite the foregoing, a variable rate of interest on a Variable Interest Rate
Note will not constitute an objective rate if it is reasonably expected that the average value of the rate during the first
half of the Variable Interest Rate Note’s term will be either significantly less than or significantly greater than the
average value of the rate during the final half of the Variable Interest Rate Note’s term. A “qualified inverse
floating rate” is any objective rate where the rate is equal to a fixed rate minus a qualified floating rate, as long as
variations in the rate can reasonably be expected to inversely reflect contemporaneous variations in the qualified
floating rate. If a Variable Interest Rate Note provides for stated interest at a fixed rate for an initial period of one
year or less followed by a variable rate that is either a qualified floating rate or an objective rate for a subsequent
period and if the value of the variable rate on the Variable Interest Rate Note’s issue date is intended to approximate
the fixed rate (e.g., the value of the variable rate on the issue date does not differ from the value of the fixed rate by
more than 25 basis points), then the fixed rate and the variable rate together will constitute either a single qualified
floating rate or objective rate, as the case may be.




                                                           I-50
A qualified floating rate or objective rate in effect at any time during the term of the instrument must be set at a
“current value” of that rate. A “current value” of a rate is the value of the rate on any day that is no earlier than three
months prior to the first day on which that value is in effect and no later than one year following that first day.

If a Variable Interest Rate Note that provides for stated interest at either a single qualified floating rate or a single
objective rate throughout the term thereof qualifies as a “variable rate debt instrument,” then any stated interest on
the note which is unconditionally payable in cash or property (other than debt instruments of ours) at least annually
will constitute qualified stated interest and will be taxed accordingly. See “Payments of Stated Interest” above.
Thus, a Variable Interest Rate Note that provides for stated interest at either a single qualified floating rate or a
single objective rate throughout the term thereof and that qualifies as a “variable rate debt instrument” will generally
not be treated as having been issued with OID unless the Variable Interest Rate Note is issued at a “true” discount
(i.e., at a price below the note’s stated principal amount) in excess of a specified de minimis amount. OID on such a
Variable Interest Rate Note arising from “true” discount generally is allocated to an accrual period using the
constant yield method described above by assuming that the variable rate is a fixed rate equal to (i) in the case of a
qualified floating rate or qualified inverse floating rate, the value, as of the issue date, of the qualified floating rate or
qualified inverse floating rate, or (ii) in the case of an objective rate (other than a qualified inverse floating rate), a
fixed rate that reflects the yield that is reasonably expected for the Variable Interest Rate Note.

In general, any other Variable Interest Rate Note that qualifies as a “variable rate debt instrument” will be converted
into an “equivalent fixed rate debt instrument” for purposes of determining the amount and accrual of OID and
qualified stated interest on the Variable Interest Rate Note. Such a Variable Interest Rate Note must be converted
into an equivalent fixed rate debt instrument by substituting any qualified floating rate or qualified inverse floating
rate provided under the terms of the Variable Interest Rate Note with a fixed rate equal to the value of the qualified
floating rate or qualified inverse floating rate, as the case may be, as of the Variable Interest Rate Note’s issue date.
Any objective rate (other than a qualified inverse floating rate) provided under the terms of the Variable Interest
Rate Note is converted into a fixed rate that reflects the yield that is reasonably expected for the Variable Interest
Rate Note. In the case of a Variable Interest Rate Note that qualifies as a “variable rate debt instrument” and
provides for stated interest at a fixed rate in addition to either one or more qualified floating rates or a qualified
inverse floating rate, the fixed rate is initially converted into a qualified floating rate (or a qualified inverse floating
rate, if the Variable Interest Rate Note provides for a qualified inverse floating rate). Under these circumstances, the
qualified floating rate or qualified inverse floating rate that replaces the fixed rate must be such that the fair market
value of the Variable Interest Rate Note as of the Variable Interest Rate Note’s issue date is approximately the same
as the fair market value of an otherwise identical debt instrument that provides for either the qualified floating rate
or qualified inverse floating rate rather than the fixed rate. Subsequent to converting the fixed rate into either a
qualified floating rate or a qualified inverse floating rate, the Variable Interest Rate Note is converted into an
equivalent fixed rate debt instrument in the manner described above.

Once the Variable Interest Rate Note is converted into an equivalent fixed rate debt instrument pursuant to the
foregoing rules, the amount of OID and qualified stated interest, if any, are determined for the equivalent fixed rate
debt instrument by applying the general OID rules to the equivalent fixed rate debt instrument and a U.S. Holder of
the Variable Interest Rate Note will account for the OID and qualified stated interest as if the U.S. Holder held the
equivalent fixed rate debt instrument. In each accrual period, appropriate adjustments will be made to the amount of
qualified stated interest or OID assumed to have been accrued or paid with respect to the equivalent fixed rate debt
instrument in the event that these amounts differ from the actual amount of interest accrued or paid on the Variable
Interest Rate Note during the accrual period.

Short-Term Notes

In general, an individual or other cash basis U.S. Holder of a Short-Term Note is not required to accrue OID (as
specially defined below for the purposes of this paragraph) for U.S. federal income tax purposes unless it elects to
do so (but may be required to include any stated interest in gross income as such interest is received). Accrual basis
U.S. Holders and certain other U.S. Holders are required to accrue OID on Short-Term Notes on a straight-line basis
or, if the U.S. Holder so elects, using a constant-yield method (based on daily compounding). In the case of a U.S.
Holder not required and not electing to include OID in gross income currently, any gain realized on the sale,
exchange or retirement of the Short-Term Note will be ordinary income to the extent of the OID accrued on a



                                                            I-51
straight-line basis (unless an election is made to accrue the OID under the constant-yield method) through the date
of sale, exchange or retirement. U.S. Holders who are not required and do not elect to accrue OID on Short-Term
Notes will be required to defer deductions for interest on borrowings allocable to Short-Term Notes in an amount
not exceeding the deferred income until the deferred income is realized.

For purposes of determining the amount of OID subject to these rules, all interest payments on a Short-Term Note
are included in the Short-Term Note’s stated redemption price at maturity. A U.S. Holder may elect to determine
OID on a Short-Term Note as if the Short-Term Note had been originally issued to the U.S. Holder at the U.S.
Holder’s purchase price for the Short-Term Note. This election shall apply to all obligations with a maturity of one
year or less acquired by the U.S. Holder on or after the first day of the first taxable year to which the election
applies, and may not be revoked without the consent of the IRS.

Fungible Issue

We may in some circumstances, without the consent of the holders of outstanding notes, issue additional notes with
identical terms. These additional notes, even if treated for non-tax purposes as part of the same series as the original
notes, in some cases may be treated as a separate issue for U.S. federal income tax purposes. In such a case, the
additional notes may be considered to have been issued with OID even if the original notes had no OID, or the
additional notes may have a greater amount of OID than the original notes. These differences may affect the market
value of the original notes if the additional notes are not otherwise distinguishable from the original notes.

Contingent Payment Debt Instruments

As discussed above, notes that provide for the payment of interest at floating rates, but fail to qualify as variable rate
debt instruments under applicable Treasury regulations, generally will be treated as “contingent payment debt
instruments” for U.S. federal income tax purposes. Additionally, notes that provide for different payment schedules
based upon the occurrence or non-occurrence of certain contingencies may be characterized for U.S. federal income
tax purposes as contingent payment debt instruments. Very generally, for a note that is treated for U.S. federal
income tax purposes as a contingent payment debt instrument, applicable Treasury regulations will require a U.S.
Holder, regardless of its regular method of tax accounting, (i) to accrue interest income (as OID) over the term of the
note based upon a “comparable yield” for a debt instrument without any contingent payments but otherwise with
terms and conditions comparable to the note, and (ii) to periodically adjust its interest income accruals on the note
for differences between the actual contingent payments received in respect of the note and the contingent payments
reflected on a “projected payment schedule” prepared for the note as of its issue date. Additionally, any gain upon a
sale or other taxable disposition of such a note generally will be taxable to a U.S. Holder as ordinary interest
income; any loss will be ordinary loss to the extent of the interest previously included in gross income by the U.S.
Holder with respect to the note, and thereafter, capital loss. The comparable yield and projected payment schedule
are used to determine accruals of interest for tax purposes only, and are not to be regarded as predictions with
respect to the actual yield or payments for a note. In the event that we issue Notes that constitute contingent
payment debt instruments, the applicable pricing supplement will further describe the material U.S. federal income
tax consequences of the acquisition, ownership and disposition of such notes for U.S. Holders. Prospective U.S.
Holders of notes should consult their own tax advisors regarding the application of the Treasury regulations
governing contingent payment debt instruments.

Notes Purchased at a Premium

A U.S. Holder that purchases a note for an amount in excess of the sum of all amounts payable on the note after the
acquisition date other than qualified stated interest payments, may elect to treat the excess as “amortizable bond
premium,” in which case the amount required to be included in the U.S. Holder’s gross income each year with
respect to interest on the note will be reduced by the amount of amortizable bond premium allocable (based on the
note’s yield to maturity) to that year. Any election to amortize bond premium shall apply to all bonds (other than
bonds the interest on which is excludable from gross income for U.S. federal income tax purposes) held by the U.S.
Holder at the beginning of the first taxable year to which the election applies or thereafter acquired by the U.S.
Holder, and is irrevocable without the consent of the IRS. Regardless of whether the election to amortize bond




                                                          I-52
premium is made, a U.S. Holder generally will not be required to include OID in gross income for any note acquired
at a premium.

Sale, Retirement or Other Taxable Disposition of Notes

A U.S. Holder’s adjusted tax basis in a note generally will be its cost, (i) increased by the amount of any OID or
market discount included in the U.S. Holder’s gross income with respect to the note, (ii) reduced by the amount of
any payments received with respect to the note that are not qualified stated interest payments, and (iii) reduced by
the amount of any amortizable bond premium applied to reduce interest on the note. A U.S. Holder generally will
recognize gain or loss on the sale, retirement or other taxable disposition of a note equal to the difference between
the amount realized on the sale, retirement or other taxable disposition and the adjusted tax basis of the note. The
amount realized does not include any amount attributable to accrued but unpaid qualified stated interest, which will
be taxable as interest income to the extent not previously included in gross income by the U.S. Holder. Except as
described above under “—Market Discount,” “—Short-Term Notes” or “―Contingent Payment Debt Instruments”
and except to the extent attributable to changes in exchange rates (as discussed below under “—Foreign Currency
Notes”), gain or loss recognized on the sale, retirement or other taxable disposition of a note will be capital gain or
loss and will be long-term capital gain or loss if the U.S. Holder’s holding period in the note exceeds one year. For
a non-corporate U.S. Holder, under current law, the maximum long-term capital gains rate for taxable years ending
on or before December 31, 2010 is 15.0%. The deductibility of capital losses is subject to limitation.

Gain or loss realized by a U.S. Holder on the sale, retirement or other taxable disposition of a note generally will be
treated as derived from U.S. sources for purposes of the U.S. foreign tax credit.

Foreign Currency Notes

Interest

If a payment of qualified stated interest is denominated in, or determined by reference to, a single foreign currency,
the amount of income recognized by a cash basis U.S. Holder will be the U.S. dollar value of the interest payment,
based on the “spot” rate in effect on the date of receipt, regardless of whether the payment is in fact converted into
U.S. dollars. Under applicable Treasury regulations, the “spot rate” generally means a rate that reflects a fair market
rate of exchange available to the public for currency under a “spot contract” in a free market and involving
representative amounts. A “spot contract” is a contract to buy or sell a currency on or before two business days
following the date of the execution of the contract. If such a spot rate cannot be demonstrated, the IRS has the
authority to determine the spot rate. If the amount of qualified stated interest payable in U.S. dollars under the notes
is determined by reference to the U.S. dollar value of a foreign currency at periodic intervals over the term of the
notes, cash basis U.S. Holders will not realize any U.S. source exchange gain or loss in respect of interest payments
except to the extent that the exchange rate used to determine the amount of interest payable in U.S. dollars with
respect to an interest payment differs from the “spot rate” in effect on the date such payment is received.

An accrual basis U.S. Holder may determine the amount of income recognized with respect to a qualified stated
interest payment denominated in, or determined by reference to, a single foreign currency in accordance with either
of two methods. Under the first method, the amount of income accrued will be based on the average exchange rate
in effect during the interest accrual period (or, in the case of an accrual period that spans two taxable years of a U.S.
Holder, the part of the period within the taxable year). Under the second method, the U.S. Holder may elect to
determine the amount of income accrued on the basis of the spot rate in effect on the last day of the accrual period
(or, in the case of an accrual period that spans two taxable years, the spot rate in effect on the last day of the part of
the period within the taxable year). Additionally, if a payment of qualified stated interest is actually received within
five business days of the last day of the accrual period, an electing accrual basis U.S. Holder may instead translate
the accrued interest into U.S. dollars at the spot rate in effect on the day of actual receipt. Any such election will
apply to all debt instruments held by the U.S. Holder at the beginning of the first taxable year to which the election
applies or thereafter acquired by the U.S. Holder, and will be irrevocable without the consent of the IRS.

Upon receipt of a qualified stated interest payment (including a payment attributable to accrued but unpaid qualified
stated interest upon the sale or retirement of a note) denominated in, or determined by reference to, a single foreign



                                                          I-53
currency, the accrual basis U.S. Holder may recognize U.S. source exchange gain or loss (taxable as ordinary
income or loss) equal to the difference between the amount received (translated into U.S. dollars at the spot rate on
the date of receipt) and the amount previously accrued, regardless of whether the payment is in fact converted into
U.S. dollars. If the amount of qualified stated interest payable in U.S. dollars under the notes is determined by
reference to the U.S. dollar value of a single foreign currency at periodic intervals over the term of the notes, an
accrual basis U.S. Holder may recognize U.S. source exchange gain or loss equal to the difference between the U.S.
dollar value of the foreign currency on the date the interest is received determined based on the “spot rate” in effect
on the date the interest is received (which may be different than the exchange rate used to determine the amount of
interest payable in U.S. dollars) and the amount previously accrued.

OID

OID for each accrual period on a Discount Note that is denominated in, or determined by reference to, a single
foreign currency will be determined in the foreign currency and then translated into U.S. dollars in the same manner
as qualified stated interest accrued by an accrual basis U.S. Holder, as described above. Upon receipt of an amount
attributable to OID (whether in connection with a payment on the note or a sale or retirement of the note), a U.S.
Holder may recognize U.S. source exchange gain or loss (taxable as ordinary income or loss) equal to the difference
between the amount received (translated into U.S. dollars at the spot rate on the date of receipt) and the amount
previously accrued, regardless of whether the payment is in fact converted into U.S. dollars.

Market Discount

Market discount on a note that is denominated in, or determined by reference to, a single foreign currency, will be
accrued in the foreign currency. If the U.S. Holder elects to accrue market discount into gross income currently, the
accrued market discount will be translated into U.S. dollars at the average exchange rate for the accrual period (or
portion thereof within the U.S. Holder’s taxable year). Upon the receipt of an amount attributable to accrued market
discount, the U.S. Holder may recognize U.S. source exchange gain or loss (which will be taxable as ordinary
income or loss) determined in the same manner as for accrued qualified stated interest or OID. A U.S. Holder that
does not elect to include market discount in gross income currently will recognize, upon the disposition or maturity
of the note, the U.S. dollar value of the amount accrued, calculated at the spot rate on that date, and no part of this
accrued market discount will be treated as exchange gain or loss.

Bond Premium

Bond premium (including acquisition premium) on a note that is denominated in, or determined by reference to, a
single foreign currency will be computed in units of the foreign currency, and any such bond premium that is taken
into account currently will reduce interest income in units of the foreign currency. On the date bond premium
offsets interest income, a U.S. Holder may recognize U.S. source exchange gain or loss (taxable as ordinary income
or loss) measured by the difference between the spot rate in effect on that date and on the date the notes were
acquired by the U.S. Holder.

Sale, Retirement or Other Taxable Disposition of a Note

As discussed above under “—Sale, Retirement or Other Taxable Disposition of Notes,” a U.S. Holder generally will
recognize gain or loss on the sale, retirement or other taxable disposition of a note equal to the difference between
the amount realized on the sale, retirement or other taxable disposition and the adjusted tax basis of the note. A U.S.
Holder’s initial tax basis in a note that is denominated in a single foreign currency will be determined by reference
to the U.S. dollar cost of the note. The U.S. dollar cost of a note purchased with foreign currency generally will be
the U.S. dollar value of the purchase price based on the spot rate in effect on the date of purchase or, in the case of
notes traded on an established securities market, as defined in the applicable Treasury regulations, that are purchased
by a cash basis U.S. Holder, or an accrual basis U.S. Holder that so elects, on the settlement date for the purchase.

The amount realized on a sale, retirement or other taxable disposition for an amount in foreign currency will be the
U.S. dollar value of the amount of foreign currency received based on the spot rate in effect on the date of sale,



                                                          I-54
retirement or other taxable disposition of a note or, in the case of a note traded on an established securities market,
as defined in the applicable Treasury regulations, that is sold by a cash basis U.S. Holder, or an accrual basis U.S.
Holder that so elects, on the settlement date for the sale. Such an election by an accrual basis U.S. Holder must be
applied consistently from year to year and cannot be revoked without the consent of the IRS.

A U.S. Holder will recognize U.S. source exchange rate gain or loss (taxable as ordinary income or loss) on the sale,
retirement or other taxable disposition of a note equal to the difference, if any, between the U.S. dollar values of the
U.S. Holder’s purchase price for the note (or, if less, the principal amount of the note) based on the spot rate in
effect (i) on the date of sale or retirement and (ii) the date on which the U.S. Holder acquired the note. Any such
exchange rate gain or loss will be realized only to the extent of total gain or loss realized on the sale, retirement or
other taxable disposition. Such an election by an accrual basis U.S. Holder must be applied consistently from year
to year and cannot be revoked without the consent of the IRS.

Disposition of Foreign Currency

Foreign currency received as a payment of stated interest on a note or on the sale, retirement or other taxable
disposition of a note will have a tax basis equal to its U.S. dollar value based on the spot rate in effect at the time the
interest is received or at the time of the sale, retirement or other taxable disposition (or, in the case of a note traded
on an established securities market, as defined in the applicable Treasury regulations, that is sold by a cash basis
U.S. Holder, or an accrual basis U.S. Holder that so elects, at the time of the settlement date (for the sale, retirement
or other taxable disposition). Foreign currency that is purchased generally will have a tax basis equal to the U.S.
dollar value of the foreign currency based on the spot rate in effect on the date of purchase. Any gain or loss
recognized on a sale or other disposition of a foreign currency (including its use to purchase notes or upon exchange
for U.S. dollars) generally will be U.S. source ordinary income or loss.

Dual Currency Notes

Under recently promulgated Treasury regulations governing “nonfunctional currency contingent payment debt
instruments,” Dual Currency Notes that meet certain conditions are treated in a manner similar to notes that
constitute “contingent payment debt instruments” for U.S. federal income tax purposes (as discussed above under
“Contingent Payment Debt Instruments”). There is no assurance, however, that any particular issuance of Dual
Currency Notes will meet the conditions set forth in the Treasury regulations, and the U.S. federal income tax
treatment of Dual Currency Notes that do not meet these conditions is unclear. The U.S. federal income tax
characterization of Dual Currency Notes may affect the amount, timing and character of income, gain or loss
recognized by a U.S. Holder in respect of the Dual Currency Notes. The applicable pricing supplement will describe
the material U.S. federal income tax consequences of the acquisition, ownership and disposition of such Dual
Currency notes for U.S. Holders. There can be no assurance that the IRS will agree with the characterization of
Dual Currency Notes as described in the pricing supplement. In light of this uncertainty, prospective U.S. Holders
of Dual Currency Notes should consult their own tax advisors regarding the application of the Treasury regulations
governing nonfunctional currency contingent payment debt instruments and regarding the U.S. federal income tax
treatment of the Dual Currency Notes that do not meet the conditions set forth in such Treasury regulations.

Reportable Transactions

A U.S. taxpayer that participates in a “reportable transaction” will be required to disclose its participation to the IRS.
The scope and application of these rules is not entirely clear. A U.S. Holder may be required to treat a foreign
currency exchange loss from the notes as a reportable transaction if the loss exceeds U.S.$50,000 in a single taxable
year if the U.S. Holder is an individual or trust, or higher amounts for other U.S. Holders. In the event the
acquisition, ownership or disposition of notes constitutes participation in a “reportable transaction” for purposes of
these rules, a U.S. Holder will be required to disclose its investment by filing Form 8886 with the IRS. Prospective
purchasers are urged to consult their tax advisors regarding the application of these rules to the acquisition,
ownership or disposition of notes.




                                                           I-55
Backup Withholding and Information Reporting

In general, payments of stated interest and accrued OID on, and the proceeds of a sale, exchange, redemption or
other disposition of, the notes, payable to a U.S. Holder by a U.S. Paying Agent or other U.S. intermediary, will be
reported to the IRS and to the U.S. Holder as may be required under applicable Treasury regulations. Backup
withholding may apply to these payments if the U.S. Holder fails to provide an accurate taxpayer identification
number or certification of exempt status or fails to report all interest and dividends required to be shown on its U.S.
federal income tax returns. Certain U.S. Holders (including, among others, corporations) are not subject to backup
withholding. Backup withholding is not additional tax. Amounts withheld may be credited against a U.S. Holder’s
U.S. federal income tax liability, and a U.S. Holder may obtain a refund of any excess amounts withheld by filing
the appropriate claim for refund with the IRS in a timely manner. U.S. Holders should consult their tax advisors as
to their qualification for exemption from backup withholding and the procedure for obtaining an exemption.




                                                         I-56
                                    ENFORCEMENT OF CIVIL LIABILITIES

We are incorporated under the laws of Argentina. Substantially all of our assets are located outside the United
States. The majority of our directors and all our officers and certain advisors named herein reside in Argentina or
elsewhere outside the United States. As a result, it may not be possible for investors to effect service of process
within the United States upon such persons or to force against them or against us judgments predicated upon the
civil liability provisions of the U.S. federal securities laws or the laws of such other jurisdictions.

In the terms and conditions of the notes, we will (i) agree that the courts of the State of New York and the federal
courts of the United States, in each case sitting in the Borough of Manhattan, City and State of New York, will have
non-exclusive jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which
may arise out of or in connection with the notes and, for such purposes, irrevocably submit to the jurisdiction of
such courts and (ii) name an agent for service of process in the Borough of Manhattan, New York City. See
“Description of the Notes.”

Enforcement of foreign judgments would be recognized and enforced by the courts in Argentina provided that the
requirements of Article 517 of the Federal Civil and Commercial Procedure Code (if enforcement is sought before
federal courts) are met, such as (i) the judgment, which must be final in the jurisdiction where rendered, was issued
by a court competent in accordance with Argentine principles regarding international jurisdiction and resulted from
a personal action, or an in rem action with respect to personal property if such was transferred to Argentine territory
during or after the prosecution of the foreign action, (ii) the defendant against whom enforcement of the judgment is
sought was personally served with the summons and, in accordance with due process of law, was given an
opportunity to defend against foreign action, (iii) the judgment must be valid in the jurisdiction where rendered and
its authenticity must be established in accordance with the requirements of Argentine law, (iv) the judgment does
not violate the principles of public policy of Argentine law, and (v) the judgment is not contrary to a prior or
simultaneous judgment of an Argentine court.

We have been advised by our Argentine counsel, Bruchou, Fernández Madero, Lombardi & Mitrani, that there is
doubt as to the enforceability, in original actions in Argentine courts, of liabilities predicated solely upon the federal
securities laws of the United States and as to the enforceability in Argentine courts of judgments of United States
courts obtained in actions against us predicated upon the civil liability provisions of the federal securities laws of the
United States.




                                                          I-57
                                             PLAN OF DISTRIBUTION

Under the terms and subject to the conditions contained in a program agreement with Credit Suisse Securities (USA)
LLC, as arranger and dealer, Credit Suisse Securities (Europe) Limited, and Raymond James Argentina Sociedad de
Bolsa S.A., and Raymond James & Associates, Inc., as dealers, together with such other dealers as we may appoint
with respect to a particular series of notes, we may from time to time offer notes under this program, in exchange for
cash or surrender of other securities, to or through the dealers. One or more dealers may purchase notes as principal
from us from time to time for resale to investors and other purchasers at a fixed offering price or, if so specified in
the applicable pricing supplement, at varying prices relating to prevailing market prices at the time of resale as
determined by any dealer. If we and a dealer agree, that dealer may also utilize its reasonable efforts on an agency
basis to solicit offers to purchase the notes. Commissions with respect to notes that are sold through a dealer as an
agent of ours will be negotiated between us and that dealer at the time of such sale. We have also reserved the right
to sell notes directly on our own behalf, in which case no commissions will be payable with respect to any such sale.

A dealer may sell notes it has purchased from us as principal to certain other dealers less a concession equal to all or
any portion of the discount received in connection with such purchase. The dealer, and such other dealers, may
reallow a discount to certain additional dealers. After the initial offering of notes, the offering price (in the case of
notes to be resold at a fixed offering price), the concession and the reallowance may be changed.

We may withdraw, cancel or modify the offering contemplated hereby without notice and may reject offers to
purchase notes in whole or in part. Each dealer will have the right to reject in whole or in part any offer to purchase
notes received by it on an agency basis.

Before the initial offering of notes under this program, there has been no established trading market for the notes.
While we may apply to have the notes of a particular series listed on the Luxembourg Stock Exchange for trading on
the EuroMTF, the alternative market of the Luxembourg Stock Exchange, and listed on the Buenos Aires Stock
Exchange, we may not list other series of notes on any securities exchange or quotation system. In addition, we
expect that certain series of notes to be eligible for trading on the PORTAL Market or on MAE, as specified in the
applicable pricing supplement. From time to time, the dealers may make a market in the notes, but no dealer is
obligated to do so and may discontinue any market-making activity at any time. In addition, any such market-
making activity will be subject to the limits imposed by the Securities Act and the Exchange Act, and may be
limited during any exchange offer and the pendency of any shelf registration statement in connection with any
registration rights we may offer to holders of a particular series of notes. Accordingly, we cannot assure you as to
the liquidity of, or the development or continuation of trading markets for, the notes.

In connection with an offering of notes purchased by one or more dealers as principal on a fixed offering price basis,
such dealers will be permitted to engage in transactions that stabilize the price of notes in accordance with
applicable law. These transactions may consist of bids or purchases for the purpose of pegging, fixing or
maintaining the price of notes. If the dealer or dealers create, as the case may be, a short position in notes (that is, if
it sells or they sell notes in an aggregate principal amount exceeding that set forth in the applicable pricing
supplement), such dealers may reduce that short position by purchasing notes in the open market. In general,
purchase of notes for the purpose of stabilization or to reduce a short position could cause the price of notes to be
higher than it might be in the absence of such purchases.

The U.K. Financial Services and Markets Act 2000 (“FSMA”) permits, in connection with the issue of any notes
under this program, any dealer that is specified in the applicable pricing supplement as the stabilizing manager (or
any dealer for the stabilizing manager) to over-allot or effect transactions with a view to supporting the market price
of the relevant notes at a level higher than that which might otherwise prevail for a limited period. However, there
may be no obligation on the stabilizing manager (or any dealer of the stabilizing manager) to do this. Such
stabilizing, if commenced, may be discontinued at any time and must be brought to an end after a limited period.
Such stabilizing must be in compliance with all applicable laws, regulations and rules.

Neither we nor any of the dealers makes any representation or prediction as to the direction or magnitude of any
effect that the transactions described in the immediately preceding paragraphs may have on the price of notes. In
addition, neither we nor the dealers make any representation that the dealers will engage in any such transactions or
that such transactions, once commenced, will not be discontinued without notice.


                                                           I-58
The dealer or dealers may make a series of notes available for distribution on the Internet through a proprietary
Website and/or a third-party system operated by MarketAxess Corporation, an Internet-based communications
technology provider. MarketAxess Corporation is providing the system as a conduit for communications between
the dealers and their customers and is not a party to any transactions. MarketAxess Corporation, a registered broker-
dealer, will receive compensation from the dealers based on transactions conducted through the system. The dealers
will make such notes available to their customers through the Internet distributions, whether made through a
proprietary or third-party system, on the same terms as distributions made through other channels.

We will deliver the notes against payment therefor on or about the closing date specified in the pricing supplement.
If so specified in the applicable pricing supplement, such date with respect to a particular series of notes may be
more than three business days following the date of the pricing of such notes. Under Rule 15c6-1 of the SEC under
the Exchange Act, trades in the secondary market generally are required to settle in three business days, unless the
parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade such notes on the
date of pricing or the next succeeding business days may be required, by virtue of the fact that such notes initially
will settle in more than three business days following the date of the pricing, to specify an alternate settlement cycle
at the time of any such trade to prevent a failed settlement. Purchasers of such notes who wish to trade notes on the
date of pricing of the notes or the next succeeding business day should consult their own advisors. Notwithstanding
the foregoing, unless otherwise specified in the applicable pricing supplement, no trading of the notes may occur in
Argentina until the settlement date.

We have agreed to indemnify the dealers against some liabilities (including, without limitation, liabilities under the
Securities Act) or to contribute to payments that the dealers may be required to make in respect thereof. We have
also agreed to reimburse the dealers for some other expenses.

Some of the dealers have, directly or indirectly, performed investment and/or commercial banking or financial
advisory services for us, for which they have received customary fees and commissions, and they expect to provide
these services to us and our affiliates in the future, for which they also expect to receive customary fees and
commissions.

Terms and conditions relating to the offering of any particular series of notes will be described in the applicable
pricing supplement.

United States

The notes have not been and will not be registered under the Securities Act and may not be offered or sold within
the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S) except in certain
transactions exempt from, or not subject to, the registration requirements of the Securities Act.

We have been advised by each of the dealers that any offering or sale of notes by such dealer will be (a) if such
notes are to be offered in the United States or to U.S. persons, only to institutions which such dealer reasonably
believes are qualified institutional buyers in reliance on Rule 144A under the Securities Act and (b) if such notes are
to be offered outside of the United States, only to certain persons in offshore transactions in reliance on Regulation S
under the Securities Act and in accordance with applicable law. Any offer or sale of notes in reliance on Rule 144A
will be made by broker-dealers who are registered as such under the Exchange Act.

With respect to notes offered to non-U.S. persons in offshore transactions in reliance on Regulation S, each dealer
has acknowledged and agreed that, except as permitted by the program agreement, it will not offer, sell or deliver
any notes (whether as principal or agent) (i) as part of their distribution at any time or (ii) otherwise, until 40 days
after the completion of the distribution (as certified to the trustee by the relevant dealer) of the identifiable tranche of
which such notes are a part, within the United States or to, or for the account or benefit of, U.S. persons.

In addition, until the expiration of the 40-day period referred to above, an offer or sale of notes within the United
States by a dealer that is not participating in the offering may violate the registration requirements of the Securities
Act.




                                                           I-59
Terms used in the four preceding paragraphs have the meaning given them by Regulation S and Rule 144A under
the Securities Act.

Republic of Argentina

The offering of the notes under this program has been authorized by the CNV pursuant to Resolution No. 15480,
dated September 28, 2006. In order to issue and offer any series of notes under this program, we are required to file
with the CNV a pricing supplement describing the particular terms and conditions of the relevant notes, updating our
financial and accounting information for each fiscal year and quarter (if we have approved financial statements for
such year or quarter) and providing other information relating to any subsequent material events or developments.

The notes may not be offered directly to the public in Argentina except by us or through individuals or entities
authorized under the laws and regulations of Argentina to offer or sell the notes directly to the public in Argentina.
Any offering of the notes in Argentina will be made by a substantially similar offering circular in the Spanish
language and in accordance with CNV regulations.

United Kingdom

Each dealer has represented, warranted and agreed that:

         (1)      it has only communicated or caused to be communicated and will only communicate or cause to
         be communicated an invitation or inducement to engage in investment activity (within the meaning of
         Section 21 of the FSMA) received by it in connection with the issue or sale of the Notes in circumstances
         in which Section 21(1) of the FSMA does not apply to us; and

         (2)     it has complied and will comply with all applicable provisions of the FSMA with respect to
         anything done by it in relation to the Notes in, from or otherwise involving the United Kingdom.

Singapore

This offering circular or any other offering material relating to the notes has not been and will not be registered as a
offering circular with the Monetary Authority of Singapore, and the notes will be offered in Singapore pursuant to
exemptions under Section 274 and Section 275 of the Securities and Futures Act, Chapter 289 of Singapore (the
“Singapore Securities and Futures Act”). Accordingly, the notes may not be offered or sold, or be the subject of an
invitation for subscription or purchase, nor may this offering circular or any other offering material relating to the
notes be circulated or distributed, whether directly or indirectly, to the public or any member of the public in
Singapore other than (a) to an institutional investor or other person specified in Section 274 of the Singapore
Securities and Futures Act, (b) to a sophisticated investor, and in accordance with the conditions specified in Section
275 of the Singapore Securities and Futures Act, or (c) otherwise pursuant to, and in accordance with the conditions
of, any other applicable provision of the Singapore Securities and Futures Act.

Japan

The notes have not been and will not be registered under the Securities and Exchange Law of Japan (the “Securities
and Exchange Law of Japan”) and each dealer has agreed that it will not offer or sell any notes, directly or
indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person
resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-
offering or resale, directly or indirectly, in Japan or to a resident of Japan, except pursuant to an exemption from the
registration requirements of, and otherwise in compliance with, the Securities and Exchange Law of Japan and any
other applicable laws, regulations and ministerial guidelines of Japan.




                                                          I-60
                                             LEGAL MATTERS

The validity under New York law of the notes will be passed upon by Shearman & Sterling LLP, our New York
counsel, and by Simpson Thacher & Bartlett LLP or such other counsel as is specified in the applicable pricing
supplement as New York counsel for the dealers.

Certain legal matters governed by Argentine law will be passed upon by Cabanellas, Etchebarne, Kelly & Dell’Oro
Maini, our Argentine counsel, and by Bruchou, Fernández Madero, Lombardi & Mitrani, or such other counsel as is
specified in the applicable pricing supplement as Argentine counsel for the dealers.




                                                     I-61
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PART II – INFORMATION RELATING TO BANCO MACRO S.A.
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                              PRESENTATION OF FINANCIAL INFORMATION

Definitions. In this offering circular, we use the terms “we,” “us,” “our” and the “bank” to refer to Banco Macro
S.A. and its subsidiaries on a consolidated basis.

The term “Argentina” refers to the Republic of Argentina. The terms “Argentine government” or the “government”
refers to the federal government of Argentina and the term “Central Bank” refers to the Banco Central de la
República Argentina, or the Argentine Central Bank. The terms “U.S. dollar” and “U.S. dollars” and the symbol
“US$” refer to the legal currency of the United States. The terms “peso” and “pesos” and the symbol “Ps.” refer to
the legal currency of Argentina. “U.S. GAAP” refers to generally accepted accounting principles in the United
States, “Argentine GAAP” refers to generally accepted accounting principles in Argentina and “Central Bank Rules”
refers to the accounting rules of the Central Bank. The term “GDP” refers to gross domestic product and all
references in this offering circular to GDP growth are to real GDP growth.

Market position. We make statements in this offering circular about our competitive position and market share in,
and the market size of, the Argentine banking industry. We have made these statements on the basis of statistics and
other information from third-party sources that we believe are reliable. Although we have no reason to believe any
of this information or these reports are inaccurate in any material respect, neither we or the Arranger have
independently verified the competitive position, market share and market size or market growth data provided by
third parties or by industry or general publications.

Rounding. Certain figures included in this offering circular have been subject to rounding adjustments.
Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that
precede them.

Accounting practices. We maintain our financial books and records in Argentine pesos and prepare and publish our
consolidated financial statements in Argentina in conformity with the Central Bank Rules, which differ in certain
significant respects from U.S. GAAP and, to a certain extent, from Argentine GAAP. Our consolidated financial
statements contain a description of the principal differences between Central Bank Rules and Argentine GAAP.
Under Central Bank Rules, our financial statements were adjusted to account for the effects of wholesale-price
inflation in Argentina for the periods through February 28, 2003. For the periods subsequent to February 28, 2003,
the inflation adjustments were no longer applied to our financial statements under Central Bank Rules, as inflation
returned to normalized levels during 2003. In addition, in December 2004, in May 2006 and in August 2006, we
acquired Nuevo Banco Suquía S.A., Banco del Tucumán S.A. and Nuevo Banco Bisel S.A., respectively, which
significantly enhanced the size and scope of our business. As a result of our acquisition of Nuevo Banco Suquía
S.A. (“Nuevo Banco Suquía”), our results of operations for the year ended December 31, 2004 differ significantly
from our results of operations for the year ended December 31, 2005 and as a result of our acquisitions of Banco del
Tucumán and Nuevo Banco Bisel, our results of operations for the year ended December 2005 differ significantly
from our results of operations for the year ended December 31, 2006. Given the instability and regulatory and
economic changes that Argentina has experienced since the beginning of the economic crisis in 2001 as well as our
acquisitions, the financial information set forth in this offering circular may not be fully indicative of our anticipated
results of operations or business prospects after the dates indicated. These factors also affect comparability among
periods.

Our audited consolidated financial statements for the three years ended December 31, 2005 included in this offering
circular have been reconciled to U.S. GAAP. See note 34 to our audited consolidated financial statements as of and
for the three years ended December 31, 2005 for a reconciliation of our financial statements to U.S. GAAP.

Exchange rates and translation into U.S. dollars. We have translated some of the peso amounts contained in this
offering circular into U.S. dollars for convenience purposes only. The rate used to translate such amounts was
Ps.3.0695 to US$1.00, which was the Tipo de Cambio Referencia, or reference exchange rate, reported by the
Central Bank for U.S. dollars for December 31, 2006. The Federal Reserve Bank of New York does not report a
noon buying rate for pesos. The U.S. dollar equivalent information presented in this offering circular is provided
solely for the convenience of investors and should not be construed as implying that the peso amounts represent, or
could have been or could be converted into, U.S. dollars at such rates or at any other rate. See “Exchange rates” for
more detailed information regarding the translation of pesos into U.S. dollars.


                                                               II-1
                  SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This offering circular includes forward-looking statements, principally under the captions “Overview of Banco
Macro S.A.,” “Risk factors,” “Management’s discussion and analysis of financial condition and results of
operations” and “Business.” We have based these forward-looking statements largely on our current beliefs,
expectations and projections about future events and financial trends affecting our business. Many important
factors, in addition to those discussed elsewhere in this offering circular, could cause our actual results to differ
substantially from those anticipated in our forward-looking statements, including, among other things:

                             changes in general economic, business, political, legal, social or other conditions in
                             Argentina;

                             inflation;

                             changes in interest rates and the cost of deposits;

                             government regulation;

                             adverse legal or regulatory disputes or proceedings;

                             credit and other risks of lending, such as increases in defaults by borrowers;

                             fluctuations and declines in the value of Argentine public debt;

                             competition in banking, financial services and related industries;

                             deterioration in regional and national business and economic conditions in Argentina;

                             fluctuations and declines in the exchange rate of the peso; and

                             the risk factors discussed under “Risk factors” beginning on page II-10.

The words “believe,” “may,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “forecast” and
similar words are intended to identify forward-looking statements. Forward-looking statements include information
concerning our possible or assumed future results of operations, business strategies, financing plans, competitive
position, industry environment, potential growth opportunities, the effects of future regulation and the effects of
competition. Forward-looking statements speak only as of the date they were made, and we undertake no obligation
to update publicly or to revise any forward-looking statements after we distribute this offering circular because of
new information, future events or other factors. In light of the risks and uncertainties described above, the forward-
looking events and circumstances discussed in this offering circular might not occur and are not guarantees of future
performance.




                                                              II-2
                                     OVERVIEW OF BANCO MACRO S.A.

We are one of the leading banks in Argentina. With the most extensive private-sector branch network in the
country, we provide standard banking products and services to a nationwide customer base. We distinguish
ourselves from our competitors by our strong financial position and by our focus on low- and middle-income
individuals and small and medium-sized businesses, generally located outside of the Buenos Aires metropolitan
area, which we believe offer significant opportunity for continued growth in our banking business. According to the
Central Bank, as of December 31, 2006, we were ranked fourth in terms of deposits and second in terms of equity
among private-sector banks. As of December 31, 2006, on a consolidated basis, we had:

                             Ps.14,505 million (US$4,726 million) in total assets;

                             Ps.5,525 million (US$1,800 million) in gross private sector loans;

                             Ps.10,071 million (US$3,281 million) in total deposits;

                             approximately 2,097,000 retail customers and 13,200 corporate customers that provide
                             us with approximately 2.1 million clients; and

                             approximately 754,000 employee payroll accounts for corporate customers and
                             provincial governments.

Our consolidated net income for the year ended December 31, 2006 was Ps.424.3 million (US$138.2 million),
representing a return on average equity of 22% and a return on average assets of 3.6%.

In general, given the relatively low level of banking intermediation in Argentina currently, there are limited products
and services being offered. We are focusing on the overall growth of our loan portfolio by expanding our customer
base and encouraging them to make use of our lending products. We have a holistic approach to our banking
business; we do not manage the bank by segments or divisions or by customer categories, by products and services,
by regions, or by any other segmentation for the purpose of allocating resources and assessing profitability. We
have savings and checking accounts, credit and debit cards, consumer finance loans and other credit-related products
and transactional services available to our individual customers and small and medium-sized businesses through our
branch network. We also offer Plan Sueldo payroll services, lending, corporate credit cards, mortgage finance,
transaction processing and foreign exchange. In addition, our Plan Sueldo payroll processing services for private
companies and the public sector give us a large and stable customer deposit base.

We emerged from the economic crisis of 2001 and 2002 as a stronger and larger bank. In January 2002, in the midst
of the crisis, Banco Macro S.A., our predecessor, acquired a controlling interest in Banco Bansud S.A. The
acquisition tripled the size of our bank, as measured by assets, and expanded our geographic presence from the
northern provinces of Argentina to the southern provinces. In December 2004, during the recovery period of the
Argentine economy, we completed the acquisition of Nuevo Banco Suquía, the leading bank in the central provinces
of Argentina, thereby becoming the private sector bank with the country’s most extensive branch network. The
Nuevo Banco Suquía transaction increased our assets by 41% and our number of branches by 67%. Beginning at
the end of 2002 and during the recovery years, we also experienced organic growth as our business in the provinces
of Argentina suffered lower levels of volatility than our principal competitors in the Buenos Aires metropolitan area.
In November 2005, a portion of the assets, including seven branches and the headquarters, and liabilities of Banco
Empresario de Tucumán were transferred to us. In May 2006, we completed the acquisition of Banco del Tucumán.
As a result of these transactions in Tucumán, we increased our branch network by 34 branches, or 14%. More
recently, in August 2006, we completed the acquisition of Nuevo Banco Bisel, which added 158 branches, or 56%,
to our branch network.

The Argentine economic recovery

We believe that the ongoing recovery of the Argentine economy from the severe crisis of 2001 and 2002, together
with the stabilizing business environment, presents a growth opportunity for the banking industry. We believe that
Argentine banks in a comparatively stronger financial condition should have a competitive advantage in benefiting


                                                              II-3
from this recovery. Argentina’s gross domestic product, or GDP, grew 8.8% in 2003, 9.0% in 2004, 9.2% in 2005
and 8.6% in 2006 after declines of 4.4% in 2001 and 10.9% in 2002. Although there are numerous risks that may
result in lower than expected economic performance, the Central Bank’s survey of independent forecasting firms
indicates a consensus GDP growth estimate of 7.7% for 2007. In June 2005, the government partially restructured
its public debt, further improving the Argentine business environment, and in January 2006, Argentina paid off all
outstanding amounts owing to the International Monetary Fund, or IMF. Following completion of its debt
restructuring, Argentina’s risk profile has improved substantially as measured by the spread over comparable U.S.
Treasuries.

In this context, the financial system is regaining depositors’ and borrowers’ confidence, while benefiting from
improved conditions and favorable growth opportunities and increasing demand for financial services and products.
For example, the ratio of 12-month average total deposits as a percentage of annual average GDP was 30.3% for
2000. This ratio reached its lowest level of 22.8% in 2003, before recovering to 23.8% in 2006. The annual average
nominal interest rates on 30-day time deposits of less than Ps.100,000 was 5.6% for 2006, compared to 8.7% in
2001. Average loans by Argentine banks to the private sector, as a percentage of GDP, were only 10.2% in 2006,
compared to 24.3% in 1999, and 36% for Brazil, 75% for Chile, 25% for Colombia and 12% for Mexico in 2006.
We believe this low ratio demonstrates an opportunity for credit expansion as credit demand continues to increase.

Our competitive strengths

We believe we are well-positioned to benefit from the opportunities created by the improving economic and
business environment in Argentina. Our competitive strengths include the following:

                            Strong financial position and consistent profitability. We believe we have emerged
                            from the economic crisis as one of the strongest banks in Argentina, as measured by
                            profitability and balance sheet strength.

                                   As of December 31, 2006, we have achieved profitability for the last 20
                                   consecutive quarters, the only bank in Argentina to do so, with a return on
                                   average equity of 21.1%, 16.4%, 19.7% and 22% for 2003, 2004, 2005 and
                                   2006, compared to –23.6%, –3.0%, 7.5% and 14.8%, respectively, for the
                                   Argentine banking system as a whole.

                                   Our shareholders’ equity at December 31, 2006 and 2005, as calculated under
                                   Central Bank Rules, was Ps.2,315 million and Ps. 1,490 million, respectively,
                                   and our shareholders’ equity under U.S. GAAP at December 31, 2005 was
                                   Ps.1,191.7 million.

                            Strong presence in fast-growing target customer market. We have achieved a leading
                            position with low- and middle-income individuals and among small and medium-sized
                            businesses, generally located outside of the Buenos Aires metropolitan area, which
                            have been relatively underserved by the banking system. As of December 31, 2006,
                            loans for less than Ps.20,000 accounted for 39% of total private sector loans, almost
                            double the corresponding percentage for the financial system as a whole 18%. Based
                            on our experience, this target market offers significant growth opportunities and a
                            stable base of depositors.




                                                           II-4
                             High exposure to export-led growth. Given the geographical location of the customers
                             we target, we have acquired banks with a large number of branches outside of the
                             Buenos Aires metropolitan area with the aim of completing our national coverage.
                             Therefore, we are currently the leading bank in the Argentine provinces of Salta, Jujuy,
                             Tucumán and Misiones and one of the leading banks in Córdoba, Santa Fe, Mendoza,
                             Entre Ríos, Río Negro, Chubut and Neuquén, based on the number of branches. Most
                             of these provinces engage in economic activities primarily concentrated in areas such
                             as agriculture, mining, cargo transportation, edible oils, ranching and tourism, which
                             have been benefiting from the export-driven growth in the Argentine economy as a
                             result of the devaluation of the peso.

                             Largest private-sector branch network in Argentina. With 433 branches (including the
                             158 branches acquired through our purchase of Nuevo Banco Bisel in August 2006),
                             we have the most extensive branch network among private-sector banks in Argentina.
                             We consider our branch network to be our key distribution channel for marketing our
                             products and services to our entire customer base with a personalized approach. In line
                             with our strategy, approximately 94% of these branches are located outside of the
                             Buenos Aires metropolitan area, whereas 80% of the total branches for the Argentine
                             financial system as a whole are located outside this area, which we believe better
                             positions us to focus on our target market.

                             Loyal customer base. We have a loyal customer base, as evidenced in part by the
                             quick recovery of our deposit base after the crisis. While our total deposits increased
                             51% during the twelve months up to April 2003, the end of the freeze on deposits, or
                             corralón, deposits in the Argentine banking system as a whole grew by only 11%
                             during that period. We believe that our customers are loyal to us due to our presence in
                             traditionally underserved markets and to our Plan Sueldo payroll services. We have
                             benefited from Argentine regulations that require all employees to maintain Plan
                             Sueldo accounts for the direct deposit of their wages. In addition, we emphasize face-
                             to-face relationships with our customers and offer them personalized advice.

                             Exclusive financial agent for four Argentine provinces. We perform financial agency
                             services for the governments of the provinces of Salta, Jujuy, Misiones and Tucumán
                             in northern Argentina. As a result, each provincial government’s bank accounts are
                             held in our bank and we provide all their employees with Plan Sueldo accounts, giving
                             us access to substantial low cost funding and a large number of loyal customers.

                             Strong and experienced management team and committed shareholders. We are led by
                             a committed group of shareholders who have transformed our bank from a small
                             wholesale bank to one of the strongest and largest banks in Argentina. Jorge Horacio
                             Brito and Delfín Jorge Ezequiel Carballo, our controlling shareholders, have active
                             senior executive roles in our management and each possesses more than 20 years of
                             experience in the banking industry.

Our strategy

We believe that the ongoing recovery of the Argentine economy, increasing penetration of banking services and a
return of bank lending to the private sector, offer a significant opportunity for us to further expand our business. In
particular, we believe that the increase in fixed asset investment in 2005 and 2006 is setting the stage for the
recovery of the long-term loan market, following the growth of the short-term credit market. As the economy has
grown, we are offering new products, such as floating rate loans and leasing, designed to meet the needs of a
growing economy emerging from crisis and moving towards stability. Our strengths position us to better participate
in this growth, which we believe will be stronger in our target market of low- and middle-income individuals and
small and medium-sized businesses and in the provinces outside the Buenos Aires metropolitan area, where we have
a leading presence.



                                                              II-5
Our goal is to promote the overall growth of the bank by increasing our customer base, expanding our loan portfolio
and generating more fee income from transactional services. We achieve this goal by managing the bank on a
holistic basis, focusing our growth strategy on the marketing and promotion of our standard banking products and
services. We have pursued our growth strategy by acquiring banks throughout Argentina, which has enabled us to
significantly expand our branch network and customer base. We make acquisition decisions in the context of our
long-term strategy of focusing on low- and middle-income individuals and small and medium-sized businesses and
to complete our national coverage of Argentina, especially in provinces outside of the Buenos Aires metropolitan
area. We have taken advantage of the opportunities presented by the Argentine financial system after the crisis, in
particular its consolidation, to move into new locations by acquiring banks or absorbing branches from banks
liquidated by the Central Bank. Since the crisis, our growth has been fueled by these acquisitions as well as organic
growth, without the need to open or move branches.

We intend to continue enhancing our position as a leading Argentine bank by taking advantage of the ongoing
recovery of Argentina and its financial system, which we believe will increase value to our shareholders and our
competitiveness. The key elements of our strategy include:

                             Focus on underserved markets with strong growth potential. We intend to continue
                             focusing on both low- and middle-income individuals and small and medium-sized
                             businesses, most of which have traditionally been underserved by the Argentine
                             banking system and are generally located outside of the Buenos Aires metropolitan
                             area, where competition is relatively weaker and where we have achieved a leading
                             presence. We believe that these markets offer attractive opportunities given the low
                             penetration of banking services and limited competition. We believe the provinces
                             outside of the Buenos Aires metropolitan area that we serve are likely to grow faster
                             than the Argentine economy as a whole because their export-driven economies have
                             benefited from the devaluation of the peso and higher prices for agricultural products
                             and commodities.

                             Further expand our customer base. We intend to continue growing our customer base,
                             which is essential to increasing interest and fee-based revenues. To attract new
                             customers we intend to:

                               •   Utilize our extensive branch network. We intend to utilize our extensive branch
                                   network, which we consider our key distribution channel, to market our products
                                   and services to our entire customer base. We utilize a personalized approach to
                                   attract new customers by providing convenient and personalized banking