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**SECURITIES      AND EXCHANGE COMMISSION**

**FORM      20-F**

**BANCO      MACRO S.A.**

**Macro      Bank, Inc.**

**Argentina**

**Sarmiento      447, City of Buenos Aires, Argentina**

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| Title                of Each Class                                       | Name                of Each Exchange On Which Registered |
|--------------------------------------------------------------------------|----------------------------------------------------------|
| **American                Depositary Shares**                            | **New                York Stock Exchange**               |
| **Class                B ordinary shares, par value Ps. 1.00 per share** | **New                York Stock Exchange***              |

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**None**

**None**

**11,235,670      Class A ordinary shares, par value Ps. 1.00 per share**

**672,707,767      Class B ordinary shares, par value Ps. 1.00 per share**

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** **

*Please      send copies of notices and communications from the Securities and Exchange      Commission to:*

| **Hugo                N. L. Bruzone, Esq.****Bruchou,                Fernández Madero, Lombardi & Mitrani****Ing.                Butty 275, 12****th****Floor****C1001AFA                - Buenos Aires, Argentina** | **Antonia                E. Stolper, Esq.****Shearman                & Sterling LLP****599                Lexington Avenue****New                York, New York 10022** |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**Table      of contents**

| PART                  I                                                                                                                  |   | 4   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|-----|
| Item                  1. Identity of Directors, Senior Management and Advisers                                                           |   | 4   |
| Item                  2. Offer Statistics and Expected Timetable                                                                         |   | 4   |
| Item                  3. Key Information                                                                                                 |   | 5   |
| Item                  4. Information on the Company                                                                                      |   | 17  |
| Item                  4A. Unresolved Staff Comments                                                                                      |   | 70  |
| Item                  5. Operating and Financial Review and Prospects                                                                    |   | 70  |
| Item                  6. Directors, Senior Management and Employees                                                                      |   | 97  |
| Item                  7. Major Shareholders and Related Party Transactions                                                               |   | 108 |
| Item                  8. Financial Information                                                                                           |   | 110 |
| Item                  9. The Offer and Listing                                                                                           |   | 112 |
| Item                  10. Additional Information                                                                                         |   | 114 |
| Item                  11. Quantitative and Qualitative Disclosure About Market                  Risk                                     |   | 126 |
| Item                  12. Description of Securities Other Than Equity Securities                                                         |   | 128 |
| PART                  II                                                                                                                 |   | 128 |
| Item                  13. Defaults, Dividend Arrearages and Delinquencies                                                                |   | 128 |
| Item                  14. Material Modifications to the Rights of Security Holders and                  Use of                  Proceeds |   | 128 |
| Item                  15. Controls and Procedures                                                                                        |   | 128 |
| Item                  16A. Audit Committee Financial Expert                                                                              |   | 129 |
| Item                  16B. Code of Ethics                                                                                                |   | 129 |
| Item                  16C. Principal Accountant Fees and Services                                                                        |   | 129 |
| Item                  16D. Exemptions from the Listing Standards for Audit                  Committees                                   |   | 130 |
| Item                  16E. Purchases of Equity Securities by the Issuer and Affiliated                  Purchasers                       |   | 130 |
| PART                  III                                                                                                                |   | 130 |
| Item                  17. Financial Statements                                                                                           |   | 130 |
| Item                  18. Financial Statements                                                                                           |   | 130 |
| Item                  19. Exhibits                                                                                                       |   | 130 |

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**Certain      defined terms**

*Banco      Central de la República Argentina, *

**Presentation      of certain financial and other information. Accounting      practices**

**Rounding**

**Market      position**

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**Our      internet site is not part of this annual report**

**Cautionary      statement concerning forward-looking statements**

|   | · | 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 ‘‘Item 3.D - Risk                factors’’. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------|

**PART      I**

**Item      1. Identity of Directors, Senior Management and Advisers**

**Item      2. Offer Statistics and Expected Timetable**
** **

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**Item      3. Key Information**

**A.      Selected Financial Data**

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|                                                                                           |   | **Year                  Ended December 31,**                                                                                                                                   |         |
|------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|
|                                                                                           |   | **2002(1)**                                                                                                                                                                    |         | **2003(1)**  |   | **2004(2)**  |   | **2005**  |   | **2006(3)**  |   |
|                                                                                           |   | **(in                  thousands of pesos or U.S. dollars, as indicated, except for                  shares,****earnings                  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 |   |
| Financial                  expense                                                             |   |                                                                                                                                                                           | (515,184     | ) |   | (241,152 | ) |   | (133,204 | ) |   | (303,176 | ) |   | (394,949 | ) |
| Gross                  intermediation margin                                                   |   |                                                                                                                                                                           | 1,108,165    |   |   | 178,748 |   |   | 294,687 |   |   | 446,674 |   |   | 760,310 |   |
| Provision                  for loan losses                                                     |   |                                                                                                                                                                           | (117,767     | ) |   | (35,009 | ) |   | (36,467 | ) |   | (70,309 | ) |   | (59,773 | ) |
| Service                  charge income                                                         |   |                                                                                                                                                                           | 137,756      |   |   | 125,722 |   |   | 154,425 |   |   | 303,141 |   |   | 452,620 |   |
| Service                  charge expense                                                        |   |                                                                                                                                                                           | (30,649      | ) |   | (20,005 | ) |   | (24,963 | ) |   | (59,510 | ) |   | (93,323 | ) |
| Administrative                  expense                                                        |   |                                                                                                                                                                           | (260,175     | ) |   | (221,796 | ) |   | (254,936 | ) |   | (443,026 | ) |   | (652,457 | ) |
| Other                  income                                                                  |   |                                                                                                                                                                           | 166,542      |   |   | 240,622 |   |   | 109,581 |   |   | 218,501 |   |   | 234,419 |   |
| Other                  expense                                                                 |   |                                                                                                                                                                           | (136,921     | ) |   | (63,257 | ) |   | (48,651 | ) |   | (98,683 | ) |   | (137,317 | ) |
| Income                  Tax                                                                    |   |                                                                                                                                                                           | (3,601       | ) |   | (833 | ) |   | (699 | ) |   | (34,042 | ) |   | (76,961 | ) |
| Monetary                  Loss                                                                 |   |                                                                                                                                                                           | (291,238     | ) |   | (4,343 | ) |   | — |   |   | — |   |   | — |   |
| Minority                  Interest                                                             |   |                                                                                                                                                                           | 2            |   |   | — |   |   | — |   |   | (27 | ) |   | (3,220 | ) |
| Net                  income                                                                    |   |                                                                                                                                                                           | 572,114      |   |   | 199,849 |   |   | 192,977 |   |   | 262,719 |   |   | 424,298 |   |
| Net                  income per share (5)                                                      |   |                                                                                                                                                                           | 1.78         |   |   | 0.33 |   |   | 0.32 |   |   | 0.43 |   |   | 0.64 |   |
| Dividends                  per share                                                           |   |                                                                                                                                                                           | —      |   |   | — |   |   | 0.10 |   |   | 0.05 |   |   | 0.10 |   |
| Number                  of shares outstanding (in thousands)                                   |   |                                                                                                                                                                           | 608,943      |   |   | 608,943 |   |   | 608,943 |   |   | 608,943 |   |   | 683,943 |   |
| **U.S.                  GAAP:(4)**                                                             |   |                                                                                                                                                                           |         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  income before                  extraordinary items                        |   |                                                                                                                                                                           |         |   |   | 313,371 |   |   | 94,229 |   |   | 463,795 |   |   | 357,959 |   |
| Extraordinary                Gain                                                              |   |                                                                                                                                                                           | —      |   |   | — |   |   | — |   |   | — |   |   | 41,705 |   |
| Net                income                                                                      |   |                                                                                                                                                                           |         |   |   | 313,371 |   |   | 94,229 |   |   | 463,795 |   |   | 399,664 |   |
| Net                  income per share before                  extraordinary item(s)            |   |                                                                                                                                                                           |         |   |   | 0.59 |   |   | 0.15 |   |   | 0.76 |   |   | 0.54 |   |
| Net income                per share                for extraordinary gain                      |   |                                                                                                                                                                           |         |   |   |   |   |   |  — |   |   | — |   |   | 0.06 |   |
| Total                net income per                share (6)                                   |   |                                                                                                                                                                           |         |   |   | 0.59 |   |   | 0.15 |   |   | 0.76 |   |   | 0.60 |   |
| Weighted                  average number of shares outstanding (in                  thousands) |   |                                                                                                                                                                           |         |   |   | 526,750 |   |   | 608,943 |   |   | 608,943 |   |   | 666,478 |   |

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| *(1)* | *In                constant pesos as 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)* | *See                note 33 to our audited consolidated financial statements for the                year                ended December 31, 2006 for a summary of significant differences                between                Central Bank Rules and U.S.                GAAP.* |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *(5)* | *Net                income divided by weighted average number of                shares.* |
|-------|------------------------------------------------------------------------------------------|

| *(6)* | *Net                  income divided by weighted average number of                  shares.* |
|-------|----------------------------------------------------------------------------------------------|

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|                                                                                                |   | **As                of December 31,**                      |       |
|-----------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------|------------|
|                                                                                                |   | **(in                thousands of pesos or U.S. dollars)** |       |
|                                                                                                |   | **2002(1)**                                                |       | **2003(1)** |   | **2004(2)** |   | **2005** |   | **2006(3)** |   |
| **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 |   |
| Government                and private securities                                                    |   |                                                       | 868,033    |   |   | 2,155,766 |   |   | 2,106,737 |   |   | 2,991,052 |   |   | 3,222,955 |   |
| Loans:                                                                                              |   |                                                       |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| to                the non-financial government sector                                               |   |                                                       | 462,440    |   |   | 365,549 |   |   | 809,577 |   |   | 645,342 |   |   | 774,273 |   |
| to                the financial sector                                                              |   |                                                       | 1,593      |   |   | 17,835 |   |   | 81,812 |   |   | 80,511 |   |   | 436,930 |   |
| to                the non-financial private sector and residents abroad                             |   |                                                       | 514,695    |   |   | 723,619 |   |   | 2,208,996 |   |   | 2,948,799 |   |   | 5,524,483 |   |
| Allowances                for loan losses                                                           |   |                                                       | (116,125   | ) |   | (56,279 | ) |   | (225,340 | ) |   | (247,532 | ) |   | (208,581 | ) |
| Other                assets                                                                         |   |                                                       | 1,761,485  |   |   | 1,144,237 |   |   | 2,443,714 |   |   | 1,880,521 |   |   | 2,128,004 |   |
| Total                assets                                                                         |   |                                                       | 3,818,074  |   |   | 5,025,027 |   |   | 8,797,757 |   |   | 9,487,822 |   |   | 14,504,972 |   |
| Average                assets                                                                       |   |                                                       | 3,804,446  |   |   | 4,356,792 |   |   | 5,705,542 |   |   | 9,357,401 |   |   | 11,791,622 |   |
| **Liabilities                and shareholders’ equity**                                       |   |                                                       |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits:                                                                                           |   |                                                       |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| from                the non-financial government sector                                             |   |                                                       | 218,264    |   |   | 382,195 |   |   | 809,764 |   |   | 822,687 |   |   | 1,295,630 |   |
| from                the financial sector                                                            |   |                                                       | 7,552      |   |   | 11,909 |   |   | 4,445 |   |   | 5,208 |   |   | 5,078 |   |
| from                the non-financial private sector                                                |   |                                                       | 1,534,926  |   |   | 2,633,140 |   |   | 4,504,788 |   |   | 5,737,431 |   |   | 8,770,309 |   |
| Other                liabilities from financial intermediation and other                liabilities |   |                                                       | 663,341    |   |   | 559,450 |   |   | 1,974,786 |   |   | 1,241,791 |   |   | 1,426,047 |   |
| Subordinated                corporate bond                                                          |   |                                                       | 71,101     |   |   | 24,200 |   |   | 16,416 |   |   | 12,047 |   |   | 507,844 |   |
| Items                pending allocation                                                             |   |                                                       | 5,939      |   |   | 3,783 |   |   | 4,554 |   |   | 854 |   |   | 2,052 |   |
| Provisions                                                                                          |   |                                                       | 391,578    |   |   | 285,128 |   |   | 225,699 |   |   | 178,150 |   |   | 104,870 |   |
| Minority                interest in subsidiaries                                                    |   |                                                       | 3          |   |   | 3 |   |   | 3 |   |   | 80 |   |   | 78,165 |   |
| Total                liabilities                                                                    |   |                                                       | 2,892,704  |   |   | 3,899,808 |   |   | 7,540,455 |   |   | 7,998,248 |   |   | 12,189,995 |   |
| Shareholders’                equity                                                           |   |                                                       | 925,370    |   |   | 1,125,219 |   |   | 1,257,302 |   |   | 1,489,574 |   |   | 2,314,977 |   |
| Average                shareholders’ equity                                                   |   |                                                       | 730,955    |   |   | 949,023 |   |   | 1,179,611 |   |   | 1,333,163 |   |   | 1,915,245 |   |
| **U.S.                GAAP:(4)**                                                                    |   |                                                       |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shareholders’                equity                                                           |   |                                                       |       |   |   | 735,386 |   |   | 857,666 |   |   | 1,191,692 |   |   | 1,956,242 |   |

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| *(1)* | *In                constant pesos as 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)* | *See                note 33 to our audited consolidated financial statements for the                year                ended December 31, 2006 for a summary of significant differences                between                Central Bank Rules and U.S.                GAAP.* |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                                     |   | **As                  of and for the year ended December 31,** |   |
|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------|--------|
|                                                                                                     |   | **2002(1)**                                                    |   | **2003(1)** |   | **2004(2)** |   | **2005** |   | **2006(3)** |   |
| **Selected                  consolidated ratios:**                                                       |   |                                                           |   |   |   |   |   |   |   |   |   |
| **Profitability                  and performance**                                                       |   |                                                           |   |   |   |   |   |   |   |   |   |
| Net                  interest margin(%)(4)                                                               |   |                                                           | 8.87   |   |   | 6.84 |   |   | 6.37 |   |   | 5.23 |   |   | 7.11 |   |
| Fee                  income ratio(%)(5)                                                                  |   |                                                           | 11.06  |   |   | 41.29 |   |   | 34.38 |   |   | 40.43 |   |   | 37.32 |   |
| Efficiency                  ratio(%)(6)                                                                  |   |                                                           | 20.88  |   |   | 72.85 |   |   | 56.77 |   |   | 59.08 |   |   | 53.79 |   |
| Ratio                  of earnings to fixed charges (excluding interest on                  deposits)(7) |   |                                                           | 2.39x  |   |   | 3.96x |   |   | 5.69x |   |   | 3.01x |   |   | 6.76x |   |
| Ratio                  of earnings to fixed charges (including interest on                  deposits)(8) |   |                                                           | 2.19x  |   |   | 2.26x |   |   | 3.02x |   |   | 2.14x |   |   | 2.49x |   |
| Fee                  income as a percentage of administrative expense(%)                                 |   |                                                           | 52.95  |   |   | 56.68 |   |   | 60.56 |   |   | 68.43 |   |   | 69.37 |   |
| Return                  on average equity(%)                                                             |   |                                                           | 78.27  |   |   | 21.06 |   |   | 16.36 |   |   | 19.71 |   |   | 22.15 |   |
| Return                  on average assets(%)                                                             |   |                                                           | 15.04  |   |   | 4.59 |   |   | 3.38 |   |   | 2.81 |   |   | 3.60 |   |
| **Liquidity**                                                                                            |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans                  as a percentage of total deposits(%)                                              |   |                                                           | 55.59  |   |   | 36.57 |   |   | 58.29 |   |   | 55.97 |   |   | 66.88 |   |
| Liquid                  assets as a percentage of total deposits(%)(9)                                   |   |                                                           | 47.05  |   |   | 65.12 |   |   | 53.69 |   |   | 58.65 |   |   | 61.92 |   |
| **Capital**                                                                                              |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                  equity as a percentage of total assets(%)                                         |   |                                                           | 24.24  |   |   | 22.39 |   |   | 14.29 |   |   | 15.70 |   |   | 15.96 |   |
| Regulatory                  capital as a percentage of risk-weighted assets(%)                           |   |                                                           | 27.36  |   |   | 43.79 |   |   | 35.71 |   |   | 31.03 |   |   | 31.31 |   |
| **Asset                  Quality**                                                                       |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-performing                  loans as a percentage of total loans(%)(10)                              |   |                                                           | 16.94  |   |   | 8.91 |   |   | 6.50 |   |   | 5.34 |   |   | 2.01 |   |
| Allowances                  as a percentage of total loans                                               |   |                                                           | 11.86  |   |   | 5.08 |   |   | 7.27 |   |   | 6.74 |   |   | 3.10 |   |
| Allowances                  as a percentage of non-performing loans(%)(10)                               |   |                                                           | 70.04  |   |   | 57.07 |   |   | 111.75 |   |   | 126.20 |   |   | 154.25 |   |
| *Amparos*as                  a percentage of equity(%)                                                   |   |                                                           |   |   |   | 4.0 |   |   | 4.0 |   |   | 2.9 |   |   | 3.23 |   |
| **Operations**                                                                                           |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Number                  of branches                                                                      |   |                                                           | 163    |   |   | 150 |   |   | 256 |   |   | 254 |   |   | 433 |   |
| Number                  of employees                                                                     |   |                                                           | 2,881  |   |   | 2,814 |   |   | 4,772 |   |   | 5,054 |   |   | 7,585 |   |

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| *(1)* | *In                constant pesos as 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)* | *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.* |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**B.      Capitalization and Indebtedness**

**C.      Reasons for the Offer and Use of Proceeds**

**D.      Risk Factors**

**Risks      relating to Argentina**

*You      should carefully consider the risks described below with all of the other      information included in the annual report before deciding to invest in our      Class      B shares or our ADSs. If any of the following risks actually occur, they*
*may      materially harm our business and our financial condition and results of      operations. As a result, *
*the      market price of our Class B shares or our ADSs could decline and you could      lose      part or all of *
*your      investment.*

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*Investors      should carefully read this annual report in its entirety. They should also      take      into account and evaluate, among other things, their own financial      circumstances, their investment goals, and the following risk      factors.*

**Argentina’s      current growth and stabilization may not be sustainable**

|  | (i) | high                commodity prices, which are volatile and outside the control of the                country; and |
|--|-----|---------------------------------------------------------------------------------------------------------------------|

|  | (ii) | excess                capacity, which has been reduced considerably. |
|--|------|----------------------------------------------------------------------|

**Inflation      may rise again, causing adverse effects on the Argentine long-term credit      markets as well as the Argentine economy generally**

**Risk      Relating to Argentina**

**Argentina’s      ability to obtain financing from international markets is limited, which may      impair its ability to implement reforms and foster economic      growth**

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**Significant      devaluation of the peso against the U.S. dollar may adversely affect the      Argentine economy as well as our financial performance**

**Significant      appreciation of the peso against the U.S. dollar may adversely affect the      Argentine economy**

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**Government      measures to preempt, or in response to, social unrest may adversely affect      the      Argentine economy**

**Exchange      controls and restrictions on transfers abroad and capital inflow restrictions      have limited**
**,      and can be expected to continue to limit, the availability of international      credit and may impair our ability to make payments on our obligations.**

**Congressional      and the Presidential elections may adversely affect the Argentine      economy.**

**The      Argentine economy could be adversely affected by economic developments in other      global markets**

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**RISKS      RELATING TO THE ARGENTINE FINANCIAL SYSTEM**

**The      health of Argentina’s financial system depends on a return of the long-term      credit market, which is currently recovering at a relatively slow      pace**

**The      recovery of the financial system depends upon the ability of financial      institutions, including us, to retain the confidence of      depositors**

**The      asset quality of financial institutions, including us, is fragile due to high      exposure to public sector debt**

*Letras      del Banco Central*
*Notas      del Banco Central*

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**Our      asset quality and that of other financial institutions may deteriorate if the      Argentine private sector does not fully recover**

**Limitations      on enforcement of creditors’ rights in Argentina may adversely affect financial      institutions**

**RISKS      RELATING TO US**

**Our      target market may be the most adversely affected by economic      recessions**

**Our      controlling shareholders have the ability to direct our business and their      interests could conflict with yours**

----

**We      will continue to consider acquisition opportunities, whi**
**ch      may not be successful**

|   | · | unforeseen                difficulties in integrating operations and                systems; |
|--------|--------|----------------------------------------------------------------------------------------------|

|   | · | problems                assimilating or retaining the employees of acquired                businesses; |
|--------|--------|--------------------------------------------------------------------------------------------------------|

|   | · | challenges                retaining customers of acquired businesses; |
|--------|--------|-----------------------------------------------------------------------|

|   | · | unexpected                liabilities or contingencies relating to the acquired businesses;                and |
|--------|--------|----------------------------------------------------------------------------------------------------------------|

|   | · | the                possibility that management may be distracted from day-to-day business                concerns by integration activities and related problem                solving. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**We      depend on key personnel for our current and future      performance**

**Increased      competition and consolidation in the banking industry may adversely affect      our      operations**

**Reduced      spreads without corresponding increases in lending volumes could adversely      affect our profitability**

----

**Differences      in the accounting standards between Argentina and certain countries with highly      developed capital markets, such as the United States, may make it difficult      to      compare our financial statements and reported earnings with companies in other      countries and the United States**

**Risks      relating to our Class B Shares and the ADSs**

***Holders      of our Class B shares and the ADSs may not receive any      dividends***

***Holders      of our Class B shares and the ADSs located in the United States may not be***
***able      to exercise preemptive rights***

***Non-Argentine      companies that own our Class B shares directly and not as ADSs may***
***not      be able to exercise their rights as shareholders unless they are registered      in***
***Argentina***

*Inspección      General de Justicia, *

----

***You      may not be able to sell your ADSs at the time or the price you desire because      an      active or liquid market may not develop***

***The      relative volatility and illiquidity of the Argentine securities markets may***
***substantially      limit your ability to sell Class B shares underlying the ADSs at the price***
***and      time you desire***

***Our      shareholders may be subject to liability for certain votes of their      securities***

***Our      Class B shares or the ADSs might be characterized as stock in a ‘‘passive      foreign investment company’’ for U.S. federal income tax      purposes***

----

**Item      4. Information on the Company**

**A.      History and development of the company**

**Overview**

*sociedades      anónimas*

**Our      history**

**Banco      Macro**

**Banco      Bansud**

**Banco      Macro Bansud**

----

**Scotiabank      Quilmes**

**Nuevo      Banco Suquía**

** **

**Banco      Empresario de Tucumán**

**Banco      del Tucumán**

----

**Nuevo      Banco Bisel **

**B.      Business Overview**

|   | · | Ps.14,505                million (US$4,726 million) in total                assets; |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | Ps.5,525                million (US$1,800 million) in gross private                sector; |
|--------|--------|--------------------------------------------------------------------------------------------|

|   | · | 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. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|

----

*Plan      Sueldo*
*Plan      Sueldo *

**The      Argentine economic recovery**

----

**Our      competitive strengths**

|   | · | *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,                2006 and 2005 was Ps. 1,956.2                and Ps.1,191.7 million,                respectively. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | *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 our 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. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | *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, based on the number                of                branches, 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. 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. At the end of the freeze on deposits,                or *corralón*                our total deposits increased 51% during the twelve months up to April                2003, while, 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**

|   | · | *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 services close to                their                homes and facilities. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | *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. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | *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. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | · | *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. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | *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      products and services**

**Retail      Customers**

**Overview**

***Savings      and checking accounts and time deposits***

|   **Product**                                     |   | **Approximate                number****of                retail accounts****(as                of December 31, 2006)** |      |
|-------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|-----------|
| **Savings**                                                 |   |                                                                                                                   |      |
| Total                savings accounts                       |   |                                                                                                                   | 1,257,708 |   |
| *Plan                Sueldo*(private                sector) |   |                                                                                                                   | 480,638   |   |
| *Plan                Sueldo*(public                sector)  |   |                                                                                                                   | 273,351   |   |
| Retirees                                                    |   |                                                                                                                   | 141,439   |   |
| Open                market                                  |   |                                                                                                                   | 362,280   |   |
| **Checking**                                                |   |                                                                                                                   |      |   |
| Checking                accounts                            |   |                                                                                                                   | 52,671    |   |
| **Electronic                account access**                |   |                                                                                                                   |      |   |
| Debit                cards                                  |   |                                                                                                                   | 1,170,614 |   |

----

***Lending      products and services***

*Macroadelantos,*

|                                                                      |   | **Loans                  to retail customers (in millions of pesos except where                  noted)****(as                  of December 31, 2006)** |    |
|---------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
|                                                                      |   | **Personal                  loans**                                                                                                                     |    | **Documents                  (1)** |   | **Mortgage                  loans** |   | **Overdrafts** |   | **Pledged                  loans(2)** |   | **Credit                  card loans** |   | **Others** |   |
| Percentage                  of gross retail private sector loan portfolio |   |                                                                                                                                                    | 50.1    | % |   | 6.9 | % |   | 10.2 | % |   | 6.4 | % |   | 6.3 | % |   | 17.0 | % |   | 3.1 | % |
| Total                  customers with outstanding loans                   |   |                                                                                                                                                    | 323,017 |   |   | 9,592 |   |   | 8,588 |   |   | 138,481 |   |   | 6,096 |   |   | 373,954 |   |   | 5,432 |   |
| Average                  gross loan amount                                |   |                                                                                                                                                    | 4,472   |   |   | 20,727 |   |   | 34,373 |   |   | 1,339 |   |   | 29,622 |   |   | 1,311 |   |   | 16,279 |   |

----

| *(1)* | *Factoring,                  check cashing advances and loans with promissory                  notes.* |
|-------|--------------------------------------------------------------------------------------------------------|

| *(2)* | *Primarily                  secured auto loans.* |
|-------|--------------------------------------------------|

----

**Corporate      Customers**

***Overview***

***Plan      Sueldo payroll services***

*Macrosueldos,*

***Lending      products and services***

We      offer      short-term and medium- to long-term corporate lending products.

----

*Short-term:      *

*Medium-      to long-term: *

|                                  |   | **Loans                to companies in excess of****Ps.20,000,                (as of** **December                31, 2006)** |        |
|---------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------|-------------|
|                                  |   | **(in                millions of pesos)**                                                                                         |        | **Percentage                of****corporate                loan****portfolio** |   |
| Overdrafts                            |   |                                                                                                                              | 927.6       |   |   | 35.1 | % |
| Documents(1)                          |   |                                                                                                                              | 347.0       |   |   | 13.1 | % |
| Pledged                loans(2)       |   |                                                                                                                              | 130.6       |   |   | 4.9 | % |
| Mortgage                loans         |   |                                                                                                                              | 161.9       |   |   | 6.1 | % |
| Other(3)                              |   |                                                                                                                              | 1,066.6     |   |   | 40.4 | % |
| Corporate                credit cards |   |                                                                                                                              | 7.4         |   |   | 0.4 | % |
| **Total**                             |   |                                                                                                                              | **2,641.1** |   |   | **100.0** | **%** |

----

| *(1)* | *Factoring,                check cashing advances and promissory notes.* |
|-------|--------------------------------------------------------------------------|

| *(2)* | *Primarily                securing cargo transportation equipment.* |
|-------|---------------------------------------------------------------------|

| *(3)* | *Mostly                structured loans (medium- and long-term).* |
|-------|-------------------------------------------------------------------|

***Transaction      services***

*Payments      to suppliers.*

*Collection      services.*

*Datanet      and Interpymes.*

----

*Tax      collection and financial agency services.*

**Our      distribution network**

|                                          |   | **As                of December 31, 2006** |   |
|-----------------------------------------------|--------|--------------------------------------------|--------|
|                                          |   | **Banco                Macro**             |   |
| **Province**                                  |   | **Branches**                               |   | **%                of****Total** |   | **Market                Share of****Total                Branches in****Each                Province** |   |
| Buenos                Aires metropolitan area |   |                                       | 25     |   |   | 5.77 | % |   | 3.22 | % |
| Buenos                Aires (rest)            |   |                                       | 53     |   |   | 12.24 | % |   | 4.37 | % |
| Catamarca                                     |   |                                       | 1      |   |   | 0.23 | % |   | 5.00 | % |
| Chaco                                         |   |                                       | 2      |   |   | 0.46 | % |   | 3.23 | % |
| Chubut                                        |   |                                       | 4      |   |   | 0.92 | % |   | 5.26 | % |
| Córdoba                                  |   |                                       | 73     |   |   | 16.86 | % |   | 18.67 | % |
| Corrientes                                    |   |                                       | 3      |   |   | 0.69 | % |   | 4.92 | % |
| Entre                Ríos                |   |                                       | 7      |   |   | 1.62 | % |   | 5.93 | % |
| Formosa                                       |   |                                       | 0      |   |   | 0.00 | % |   | 0.00 | % |
| Jujuy                                         |   |                                       | 15     |   |   | 3.46 | % |   | 51.72 | % |
| La                Pampa                       |   |                                       | 2      |   |   | 0.46 | % |   | 1.90 | % |
| La                Rioja                       |   |                                       | 2      |   |   | 0.46 | % |   | 8.00 | % |
| Mendoza                                       |   |                                       | 13     |   |   | 3.00 | % |   | 9.35 | % |
| Misiones                                      |   |                                       | 34     |   |   | 7.85 | % |   | 56.67 | % |
| Neuquén                                  |   |                                       | 4      |   |   | 0.92 | % |   | 7.41 | % |
| Río                Negro                 |   |                                       | 7      |   |   | 1.62 | % |   | 12.07 | % |
| Salta                                         |   |                                       | 25     |   |   | 5.77 | % |   | 48.08 | % |
| San                Juan                       |   |                                       | 1      |   |   | 0.23 | % |   | 2.86 | % |
| San                Luis                       |   |                                       | 1      |   |   | 0.23 | % |   | 2.50 | % |
| Santa                Cruz                     |   |                                       | 2      |   |   | 0.46 | % |   | 5.26 | % |
| Santa                Fe                       |   |                                       | 124    |   |   | 28.64 | % |   | 29.04 | % |
| Santiago                del Estero            |   |                                       | 1      |   |   | 0.23 | % |   | 2.22 | % |
| Tierra                del Fuego               |   |                                       | 2      |   |   | 0.46 | % |   | 11.76 | % |
| Tucumán                                  |   |                                       | 32     |   |   | 7.39 | % |   | 50.00 | % |
| TOTAL                                         |   |                                       | 433    |   |   | 100.0 | % |   | 11.04 | % |

**Credit      risk management**

**Credit      policy**

|   | · | we                seek to maintain a high quality portfolio that is diversified among                customers; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------|

|   | ·  | decisions                regarding loan amounts are made following conservative parameters                based                upon the customer’s capital, cash flow and profitability, in the case of                companies, and the customer’s income and asset base, in the case of                individuals; |
|--------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the                term of the loans offered to meet the customer’s needs must be appropriate                for the purpose of the loan and the customer’s ability to repay the                loan; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | transactions                must be appropriately secured according to the loan’s term and the level                of risk involved, and in the case of lending to small and medium-sized                companies, we request personal guarantees from the company’s owners;                and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | we                continuously monitor credit portfolios and customer payment                performance. |
|--------|--------|-----------------------------------------------------------------------------------------------------------|

**Loan      application process**

*Macroadelantos,*

**Credit      risk rating**

**Credit      monitoring and review process**

**Technology**

----

|   | · | defining                long-term data processing solutions to ensure consolidation of data                processing centers, particularly in light of our acquisitions of                Nuevo                Banco Suquía and Nuevo Banco Bisel; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | unifying                policies (operations, data-processing systems and security), technological                standards, working operational models and metrics; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | upgrading                our technology to maintain market level security standards. |
|--------|--------|--------------------------------------------------------------------------------------|

**Competition**

**Banking      industry**

**Scale**

|                                         |   | **2002(1)**                            |    | **2003(1)** |   | **2004** |   | **2005** |    | **2006** |   |
|----------------------------------------------|--------|----------------------------------------|---------|-------------|--------|----------|--------|----------|---------|----------|--------|
|                                         |   | **(millions                of pesos)** |    |
| Total                Assets(2)               |   |                                   | 234,860 |        |   | 185,740  |   |     | 200,179 |     |   | 218,453 |   |   | 244,070 |   |
| Total                Deposits(2)             |   |                                   | 97,111  |        |   | 85,758   |   |     | 108,151 |     |   | 127,382 |   |   | 155,345 |   |
| Gross                Private Sector Loans(2) |   |                                   | 60,274  |        |   | 34,205   |   |     | 36,917  |     |   | 47,972 |   |   | 66,896 |   |

----

*Source:      Central Bank*

| *(1)* | *In                constant pesos as of February 28, 2003.* |
|-------|-------------------------------------------------------------|

| *(2)* | *Twelve-month                average.* |
|-------|----------------------------------------|

**Profitability**

----

|                                                    |   | **2002(1)** |    | **2003(1)** |   | **2004** |   | **2005** |   | **2006** |   |
|---------------------------------------------------------|--------|-------------|---------|-------------|--------|----------|--------|----------|--------|----------|--------|
| Net                (loss) income (in millions of pesos) |   |        | (19,287 | )           |   | (5,487   | )      |     | (657   | )        |   | 1,932 |   |   | 4,473 |   |
| Return                on average equity                 |   |        | (57.4   | )%          |   | (23.6    | )%     |     | (3     | )%       |   | 7.5 | % |   | 14.8 | % |
| Return                on average assets                 |   |        | (8.2    | )%          |   | (3.0     | )%     |     | (0.3   | )%       |   | 0.9 | % |   | 1.8 | % |

----

*Source:      Central Bank*

| *(1)* | *In                millions of constant pesos as of February 28, 2003.* |
|-------|-------------------------------------------------------------------------|

**Asset      Quality **

|                                                            |   | **2002** |   | **2003** |   | **2004** |   | **2005** |   | **2006** |   |
|-----------------------------------------------------------------|--------|----------|--------|----------|--------|----------|--------|----------|--------|----------|--------|
| Non-performing                Credit Portfolio                  |   |     | 18.1   | %        |   | 17.7     | %      |     | 10.7   | %        |   | 5.2 | % |   | 3.4 | % |
| Non-performing                Credit Portfolio - Private Sector |   |     | 38.6   | %        |   | 33.5     | %      |     | 18.6   | %        |   | 7.6 | % |   | 4.5 | % |

----

*Source:      Central Bank *

**Competitive      landscape **

| **Private                  Sector Loans****(As                  of December 31, 2006)** |   | **Ps.****Million**                                 |   | **Market                  Share****(%                  share of total private sector loans for the                  Argentine****financial                  system)**  |      |
|-----------------------------------------------------------------------------------------|--------|---------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
| 1                                                                                       |   | BANCO                DE LA NACION ARGENTINA (1)         |   |                                                                                                                                                                        | 7,993     |   |   | 10.3 | % |
| 2                                                                                       |   | SANTANDER                RIO                            |   |                                                                                                                                                                        | 7,747     |   |   | 10.0 | % |
| 3                                                                                       |   | BBVA                BANCO FRANCES S.A                   |   |                                                                                                                                                                        | 6,277     |   |   | 8.1 | % |
| 4                                                                                       |   | BANCO                DE GALICIA Y DE BUENOS AIRES S.A.  |   |                                                                                                                                                                        | 5,994     |   |   | 7.7 | % |
| 5                                                                                       |   | BANCO                DE LA PROVINCIA DE BUENOS AIRES(1) |   |                                                                                                                                                                        | 5,895     |   |   | 7.6 | % |
| **6**                                                                                   |   | **BANCO                MACRO S.A.(2)**                  |   |                                                                                                                                                                        | **5,525** |   |   | **7.1** | **%** |
| 7                                                                                       |   | CITIBANK                N.A                             |   |                                                                                                                                                                        | 3,556     |   |   | 4.6 | % |
| 8                                                                                       |   | STANDARD                BANK                            |   |                                                                                                                                                                        | 3,169     |   |   | 4.1 | % |
| 9                                                                                       |   | HSBC                BANK ARGENTINA S.A                  |   |                                                                                                                                                                        | 3,097     |   |   | 4.0 | % |
| 10                                                                                      |   | BANCO                HIPOTECARIO S.A.                   |   |                                                                                                                                                                        | 2,877     |   |   | 3.5 | % |
|                                                                                         |   | OTHER                                              |   |                                                                                                                                                                        | 25,694    |   |   | 33.0 | % |
|                                                                                         |   | TOTAL                                              |   |                                                                                                                                                                        | 77,824    |   |   | 100.0 | % |

----

*Source:      Central Bank*

| *(1)* | *Public                sector banks.* |
|-------|---------------------------------------|

| *(2)* | *From                our consolidated financial                statements.* |
|-------|-----------------------------------------------------------------------------|

----

| **Equity****(As                of December 31, 2006)** |   | **Ps.****Million**                                          |   | **Market                Share****(%                share of equity for the Argentine financial                system)** |   |
|--------------------------------------------------------|--------|-------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------|--------|
| 1                                                      |   | BANCO              DE LA NACION ARGENTINA(1)                |   |  6,124                                                                                                             |   |   | 18.4 | % |
| 2                                                      |   | BANCO              HIPOTECARIO S.A.                         |   |  2,561                                                                                                             |   |   | 7.6 | % |
| **3**                                                  |   | **BANCO              MACRO S.A.(2)**                        |   |  **2,315**                                                                                                         |   |   | **7.0** | **%** |
| 4                                                      |   | BBVA              BANCO FRANCES S.A.                        |   |  1,955                                                                                                             |   |   | 5.9 | % |
| 5                                                      |   | BANCO              DE LA CIUDAD DE BUENOS AIRES(1)          |   |  1,624                                                                                                             |   |   | 4.9 | % |
| 6                                                      |   | BANCO              DE LA PROVINCIA DE BUENOS AIRES(1)  |   |  1,422                                                                                                             |   |   | 4.3 | % |
| 7                                                      |   | SANTANDER              RIO                                  |   |  1,309                                                                                                             |   |   | 3.9 | % |
| 8                                                      |   | BANCO              DE GALICIA Y BUENOS AIRES S.A.           |   |  1,263                                                                                                             |   |   | 3.8 | % |
| 9                                                      |   | STANDARD              BANK                                  |   |  1,058                                                                                                             |   |   | 3.2 | % |
| 10                                                     |   | BANCO              PATAGONIA S.A.                           |   |  1,049                                                                                                             |   |   | 3.2 | % |
|                                                        |   | OTHER                                                       |   |  12,542                                                                                                            |   |   | 37.8 | % |
|                                                        |   | TOTAL                                                       |   |  33,222                                                                                                            |   |   | 100.0 | % |

----

*Source:      Central Bank *

| *(1)* | *Public                sector banks.* |
|-------|---------------------------------------|

| *(2)* | *From                our consolidated financial                statements.* |
|-------|-----------------------------------------------------------------------------|

|     **Private                Sector Deposits****(As                of December 31, 2006)** |   |     **Ps.****Million**             |   | **Market                Share****(%                share of total private sector deposits for the Argentine financial                system)** |      |
|----------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
| 1                                                                                                              |   | BANCO              DE LA NACION ARGENTINA(1)           |   |                                                                                                                                           | 16,395    |   |   | 13.2 | % |
| 2                                                                                                              |   | SANTANDER              RIO                             |   |                                                                                                                                           | 12,433    |   |   | 10.0 | % |
| 3                                                                                                              |   | BBVA              BANCO FRANCES S.A.                   |   |                                                                                                                                           | 12,419    |   |   | 10.0 | % |
| 4                                                                                                              |   | BANCO              DE GALICIA Y BUENOS AIRES S.A.      |   |                                                                                                                                           | 10,373    |   |   | 8.4 | % |
| 5                                                                                                              |   | BANCO              DE LA PROVINCIA DE BUENOS AIRES (1) |   |                                                                                                                                           | 9,983     |   |   | 8.0 | % |
| 6                                                                                                              |   | **BANCO              MACRO S.A.(2)**                   |   |                                                                                                                                           | **8,770** |   |   | **7.1** | **%** |
| 7                                                                                                              |   | BANCO              DE LA CIUDAD DE BUENOS AIRES(1)     |   |                                                                                                                                           | 6,372     |   |   | 5.1 | % |
| 8                                                                                                              |   | CITIBANK              N.A.                             |   |                                                                                                                                           | 6,168     |   |   | 5.0 | % |
| 9                                                                                                              |   | BANCO              CREDICOOP COOPERATIVO LIMITADO      |   |                                                                                                                                           | 5,321     |   |   | 4.3 | % |
| 10                                                                                                             |   | STANDARD              BANK                             |   |                                                                                                                                           | 5,286     |   |   | 4.2 | % |
|                                                                                                                |   | OTHER                                             |   |                                                                                                                                           | 30,660    |   |   | 24.7 | % |
|                                                                                                                |   | TOTAL                                             |   |                                                                                                                                           | 124,180   |   |   | 100.0 | % |

----

*Source:      Central Bank*

| *(1)* | *Public                sector banks.* |
|-------|---------------------------------------|

| *(2)* | *From                our consolidated financial                statements.* |
|-------|-----------------------------------------------------------------------------|

|  **Net                Income****(12                months ended December 31, 2006)** |   |  **Ps.****Million**  |                                                    |
|-------------------------------------------------------------------------------------------|--------|--------------------------------|---------------------------------------------------------|
| 1                                                                                         |   |                           | BANCO                DE LA NACION ARGENTINA(1)          |   |   | 582 |   |
| 2                                                                                         |   |                           | BANCO                DE LA CIUDAD DE BUENOS AIRES(1)    |   |   | 438 |   |
| **3**                                                                                     |   |                           | **BANCO                MACRO S.A.(2)**                  |   |   | **424** |   |
| 4                                                                                         |   |                           | BANCO                HIPOTECARIO S.A.                   |   |   | 344 |   |
| 5                                                                                         |   |                           | BANCO                DE SAN JUAN S.A.                   |   |   | 303 |   |
| 6                                                                                         |   |                           | BANCO                PATAGONIA S.A.                     |   |   | 270 |   |
| 7                                                                                         |   |                           | NUEVO                BANCO SUQUÍA S.A.             |   |   | 257 |   |
| 8                                                                                         |   |                           | NUEVO                BANCO DE SANTA FE SOCIEDAD ANONIMA |   |   | 252 |   |
| 9                                                                                         |   |                           | SANTANDER                RIO                            |   |   | 230 |   |
| 10                                                                                        |   |                           | BBVA                BANCO FRANCES S.A.                  |   |   | 180 |   |
|                                                                                           |   |                           | OTHER                                              |   |   | 1,193 |   |
|                                                                                           |   |                           | TOTAL                                         |   |   | 4,473 |   |

----

*Source:      Central Bank*

| *(1)* | *Public                sector banks.* |
|-------|---------------------------------------|

| *(2)* | *From                our consolidated financial                statements.* |
|-------|-----------------------------------------------------------------------------|

----

|                                          |   | **As                of December 31, 2006**  |      |
|-----------------------------------------------|--------|--------------------------------------------------|-----------|
|                                          |   | **Banking                System**           |      | **Banco                Macro**  |   |
|     **Province**          |   | **Branches**                                     |      | **%                of Total** |   | **Branches** |   | **%                of Total** |   | **Market                Share****(%                share of****total                # of****branches                in****each                province)** |   |
| BUENOS                AIRES-METROPOLITAN AREA |   |                                             | 776       |   |   | 19.8 | % |   | 25 |   |   | 5.8 | % |   | 3.2 | % |
| BUENOS                AIRES-REST              |   |                                             | 1,213     |   |   | 30.9 | % |   | 53 |   |   | 12.2 | % |   | 4.4 | % |
| CATAMARCA                                     |   |                                             | 20        |   |   | 0.5 | % |   | 1 |   |   | 0.2 | % |   | 5.0 | % |
| CHACO                                         |   |                                             | 62        |   |   | 1.6 | % |   | 2 |   |   | 0.5 | % |   | 3.2 | % |
| CHUBUT                                        |   |                                             | 76        |   |   | 1.9 | % |   | 4 |   |   | 0.9 | % |   | 5.2 | % |
| CORDOBA                                       |   |                                             | 391       |   |   | 10.0 | % |   | 73 |   |   | 16.9 | % |   | 18.7 | % |
| CORRIENTES                                    |   |                                             | 61        |   |   | 1.6 | % |   | 3 |   |   | 0.7 | % |   | 6.0 | % |
| ENTRE                RIOS                     |   |                                             | 118       |   |   | 3.0 | % |   | 7 |   |   | 1.6 | % |   | 5.9 | % |
| FORMOSA                                       |   |                                             | 18        |   |   | 0.5 | % |   | 0 |   |   | 0.0 | % |   | 0.0 | % |
| JUJUY                                         |   |                                             | 29        |   |   | 0.7 | % |   | 15 |   |   | 3.5 | % |   | 51.7 | % |
| LA                PAMPA                       |   |                                             | 105       |   |   | 2.7 | % |   | 2 |   |   | 0.5 | % |   | 1.9 | % |
| LA                RIOJA                       |   |                                             | 25        |   |   | 0.6 | % |   | 2 |   |   | 0.5 | % |   | 8.0 | % |
| MENDOZA                                       |   |                                             | 139       |   |   | 3.5 | % |   | 13 |   |   | 3.0 | % |   | 9.4 | % |
| MISIONES                                      |   |                                             | 60        |   |   | 1.5 | % |   | 34 |   |   | 7.8 | % |   | 56.7 | % |
| NEUQUÉN                                  |   |                                             | 54        |   |   | 1.4 | % |   | 4 |   |   | 0.9 | % |   | 7.4 | % |
| RIO                NEGRO                      |   |                                             | 58        |   |   | 1.5 | % |   | 7 |   |   | 1.6 | % |   | 12.1 | % |
| SALTA                                         |   |                                             | 52        |   |   | 1.3 | % |   | 25 |   |   | 5.8 | % |   | 48.1 | % |
| SAN                JUAN                       |   |                                             | 35        |   |   | 0.9 | % |   | 1 |   |   | 0.2 | % |   | 2.9 | % |
| SAN                LUIS                       |   |                                             | 40        |   |   | 1.0 | % |   | 1 |   |   | 0.2 | % |   | 2.5 | % |
| SANTA                CRUZ                     |   |                                             | 38        |   |   | 1.0 | % |   | 2 |   |   | 0.5 | % |   | 5.3 | % |
| SANTA                FE                       |   |                                             | 427       |   |   | 10.9 | % |   | 124 |   |   | 28.6 | % |   | 29.0 | % |
| SANTIAGO                DEL ESTERO            |   |                                             | 45        |   |   | 1.2 | % |   | 1 |   |   | 0.2 | % |   | 2.2 | % |
| TIERRA                DEL FUEGO               |   |                                             | 17        |   |   | 0.4 | % |   | 2 |   |   | 0.5 | % |   | 11.8 | % |
| TUCUMAN                                       |   |                                             | 64        |   |   | 1.6 | % |   | 32 |   |   | 7.4 | % |   | 50.0 | % |
|                                          |   |                                             |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **TOTAL**                                     |   |                                             | **3,923** |   |   | **100.0** | **%** |   | **433** |   |   | **100.0** | **%** |   | **11.0** | **%** |

----

|   |   |                                                  |   | **Number                of Provinces Served** |   | **Total                Number of Branches** |   | **Market                Share of Branches in Argentina** |   | **Branches                in BA metropolitan area** |   | **Market                Share of Branches in BAMA** |   | **Branches                in the Rest of Country** |   | **Market                Share of Branches in Rest of Country** |   | **%                of Branches in the Rest of Country** |   |
|--------|--------|-------------------------------------------------------|--------|-----------------------------------------------|--------|---------------------------------------------|--------|----------------------------------------------------------|--------|-----------------------------------------------------|--------|-----------------------------------------------------|--------|----------------------------------------------------|--------|----------------------------------------------------------------|--------|---------------------------------------------------------|--------|
| 1      |   | BANCO              DE LA NACIÓN ARGENTINA(1)     |   |                                          | 24     |                                        |   | 623                                                      |   |                                                | 16     | %                                                   |   | 65                                                 |   |                                                           | 8      | %                                                       |   | 558 |   |   | 18 | % |   | 90 | % |
| 2      |   | BANCO              MACRO S.A.(2)                      |   |                                          | 23     |                                        |   | 433                                                      |   |                                                | 11     | %                                                   |   | 25                                                 |   |                                                           | 3      | %                                                       |   | 407 |   |   | 13 | % |   | 94 | % |
| 3      |   | BANCO              DE LA PROVINCIA DE BUENOS AIRES(1) |   |                                          | 2      |                                        |   | 342                                                      |   |                                                | 9      | %                                                   |   | 40                                                 |   |                                                           | 5      | %                                                       |   | 302 |   |   | 10 | % |   | 88 | % |
| 4      |   | BBVA              BANCO FRANCES S.A.                  |   |                                          | 24     |                                        |   | 235                                                      |   |                                                | 6      | %                                                   |   | 83                                                 |   |                                                           | 11     | %                                                       |   | 152 |   |   | 5 | % |   | 65 | % |
| 5      |   | BANCO              CREDICOOP COOPERATIVO LIMITADO     |   |                                          | 17     |                                        |   | 232                                                      |   |                                                | 6      | %                                                   |   | 35                                                 |   |                                                           | 5      | %                                                       |   | 197 |   |   | 6 | % |   | 85 | % |
| 6      |   | BANCO              DE GALICIA Y BUENOS AIRES          |   |                                          | 24     |                                        |   | 231                                                      |   |                                                | 6      | %                                                   |   | 76                                                 |   |                                                           | 10     | %                                                       |   | 155 |   |   | 5 | % |   | 67 | % |
| 7      |   | BANCO              RIO SANTANDER                      |   |                                          | 21     |                                        |   | 220                                                      |   |                                                | 6      | %                                                   |   | 69                                                 |   |                                                           | 9      | %                                                       |   | 151 |   |   | 5 | % |   | 69 | % |
| 8      |   | BANCO              DE LA PROVINCIA DE CORDOBA S.A.(1) |   |                                          | 3      |                                        |   | 151                                                      |   |                                                | 4      | %                                                   |   | 1                                                  |   |                                                           | 0      | %                                                       |   | 150 |   |   | 5 | % |   | 99 | % |
| 9      |   | BANCO              PATAGONIA S.A.                     |   |                                          | 24     |                                        |   | 128                                                      |   |                                                | 3      | %                                                   |   | 39                                                 |   |                                                           | 5      | %                                                       |   | 89 |   |   | 3 | % |   | 70 | % |
| 10     |   | NUEVO              BANCO DE SANTA FE SOCIEDAD ANONIMA |   | 3                                             |   |                                        | 108    |                                                     |   | 3                                                   | %      |                                                | 1      |                                               |   | 0                                                              | %      |                                                    | 107    |   |   | 3 | % |   | 99 | % |
|   |   | OTHER                                            |   |                                          |   |                                        |   | 1,220                                                    |   |                                                | 31     | %                                                   |   | 342                                                |   |                                                           | 44     | %                                                       |   | 878 |   |   | 27 | % |   | 64 | % |
|        |   | TOTAL                                            |   |                                          |   |                                        |   | 3,923                                                    |   |                                                | 100.0  | %                                                   |   | 776                                                |   |                                                           | 100.0  | %                                                       |   | 3,147 |   |   | 100.0 | % |   | 80 | % |

----

*Source:      Central Bank and our consolidated financial statements.*

| *(1)* | *Public                sector banks.* |
|-------|---------------------------------------|

| *(2)* | *Includes                the branches of Banco Macro, Nuevo Banco Suquía, Banco del Tucumán and                Nuevo Banco Bisel.* |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------|

**Argentine      Banking Regulation**

**Overview**

----

**Banking      regulations**

**Permitted      activities and investments**

*Administradoras      de Fondos de Jubilaciones y Pensiones*

----

*Responsabilidad      Patrimonial Computable*

**OPERATIONS      AND ACTIVITIES THAT BANKS ARE NOT PERMITTED TO PERFORM**

**LIQUIDITY      AND SOLVENCY REQUIREMENTS**

**Minimum      capital requirements**

**Description      of Argentine Tier 1 and Tier 2 Capital Regulations **

*Responsabilidad      Patrimonial Computable*

----

*Requirements      for subordinated debt to be computed as Tier 1 Capital*

----

**Counterpart      risk**

| **Type                of Asset**                                                                                                                                                                                                                |   | **Weighting** |    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|
| Cash                and due from banks                                                                                                                                                                                                          |   |          | 0-20    | % |
| Government                Bonds                                                                                                                                                                                                                 |   |          |    |   |
| With                market risk capital requirements                                                                                                                                                                                            |   |          | 0       | % |
| Other                domestic bonds (without collateral)                                                                                                                                                                                        |   |          | 100     | % |
| OECD                Central bonds—rated AA or investment grade                                                                                                                                                                            |   |          | 20      | % |
| Loans                                                                                                                                                                                                                                           |   |          |    |   |
| To                the non-financial private sector With                preferred collateral under the form of: Cash,                term deposit certificates issued by the creditor entity and given                as                security |   |          | 0       | % |
| A                guarantee by Reciprocal Guarantee Companies authorized by the BCRA,                export                credit insurance, documentary credits                                                                                 |   |          | 50      | % |
| Mortgages/Pledges                                                                                                                                                                                                                               |   |          | 50%-100 | % |
| To                the non-financial public sector                                                                                                                                                                                               |   |          | 100     | % |
| To                the financial sector                                                                                                                                                                                                          |   |          |    |   |
| Public                financial entities with the collection of federal taxes as                collateral                                                                                                                                      |   |          | 50      | % |
| To                foreign financial entities or to financial entities backed by them                (rated                AA or investment grade)                                                                                               |   |          | 0%-20   | % |
| Other                credits from financial intermediation                                                                                                                                                                                      |   |          | 0%-100  | % |
| Assets                subject to financial leasings                                                                                                                                                                                             |   |          | 50%-100 | % |
| Other                assets                                                                                                                                                                                                                     |   |          | 0%-100  | % |
| Guarantees                and contingent liabilities                                                                                                                                                                                            |   |          | 0%-100  | % |

----

| **CAMEL                Rating** |   | **K                Factor** |   |
|---------------------------------|--------|-----------------------------|--------|
| 1                               |   |                        | 0.97   |   |
| 2                               |   |                        | 1.00   |   |
| 3                               |   |                        | 1.05   |   |
| 4                               |   |                        | 1.10   |   |
| 5                               |   |                        | 1.15   |   |

**Interest      rate risk**

**Market      risk**

----

**Temporary      regulations**

| **Period**                           |   | **Alpha1                (applied to public sector financing)** |   | **Alpha2                (applied to interest****rate                risk)** |   |
|--------------------------------------|--------|----------------------------------------------------------------|--------|-----------------------------------------------------------------------------|--------|
| January/December                2004 |   |                                                           | 0.05   |                                                                        |   | 0.20 |   |
| January/December                2005 |   |                                                           | 0.15   |                                                                        |   | 0.40 |   |
| January/December                2006 |   |                                                           | 0.30   |                                                                        |   | 0.70 |   |
| January/December                2007 |   |                                                           | 0.50   |                                                                        |   | 1.00 |   |
| January/December                2008 |   |                                                           | 0.75   |                                                                        |   | — |   |
| As                from January 2009  |   |                                                           | 1.00   |                                                                        |   | — |   |

**Consequences      of a failure to meet minimum capital requirements**

|   | (i) | *noncompliance                reported by the institutions*:                the institution must meet the required capital no later than in the                second                month after noncompliance was incurred or submit a restructuring                plan                within 30 calendar days following the last day of the month in which                such                noncompliance occurred; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | *noncompliance                detected by the Superintendency*:                the institution must file its defense within 30 calendar days after                being                served notice by the Superintendency. If no defense is filed, or                if the                defense is disallowed, the noncompliance will be deemed to be final,                and                the procedure described in item (i) will                apply. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Minimum      cash reserve**

----

|   **Item**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |  **Rate                (%)****(Pesos)** |   | **Rate                (%)****(Foreign****Currency)** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------|--------|------------------------------------------------------|--------|
| Checking                account deposits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                         | 19     |                                                 |   | - |   |
| Savings                account deposits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                         | 19     |                                                 |   | 30 |   |
| Legal                custody accounts, special accounts for savings clubs, “Unemployment Fund                for construction industry workers” and “Salary payment,” special checking                accounts for legal entities and social security savings                accounts                                                                                                                                                                                                                          |   |                                         | 19     |                                                 |   | 30 |   |
| Other                demand deposits and liabilities, including with foreign banks and                correspondents, pension and social security benefits credited by                ANSES                (Government Social Security Agency) pending collection and immobilized                reserve funds for liabilities covered by these regulations                                                                                                                                                                            |   |                                         | 19     |                                                 |   | 30 |   |
| Unused                balances of advances in checking accounts under formal                agreements                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                         | 19     |                                                 |   |   |   |
| Deposits                in checking accounts of non-bank financial institutions, computed                for                purposes of meeting their required minimum cash reserve                                                                                                                                                                                                                                                                                                                                                    |   |                                         | 100    |                                                 |   | 100 |   |
| Time                deposits, liabilities under acceptances, repurchase agreements,                stock-exchange repos (*cauciones                y pases bursátiles pasivos*),                constant-term investments, with an option for early termination or                for                renewal for a specified term and variable income, and other fixed-term                liabilities, except rescheduled deposits included in the following                items                11 and 13 and 15 of this table: |   |                                         |   |                                                 |   |   |   |
| (i)                Up to 29 days                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                         | 14     |                                                 |   | 35 |   |
| (ii)                From 30 days to 59 days                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                         | 11     |                                                 |   | 28 |   |
| (iii)                From 60 days to 89 days                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                         | 7      |                                                 |   | 20 |   |
| (iv)                From 90 days to 179 days                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                         | 2      |                                                 |   | 10 |   |
| (v)                From 180 days to 365 days                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                         | -      |                                                 |   | 6 |   |
| (vi)                More than 365 days                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                         | -      |                                                 |   | - |   |
| Liabilities                owed due to foreign finances                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                         | -      |                                                 |   | - |   |
| Securities                (including Negotiable Obligations)                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                         |   |                                                 |   |   |   |
| a-                Debt issued from 01/01/02, including restructured                liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                         |   |                                                 |   |   |   |
| (i)                Up to 29 days                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                         | 14     |                                                 |   | 35 |   |
| (ii)                From 30 days to 59 days                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                         | 11     |                                                 |   | 28 |   |
| (iii)                From 60 days to 89 days                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                         | 7      |                                                 |   | 20 |   |
| (iv)                From 90 days to 179 days                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                         | 2      |                                                 |   | 10 |   |
| (v)                From 180 days to 365 days                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                         | 0      |                                                 |   | 6 |   |
| (vi)                More than 365 days                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                         | -      |                                                 |   | - |   |
| b-                Others                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                         |   |                                                 |   |   |   |
| Liabilities                owing to the Trust Fund for Assistance to Financial and Insurance                Institutions                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                         | -      |                                                 |   | - |   |
| Demand                and time deposits made upon a court order with funds arising from                cases                pending before the court, and the related immobilized                balances                                                                                                                                                                                                                                                                                                                              |   |                                         | 10     |                                                 |   | 15 |   |
| Deposits                as assets of a mutual fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                         | 18     |                                                 |   | 40 |   |
| Special                deposits related to inflows of funds. Decree 616/2005                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                         | -      |                                                 |   | 100 |   |
| Deposits                and other liabilities (excluding “Fondo de Desempleo para los trabajadores                de la Industria de la Construcción”) which return is higher than the 35%                of BADLAR rates average, corresponding to the preceding                month                                                                                                                                                                                                                                |   |                                         | 100    |                                                 |   | - |   |

|   | (i) | Cash                (bills and coin held on the bank’s own premises and in custody at other                financial institutions). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Accounts                maintained by financial institutions with the Central Bank in                pesos. |
|--------|------|-------------------------------------------------------------------------------------------------------------|

|   | (iii) | Accounts                of minimum cash maintained by financial institutions with the Central                Bank                in U.S. dollars, or other foreign                currency. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | Special                guarantee accounts for the benefit of electronic clearing houses                and to                cover settlement of credit card and ATM                transactions. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (v) | Checking                accounts maintained by non-bank financial institutions with commercial                banks for the purpose of meeting the minimum reserve                requirement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | Special                guarantee accounts maintained with the Central Bank for transactions                involving *cheque                cancelatorio*(a                check similar to a cashier’s check that may be purchased from a bank to                pay a third party). |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | Special                accounts maintained with the Central Bank by the *Administración                Nacional de la Seguridad Social,*                or                the National Administration of Social Security, or                ANSES. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Internal      liquidity policies of financial institutions**

**Diversification      of credit risk**

----

**Foreign      exchange system**

**Foreign      currency loans**

*Préstamos      BID N° 1192/OC-AR*
*Préstamos      BID N° 1192/OC-AR*

----

**General      Exchange Position**

**Foreign      Currency Net Global Position**

----

**Debt      classification and loan loss provisions**

**Credit      portfolio**

**Commercial      loans classification**

----

| **Classification**                                                                                     |   | **Criteria**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Normal                                                                                                 |   | Borrowers                for whom there is no doubt as to their ability to comply with their                payment obligations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Under                specialtracking/observation                                                       |   | Borrowers                who, although considered to be able to meet all their financial                obligations, are sensitive to changes that could compromise their                ability                to honor debts absent timely corrective measures.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Under                specialtracking/negotiation                orrefinancing                agreement |   | Borrowers                who are unable to comply with their obligations as agreed with the                bank                and therefore, formally state, within 60 calendar days after the                maturity                date, their intention to refinance such debts. The borrower must                enter                into a refinancing agreement with the bank within 90 calendar days                (if up                to two lenders are involved) or 180 calendar days (if more than two                lenders are involved) after the payment default date. If no agreement                has                been reached within the established deadline, the borrower must be                classified under the next category according to the indicators established                for each level.                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| With                problems                                                                           |   | Borrowers                with difficulties honoring their financial obligations under the                loan on a                regular basis, which, if uncorrected, may result in losses to the                bank.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| With                high risk of insolvency                                                            |   | Borrowers                who are highly unlikely to honor their financial obligations under                the                loan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Non-recoverable                loans                                                                   |   | Loans                classified as unrecoverable at the time they are reviewed (although                the                possibility might exist that such loans might be collected in the                future).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Technically                non-recoverable                                                             |   | (a)                Borrower has defaulted on its payment obligations under a loan for                more                than 180 calendar days according to the corresponding report provided                by                the Central Bank, which report includes (1) financial institutions                liquidated by the Central Bank, (2) residual entities created as                a result                of the privatization of public financial institutions, or in the                privatization or dissolution process, (3) financial institutions                whose                licenses have been revoked by the Central Bank and find themselves                subject                to judicial liquidation or bankruptcy proceedings and (4) trusts                in which                SEDESA is a beneficiary, and/or (b) certain kinds of foreign borrowers                (including banks or other financial institutions that are not subject                to                the supervision of the Central Bank or similar authority of the country                in                which they are incorporated) that are not classified as “investment grade”                by any of the rating agencies approved by the Central                Bank. |

----

**Co**
**nsumer      and housing loans classification**

| **Classification**                          |   | **Criteria**                                                                                                                                                                                                                                                                                                                                                |
|---------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Normal                                      |   | If                all payments on loans are current or less than 31 calendar days overdue                and, in the case of checking account overdrafts, less than 61 calendar                days overdue.                                                                                                                                                |
|                                        |   |                                                                                                                                                                                                                                                                                                                                                        |
| Inadequate                performance       |   | Loans                upon which payment obligations are overdue for a period of more than                31,                but less than 90, calendar days.                                                                                                                                                                                                |
|                                        |   |                                                                                                                                                                                                                                                                                                                                                        |
| Deficient                performance        |   | Loans                upon which payment obligations are overdue for a period of more than                90,                but less than 180, calendar days.                                                                                                                                                                                               |
|                                        |   |                                                                                                                                                                                                                                                                                                                                                        |
| Difficult                recovery           |   | Loans                in respect of which a legal action seeking collection has been filed                or                loans having payment obligations overdue for more than 180 calendar                days,                but less than 365 calendar days.                                                                                         |
|                                        |   |                                                                                                                                                                                                                                                                                                                                                        |
| With                high risk of insolvency |   | Borrowers                who are highly unlikely to honor their financial obligations under                the                loan.                                                                                                                                                                                                                         |
|                                        |   |                                                                                                                                                                                                                                                                                                                                                        |
| Non-recoverable                loans        |   | Loans                in which the debtor is insolvent, and, therefore, have no, or at                least                very little, possibility of recovery, through legal actions or bankruptcy                proceedings involving the debtor, or in which payment obligations                are more                than 365 calendar days overdue. |
|                                        |   |                                                                                                                                                                                                                                                                                                                                                        |
| Technically                non-recoverable  |   | Same                criteria as for commercial loans in the technically non-recoverable                category.                                                                                                                                                                                                                                            |

**Minimum      credit provisions**

|  **Category**                                                                             |   | **With                Preferred****Guarantees**  |   | **Without                Preferred****Guarantees**  |   |
|------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------|--------|----------------------------------------------------------|--------|
| “Normal”                and “Normal Performance”                       |   |                                                  | 1      | %                                                        |   | 1 | % |
| “Under                observation” and “Inadequate performance”        |   |                                                  | 3      | %                                                        |   | 5 | % |
| “Under                negotiation or refinancing agreement”                        |   |                                                  | 6      | %                                                        |   | 12 | % |
| “With                Problems” and “Deficient Performance”             |   |                                                  | 12     | %                                                        |   | 25 | % |
| “With                high risk of insolvency” and “Difficult recovery” |   |                                                  | 25     | %                                                        |   | 50 | % |
| “Non-recoverable”                                                                  |   |                                                  | 50     | %                                                        |   | 100 | % |
| “Technically                non-recoverable”                                       |   |                                                  | 100    | %                                                        |   | 100 | % |
|                                                                                           |   |                                                  |   |                                                     |   |   |   |

**Minimum      frequency for classification review**

**Allowances      for loan losses**

**Priority      rights of depositors**

*pro      rata *

----

**Mandatory      deposit insurance system**

*Seguro      de Depósitos Sociedad Anónima,*

**Capital      markets**

*sociedades      de bolsa,*
*sociedad      de bolsa *
*sociedad      de bolsa. *

----

*fondos      comunes de inversión *

**Financial      institutions in economic difficulties**

*plan      de regularización y saneamiento,*
*interventor,*

**Dissolution      and liquidation of financial institutions**

**Money      laundering**

----

*°*

**Merger,      consolidation and transfer of goodwill**

**Financial      System Restructuring Unit**

**C.      Organizational Structure**

**Subsidiaries**

----

**D.      Property, plants and equipment**

**Property**

**Selected      Statistical Information **

*“Operating      and Financial Review and Prospects”*

**Average      balance sheets, interest earned on interest-earning assets and interest paid      on      interest-bearing liabilities**

|                                              |   | **Fiscal                Years Ended December 31,**             |
|---------------------------------------------------|--------|----------------------------------------------------------------|
|                                              |   | **2004                (1)**                                    |   | **2005** |   | **2006** |   |
|                                              |   | **Average                Balance**                             |   | **Interest                Earned/ (Paid)** |   | **Average                Nominal Rate** |   | **Average                Balance** |   | **Interest                Earned/ (Paid)** |   | **Average                Nominal Rate** |   | **Average                Balance** |   | **Interest                Earned/ (Paid)** |   | **Average                Nominal Rate** |   |
|                                              |   | **(in                thousands of pesos, except percentages)** |
| **ASSETS**                                        |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Interest-earning                assets**        |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Government                securities(2)**       |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Pesos**                                         |   |                                                           | 1,656,910 |   |   | 193,247 |   |   | 11.66 | % |   | 2,554,126 |   |   | 204,538 |   |   | 8.01 | % |   | 2428,667 |   |   | 284,121 |   |   | 11.70 | % |
| **Dollars**                                       |   |                                                           | 161,791 |   |   | (3,833 | ) |   | (2.37 | %) |   | 143,283 |   |   | (11,203 | ) |   | (7.82 | %) |   | 230,924 |   |   | (9,971 | ) |   | (4.32 | %) |
| **Total**                                         |   |                                                           | **1,818,701** |   |   | **189,414** |   |   | **10.41** | **%** |   | **2,697,409** |   |   | **193,335** |   |   | **7.17** | **%** |   | **2,659,591** |   |   | **274,150** |   |   | **10.31** | **%** |
|                                              |   |                                                           |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |
|                                              |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Loans**                                         |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Private                Sector**                 |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Pesos**                                         |   |                                                           | 1,045,151 |   |   | 115,465 |   |   | 11.05 | % |   | 1,990,060 |   |   | 285,439 |   |   | 14.34 | % |   | 3,798,073 |   |   | 576,243 |   |   | 15.17 | % |
| **Dollars**                                       |   |                                                           | 227,031 |   |   | 11,238 |   |   | 4.95 | % |   | 468,063 |   |   | 21,889 |   |   | 4.68 | % |   | 715,551 |   |   | 39,204 |   |   | 5.48 | % |
| **Euros**                                         |   |                                                           | 116 |   |   | - |   |   |   |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   |   |   |
|                                              |   |                                                           |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |
|                                              |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total**                                         |   |                                                           | **1,272,298** |   |   | **126,703** |   |   | **9.96** | **%** |   | **2,458,123** |   |   | **307,328** |   |   | **12.50** | **%** |   | **4,513,624** |   |   | **615,447** |   |   | **13.64** | **%** |
|                                              |   |                                                           |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |
|                                              |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Public                Sector**                  |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Pesos**                                         |   |                                                           | 381,186 |   |   | 34,713 |   |   | 9.11 | % |   | 714,207 |   |   | 102,217 |   |   | 14.31 | % |   | 694,938 |   |   | 93,427 |   |   | 13.44 | % |
|                                              |   |                                                           |                    |   |   |                    |   |   |                    |   |    |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |
|                                              |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total**                                         |   |                                                           | **381,186** |   |   | **34,713** |   |   | **9.11** | **%** |   | **714,207** |   |   | **102,217** |   |   | **14.31** | **%** |   | **694,938** |   |   | **93,427** |   |   | **13.44** | **%** |
|                                              |   |                                                           |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |  |   |
|                                              |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Deposits                with the Central Bank** |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Pesos**                                         |   |                                                           | 78,588 |   |   | 3,711 |   |   | 4.72 | % |   | 513,602 |   |   | 3,318 |   |   | 0.65 | % |   | 733,687 |   |   | 2,825 |   |   | 0.39 | % |
| **Dollars**                                       |   |                                                           | 2,569 |   |   | 25 |   |   | 0.97 | % |   | 300,533 |   |   | 4,523 |   |   | 1.50 | % |   | 441,288 |   |   | 7,561 |   |   | 1.71 | % |
|                                              |   |                                                           |  |   |   |                    |   |   |                    |   |   |  |   |   |   |   |   |                    |   |   |  |   |   |  |   |   |  |   |
|                                              |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total**                                         |   |                                                           | **81,157** |   |   | **3,736** |   |   | **4.60** | **%** |   | **814,135** |   |   | **7,841** |   |   | **0.96** | **%** |   | **1,174,975** |   |   | **10,386** |   |   | **0.88** | **%** |
|                                              |   |                                                           |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |
|                                              |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Other                assets**                   |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Pesos**                                         |   |                                                           | 415,575 |   |   | 25,062 |   |   | 6.03 | % |   | 975,249 |   |   | 80,724 |   |   | 8.28 | % |   | 1,055,424 |   |   | 95,937 |   |   | 9.09 | % |
| **Dollars**                                       |   |                                                           | 420,641 |   |   | 1,484 |   |   | 0.35 | % |   | 705,907 |   |   | 13,622 |   |   | 1.93 | % |   | 478,870 |   |   | 20,592 |   |   | 4.30 | % |
| **Total**                                         |   |                                                           | **836,216** |   |   | **26,546** |   |   | **3.17** | **%** |   | **1,681,156** |   |   | **94,346** |   |   | **5.61** | **%** |   | **1,534,294** |   |   | **116,529** |   |   | **7.59** | **%** |
|                                              |   |                                                           |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |
|                                              |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total                interest-earning assets**  |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Pesos**                                         |   |                                                           | 3,577,410 |   |   | 372,198 |   |   | 10.40 | % |   | 6,747,244 |   |   | 676,236 |   |   | 10.02 | % |   | 8,710,789 |   |   | 1,052,553 |   |   | 12.08 | % |
| **Dollars**                                       |   |                                                           | 812,032 |   |   | 8,914 |   |   | 1.10 | % |   | 1,617,786 |   |   | 28,831 |   |   | 1.78 | % |   | 1,866,633 |   |   | 57,386 |   |   | 3.07 | % |
| **Euros**                                         |   |                                                           | 116 |   |   | - |   |   |   |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   |   |   |
| **Total**                                         |   |                                                           | **4,389,558** |   |   | **381,112** |   |   | **8.68** | **%** |   | **8,365,030** |   |   | **705,067** |   |   | **8.43** | **%** |   | **10,577,422** |   |   | **1,109,939** |   |   | **10.49** | **%** |
|                                              |   |                                                           |                    |   |   |                     |   |   |                    |   |   |                    |   |   |                    |   |   |  |   |   |                    |   |   |                    |   |   |                    |   |

----

| **Non                interest-earning assets**                                                                                                  |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |         |                         |   |   |                                      |   |   |                         |   |   |                         |   |   |                         |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------------|------------------------------|--------|--------|-------------------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|
| **Cash                and due from banks**                                                                                                      |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |         |                         |   |   |                                      |   |   |                         |   |   |                         |   |   |                         |   |
| **Pesos**                                                                                                                                       |   |   | 376,922                      |   |   | -                            |   |   |                         |   |   | 234,109                      |   |         | -                            |   |   |                                      |   |   | 325,154                      |   |   | -                            |   |   |                         |   |
| **Dollars**                                                                                                                                     |   |   | 438,169                      |   |   | -                            |   |   |                         |   |   | 295,552                      |   |         | -                            |   |   |                                      |   |   | 353,051                      |   |   | -                            |   |   |                         |   |
| **Pounds**                                                                                                                                      |   |   | 233                          |   |   | -                            |   |   |                         |   |   | 375                          |   |         | -                            |   |   |                                      |   |   | 640                          |   |   | -                            |   |   |                         |   |
| **Franco                Suizo**                                                                                                                 |   |   | 159                          |   |   | -                            |   |   |                         |   |   | 240                          |   |         | -                            |   |   |                                      |   |   | 279                          |   |   | -                            |   |   |                         |   |
| **Corona                Danesa**                                                                                                                |   |   | 3                            |   |   | -                            |   |   |                         |   |   | 21                           |   |         | -                            |   |   |                                      |   |   | 43                           |   |   | -                            |   |   |                         |   |
| **Yen**                                                                                                                                         |   |   | 211                          |   |   | -                            |   |   |                         |   |   | 472                          |   |         | -                            |   |   |                                      |   |   | 345                          |   |   | -                            |   |   |                         |   |
| **Corona                Sueca**                                                                                                                 |   |   | 6                            |   |   | -                            |   |   |                         |   |   | 47                           |   |         | -                            |   |   |                                      |   |   | 46                           |   |   | -                            |   |   |                         |   |
| **Corona                Noruega**                                                                                                               |   |   | 15                           |   |   |                         |   |   |                         |   |   | 14                           |   |         | -                            |   |   |                                      |   |   | 13                           |   |   | -                            |   |   |                         |   |
| **Dólar                Canadiense**                                                                                                        |   |   | 33                           |   |   | -                            |   |   |                         |   |   | 69                           |   |         | -                            |   |   |                                      |   |   | 115                          |   |   | -                            |   |   |                         |   |
| **Euros**                                                                                                                                       |   |   | 1,684                        |   |   | -                            |   |   |                         |   |   | 6,294                        |   |         | -                            |   |   |                                      |   |   | 8,955                        |   |   | -                            |   |   |                         |   |
|                                                                                                                                            |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |    |                    |   |   |                                 |   |   |                    |   |   |                    |   |   |                              |   |
|                                                                                                                                            |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |         |                         |   |   |                                      |   |   |                         |   |   |                         |   |   |                         |   |
| **Total**                                                                                                                                       |   |   | **817,435**                  |   |   | **-**                        |   |   |                         |   |   | **537,193**                  |   |         | **-**                        |   |   |                                      |   |   | **688,641**                  |   |   | **-**                        |   |   |                         |   |
|                                                                                                                                            |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |         |                    |   |   |                                 |   |   |                    |   |   |                              |   |   |                         |   |
|                                                                                                                                            |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |         |                         |   |   |                                      |   |   |                         |   |   |                         |   |   |                         |   |
| **Investments                in other companies**                                                                                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |         |                         |   |   |                                      |   |   |                         |   |   |                         |   |   |                         |   |
| **Pesos**                                                                                                                                       |   |   | 12,734                       |   |   | -                            |   |   |                         |   |   | 58                           |   |         | -                            |   |   |                                      |   |   | 9,176                        |   |   | -                            |   |   |                         |   |
| **Dollars**                                                                                                                                     |   |   | 270                          |   |   | -                            |   |   |                         |   |   | 636                          |   |         | -                            |   |   |                                      |   |   | 1,025                        |   |   | -                            |   |   |                         |   |
|                                                                                                                                            |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |         |                    |   |   |                       |   |   |                              |   |   |                    |   |   |                    |   |
|                                                                                                                                            |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |         |                         |   |   |                                      |   |   |                         |   |   |                         |   |   |                         |   |
| **Total**                                                                                                                                       |   |   | **13,004**                   |   |   | **-**                        |   |   |                         |   |   | **694**                      |   |         | **-**                        |   |   |                                      |   |   | **10,201**                   |   |   | **-**                        |   |   |                         |   |
|                                                                                                                                            |   |   |                    |   |   |                    |   |   |                              |   |   |                    |   |         |                    |   |   |                                 |   |   |                    |   |   |                    |   |   |                    |   |
|                                                                                                                                            |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |         |                         |   |   |                                      |   |   |                         |   |   |                         |   |   |                         |   |
| **Property                and equipment and miscellaneous and intangible assets and items pending                of                allocation** |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |         |                         |   |   |                                      |   |   |                         |   |   |                         |   |   |                         |   |
| **Pesos**                                                                                                                                       |   |   | **375,330**                  |   |   | **-**                        |   |   |                         |   |   | **435,210**                  |   |         | **-**                        |   |   |                                      |   |   | **578,243**                  |   |   | **-**                        |   |   |                         |   |
| **Dollars**                                                                                                                                     |   |   | -                            |   |   | -                            |   |   |                         |   |   | -                            |   |         | -                            |   |   |                                      |   |   | -                            |   |   | -                            |   |   |                         |   |
|                                                                                                                                            |   |   |                    |   |   |                    |   |   |                    |   |   |                              |   |         |                              |   |   |                                 |   |   |                    |   |   |                              |   |   |                              |   |
|                                                                                                                                            |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |         |                         |   |   |                                      |   |   |                         |   |   |                         |   |   |                         |   |
| **Total**                                                                                                                                       |   |   | **375,330**                  |   |   | **-**                        |   |   |                         |   |   | **435,210**                  |   |         | **-**                        |   |   |                                      |   |   | **578,243**                  |   |   | **-**                        |   |   |                         |   |
|                                                                                                                                            |   |   |                    |   |   |                              |   |   |                              |   |   |                         |   |         |                         |   |   |                                           |   |   |                    |   |   |                    |   |   |                    |   |
|                                                                                                                                                 |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |         |                         |   |   |                                      |   |   |                         |   |   |                         |   |   |                         |   |
| **Allowance                for loan losses**                                                                                                    |   |   | **-**                        |   |   |                         |   |   |                         |   |   |                         |   |         | **-**                        |   |   |                                      |   |   |                         |   |   |                         |   |   |                         |   |
| **Pesos**                                                                                                                                       |   |   | (150,212                     | )      |   |                         |   |   |                         |   |   | (196,888                     | )      |         | -                            |   |   |                                      |   |   | (287,893                     | )      |   | -                            |   |   |                         |   |
| **Dollars**                                                                                                                                     |   |   | (13,727                      | )      |   | -                            |   |   |                         |   |   | (43,587                      | )      |         | -                            |   |   |                                      |   |   | (44,945                      | )      |   | -                            |   |   |                         |   |
|                                                                                                                                            |   |   |                    |   |   |                    |   |   |                              |   |   |                              |   |         |                              |   |   |                                           |   |   |                              |   |   |                              |   |   |                              |   |
|                                                                                                                                            |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |         |                         |   |   |                                      |   |   |                         |   |   |                         |   |   |                         |   |
| **Total**                                                                                                                                       |   |   | **(163,939**                 | **)**  |   | **-**                        |   |   |                         |   |   | **(240,475**                 | **)**  |         | **-**                        |   |   |                                      |   |   | **(332,838**                 | **)**  |   | **-**                        |   |   |                         |   |
|                                                                                                                                            |   |   | **-**                        |   |   |                              |   |   |                    |   |   |                    |   |         |                    |   |   |                                 |   |   |                    |   |   |                    |   |   |                    |   |
|                                                                                                                                            |   |   |                         |   |   | **-**                        |   |   |                         |   |   |                         |   |         |                         |   |   |                                      |   |   |                         |   |   |                         |   |   |                         |   |
| **Other                assets**                                                                                                                 |   |   | **-**                        |   |   | **-**                        |   |   |                         |   |   |                         |   |         | **-**                        |   |   |                                      |   |   |                         |   |   |                         |   |   |                         |   |
| **Pesos**                                                                                                                                       |   |   | 149,855                      |   |   | -                            |   |   |                         |   |   | 220,942                      |   |         | -                            |   |   |                                      |   |   | 166,439                      |   |   | -                            |   |   |                         |   |
| **Dollars**                                                                                                                                     |   |   | 123,785                      |   |   | -                            |   |   |                         |   |   | 38,727                       |   |         | -                            |   |   |                                      |   |   | 103,471                      |   |   | -                            |   |   |                         |   |
| **Pounds**                                                                                                                                      |   |   | 45                           |   |   | -                            |   |   |                         |   |   | -                            |   |         | -                            |   |   |                                      |   |   | -                            |   |   | -                            |   |   |                         |   |
| **Franco                Suizo**                                                                                                                 |   |   | 6                            |   |   | -                            |   |   |                         |   |   | -                            |   |         | -                            |   |   |                                      |   |   | -                            |   |   | -                            |   |   |                         |   |
| **Corona                Danesa**                                                                                                                |   |   | -                            |   |   |                         |   |   |                         |   |   | -                            |   |         | -                            |   |   |                                      |   |   | -                            |   |   | -                            |   |   |                         |   |
| **Yen**                                                                                                                                         |   |   | 3                            |   |   | -                            |   |   |                         |   |   | -                            |   |         | -                            |   |   |                                      |   |   | -                            |   |   | -                            |   |   |                         |   |
| **Corona                Sueca**                                                                                                                 |   |   | -                            |   |   | -                            |   |   |                         |   |   | -                            |   |         | -                            |   |   |                                      |   |   | -                            |   |   | -                            |   |   |                         |   |
| **Corona                Noruega**                                                                                                               |   |   | -                            |   |   | -                            |   |   |                         |   |   | -                            |   |         | -                            |   |   |                                      |   |   | -                            |   |   | -                            |   |   |                         |   |
| **Dólar                Canadiense**                                                                                                        |   |   | 1                            |   |   | -                            |   |   |                         |   |   | -                            |   |         | -                            |   |   |                                      |   |   | -                            |   |   | -                            |   |   |                         |   |
| **Euros**                                                                                                                                       |   |   | 460                          |   |   | -                            |   |   |                         |   |   | 76                           |   |         | -                            |   |   |                                      |   |   | 43                           |   |   | -                            |   |   |                         |   |
|                                                                                                                                            |   |   |                    |   |   |                    |   |   |                    |   |   |                              |   |         |                    |   |   |                                 |   |   |                    |   |   |                    |   |   |                    |   |
|                                                                                                                                            |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |         |                         |   |   |                                      |   |   |                         |   |   |                         |   |   |                         |   |
| **Total**                                                                                                                                       |   |   | **274,155**                  |   |   | **-**                        |   |   |                         |   |   | **259,745**                  |   |         | **-**                        |   |   |                                      |   |   | **269,953**                  |   |   | **-**                        |   |   |                         |   |
|                                                                                                                                            |   |   |                    |   |   |                              |   |   |                         |   |   |                              |   |         |                    |   |   |                                 |   |   |                    |   |   |                              |   |   |                    |   |

| **Total                non interest-earning assets** |   |   |                         |   |   | **-**                        |   |   |                         |   |   |        |   |   |                                |   |   |                                     |   |   |                         |   |   | **-**                        |   |   |                         |   |
|------------------------------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------|-------------|--------|--------|-------------------------------------|--------|--------|------------------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|
| **Pesos**                                            |   |   | 764,629                      |   |   | -                            |   |   |                         |   |   | 693,431     |   |   | -                                   |   |   |                                     |   |   | 791,119                      |   |   | -                            |   |   |                         |   |
| **Dollars**                                          |   |   | 548,497                      |   |   | -                            |   |   |                         |   |   | 291,328     |   |   | -                                   |   |   |                                     |   |   | 412,602                      |   |   | -                            |   |   |                         |   |
| **Pounds**                                           |   |   | 278                          |   |   | -                            |   |   |                         |   |   | 375         |   |   | -                                   |   |   |                                     |   |   | 640                          |   |   | -                            |   |   |                         |   |
| **Franco                Suizo**                      |   |   | 165                          |   |   | -                            |   |   |                         |   |   | 240         |   |   | -                                   |   |   |                                     |   |   | 279                          |   |   | -                            |   |   |                         |   |
| **Corona                Danesa**                     |   |   | 3                            |   |   | -                            |   |   |                         |   |   | 21          |   |   | -                                   |   |   |                                     |   |   | 43                           |   |   | -                            |   |   |                         |   |
| **Yen**                                              |   |   | 214                          |   |   | -                            |   |   |                         |   |   | 472         |   |   | -                                   |   |   |                                     |   |   | 345                          |   |   | -                            |   |   |                         |   |
| **Corona                Sueca**                      |   |   | 6                            |   |   | -                            |   |   |                         |   |   | 47          |   |   | -                                   |   |   |                                     |   |   | 46                           |   |   | -                            |   |   |                         |   |
| **Corona                Noruega**                    |   |   | 15                           |   |   | -                            |   |   |                         |   |   | 14          |   |   | -                                   |   |   |                                     |   |   | 13                           |   |   | -                            |   |   |                         |   |
| **Dólar                Canadiense**             |   |   | 34                           |   |   | -                            |   |   |                         |   |   | 69          |   |   | -                                   |   |   |                                     |   |   | 115                          |   |   | -                            |   |   |                         |   |
| **Euros**                                            |   |   | 2,144                        |   |   | -                            |   |   |                         |   |   | 6,370       |   |   | -                                   |   |   |                                     |   |   | 8,998                        |   |   | -                            |   |   |                         |   |
|                                                 |   |   |                    |   |   |                    |   |   |                    |   |   |             |   |   |                           |   |   |                                          |   |   |                         |   |   |                              |   |   |                    |   |
|                                                 |   |   |                         |   |   |                         |   |   |                         |   |   |        |   |   |                                |   |   |                                     |   |   |                         |   |   |                         |   |   |                         |   |
| **Total**                                            |   |   | **1,315,985**                |   |   | **-**                        |   |   |                         |   |   | **992,367** |   |   | **-**                               |   |   |                                     |   |   | **1,214,200**                |   |   | **-**                        |   |   |                         |   |
|                                                 |   |   |                    |   |   |                    |   |   |                    |   |   |             |   |   |                      |   |   |                      |   |   |                    |   |   |                    |   |   |                    |   |

----

|                                                            |   |   |                                |   |   |                                |   |   |                                |   |   |                               |   |   |                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
|-----------------------------------------------------------------|--------|--------|-------------------------------------|--------|--------|-------------------------------------|--------|--------|-------------------------------------|--------|--------|------------------------------------|--------|--------|------------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|
| **TOTAL                ASSETS**                                 |   |   |                                |   |   | **-**                               |   |   |                                |   |   |                               |   |   |                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Pesos**                                                       |   |   | 4,342,039                           |   |   | -                                   |   |   |                                |   |   | 7,440,675                          |   |   |                               |   |   |                         |   |   | 9,501,908                    |   |   | -                            |   |   |                         |   |
| **Dollars**                                                     |   |   | 1,360,529                           |   |   | -                                   |   |   |                                |   |   | 1,909,114                          |   |   |                               |   |   |                         |   |   | 2,279,235                    |   |   | -                            |   |   |                         |   |
| **Pounds**                                                      |   |   | 278                                 |   |   | -                                   |   |   |                                |   |   | 375                                |   |   |                               |   |   |                         |   |   | 640                          |   |   | -                            |   |   |                         |   |
| **Franco                Suizo**                                 |   |   | 165                                 |   |   | -                                   |   |   |                                |   |   | 240                                |   |   |                               |   |   |                         |   |   | 279                          |   |   | -                            |   |   |                         |   |
| **Corona                Danesa**                                |   |   | 3                                   |   |   | -                                   |   |   |                                |   |   | 21                                 |   |   |                               |   |   |                         |   |   | 43                           |   |   | -                            |   |   |                         |   |
| **Yen**                                                         |   |   | 214                                 |   |   | -                                   |   |   |                                |   |   | 472                                |   |   |                               |   |   |                         |   |   | 345                          |   |   | -                            |   |   |                         |   |
| **Corona                Sueca**                                 |   |   | 6                                   |   |   | -                                   |   |   |                                |   |   | 47                                 |   |   |                               |   |   |                         |   |   | 46                           |   |   | -                            |   |   |                         |   |
| **Corona                Noruega**                               |   |   | 15                                  |   |   | -                                   |   |   |                                |   |   | 14                                 |   |   |                               |   |   |                         |   |   | 13                           |   |   | -                            |   |   |                         |   |
| **Dólar                Canadiense**                        |   |   | 34                                  |   |   | -                                   |   |   |                                |   |   | 69                                 |   |   |                               |   |   |                         |   |   | 115                          |   |   | -                            |   |   |                         |   |
| **Euros**                                                       |   |   | 2,260                               |   |   | -                                   |   |   |                                |   |   | 6,370                              |   |   |                               |   |   |                         |   |   | 8,998                        |   |   | -                            |   |   |                         |   |
| **Total**                                                       |   |   | **5,705,543**                       |   |   | **-**                               |   |   |                                |   |   | **9,357,397**                      |   |   |                               |   |   |                         |   |   | **11,791,622**               |   |   | **-**                        |   |   |                         |   |
|                                                            |   |   |                      |   |   |                      |   |   |                      |   |   |                     |   |   |                          |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |
| **LIABILITIES**                                                 |   |   |                                |   |   |                                |   |   |                                |   |   |                               |   |   |                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Interest-bearing                liabilities**                 |   |   |                                |   |   |                                |   |   |                                |   |   |                               |   |   |                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Savings                accounts**                             |   |   |                                |   |   |                                |   |   |                                |   |   |                               |   |   |                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Pesos**                                                       |   |   | 267,988                             |   |   | 3,157                               |   |   | 1.18                                | %      |   | 635,072                            |   |   | 4,144                              |   |   | 0.65                         | %      |   | 950,338                      |   |   | 7,126                        |   |   | 0.75                         | %      |
| **Dollars**                                                     |   |   | 30,577                              |   |   | 4                                   |   |   | 0.01                                | %      |   | 85,130                             |   |   | 159                                |   |   | 0.19                         | %      |   | 130,478                      |   |   | 316                          |   |   | 0.24                         | %      |
| **Total**                                                       |   |   | **298,565**                         |   |   | **3,161**                           |   |   | **1.06**                            | **%**  |   | **720,202**                        |   |   | **4,303**                          |   |   | **0.60**                     | **%**  |   | **1,080,816**                |   |   | **7,442**                    |   |   | **0.69**                     | **%**  |
| **Certificates                of deposits**                     |   |   | **-**                               |   |   | **-**                               |   |   |                                |   |   |                               |   |   |                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Pesos**                                                       |   |   | 1,359,659                           |   |   | 55,001                              |   |   | 4.05                                | %      |   | 2,652,277                          |   |   | 198,917                            |   |   | 7.50                         | %      |   | 3,056,186                    |   |   | 252,927                      |   |   | 8.28                         | %      |
| **Dollars**                                                     |   |   | 569,183                             |   |   | 8,149                               |   |   | 1.43                                | %      |   | 828,236                            |   |   | 14,685                             |   |   | 1.77                         | %      |   | 1,190,185                    |   |   | 31,167                       |   |   | 2.62                         | %      |
| **Total**                                                       |   |   | **1,928,842**                       |   |   | **63,150**                          |   |   | **3.27**                            | **%**  |   | **3,480,513**                      |   |   | **213,602**                        |   |   | **6.14**                     | **%**  |   | **4,246,371**                |   |   | **284,094**                  |   |   | **6.69**                     | **%**  |
|                                                            |   |   |                           |   |   |                           |   |   |                           |   |   |                          |   |   |                          |   |   |                    |   |   |                    |   |   |                    |   |   |                              |   |
|                                                            |   |   |                                |   |   |                                |   |   |                                |   |   |                               |   |   |                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Borrowing                from the Central Bank**              |   |   |                                |   |   | **-**                               |   |   |                                |   |   |                               |   |   |                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Pesos**                                                       |   |   | 9,844                               |   |   | 897                                 |   |   | 9.11                                | %      |   | 491,462                            |   |   | 16,588                             |   |   | 3.38                         | %      |   | 305,126                      |   |   | 12,423                       |   |   | 4.07                         | %      |
| **Dollars**                                                     |   |   | -                                   |   |   | -                                   |   |   |                                |   |   | 14,772                             |   |   | 294                                |   |   | 1.99                         | %      |   | -                            |   |   | -                            |   |   |                         |   |
|                                                            |   |   |                           |   |   |                           |   |   |                           |   |   |                          |   |   |                     |   |   |                    |   |   |                              |   |   |                              |   |   |                              |   |
|                                                            |   |   |                                |   |   |                                |   |   |                                |   |   |                               |   |   |                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Total**                                                       |   |   | **9,844**                           |   |   | **897**                             |   |   | **9.11**                            | **%**  |   | **506,234**                        |   |   | **16,882**                         |   |   | **3.33**                     | **%**  |   | **305,126**                  |   |   | **12,423**                   |   |   | **4.07**                     | **%**  |
|                                                            |   |   |                           |   |   |                                     |   |   |                           |   |   |                                    |   |   |                               |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |
|                                                            |   |   |                                |   |   |                                |   |   |                                |   |   |                               |   |   |                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Borrowings                from other financial institutions** |   |   | **-**                               |   |   | **-**                               |   |   |                                |   |   |                               |   |   |                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Pesos**                                                       |   |   | 42,298                              |   |   | 2,585                               |   |   | 6.11                                | %      |   | 53,566                             |   |   | 5,831                              |   |   | 10.89                        | %      |   | 99,907                       |   |   | 8,310                        |   |   | 8.32                         | %      |
| **Dollars**                                                     |   |   | 61,178                              |   |   | 1,938                               |   |   | 3.17                                | %      |   | 189,293                            |   |   | 11,558                             |   |   | 6.11                         | %      |   | 148,962                      |   |   | 19,963                       |   |   | 13.40                        | %      |
|                                                            |   |   |                           |   |   |                           |   |   |                           |   |   |                          |   |   |                          |   |   |                              |   |   |                              |   |   |                              |   |   |                              |   |
|                                                            |   |   |                                |   |   |                                |   |   |                                |   |   |                               |   |   |                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Total**                                                       |   |   | **103,476**                         |   |   | **4,523**                           |   |   | **4.37**                            | **%**  |   | **242,859**                        |   |   | **17,389**                         |   |   | **7.16**                     | **%**  |   | **248,869**                  |   |   | **28,273**                   |   |   | **11.36**                    | **%**  |
|                                                            |   |   |                           |   |   |                                     |   |   |                                     |   |   |                                    |   |   |                                    |   |   |                              |   |   |                              |   |   |                              |   |   |                              |   |
|                                                            |   |   |                                |   |   |                                |   |   |                                |   |   |                               |   |   |                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Corporate                Bonds**                              |   |   |                                |   |   |                                |   |   |                                |   |   |                               |   |   |                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Pesos**                                                       |   |   | 215,050                             |   |   | 14,310                              |   |   | 6.65                                | %      |   | 15,920                             |   |   | 1,962                              |   |   | 12.32                        | %      |   | 6,338                        |   |   | 1,015                        |   |   | 16.01                        | %      |
| **Dollars**                                                     |   |   | -                                   |   |   | -                                   |   |   |                                |   |   | -                                  |   |   | -                                  |   |   |                         |   |   | 38,863                       |   |   | 1,612                        |   |   | 4.15                         | %      |
|                                                            |   |   |                                     |   |   |                           |   |   |                           |   |   |                          |   |   |                          |   |   |                              |   |   |                              |   |   |                              |   |   |                              |   |
|                                                            |   |   |                                |   |   |                                |   |   |                                |   |   |                               |   |   |                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Total**                                                       |   |   | **215,050**                         |   |   | **14,310**                          |   |   | **6.65**                            | **%**  |   | **15,920**                         |   |   | **1,962**                          |   |   | **12.32**                    | **%**  |   | **45,201**                   |   |   | **2,627**                    |   |   | **5.81**                     | **%**  |
|                                                            |   |   |                                     |   |   |                                     |   |   |                                     |   |   |                                    |   |   |                                    |   |   |                              |   |   |                              |   |   |                              |   |   |                              |   |
|                                                            |   |   |                                |   |   |                                |   |   |                                |   |   |                               |   |   |                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Other                liabilities**                            |   |   | **-**                               |   |   |                                |   |   |                                |   |   | **-**                              |   |   | **-**                              |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Pesos**                                                       |   |   | 379,519                             |   |   | 5,277                               |   |   | 1.39                                | %      |   | 495,792                            |   |   | 4,648                              |   |   | 0.94                         | %      |   | 862,277                      |   |   | 22,053                       |   |   | 2.56                         | %      |
| **Dollars**                                                     |   |   | 175,468                             |   |   | 10,532                              |   |   | 6.00                                | %      |   | 376,472                            |   |   | 8,680                              |   |   | 2.31                         | %      |   | 398,334                      |   |   | 1,345                        |   |   | 0.34                         | %      |
|                                                            |   |   |                           |   |   |                           |   |   |                                     |   |   |                          |   |   |                          |   |   |                    |   |   |                              |   |   |                              |   |   |                              |   |
|                                                            |   |   |                                |   |   |                                |   |   |                                |   |   |                               |   |   |                               |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Total**                                                       |   |   | **554,987**                         |   |   | **15,809**                          |   |   | **2.85**                            | **%**  |   | **872,264**                        |   |   | **13,328**                         |   |   | **1.53**                     | **%**  |   | **1,260,611**                |   |   | **23,398**                   |   |   | **1.86**                     | **%**  |
|                                                            |   |   |                           |   |   |                                     |   |   |                           |   |   |                          |   |   |                                    |   |   |                    |   |   |                    |   |   |                              |   |   |                              |   |

| **Total                Interest-bearing liabilities** |   |   | **-**         |   |   | **-**       |   |   |     |   |   |          |   |   |        |   |   |     |   |   | **-**         |   |   | **-**       |   |   |     |   |
|-------------------------------------------------------|--------|--------|---------------|--------|--------|-------------|--------|--------|----------|--------|--------|---------------|--------|--------|-------------|--------|--------|----------|--------|--------|---------------|--------|--------|-------------|--------|--------|----------|--------|
| **Pesos**                                             |   |   | 2,274,358     |   |   | 81,227      |   |   | 3.57     | %      |   | 4,344,089     |   |   | 232,090     |   |   | 5.34     | %      |   | 5,280,420     |   |   | 303,854     |   |   | 5.75     | %      |
| **Dollars**                                           |   |   | 836,406       |   |   | 20,623      |   |   | 2.47     | %      |   | 1,493,903     |   |   | 35,376      |   |   | 2.37     | %      |   | 1,906,822     |   |   | 54,403      |   |   | 2.85     | %      |
| **Euros**                                             |   |   |          |   |   | -           |   |   |     |   |   | -             |   |   | -           |   |   |     |   |   | -             |   |   | -           |   |   |          |   |
|                                                  |   |   |               |   |   |             |   |   |     |   |   |               |   |   |        |   |   |     |   |   |          |   |   |        |   |   |     |   |
|                                                  |   |   |          |   |   |        |   |   |     |   |   |          |   |   |        |   |   |     |   |   |          |   |   |        |   |   |     |   |
| **Total**                                             |   |   | **3,110,764** |   |   | **101,850** |   |   | **3.27** | **%**  |   | **5,837,992** |   |   | **267,466** |   |   | **4.58** | **%**  |   | **7,187,242** |   |   | **358,257** |   |   | **4.98** | **%**  |

----

| **Non-interest                bearing liabilities and Stockholders’ equity** |   |   |                         |   |   |                                |   |   |                         |   |   |                         |   |         |                         |   |   |                                |   |   |                         |   |   |                               |   |   |                                |   |
|------------------------------------------------------------------------------------|--------|--------|------------------------------|--------|--------|-------------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------------|------------------------------|--------|--------|-------------------------------------|--------|--------|------------------------------|--------|--------|------------------------------------|--------|--------|-------------------------------------|--------|
| **Demand                deposits**                                                 |   |   |                         |   |   |                                |   |   |                         |   |   |                         |   |         |                         |   |   |                                |   |   |                         |   |   |                               |   |   |                                |   |
| **Pesos**                                                                          |   |   | 765,741                      |   |   | -                                   |   |   |                         |   |   | 1,691,837                    |   |         | -                            |   |   |                                |   |   | 2,014,468                    |   |   | -                                  |   |   |                                |   |
| **Dollars**                                                                        |   |   | 1,192                        |   |   | -                                   |   |   |                         |   |   | 45,955                       |   |         | -                            |   |   |                                |   |   | 3,502                        |   |   | -                                  |   |   |                                |   |
|                                                                               |   |   |                    |   |   |                           |   |   |                    |   |   |                    |   |         |                    |   |   |                           |   |   |                              |   |   |                          |   |   |                           |   |
|                                                                               |   |   |                         |   |   |                                |   |   |                         |   |   |                         |   |         |                         |   |   |                                |   |   |                         |   |   |                               |   |   |                                |   |
| **Total**                                                                          |   |   | **766,933**                  |   |   | **-**                               |   |   |                         |   |   | **1,737,792**                |   |         | **-**                        |   |   |                                |   |   | **2,017,970**                |   |   | **-**                              |   |   |                                |   |
|                                                                               |   |   |                    |   |   |                           |   |   |                    |   |   |                    |   |         |                    |   |   |                      |   |   |                    |   |   |                          |   |   |                           |   |
|                                                                               |   |   |                         |   |   |                                |   |   |                         |   |   |                         |   |         |                         |   |   |                                |   |   |                         |   |   |                               |   |   |                                |   |
| **Other                liabilities**                                               |   |   |                         |   |   |                                |   |   |                         |   |   |                         |   |         |                         |   |   |                                |   |   |                         |   |   |                               |   |   |                                |   |
| **Pesos**                                                                          |   |   | 564,262                      |   |   | -                                   |   |   |                         |   |   | 341,890                      |   |         | -                            |   |   |                                |   |   | 493,194                      |   |   | -                                  |   |   |                                |   |
| **Dollars**                                                                        |   |   | 83,189                       |   |   | -                                   |   |   |                         |   |   | 102,240                      |   |         | -                            |   |   |                                |   |   | 140,127                      |   |   | -                                  |   |   |                                |   |
| **Pounds**                                                                         |   |   | 25                           |   |   | -                                   |   |   |                         |   |   | 196                          |   |         | -                            |   |   |                                |   |   | 42                           |   |   | -                                  |   |   |                                |   |
| **Franco                Suizo**                                                    |   |   | 19                           |   |   | -                                   |   |   |                         |   |   | 92                           |   |         | -                            |   |   |                                |   |   | 31                           |   |   | -                                  |   |   |                                |   |
| **Corona                Danesa**                                                   |   |   | -                            |   |   | -                                   |   |   |                         |   |   | -                            |   |         | -                            |   |   |                                |   |   | -                            |   |   | -                                  |   |   |                                |   |
| **Yen**                                                                            |   |   | 11                           |   |   | -                                   |   |   |                         |   |   | 76                           |   |         | -                            |   |   |                                |   |   | 19                           |   |   | -                                  |   |   |                                |   |
| **Corona                Sueca**                                                    |   |   | 1                            |   |   | -                                   |   |   |                         |   |   | -                            |   |         | -                            |   |   |                                |   |   | -                            |   |   | -                                  |   |   |                                |   |
| **Corona                Noruega**                                                  |   |   | -                            |   |   | -                                   |   |   |                         |   |   |                         |   |         | -                            |   |   |                                |   |   | -                            |   |   | -                                  |   |   |                                |   |
| **Dólar                Canadiense**                                           |   |   | 1                            |   |   | -                                   |   |   |                         |   |   | 75                           |   |         | -                            |   |   |                                |   |   | 32                           |   |   | -                                  |   |   |                                |   |
| **Euros**                                                                          |   |   | 727                          |   |   | -                                   |   |   |                         |   |   | 3,830                        |   |         | -                            |   |   |                                |   |   | 2,623                        |   |   | -                                  |   |   |                                |   |
|                                                                               |   |   |                    |   |   |                      |   |   |                              |   |   |                    |   |    |                    |   |   |                           |   |   |                    |   |   |                          |   |   |                           |   |
|                                                                               |   |   |                         |   |   |                                |   |   |                         |   |   |                         |   |         |                         |   |   |                                |   |   |                         |   |   |                               |   |   |                                |   |
| **Total**                                                                          |   |   | **648,235**                  |   |   | **-**                               |   |   |                         |   |   | **448,399**                  |   |         | **-**                        |   |   |                                |   |   | **636,068**                  |   |   | **-**                              |   |   |                                |   |
|                                                                               |   |   |                    |   |   |                      |   |   |                    |   |   |                    |   |         |                    |   |   |                           |   |   |                    |   |   |                     |   |   |                      |   |
|                                                                               |   |   |                         |   |   |                                |   |   |                         |   |   |                         |   |         |                         |   |   |                                |   |   |                         |   |   |                               |   |   |                                |   |
| **Minority                Interest**                                               |   |   |                         |   |   | -                                   |   |   |                         |   |   |                         |   |         |                         |   |   |                                |   |   |                         |   |   |                               |   |   |                                |   |
| **Pesos**                                                                          |   |   |                         |   |   | -                                   |   |   |                         |   |   | 55                           |   |         | -                            |   |   |                                |   |   | 35,097                       |   |   | -                                  |   |   |                                |   |
|                                                                               |   |   |                    |   |   |                      |   |   |                    |   |   |                    |   |         |                    |   |   |                           |   |   |                    |   |   |                          |   |   |                           |   |
|                                                                               |   |   |                         |   |   |                                |   |   |                         |   |   |                         |   |         |                         |   |   |                                |   |   |                         |   |   |                               |   |   |                                |   |
| **Total**                                                                          |   |   |                         |   |   | **-**                               |   |   |                         |   |   | **55**                       |   |         | **-**                        |   |   |                                |   |   | **35,097**                   |   |   | **-**                              |   |   |                                |   |
|                                                                               |   |   |                    |   |   |                           |   |   |                    |   |   |                    |   |         |                    |   |   |                           |   |   |                    |   |   |                          |   |   |                           |   |
|                                                                               |   |   |                         |   |   |                                |   |   |                         |   |   |                         |   |         |                         |   |   |                                |   |   |                         |   |   |                               |   |   |                                |   |
| **Stockholders                equity**                                             |   |   |                         |   |   |                                |   |   |                         |   |   |                         |   |         |                         |   |   |                                |   |   |                         |   |   |                               |   |   |                                |   |
| **Pesos**                                                                          |   |   | **1,179,611**                |   |   | **-**                               |   |   |                         |   |   | **1,333,163**                |   |         | **-**                        |   |   |                                |   |   | **1,915,245**                |   |   | **-**                              |   |   |                                |   |
|                                                                               |   |   |                    |   |   |                      |   |   |                              |   |   |                              |   |         |                    |   |   |                           |   |   |                              |   |   |                          |   |   |                                     |   |
|                                                                               |   |   |                         |   |   |                                |   |   |                         |   |   |                         |   |         |                         |   |   |                                |   |   |                         |   |   |                               |   |   |                                |   |
| **Total**                                                                          |   |   | **1,179,611**                |   |   | **-**                               |   |   |                         |   |   | **1,333,163**                |   |         | **-**                        |   |   |                                |   |   | **1,915,245**                |   |   | **-**                              |   |   |                                |   |
|                                                                               |   |   |                    |   |   |                      |   |   |                    |   |   |                    |   |         |                    |   |   |                           |   |   |                    |   |   |                          |   |   |                           |   |

----

| **Total                non-interest bearing liabilities and stockholders                equity** |   |   |                                     |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
|--------------------------------------------------------------------------------------------------|--------|--------|------------------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|
| **Pesos**                                                                                        |   |   | **2,509,614**                            |   |   | **-**                        |   |   |                         |   |   | **3,366,945**                |   |   | **-**                        |   |   |                         |   |   | **4,458,004**                |   |   | **-**                        |   |   |                         |   |
| **Dollars**                                                                                      |   |   | 84,381                                   |   |   | -                            |   |   |                         |   |   | 148,195                      |   |   | -                            |   |   |                         |   |   | 143,629                      |   |   | -                            |   |   |                         |   |
| **Pounds**                                                                                       |   |   | **25**                                   |   |   | **-**                        |   |   |                         |   |   | **196**                      |   |   | **-**                        |   |   |                         |   |   | **42**                       |   |   | **-**                        |   |   |                         |   |
| **Franco                Suizo**                                                                  |   |   | 19                                       |   |   | -                            |   |   |                         |   |   | 92                           |   |   | -                            |   |   |                         |   |   | 31                           |   |   | -                            |   |   |                         |   |
| **Corona                Danesa**                                                                 |   |   | **-**                                    |   |   | **-**                        |   |   |                         |   |   | **-**                        |   |   | **-**                        |   |   |                         |   |   | **-**                        |   |   | **-**                        |   |   |                         |   |
| **Yen**                                                                                          |   |   | 11                                       |   |   | -                            |   |   |                         |   |   | 76                           |   |   | -                            |   |   |                         |   |   | 19                           |   |   | -                            |   |   |                         |   |
| **Corona                Sueca**                                                                  |   |   | **1**                                    |   |   | **-**                        |   |   |                         |   |   |                         |   |   | **-**                        |   |   |                         |   |   | **-**                        |   |   | **-**                        |   |   |                         |   |
| **Corona                Noruega**                                                                |   |   | -                                        |   |   | -                            |   |   |                         |   |   | -                            |   |   | -                            |   |   |                         |   |   | -                            |   |   | -                            |   |   |                         |   |
| **Dólar                Canadiense**                                                         |   |   | **1**                                    |   |   | **-**                        |   |   |                         |   |   | **75**                       |   |   | **-**                        |   |   |                         |   |   | **32**                       |   |   | **-**                        |   |   |                         |   |
| **Euros**                                                                                        |   |   | 727                                      |   |   | -                            |   |   |                         |   |   | 3,830                        |   |   | -                            |   |   |                         |   |   | 2,623                        |   |   | -                            |   |   |                         |   |
|                                                                                             |   |   |                                |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |
|                                                                                             |   |   |                                     |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Total**                                                                                        |   |   | **2,594,779**                            |   |   | **-**                        |   |   |                         |   |   | **3,519,409**                |   |   | **-**                        |   |   |                         |   |   | **4,604,380**                |   |   | **-**                        |   |   |                         |   |
|                                                                                             |   |   |                      |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |
|                                                                                             |   |   |                                     |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **TOTAL                LIABILITIES AND STOCKHOLDERS EQUITY**                                     |   |   |                                     |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Pesos**                                                                                        |   |   | **4,783,972**                            |   |   | **-**                        |   |   |                         |   |   | **7,711,034**                |   |   | **-**                        |   |   |                         |   |   | **9,738,424**                |   |   | **-**                        |   |   |                         |   |
| **Dollars**                                                                                      |   |   | **920,787**                              |   |   | **-**                        |   |   |                         |   |   | **1,642,098**                |   |   | **-**                        |   |   |                         |   |   | **2,050,451**                |   |   | **-**                        |   |   |                         |   |
| **Pounds**                                                                                       |   |   | **25**                                   |   |   | **-**                        |   |   |                         |   |   | **196**                      |   |   | **-**                        |   |   |                         |   |   | **42**                       |   |   | **-**                        |   |   |                         |   |
| **Franco                Suizo**                                                                  |   |   | **19**                                   |   |   | **-**                        |   |   |                         |   |   | **92**                       |   |   | **-**                        |   |   |                         |   |   | **31**                       |   |   | **-**                        |   |   |                         |   |
| **Corona                Danesa**                                                                 |   |   | **-**                                    |   |   | **-**                        |   |   |                         |   |   | **-**                        |   |   | **-**                        |   |   |                         |   |   | **-**                        |   |   | **-**                        |   |   |                         |   |
| **Yen**                                                                                          |   |   | **11**                                   |   |   | **-**                        |   |   |                         |   |   | **76**                       |   |   | **-**                        |   |   |                         |   |   | **19**                       |   |   | **-**                        |   |   |                         |   |
| **Corona                Sueca**                                                                  |   |   | **1**                                    |   |   | **-**                        |   |   |                         |   |   | **-**                        |   |   | **-**                        |   |   |                         |   |   | **-**                        |   |   | **-**                        |   |   |                         |   |
| **Corona                Noruega**                                                                |   |   | **-**                                    |   |   | **-**                        |   |   |                         |   |   | **-**                        |   |   | **-**                        |   |   |                         |   |   | **-**                        |   |   | **-**                        |   |   |                         |   |
| **Dólar                Canadiense**                                                         |   |   | **1**                                    |   |   | **-**                        |   |   |                         |   |   | **75**                       |   |   | **-**                        |   |   |                         |   |   | **32**                       |   |   | **-**                        |   |   |                         |   |
| **Euros**                                                                                        |   |   | **727**                                  |   |   | **-**                        |   |   |                         |   |   | **3,830**                    |   |   | **-**                        |   |   |                         |   |   | **2,623**                    |   |   | **-**                        |   |   |                         |   |
|                                                                                             |   |   |                                |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |   |                    |   |
|                                                                                             |   |   |                                     |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |   |                         |   |
| **Total**                                                                                        |   |   | **5,705,543**                            |   |   | **-**                        |   |   |                    |   |   | **9,357,401**                |   |   | **-**                        |   |   |                    |   |   | **11,791,622**               |   |   | **-**                        |   |   |                    |   |

|   | *(1)* | *Nuevo                Banco Suquía consolidated with Banco Macro from December 22,                2004.* |
|--------|-------|---------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|   | *(2)* | *Includes                instruments issued by the Central Bank.* |
|--------|-------|-------------------------------------------------------------------|

**Changes      in interest income and interest expense; volume and rate      analysis**

----

|                                                                                                      |   | **December                  2004/December 2003****Increase                  (Decrease) Due to Changes in** | ** **                                | **December                  2005/December 2004****Increase                  (Decrease) Due to Changes in** | ** ** | **December                  2006/December 2005****Increase                  (Decrease) Due to Changes in** |   |
|------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|-------------------------------------------|------------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------------------------------------|--------|
| **ASSETS****Interest-earning                    assets****Government                    securities** |   | **Volume**                                                                                                 |                                      | **Rate**                                                                                                   |       | **Net                Change**                                                                              |   | **Volume** |   | **Rate** |   | **Net                Change** |   | **Volume** |   | **Rate** |   | **Net                Change** |   |
|                                                                                                 |   |                                                                                                       | **(in                thousand of pesos)** |                                                                                                       |
| **Pesos**                                                                                            |   |                                                                                                       | 68,613                                    |                                                                                                       |       | (146,438                                                                                                   | )      |   | (77,825 | ) |   | 71,850 |   |   | (60,559 | ) |   | 11,291 |   |   | (14,677 | ) |   | 94,260 |   |   | 79,583 |   |
| **Dollars**                                                                                          |   |                                                                                                       | 1,686                                     |                                                                                                       |       | (12,474                                                                                                    | )      |   | (10,788 | ) |   | 1,447 |   |   | (8,817 | ) |   | (7,370 | ) |   | (3,784 | ) |   | 5,016 |   |   | 1,232 |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total**                                                                                            |   |                                                                                                       | **70,299**                                |                                                                                                       |       | **(158,912**                                                                                               | **)**  |   | **(88,613** | **)** |   | **73,297** |   |   | **(69,376** | **)** |   | **3,921** |   |   | **(18,461** | **)** |   | **99,276** |   |   | **80,815** |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Loans**                                                                                            |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Private                sector**                                                                    |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Pesos**                                                                                            |   |                                                                                                       | 61,940                                    |                                                                                                       |       | (23,505                                                                                                    | )      |   | 38,435 |   |   | 135,531 |   |   | 34,443 |   |   | 169,974 |   |   | 274,311 |   |   | 16,493 |   |   | 290,804 |   |
| **Dollars**                                                                                          |   |                                                                                                       | 5,231                                     |                                                                                                       |       | (3,847                                                                                                     | )      |   | 1,384 |   |   | 11,272 |   |   | (621 | ) |   | 10,651 |   |   | 13,560 |   |   | 3,755 |   |   | 17,315 |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total**                                                                                            |   |                                                                                                       | **67,171**                                |                                                                                                       |       | **(27,352**                                                                                                | **)**  |   | **39,819** |   |   | **146,803** |   |   | **33,822** |   |   | **180,625** |   |   | **287,871** |   |   | **20,248** |   |   | **308,119** |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Public                sector**                                                                     |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Pesos**                                                                                            |   |                                                                                                       | (7,951                                    | )                                                                                                          |       | 24,554                                                                                                     |   |   | 16,603 |   |   | 47,662 |   |   | 19,842 |   |   | 67,504 |   |   | (2,591 | ) |   | (6,199 | ) |   | (8,790 | ) |
| **Dollars**                                                                                          |   |                                                                                                       | -                                         |                                                                                                       |       | -                                                                                                          |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                 |   |                                                                                                       | -                                         |                                                                                                       |       | -                                                                                                          |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| **Total**                                                                                            |   |                                                                                                       | **(7,951**                                | **)**                                                                                                      |       | **24,554**                                                                                                 |   |   | **16,603** |   |   | **47,662** |   |   | **19,842** |   |   | **67,504** |   |   | **(2,591** | **)** |   | **(6,199** | **)** |   | **(8,790** | **)** |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Deposits                with the Central Bank**                                                    |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Pesos**                                                                                            |   |                                                                                                       | (6,483                                    | )                                                                                                          |       | 9,176                                                                                                      |   |   | 2,693 |   |   | 2,810 |   |   | (3,203 | ) |   | (393 | ) |   | 847 |   |   | (1,340 | ) |   | (493 | ) |
| **Dollars**                                                                                          |   |                                                                                                       | (1,001                                    | )                                                                                                          |       | (24                                                                                                        | )      |   | (1,025 | ) |   | 4,485 |   |   | 13 |   |   | 4,498 |   |   | 2,412 |   |   | 626 |   |   | 3,038 |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total**                                                                                            |   |                                                                                                       | **(7,484**                                | **)**                                                                                                      |       | **9,152**                                                                                                  |   |   | **1,668** |   |   | **7,295** |   |   | **(3,190** | **)** |   | **4,105** |   |   | **3,259** |   |   | **(714** | **)** |   | **2,545** |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Other                assets**                                                                      |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Pesos**                                                                                            |   |                                                                                                       | (17,554                                   | )                                                                                                          |       | 10,120                                                                                                     |   |   | (7,434 | ) |   | 46,326 |   |   | 9,336 |   |   | 55,662 |   |   | 7,288 |   |   | 7,925 |   |   | 15,213 |   |
| **Dollars**                                                                                          |   |                                                                                                       | 472                                       |                                                                                                       |       | 913                                                                                                        |   |   | 1,385 |   |   | 5,505 |   |   | 6,633 |   |   | 12,138 |   |   | (9,763 | ) |   | 16,760 |   |   | 6,997 |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                      |   |                                                                                                       | -                                         |                                                                                                       |       | -                                                                                                          |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| **Total**                                                                                            |   |                                                                                                       | **(17,082**                               | **)**                                                                                                      |       | **11,033**                                                                                                 |   |   | **(6,049** | **)** |   | **51,831** |   |   | **15,969** |   |   | **67,800** |   |   | **(2,475** | **)** |   | **24,685** |   |   | **22,210** |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total                interest-earning assets**                                                     |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Pesos**                                                                                            |   |                                                                                                       | 98,565                                    |                                                                                                       |       | (126,093                                                                                                   | )      |   | (27,528 | ) |   | 304,179 |   |   | (141 | ) |   | 304,038 |   |   | 265,178 |   |   | 111,139 |   |   | 376,317 |   |
| **Dollars**                                                                                          |   |                                                                                                       | 6,388                                     |                                                                                                       |       | (15,432                                                                                                    | )      |   | (9,044 | ) |   | 22,709 |   |   | (2,792 | ) |   | 19,917 |   |   | 2,425 |   |   | 26,157 |   |   | 28,582 |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total**                                                                                            |   |                                                                                                       | **104,953**                               |                                                                                                       |       | **(141,525**                                                                                               | **)**  |   | **(36,572** | **)** |   | **326,888** |   |   | **(2,933** | **)** |   | **323,955** |   |   | **267,603** |   |   | **137,296** |   |   | **404,899** |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **LIABILITIES**                                                                                      |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Interest-bearing                liabilities**                                                      |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Savings                accounts**                                                                  |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Pesos**                                                                                            |   |                                                                                                       | 1,292                                     |                                                                                                       |       | (1,379                                                                                                     | )      |   | (87 | ) |   | 2,395 |   |   | (1,408 | ) |   | 987 |   |   | 2,364 |   |   | 618 |   |   | 2,982 |   |
| **Dollars**                                                                                          |   |                                                                                                       | 1                                         |                                                                                                       |       | (21                                                                                                        | )      |   | (20 | ) |   | 102 |   |   | 53 |   |   | 155 |   |   | 110 |   |   | 47 |   |   | 157 |   |
|                                                                                                 |   |                                                                                                       |                                      |                                                                                                       |       |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                      |   |                                                                                                       | -                                         |                                                                                                       |       | -                                                                                                          |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| **Total**                                                                                            |   |                                                                                                       | **1,293**                                 |                                                                                                       |       | **(1,400**                                                                                                 | **)**  |   | **(107** | **)** |   | **2,497** |   |   | **(1,355** | **)** |   | **1,142** |   |   | **2,474** |   |   | **665** |   |   | **3,139** |   |

----

| **Certificates                of deposits**                     |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
|-----------------------------------------------------------------|--------|--------|------------|--------|--------|-------------|--------|--------|-------------|--------|--------|-------------|--------|--------|------------|--------|--------|-------------|--------|--------|------------|--------|--------|------------|--------|--------|------------|--------|
| **Pesos**                                                       |   |   | 14,652     |   |   | (62,514     | )      |   | (47,862     | )      |   | 96,945      |   |   | 46,971     |   |   | 143,916     |   |   | 33,427     |   |   | 20,583     |   |   | 54,010     |   |
| **Dollars**                                                     |   |   | 2,857      |   |   | (4,497      | )      |   | (1,640      | )      |   | 4,593       |   |   | 1,943      |   |   | 6,536       |   |   | 9,478      |   |   | 7,004      |   |   | 16,482     |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
| **Total**                                                       |   |   | **17,509** |   |   | **(67,011** | **)**  |   | **(49,502** | **)**  |   | **101,538** |   |   | **48,914** |   |   | **150,452** |   |   | **42,905** |   |   | **27,587** |   |   | **70,492** |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
| **Borrowings                from the Central Bank**             |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
| **Pesos**                                                       |   |   | 858        |   |   | 26          |   |   | 884         |   |   | 16,256      |   |   | (565       | )      |   | 15,691      |   |   | (7,587     | )      |   | 3,422      |   |   | (4,165     | )      |
| **Dollars**                                                     |   |   | -          |   |   | -           |   |   | -           |   |   | 294         |   |   | -          |   |   | 294         |   |   | -          |   |   | (294       | )      |   | (294       | )      |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
| **Total**                                                       |   |   | **858**    |   |   | **26**      |   |   | **884**     |   |   | **16,550**  |   |   | **(565**   | **)**  |   | **15,985**  |   |   | **(7,587** | **)**  |   | **3,128**  |   |   | **(4,459** | **)**  |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
| **Borrowings                from other financial institutions** |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
| **Pesos**                                                       |   |   | 744        |   |   | (23,729     | )      |   | (22,985     | )      |   | 1,227       |   |   | 2,019      |   |   | 3,246       |   |   | 3,855      |   |   | (1,376     | )      |   | 2,479      |   |
| **Dollars**                                                     |   |   | (1,161     | )      |   | 2,991       |   |   | 1,830       |   |   | 7,822       |   |   | 1,797      |   |   | 9,619       |   |   | (5,405     | )      |   | 13,810     |   |   | 8,405      |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
| **Total**                                                       |   |   | **(417**   | **)**  |   | **(20,738** | **)**  |   | **(21,155** | **)**  |   | **9,049**   |   |   | **3,816**  |   |   | **12,865**  |   |   | **(1,550** | **)**  |   | **12,434** |   |   | **10,884** |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
| **Corporate                Bonds**                              |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
| **Pesos**                                                       |   |   | (786       | )      |   | 5,644       |   |   | 4,858       |   |   | (24,541     | )      |   | 12,193     |   |   | (12,348     | )      |   | (1,535     | )      |   | 588        |   |   | (947       | )      |
| **Dollars**                                                     |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   | 1,612      |   |   |       |   |   | 1,612      |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
| **Total**                                                       |   |   | **(786**   | **)**  |   | **5,644**   |   |   | **4,858**   |   |   | **(24,541** | **)**  |   | **12,193** |   |   | **(12,348** | **)**  |   | **77**     |   |   | **588**    |   |   | **665**    |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
| **Other                liabilities**                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
| **Pesos**                                                       |   |   | 1,026      |   |   | (4,845      | )      |   | (3,819      | )      |   | 1,090       |   |   | (1,719     | )      |   | (629        | )      |   | 9,373      |   |   | 8,032      |   |   | 17,405     |   |
| **Dollars**                                                     |   |   | 8,718      |   |   | (3,213      | )      |   | 5,505       |   |   | 4,634       |   |   | (6,486     | )      |   | (1,852      | )      |   | 74         |   |   | (7,409     | )      |   | (7,335     | )      |
| **Euro**                                                        |   |   |       |   |   | (1          | )      |   | (1          | )      |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
| **Total**                                                       |   |   | **9,744**  |   |   | **(8,059**  | **)**  |   | **1,685**   |   |   | **5,724**   |   |   | **(8,205** | **)**  |   | **(2,481**  | **)**  |   | **9,447**  |   |   | **623**    |   |   | **10,070** |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
| **Total                interest-bearing liabilities**           |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
| **Pesos**                                                       |   |   | 17,786     |   |   | (86,797     | )      |   | (69,011     | )      |   | 93,372      |   |   | 57,491     |   |   | 150,863     |   |   | 39,898     |   |   | 31,866     |   |   | 71,764     |   |
| **Dollars**                                                     |   |   | 10,415     |   |   | (4,740      | )      |   | 5,675       |   |   | 17,445      |   |   | (2,693     | )      |   | 14,752      |   |   | 5,869      |   |   | 13,158     |   |   | 19,027     |   |
| **Euro**                                                        |   |   |       |   |   | (1          | )      |   | (1          | )      |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
|                                                            |   |   |       |   |   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |   |       |   |   |       |   |   |       |   |
| **Total**                                                       |   |   | **28,201** |   |   | **(91,538** | **)**  |   | **(63,337** | **)**  |   | **110,817** |   |   | **54,798** |   |   | **165,615** |   |   | **45,767** |   |   | **45,024** |   |   | **90,791** |   |

**Interest-earning      assets: net interest margin and spread**

----

|                                           |   | **Year                Ended December 31,**                     |      |
|------------------------------------------------|--------|----------------------------------------------------------------|-----------|
|                                           |   | **2004**                                                       |      | **2005** |   | **2006** |   |
|                                           |   | **(in                thousands of pesos, except percentages)** |      |
| Average                interest-earning assets |   |                                                           |      |   |   |   |   |
| Pesos                                          |   |                                                           | 3,577,410 |   |   | 6,747,244 |   |   | 8,710,789 |   |
| Dollars                                        |   |                                                           | 812,032   |   |   | 1,617,786 |   |   | 1,866,633 |   |
| Euros                                          |   |                                                           | 116       |   |   | — |   |   | — |   |
| Total                                          |   |                                                           | 4,389,558 |   |   | 8,365,030 |   |   | 10,577,422 |   |
| Net                interest income (1)         |   |                                                           |           |   |   |  |   |   |  |   |
| Pesos                                          |   |                                                           | 290,971   |   |   | 444,146 |   |   | 748,699 |   |
| Dollars                                        |   |                                                           | (11,709   | ) |   | (6,545 | ) |   | 2,983 |   |
| Euros                                          |   |                                                           | —   |   |   | — |   |   | — |   |
| Total                                          |   |                                                           | 279,262   |   |   | 437,601 |   |   | 751,682 |   |
| Net                interest margin (2)         |   |                                                           |           |   |   |  |   |   |  |   |
| Pesos                                          |   |                                                           | 8.13      | % |   | 6,58 | % |   | 8,60 | % |
| Dollars                                        |   |                                                           | (1.44     | )% |   | (0.40 | )% |   | 0.16 | % |
| Euros                                          |   |                                                           |      |   |   |   |   |   |   |   |
| Weighted                average rate           |   |                                                           | 6.36      | % |   | 5.23 | % |   | 7.11 | % |
| Yield                spread nominal basis (3)  |   |                                                           |           |   |   |  |   |   |  |   |
| Pesos                                          |   |                                                           | 6.83      | % |   | 4.68 | % |   | 6.33 | % |
| Dollars                                        |   |                                                           | (1.37     | )% |   | (0.59 | )% |   | 0.22 | % |
| Euros                                          |   |                                                           |      |   |   |   |   |   |   |   |
| Weighted                average rate           |   |                                                           | 5.41      | % |   | 3.85 | % |   | 5.51 | % |

----

*(1)        *
*Defined        as interest earned less interest paid. Trading results from our portfolio        of        government securities are included in interest.*

*(2)        *
*Net        interest income stated as a percentage of average interest-earning        assets.*

*(3)        *
*Defined        as the difference between the average nominal rate on interest-earning assets        and the average nominal rate on interest-bearing        liabilities.*

**Investment      portfolio: government and private securities **

|                                                                                                   |   | **Fiscal                  Years ended December 31,** |    |
|--------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------|---------|
|                                                                                                   |   | **2004**                                             |    | **2005** |   | **2006** |   |
|                                                                                                   |   | **(in                  thousands of pesos)**         |    |
| **Government                  Securities**                                                             |   |                                                 |    |   |   |   |   |
| **In                  Pesos:**                                                                         |   |                                                 |    |   |   |   |   |
| **Holdings                  in Investment Accounts**                                                   |   |                                                 |    |   |   |   |   |
| Federal                  Government Bonds, maturity 2007 - Compensation (BODEN)                        |   |                                                 | — |   |   | 10,705 |   |   | — |   |
|                                                                                                   |   |                                                 |    |   |   |   |   |   |   |   |
| Subtotal                  Holdings in Investment Accounts                                              |   |                                                 | — |   |   | 10,705 |   |   | — |   |
|                                                                                                   |   |                                                 |    |   |   |   |   |   |   |   |
| **Holdings                  for Trading or Intermediation**                                            |   |                                                 |    |   |   |   |   |   |   |   |
| Social                  Security Consolidation Bonds payables in Pesos                                 |   |                                                 | 11,557  |   |   | 9,110 |   |   | 4,151 |   |
| Federal                  Government Bonds (maturity 2007, 2008 and 2014) (BODEN)                       |   |                                                 | 1,277   |   |   | 644 |   |   | 104,502 |   |
| Consolidation                  Bonds in Pesos                                                          |   |                                                 | 5,649   |   |   | 2,906 |   |   | 1,971 |   |
| Secured                  Bonds Decree 1,579/02                                                         |   |                                                 | 18,351  |   |   | 22,391 |   |   | 36,414 |   |
| Discount                  Bonds in Pesos                                                               |   |                                                 | — |   |   | 13,378 |   |   | 4,143 |   |
| Par                  Bonds in Pesos                                                                    |   |                                                 | — |   |   | — |   |   | 439 |   |
| Quasi-Par                  Securities in Pesos-Maturity 2045                                           |   |                                                 | — |   |   | — |   |   | 2,920 |   |
| Province                  of Tucumán                                                              |   |                                                 | — |   |   | — |   |   | 1,905 |   |
| GDP-Related                  Securities in Pesos-Maturity 2035                                         |   |                                                 | — |   |   | — |   |   | 2,337 |   |
| Other                                                                                                  |   |                                                 | 869     |   |   | 2,069 |   |   | 298 |   |
|                                                                                                   |   |                                                 |    |   |   |   |   |   |   |   |
| Subtotal                  Holdings for Trading or Intermediation                                       |   |                                                 | 37,703  |   |   | 50,498 |   |   | 159,080 |   |
|                                                                                                   |   |                                                 |    |   |   |   |   |   |   |   |
| **Unlisted                  Government Securities**                                                    |   |                                                 |    |   |   |   |   |   |   |   |
| Secured                  Bonds Decree 1,579/02 (3)                                                     |   |                                                 | 819,498 |   |   | 197,771 |   |   | — |   |
| Tax                  Credit Certificates under Decree 2,217/02AM, maturity                  04/09/2002 |   |                                                 | 11,441  |   |   | — |   |   | — |   |
| Argentine                  Republic External Bills coupons                                             |   |                                                 | 2,089   |   |   | — |   |   | — |   |
| Federal                  Government Bonds (maturity 2013 - BODEN)                                      |   |                                                 | — |   |   | — |   |   | 13,254 |   |
| Bonds                  issued by the Municipality of Bahía Blanca at 13.75%                       |   |                                                 | 2,257   |   |   | 505 |   |   | — |   |
| Other                                                                                                  |   |                                                 | 301     |   |   | 82 |   |   | 187 |   |
|                                                                                                   |   |                                                 |    |   |   |   |   |   |   |   |
| Subtotal                  Unlisted Government Securities                                               |   |                                                 | 835,586 |   |   | 198,358 |   |   | 13,441 |   |

----

| **Instruments                  Issued by B.C.R.A.**                                                                       |   |   |      |   |   |      |   |   |      |   |
|---------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|-----------|--------|--------|-----------|--------|
| Listed                  Central Bank External bills and notes (Lebacs/Nobacs)                                             |   |   | 835,230   |   |   | 2,165,609 |   |   | 2,787,019 |   |
| Unlisted                  Central Bank External bills and notes (Lebacs/Nobacs)                                           |   |   | 262,350   |   |   | 297,493   |   |   | —   |   |
|                                                                                                                      |   |   |      |   |   |      |   |   |      |   |
| Subtotal                  Instruments Issued by B.C.R.A.                                                                  |   |   | 1,097,580 |   |   | 2,463,102 |   |   | 2,787,019 |   |
|                                                                                                                      |   |   |      |   |   |      |   |   |      |   |
| Total                  Government Securities in pesos                                                                     |   |   | 1,970,869 |   |   | 2,722,663 |   |   | 2,959,540 |   |
|                                                                                                                      |   |   |      |   |   |      |   |   |      |   |
| **In                  Foreign Currency:**                                                                                 |   |   |      |   |   |      |   |   |      |   |
| **Holdings                  in Investment Accounts**                                                                      |   |   |      |   |   |      |   |   |      |   |
| Federal                  Government Bonds in U.S. dollars at LIBOR, maturity 2012 - Compensation                  (BODEN) |   |   | 53,856    |   |   | 94,711    |   |   | —   |   |
|                                                                                                                      |   |   |      |   |   |      |   |   |      |   |
| Subtotal                  Holdings in Investment Accounts                                                                 |   |   | 53,856    |   |   | 94,711    |   |   | —   |   |
|                                                                                                                      |   |   |      |   |   |      |   |   |      |   |
| **Holding                  for Trading or Intermediation**                                                                |   |   |      |   |   |      |   |   |      |   |
| Federal                  Government Bonds - (maturity                  2012 and 2013) (BODEN)                             |   |   | 47,415    |   |   | 109,658   |   |   | 111,263   |   |
| Treasury                  Bills (maturity 2007 and 2008)                                                                  |   |   | —   |   |   | 4,543     |   |   | 31,276    |   |

| Argentine                  Republic External Bonds (BONEX)                                                   |   |   | 1,271         |   |   | —       |   |   | —       |   |
|--------------------------------------------------------------------------------------------------------------|--------|--------|---------------|--------|--------|---------------|--------|--------|---------------|--------|
| Consolidation                  Bonds                                                                         |   |   | 1,298         |   |   | —       |   |   | —       |   |
| Par                  Bonds in u$s                                                                            |   |   | —       |   |   | —       |   |   | 280           |   |
| Argentine                    Government Bonds in u$s at 7% - Maturity                    2011 - Bonar V |   |   | —       |   |   | —       |   |   | 2,128         |   |
| Other                                                                                                        |   |   | 1,253         |   |   | 87            |   |   | 38            |   |
|                                                                                                         |   |   |          |   |   |          |   |   |          |   |
| Subtotal                  Holding for Trading or Intermediation                                              |   |   | 51,237        |   |   | 114,288       |   |   | 144,985       |   |
|                                                                                                         |   |   |          |   |   |          |   |   |          |   |
| **Unlisted                  Government Securities**                                                          |   |   |          |   |   |          |   |   |          |   |
| Argentine                  Republic External Bills Cupons                                                    |   |   | 3,597         |   |   | —       |   |   | —       |   |
|                                                                                                         |   |   |          |   |   |          |   |   |          |   |
| Subtotal                  Unlisted Government Securities                                                     |   |   | 3,597         |   |   | —       |   |   | —       |   |
|                                                                                                         |   |   |          |   |   |          |   |   |          |   |
| Total                  Government Securities in foreign currency                                             |   |   | 108,690       |   |   | 208,999       |   |   | 144,985       |   |
|                                                                                                         |   |   |          |   |   |          |   |   |          |   |
| Total                  Government Securities                                                                 |   |   | 2,079,559     |   |   | 2,931,662     |   |   | 3,104,525     |   |
|                                                                                                         |   |   |          |   |   |          |   |   |          |   |
| **Investments                  in Listed Private Securities**                                                |   |   |          |   |   |          |   |   |          |   |
| Shares                                                                                                       |   |   | 3,951         |   |   | 8,071         |   |   | 7,580         |   |
| Corporate                  Bonds                                                                             |   |   | 14,872        |   |   | 24,016        |   |   | 80,482        |   |
| Debt                  Securities in Financial Trusts                                                         |   |   | 10,069        |   |   | 3,448         |   |   | 1,035         |   |
| Certificates                  of Participation in Financial Trusts                                           |   |   | 757           |   |   | 19,005        |   |   | —       |   |
| Mutual                  Funds                                                                                |   |   | —       |   |   | 5,362         |   |   | 29,362        |   |
|                                                                                                         |   |   |          |   |   |          |   |   |          |   |
| Total                  Private Securities                                                                    |   |   | 29,649        |   |   | 59,902        |   |   | 118,459       |   |
|                                                                                                         |   |   |          |   |   |          |   |   |          |   |
| Total                  Government and Private Securities                                                     |   |   | 2,109,208     |   |   | 2,991,564     |   |   | 3,222,984     |   |
|                                                                                                         |   |   |          |   |   |          |   |   |          |   |
| **Investments                  in Unlisted Private Securities**                                              |   |   |          |   |   |          |   |   |          |   |
| Corporate                  Bonds—Unlisted                                                              |   |   | 928           |   |   | 927           |   |   | 12,661        |   |
| Certificates                  of Participation in Financial Trusts—                                    |   |   |          |   |   |          |   |   |          |   |
| Unlisted                                                                                                     |   |   | 88,907        |   |   | 193,062       |   |   | 451,612       |   |
|                                                                                                         |   |   |          |   |   |          |   |   |          |   |
| Debt                  Securities in Financial Trusts—Unlisted                                          |   |   | 33,106        |   |   | 124,700       |   |   | 90,133        |   |
|                                                                                                         |   |   |          |   |   |          |   |   |          |   |
| Total                  Investments in Unlisted Private Securities                                            |   |   | 122,941       |   |   | 318,689       |   |   | 554,406       |   |
|                                                                                                         |   |   |          |   |   |          |   |   |          |   |
| **Total**                                                                                                    |   |   | **2,232,149** |   |   | **3,310,253** |   |   | **3,777,390** |   |

----

**Remaining        maturity of government and private securities**
** **

|                                                                                    |   | **Maturing**                                              |      |
|-----------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|-----------|
|                                                                                    |   | **Within****1                    year**                   |      | **After****1                    year****but within****5                    years** |   | **After****5                    years****but within****10                    years** |   | **After                    10****years** |   | **No                    stated maturity** |   | **Total** |   |
|                                                                                    |   | **Book                    value (in thousands of pesos)** |      |
| **In                    Pesos:**                                                        |   |                                                      |      |   |   |   |   |   |   |   |   |   |   |
| **Holding                    for Trading or Intermediation**                       |   |                                                      |      |   |   |   |   |   |   |   |   |   |   |
| Consolidation                    Bonds of Social Security payables in Pesos             |   |                                                      | 170       |   |   | 2,558 |   |   | 1,423 |   |   | - |   |   | - |   |   | 4,151 |   |
| Federal                    Government Bonds (maturity 2007, 2008 and 2014)              |   |                                                      | 92,299    |   |   | 3,238 |   |   | 8,965 |   |   | - |   |   | - |   |   | 104,502 |   |
| Consolidation                    Bonds in Pesos                                         |   |                                                      | 218       |   |   | 876 |   |   | 877 |   |   | - |   |   | - |   |   | 1,971 |   |
| Secured                    Bonds Decree 1,579/02                                        |   |                                                      | 1,917     |   |   | 9,423 |   |   | 19,532 |   |   | 5,542 |   |   | - |   |   | 36,414 |   |
| Par                    Bonds in Pesos (maturity 2038)                                   |   |                                                      | -         |   |   | - |   |   | - |   |   | 439 |   |   | - |   |   | 439 |   |
| Quasi-Par                    Securities in Pesos (maturity 2045)                        |   |                                                      | -         |   |   | - |   |   | - |   |   | 2,920 |   |   | - |   |   | 2,920 |   |
| GDP-Related                    Securities in Pesos (maturity 2035)                      |   |                                                      | -         |   |   | - |   |   | - |   |   | 2,337 |   |   | - |   |   | 2,337 |   |
| Province                    of Tucumán                                             |   |                                                      | 100       |   |   | 493 |   |   | 1,022 |   |   | 290 |   |   | - |   |   | 1,905 |   |
| Discount                    Bonds in Pesos                                              |   |                                                      | -         |   |   | - |   |   | - |   |   | 4,143 |   |   | - |   |   | 4,143 |   |
| Other                                                                                   |   |                                                      | 73        |   |   | 109 |   |   | 107 |   |   | 9 |   |   | - |   |   | 298 |   |
| **Unlisted                    Government Securities**                                   |   |                                                      |      |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   |   |
| Federal                    Government Bonds (maturity 2013 - BODEN)                     |   |                                                      | 1,893     |   |   | 7,574 |   |   | 3,787 |   |   | - |   |   | - |   |   | 13,254 |   |
| Other                                                                                   |   |                                                      | 26        |   |   | 44 |   |   | 91 |   |   | 26 |   |   | - |   |   | 187 |   |
| **Instruments                    Issued by B.C.R.A.**                              |   |                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Listed                    B.C.R.A. External Notes (1)                                   |   |                                                      | 1,027,709 |   |   | 1,726,847 |   |   | - |   |   | - |   |   | - |   |   | 2,754,556 |   |
| Listed                    B.C.R.A. External Bills (1)                                   |   |                                                      | 32,463    |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 32,463 |   |
|                                                                                    |   |                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total                    Government securities in pesos**                             |   |                                                      | 1,156,868 |   |   | 1,751,162 |   |   | 35,804 |   |   | 15,706 |   |   | - |   |   | 2,959,540 |   |
|                                                                                    |   |                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **In                    Foreign Currency:**                                             |   |                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Holding                    for Trading or Intermediation**                       |   |                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Argentine                    Government Bonds in u$s at 7% (maturity 2011 - Bonar V)    |   |                                                      | -         |   |   | 2,128 |   |   | - |   |   | - |   |   | - |   |   | 2,128 |   |
| Federal                    Government Bonds (maturity 2012 and 2013)                    |   |                                                      | 18,447    |   |   | 73,787 |   |   | 19,029 |   |   | - |   |   | - |   |   | 111,263 |   |
| Treasury                    Bills (maturity 2007 and 2008)                              |   |                                                      | 30,851    |   |   | 425 |   |   | - |   |   | - |   |   | - |   |   | 31,276 |   |
| Other                                                                                   |   |                                                      | -         |   |   | - |   |   | - |   |   | 318 |   |   | - |   |   | 318 |   |
|                                                                                    |   |                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total                    Government securities in foreign currency**                  |   |                                                      | 49,298    |   |   | 76,340 |   |   | 19,029 |   |   | 318 |   |   | - |   |   | 144,985 |   |
|                                                                                    |   |                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total                    Government securities**                                      |   |                                                      | 1,206,166 |   |   | 1,827,502 |   |   | 54,833 |   |   | 16,024 |   |   | - |   |   | 3,104,525 |   |
|                                                                                    |   |                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Shares**                                                                              |   |                                                      | 7,580     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 7,580 |   |
| **Corporate                    bonds**                                                  |   |                                                      | 80,482    |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 80,482 |   |
| **Debt                    Securities in Financial Trusts**                              |   |                                                      | 336       |   |   | 699 |   |   | - |   |   | - |   |   | - |   |   | 1,035 |   |
| **Mutual                    Funds**                                                     |   |                                                      | 29,362    |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 29,362 |   |
|                                                                                    |   |                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Corporate                    Bonds—Unlisted**                                   |   |                                                      | 489       |   |   | 5,169 |   |   | 7,003 |   |   | - |   |   | - |   |   | 12,661 |   |
| **Certificates                    of Participation in Financial Trusts—Unlisted** |   |                                                      | 12,555    |   |   | 204,641 |   |   | - |   |   | - |   |   | 234,416 | (2) |   | 451,612 |   |
| **Debt                    Securities in Financial Trusts—Unlisted**               |   |                                                      | 75,888    |   |   | 13,423 |   |   | 822 |   |   | - |   |   | - |   |   | 90,133 |   |
|                                                                                    |   |                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total                    Private securities**                                         |   |                                                      | 206,692   |   |   | 223,932 |   |   | 7,825 |   |   | - |   |   | 234,416 |   |   | 672,865 |   |
| Total                                                                                   |   |                                                      | 1,412,858 |   |   | 2,051,434 |   |   | 62,658 |   |   | 16,024 |   |   | 234,416 |   |   | 3,777,390 |   |

|   | *(1)* | *As                  of December 31, 2006, “Instruments Issued by B.C.R.A.” includes Ps. 14,080                  to fall due in 30 days, Ps. 18,383 to fall due in 60 days, Ps.                  297,660 to                  fall due from 120 to 180 days, Ps. 730,049 to fall due from 181                  to 365                  days and Ps.1,726,847 more than 365                  days.* |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | *(2)* | *Includes                  allowances amounting to Ps.                  169,074.* |
|--|-------|-----------------------------------------------------------------------------------|

----

**Loan        portfolio**

|                                                                                                                  |   | **Year                  Ended December 31,**  |      |
|-----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------|-----------|
|                                                                                                                  |   | **2004**                                           |      | **2005** |   | **2006** |   |
|                                                                                                                  |   | **(in                  thousands of pesos)**       |      |
| To                  the non-financial government sector                                                               |   |                                               | 809,577   |   |   | 645,342 |   |   | 774,273 |   |
| To                  the financial sector (1)                                                                          |   |                                               | 81,812    |   |   | 80,511 |   |   | 436,930 |   |
| To                  the non-financial private sector and residents abroad                                             |   |                                               |      |   |   |   |   |   |   |   |
| Overdrafts                  (2)                                                                                       |   |                                               | 513,390   |   |   | 432,772 |   |   | 1,103,270 |   |
| Documents                  (3)                                                                                        |   |                                               | 429,654   |   |   | 433,748 |   |   | 543,734 |   |
| Mortgages                  loans                                                                                      |   |                                               | 231,603   |   |   | 298,060 |   |   | 426,138 |   |
| Pledged                  loans (4)                                                                                    |   |                                               | 180,831   |   |   | 230,321 |   |   | 300,949 |   |
| Consumer                  loans (5)                                                                                   |   |                                               | 360,670   |   |   | 718,261 |   |   | 1,928,977 |   |
| Other                  loans                                                                                          |   |                                               | 412,079   |   |   | 779,237 |   |   | 1,131,315 |   |
| Less:                  Interest documented                                                                            |   |                                               | (6,759    | ) |   | (10,411 | ) |   | (11.505 | ) |
| Less:                  Unapplied collections                                                                          |   |                                               | -         |   |   | (6,050 | ) |   | (139 | ) |
| Plus:                  Interest, adjustments and listed price differences accrued pending                  collection |   |                                               | 87,528    |   |   | 72,861 |   |   | 101,744 |   |
| Less:                  Allowance for loan losses                                                                      |   |                                               | (225,340  | ) |   | (247,532 | ) |   | (208,581 | ) |
| Total                  Loans                                                                                          |   |                                               | 2,875,045 |   |   | 3,427,120 |   |   | 6,527,105 |   |

----

| *(1)                     Includes loans to financial institutions.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| *(2)                      Overdrafts include overdraft lines of credit resulting from checking                    accounts.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| *(3)                     Includes the face values of drafts, promissory notes and other                    bills                    transferred to us by endorsment for which the assignor is liable,                    whenever                    the latter is an Argentine resident whithin the financial sector.                    The                    difference between the face value of the bill and the amount                    effectively                    disbursed will be credited to "Loans-In Argentine pesos-Argentine                    residents-Financial Sector-Principals-(Unearned                    discount)."*  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| *(4)                    Includes the principal amounts actually lent of automobile and                    other                    collateral loans granted, for which the obligator is part of                    the                    non-financial private sector.*                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| *(5)                     Consumer loans include credit card loans and other consumer loans.                    Overdraft to individuals are included under “Overdrafts”*                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

**Maturity        composition of the loan portfolio**

|                                                                      |   |  **Maturing**                                                     |      |
|---------------------------------------------------------------------------|--------|------------------------------------------------------------------------|-----------|
|                                                                      |   | **Amount                    as of****December                    31,** |      | **Within** |   | **After****1                      Year but****Within** |   | **After** |   |
|                                                                      |   | **2006**                                                               |      | **1                  Year** |   | **5                  Years** |   | **5                  Years** |   |
|                                                                      |   | **(in                  thousands of pesos, except percentages)**       |      |
| To                  the non-financial government sector                   |   |                                                                   | 774,273   |   |   | 27,489 |   |   | 177,695 |   |   | 569,089 |   |
| To                  the financial sector (1)                              |   |                                                                   | 436,930   |   |   | 432,354 |   |   | 4,576 |   |   | - |   |
| To                  the non-financial private sector and residents abroad |   |                                                                   |      |   |   |   |   |   |   |   |   |   |   |
| Overdrafts                  (2)                                           |   |                                                                   | 1,113,096 |   |   | 1,112,543 |   |   | 251 |   |   | 302 |   |
| Documents                  (3)                                            |   |                                                                   | 545,793   |   |   | 508,586 |   |   | 34,637 |   |   | 2,570 |   |
| Mortgages                  loans                                          |   |                                                                   | 457,105   |   |   | 113,713 |   |   | 244,271 |   |   | 99,121 |   |
| Pledged                  loans (4)                                        |   |                                                                   | 311,180   |   |   | 141,337 |   |   | 169,729 |   |   | 114 |   |
| Consumer                  loans (5)                                       |   |                                                                   | 1,942,256 |   |   | 1,027,621 |   |   | 913,358 |   |   | 1,277 |   |
| Other                  loans                                              |   |                                                                   | 1,155,053 |   |   | 993,163 |   |   | 155,234 |   |   | 6,656 |   |
|                                                                      |   |                                                                   |      |   |   |   |   |   |   |   |   |   |   |
| Total                  loans                                              |   |                                                                   | 6,735,686 |   |   | 4,356,806 |   |   | 1,699,751 |   |   | 679,129 |   |
|                                                                           |   |                                                                   |      |   |   |   |   |   |   |   |   |   |   |
| Percentage                  of total loan portfolio                       |   |                                                                   | 100.00    | % |   | 64.68 | % |   | 25.24 | % |   | 10.08 | % |

----

| *(1)* | *Includes                  loans to financial                  institutions.* |
|-------|-------------------------------------------------------------------------------|

| *(2)* | *Overdrafts                  include overdrafts lines of credit resulting from checking                  accounts.* |
|-------|---------------------------------------------------------------------------------------------------------------------|

| *(3)* | *Includes                  the face value of drafts, promissory notes and other bills transferred                  to                  us by endorsement for which the assignor is liable, whenever the                  latter is                  an Argentine resident within the financial sector. The difference                  between                  the face value of the bill and the amount effectively disbursed                  will be                  credited “Loans-In Argentina Pesos-Argentine residents-Financial                  sector-Principals-(Unearned discount).”* |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *(4)* | *Includes                  the principal amount actually lent of automobile and personal loans                  granted, for which the obligor is part of the non-financial private                  sector.* |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *(5)* | *Consumer                  loans include credit card loans and other consumer loans. Overdrafts                  to                  individuals are included under                  “Overdrafts.”* |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Loans—portfolio        classification**

|                                                                                                                                                                                                  |   | **Year                  Ended December 31,**                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------|
|                                                                                                                                                                                                  |   | **2004**                                                         | ** ** | **%** | ** ** | **2005** | ** ** | **%** | ** ** | **2006** | ** ** | **%** |   |
|                                                                                                                                                                                                  |   | **(in                  thousands of pesos, except percentages)** |
| **Loan                  Portfolio**                                                                                                                                                                   |   |                                                        |   |    |   |    |   |    |   |    |   |   |   |
| **Categories**                                                                                                                                                                                        |   |                                                        |   |    |   |    |   |    |   |    |   |   |   |
| 1                  -                  Normal compliance/in normal situations                                                                                                                          |   |                                                             | 2,870,768 |   |   | 92.59 | % |   | 3,442,625 |   |   | 93.69 | % |   | 6,550,389 |   |   | 97.25 | % |
| 2                  -                  Inadequate compliance/Subject to special monitoring - under observation                  -                  in negotiation or subject to refinancing agreements |   |                                                             | 27,967 |   |   | 0.90 | % |   | 35,891 |   |   | 0.98 | % |   | 50,077 |   |   | 0.74 | % |
| 3                  -                  Deficient compliance/Non-performing                                                                                                                             |   |                                                             | 38,401 |   |   | 1.24 | % |   | 26,711 |   |   | 0.73 | % |   | 45,603 |   |   | 0.68 | % |
| 4                  -                  Unlikely to be collected/With high risk of                  uncollectibility                                                                                    |   |                                                             | 38,698 |   |   | 1.25 | % |   | 33,979 |   |   | 0.92 | % |   | 34,503 |   |   | 0.51 | % |
| 5                  -                  Uncollectible                                                                                                                                                   |   |                                                             | 120,619 |   |   | 3.89 | % |   | 126,189 |   |   | 3.43 | % |   | 51,086 |   |   | 0.76 | % |
| 6                  -                  Uncollectible, classified as such under regulatory                  requirements                                                                                |   |                                                             | 3,932 |   |   | 0.13 | % |   | 9,257 |   |   | 0.25 | % |   | 4,028 |   |   | 0.06 | % |
|                                                                                                                                                                                                  |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total                  loans**                                                                                                                                                                      |   |                                                             | **3,100,385** |   |   | 100 | % |   | **3,674,652** |   |   | 100 | % |   | **6,735,686** |   |   | **100** | **%** |

**Analysis        of the allowance for loan losses**

|                                                  |   | **Year                  Ended December 31,**            |    |
|-------------------------------------------------------|--------|--------------------------------------------------------------|---------|
|                                                  |   | **2002(1)**                                                  |    | **2003(1)** |   | **2004** |   | **2005** |   | **2006** |   |
|                                                  |   | (in                  thousands of pesos, except percentages) |    |
| Balance                  at the beginning of the year |   |                                                         | 40,312  |   |   | 116,125 |   |   | 56,279 |   |   | 225,340 |   |   | 247,532 |   |
| Provisions                  for loan losses           |   |                                                         | 116,756 | (4) |   | 35,504 |   |   | 201,253 | (5) |   | 142,045 | (6) |   | 102,538 | (7) |
| Write                  offs and reversals             |   |                                                         | (40,943 | ) |   | (95,350 | ) |   | (32,192 | ) |   | (119,853 | ) |   | (141,489 | ) |
| Overdrafts                                            |   |                                                         | (1,470  | ) |   | (24,709 | ) |   | (4,374 | ) |   | (4,777 | ) |   | (31,584 | ) |
| Personal                  loans                       |   |                                                         | (844    | ) |   | (3,765 | ) |   | (3,181 | ) |   | (1,657 | ) |   | (4,411 | ) |
| Credit                  Cards                         |   |                                                         | (455    | ) |   | (7,436 | ) |   | (865 | ) |   | (993 | ) |   | (2,184 | ) |
| Mortgage                  loans                       |   |                                                         | (732    | ) |   | (4,331 | ) |   | (1,252 | ) |   | (41,518 | ) |   | (25,825 | ) |
| Pledge                  loans                         |   |                                                         | (2,056  | ) |   | (8,298 | ) |   | (7,185 | ) |   | (26,758 | ) |   | (4,323 | ) |
| Documents                                             |   |                                                         | (1,729  | ) |   | (5,020 | ) |   | (8,696 | ) |   | (25,469 | ) |   | (39,974 | ) |
| Other                                                 |   |                                                         | (33,657 | ) |   | (41,791 | ) |   | (6,639 | ) |   | (18,681 | ) |   | (33,188 | ) |
| Balance                  at the end of year           |   |                                                         | 116,125 |   |   | 56,279 |   |   | 225,340 |   |   | 247,532 |   |   | 208,581 |   |
| Charge-off/average                  loans(2)          |   |                                                         | 8.97    | % |   | 3.26 | % |   | 2.22 | % |   | 2.22 | % |   | 1.15 | % |
| Net                  charge-off/average loans(3)      |   |                                                         | 4.56    | % |   | (4.58 | )% |   | 1.29 | % |   | (0.78 | )% |   | (1.14 | %) |

----

*(1)*
*In        constant pesos as of February 28, 2003.*

*(2)*
*Defined        as charge-offs plus direct charge-offs *
*divided        by average loans. *

*(3)*
*Defined        as charge-offs plus direct charge-offs minus bad debts recovered and reversals        divided by average loans.*

*(4)*
*Includes        Ps. 52,796 thousand of Banco Bansud.*

*(5)*
*Includes        Ps. 143,457 thousand of Nuevo Banco Suquía.*

*(6)*
*Includes        Ps. 74,775 thousand for the incorporation of Banco Empresario de        Tucumán.*

*(7)*
*Includes        Ps. 13,993 thousand and Ps. 28,443 thousand for the incorporations of Banco        del        Tucumán and Nuevo Banco Bisel, respectively.*

----

**Allocation        of the allowances for loan losses**

|                            |   | **2004**                                                         |    | **2005** |   | **2006** |   |
|---------------------------------|--------|------------------------------------------------------------------|---------|----------|--------|----------|--------|
|                            |   | **(in                  thousands of pesos, except percentages)** |    |
| Overdrafts                      |   |                                                             | 17,383  |     |   | 8        | %      |   | 39,074 |   |   | 15 | % |   | 24,987 |   |   | 11,98 | % |
| Documents                       |   |                                                             | 56,448  |     |   | 25       | %      |   | 62,508 |   |   | 25 | % |   | 20,326 |   |   | 9,74 | % |
| Mortgage                  loans |   |                                                             | 55,201  |     |   | 25       | %      |   | 43,747 |   |   | 18 | % |   | 22,640 |   |   | 10,85 | % |
| Pledged                  loans  |   |                                                             | 32,598  |     |   | 14       | %      |   | 9,337 |   |   | 4 | % |   | 8,433 |   |   | 4,04 | % |
| Personal                  loans |   |                                                             | 7,414   |     |   | 3        | %      |   | 13,736 |   |   | 6 | % |   | 40,364 |   |   | 19,35 | % |
| Credit                  cards   |   |                                                             | 2,885   |     |   | 1        | %      |   | 6,783 |   |   | 3 | % |   | 12,752 |   |   | 6,11 | % |
| Other                           |   |                                                             | 53,411  |     |   | 24       | %      |   | 72,347 |   |   | 29 | % |   | 79,079 |   |   | 37,91 | % |
| TOTAL                           |   |                                                             | 225,340 |     |   | 100      | %      |   | 247,532 |   |   | 100 | % |   | **208,581** |   |   | 100,00 | % |

**Loans        by Economic Activities**

|                                                                                                                                                                                                                                                                                      |   |   | **Year                  Ended December 31,**                     |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                      |   |   | **2004**                                                         |   |   | **2005** |   |   | **2006** |   |
|                                                                                                                                                                                                                                                                                      |   |   | **Loan****Portfolio**                                            |   |   | **% of Loan****Portfolio** |   |   | **Loan****Portfolio** |   |   | **% of Loan****Portfolio** |   |   | **Loan****Portfolio** |   |   | **% of Loan****Portfolio** |   |
|                                                                                                                                                                                                                                                                                      |   |   | **(in                  thousands of pesos, except percentages)** |
| Agriculture,                  cattle raising, hunting and forestry                                                                                                                                                                                                                        |   |   | 71,670                                                           |   |   | 2.31 |   |   | 99,354 |   |   | 2.7 |   |   | 113,204 |   |   | 1.68 |   |
| Animals                  keeping, cattle services (except veterinary and trading)                                                                                                                                                                                                         |   |   | 69,467                                                           |   |   | 2.24 |   |   | 67,273 |   |   | 1.83 |   |   | 67,697 |   |   | 1.01 |   |
| Construction                                                                                                                                                                                                                                                                              |   |   | 92,413                                                           |   |   | 2.98 |   |   | 220,663 |   |   | 6.01 |   |   | 320,484 |   |   | 4.76 |   |
| Crops,                  agricultural services and trading                                                                                                                                                                                                                                 |   |   | 114,184                                                          |   |   | 3.68 |   |   | 270,960 |   |   | 7.37 |   |   | 440,961 |   |   | 6.55 |   |
| Elaboration                  and trading of chemical substances and products                                                                                                                                                                                                              |   |   | 32,503                                                           |   |   | 1.05 |   |   | 39,604 |   |   | 1.08 |   |   | 49,797 |   |   | 0.74 |   |
| Elaboration                  and trading of foodstuff and beverages                                                                                                                                                                                                                       |   |   | 190,586                                                          |   |   | 6.15 |   |   | 235,114 |   |   | 6.4 |   |   | 537,905 |   |   | 7.99 |   |
| Electricity,                  gas, steam and hot water                                                                                                                                                                                                                                    |   |   | 7,550                                                            |   |   | 0.24 |   |   | 14,631 |   |   | 0.4 |   |   | 21,860 |   |   | 0.32 |   |
| Extraction,                  explotation and trading of petroleum's related products                                                                                                                                                                                                      |   |   | 56,098                                                           |   |   | 1.81 |   |   | 21,466 |   |   | 0.58 |   |   | 250,632 |   |   | 3.72 |   |
| Financial                  trading **and                  other**                  financial services.                                                                                                                                                                                    |   |   | 326,924                                                          |   |   | 10.54 |   |   | 240,097 |   |   | 6.53 |   |   | 593,423 |   |   | 8.81 |   |
| Fishing,                  related services, elaboration and trading                                                                                                                                                                                                                       |   |   | 327                                                              |   |   | 0.01 |   |   | 1,099 |   |   | 0.03 |   |   | 629 |   |   | 0.01 |   |
| Given                  to persons non-included in the other categories.                                                                                                                                                                                                                   |   |   | 409,221                                                          |   |   | 13.2 |   |   | 678,891 |   |   | 18.47 |   |   | 1,719,736 |   |   | 25.53 |   |
| Hotels                  and restaurants                                                                                                                                                                                                                                                   |   |   | 11,772                                                           |   |   | 0.38 |   |   | 48,586 |   |   | 1.32 |   |   | 43,196 |   |   | 0.64 |   |
| Hunting                  and seizure of alive animals, resettlement of hunting animals and                  related                  services, forestry, wood extraction and related services                                                                                             |   |   | 1,037                                                            |   |   | 0.03 |   |   | 1,686 |   |   | 0.05 |   |   | 2,710 |   |   | 0.04 |   |
| Manufacturing                  Industry                                                                                                                                                                                                                                                   |   |   | -                                                                |   |   | - |   |   | 345 |   |   | 0.01 |   |   | - |   |   | - |   |
| Mass                  and retail trading, reparation of automotive vehicles, motorbikes,                  personal effects and domestic chattels.                                                                                                                                         |   |   | -                                                                |   |   | - |   |   | 17 |   |   | - |   |   | - |   |   | - |   |
| Mass                  elaboration and production of machinery and equipments (all), electrical                  devices, radio equipment and devices, television and comunications,                  medical, optical and pinpoint devices, watches.                                      |   |   | 60,773                                                           |   |   | 1.96 |   |   | 20,639 |   |   | 0.56 |   |   | 64,505 |   |   | 0.96 |   |
| Mass                  elaboration and production of automotive vehicles, trailers and                  semi                  trailers and transportation.                                                                                                                                 |   |   | 24,915                                                           |   |   | 0.8 |   |   | 5,035 |   |   | 0.14 |   |   | 49,198 |   |   | 0.73 |   |
| Mass                  elaboration and production of textil products and dresses, finishing                  and                  staining of skins, leathering and finishing of leathers, elaboration                  of                  footear and saddlery articles and their parts. |   |   | 34,130                                                           |   |   | 1.1 |   |   | 50,161 |   |   | 1.37 |   |   | 33,425 |   |   | 0.5 |   |
| Mass                  trading and/or on commision or consignment except automotive vehicles                  and                  motorbikes trading                                                                                                                                      |   |   | 60,007                                                           |   |   | 1.94 |   |   | 77,002 |   |   | 2.1 |   |   | 179,075 |   |   | 2.66 |   |
| Mines                  and quarries explotation and selling and making of extracted products                  (except petroleum and gas)                                                                                                                                                  |   |   | 1,951                                                       |   |   | 0.06 |   |   | 1,333  |   |   | 0.04 |   |   | 255 |   |   | - |   |
| Mines                  and quarries explotation. Selling and making of extracted                  products.                                                                                                                                                                               |   |   | 2,443                                                            |   |   | 0.08 |   |   | 3,102 |   |   | 0.08 |   |   | 24,949 |   |   | 0.37 |   |
| Other                                                                                                                                                                                                                                                                                     |   |   | 131,022                                                          |   |   | 4.23 |   |   | 172,268 |   |   | 4.69 |   |   | 288,241 |   |   | 4.28 |   |
| Other                  services                                                                                                                                                                                                                                                           |   |   | 87,357                                                           |   |   | 2.82 |   |   | 275,376 |   |   | 7.49 |   |   | 474,325 |   |   | 7.04 |   |
| Public                  administration, compulsary guard and social security                                                                                                                                                                                                              |   |   | 825,962                                                          |   |   | 26.65 |   |   | 669,267 |   |   | 18.21 |   |   | 771,797 |   |   | 11.46 |   |
| Real                  estate, owners and leasing                                                                                                                                                                                                                                          |   |   | 93,750                                                           |   |   | 3.02 |   |   | 57,698 |   |   | 1.57 |   |   | 39,087 |   |   | 0.58 |   |
| Retail                  trading except automotive vehicles, motorbikes, personal effects                  and                  domestic chattels trading.                                                                                                                                 |   |   | 203,282                                                          |   |   | 6.56 |   |   | 169,129 |   |   | 4.6 |   |   | 307,413 |   |   | 4.56 |   |
| Teaching,                  social and healthcare                                                                                                                                                                                                                                          |   |   | 34,076                                                           |   |   | 1.1 |   |   | 47,846 |   |   | 1.3 |   |   | 73,017 |   |   | 1.08 |   |
| Trading,                  maintenance and reparation of automotive vehicles, motorbikes,                  personal                  effects and domestic chattels.                                                                                                                        |   |   | 33,014                                                           |   |   | 1.06 |   |   | 35,022 |   |   | 0.95 |   |   | 63,871 |   |   | 0.95 |   |
| Transportation,                  storage and communications.                                                                                                                                                                                                                              |   |   | 114,755                                                          |   |   | 3.7 |   |   | 141,039 |   |   | 3.84 |   |   | 195,094 |   |   | 2.9 |   |
| Water                  catchment, purifying and distribution.                                                                                                                                                                                                                             |   |   | 9,196                                                            |   |   | 0.3 |   |   | 9,949 |   |   | 0.28 |   |   | 9,200 |   |   | 0.14 |   |
|                                                                                                                                                                                                                                                                                      |   |   |                                                                  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| **Total**                                                                                                                                                                                                                                                                                 |   |   | **3,100,385**                                                    |   |   | **100** |   |   | **3,674,652** |   |   | **100** |   |   | **6,735,686** |   |   | **100** |   |

----

**Composition        of deposits**

|                                                 |   |  **Fiscal                    Year ended December 31,** |    |
|------------------------------------------------------|--------|-------------------------------------------------------------|---------|
|                                                 |   | **2004**                                                    |    | **2005** |   | **2006** |   |
|                                                 |   |  **(in                    thousands of pesos)**        |
| Deposits                    in Domestic Bank Offices |   |                                                        |    |   |   |   |   |
| Non-interest-bearing                    Demand       |   |                                                        |    |   |   |   |   |
| Deposits(1)                                          |   |                                                        |    |   |   |   |   |
| Average                                              |   |                                                        |    |   |   |   |   |
| Pesos                                                |   |                                                        | 718,783 |   |   | 1,691,599 |   |   | 2,014,003 |   |
| Dollars                                              |   |                                                        | 809     |   |   | 45,936 |   |   | 3,266 |   |
|                                                 |   |                                                        |    |   |   |   |   |   |   |   |
| Total                                                |   |                                                        | 719,592 |   |   | 1,737,535 |   |   | 2,017,269 |   |
|                                                 |   |                                                        |    |   |   |   |   |   |   |   |
| Saving                    Accounts                   |   |                                                        |    |   |   |   |   |   |   |   |
| Average                                              |   |                                                        |    |   |   |   |   |   |   |   |

| Pesos                                                 |   |   | 267,988   |   |   | 635,072   |   |   | 950,338   |   |
|-------------------------------------------------------|--------|--------|-----------|--------|--------|-----------|--------|--------|-----------|--------|
| Dollars                                               |   |   | 30,577    |   |   | 85,130    |   |   | 130,478   |   |
|                                                  |   |   |      |   |   |      |   |   |      |   |
| Total                                                 |   |   | 298,565   |   |   | 720,202   |   |   | 1,080,816 |   |
|                                                  |   |   |      |   |   |      |   |   |      |   |
| Certificates                  of Deposits             |   |   |      |   |   |      |   |   |      |   |
| Average                                               |   |   |      |   |   |      |   |   |      |   |
| Pesos                                                 |   |   | 1,359,659 |   |   | 2,652,277 |   |   | 3,056,186 |   |
| Dollars                                               |   |   | 421,292   |   |   | 609,708   |   |   | 909,362   |   |
|                                                  |   |   |      |   |   |      |   |   |      |   |
| Total                                                 |   |   | 1,780,951 |   |   | 3,261,985 |   |   | 3,965,548 |   |
|                                                  |   |   |      |   |   |      |   |   |      |   |
| Deposits                  in Foreign Banking Offices  |   |   |      |   |   |      |   |   |      |   |
| Non-interest-bearing                  Demand Deposits |   |   |      |   |   |      |   |   |      |   |
| Average                                               |   |   |      |   |   |      |   |   |      |   |
| Pesos                                                 |   |   | 46,958    |   |   | 238       |   |   | 465       |   |
| Dollars                                               |   |   | 383       |   |   | 19        |   |   | 236       |   |
|                                                  |   |   |      |   |   |      |   |   |      |   |
| Total                                                 |   |   | 47,341    |   |   | 257       |   |   | 701       |   |
|                                                  |   |   |      |   |   |      |   |   |      |   |
| Certificates                  of Deposits             |   |   |      |   |   |      |   |   |      |   |
| Average                                               |   |   |      |   |   |      |   |   |      |   |
| Dollars                                               |   |   | 147,891   |   |   | 218,528   |   |   | 280,823   |   |
|                                                  |   |   |      |   |   |      |   |   |      |   |
| Total                                                 |   |   | 147,891   |   |   | 218,528   |   |   | 280,823   |   |

*(1)*
*Non-interest-bearing          demand deposits consist of checking accounts.*

----

**Maturity        of deposits at December 31, 2006**

|                                   |   | **Maturing**                              |           |
|----------------------------------------|--------|------------------------------------------------|----------------|
|                                   |   | **Total**                                      |           | **Within                    3****Months** | ** ** | **After                    3****but                    Within****6                    Months** | ** ** | **After                    6****but                    Within****12                    Months** | ** ** | **After                    12****Months** |   |
|                                   |   | **(in                    thousands of pesos)** |           |
| Checking                               |   |                                           | 2,554,698      |   |   | 2,554,698 |   |   | - |   |   | - |   |   | - |   |
| Savings                                |   |                                           | 2,220,909      |   |   | 2,220,909 |   |   | - |   |   | - |   |   | - |   |
| Time                    deposits       |   |                                           | 4,867,269      |   |   | 4,328,812 |   |   | 347,418 |   |   | 148,011 |   |   | 43,028 |   |
| Investment                    accounts |   |                                           | 18,872         |   |   | 2,820 |   |   | 12,208 |   |   | 3,844 |   |   | - |   |
| Other                                  |   |                                           | 409,269        |   |   | 396,907 |   |   | 1,234 |   |   | 11,128 |   |   | - |   |
| **Total**                              |   |                                           | **10,071,017** |   |   | **9,504,146** |   |   | **360,860** |   |   | **162,983** |   |   | **43,028** |   |

**Maturity        of deposits at December 31, 2006 of outstanding time        deposits**

|                              |   | **Maturing**                            |      |
|-----------------------------------|--------|----------------------------------------------|-----------|
|                              |   |                                         |      |   |   | **After                  3** |   | **After                  6** |   |   |   |
|                              |   |                                         |      | **Within                  3** |   | **but                  Within** |   | **but                  Within** |   | **After                  12** |   |
|                              |   | **Total**                                    |      | **Months** |   | **6                  Months** |   | **12                  Months** |   | **Months** |   |
|                              |   | **(in                  thousands of pesos)** |      |
| Domestic                  offices |   |                                         | 2,608,690 |   |   | 2,194,267 |   |   | 253,927 |   |   | 118,288 |   |   | 42,208 |   |
| Foreign                  offices  |   |                                         | 220,008   |   |   | 206,542 |   |   | 12,329 |   |   | 1,137 |   |   | - |   |
| Total                             |   |                                         | 2,828,698 |   |   | 2,400,809 |   |   | 266,256 |   |   | 119,425 |   |   | 42,208 |   |

**Short-term        borrowings**

----

|                                                                           |   | **At                  December 31,**                       |    |
|--------------------------------------------------------------------------------|--------|-----------------------------------------------------------------|---------|
|                                                                           |   | **2004**                                                   |    | **2005**  |   | **2006**  |   |
|                                                                           |   |                                                            |    | **Annualized** |   |   |   | **Annualized** |   |   |   | **Annualized** |   |
|                                                                           |   | **Amount**                                                      |    | **Rate** |   | **Amount** |   | **Rate** |   | **Amount** |   | **Rate** |   |
|                                                                           |   | **(in                  thousands of pesos, except percentages** |    |
| **Central                  Bank of the Argentine Republic(1):**                |   |                                                            |    |   |   |   |   |   |   |   |   |   |   |
| Total                  amount outstanding at the end of the reported period    |   |                                                            | 85,676  |   |   | 6.0 | % |   | 34,353 |   |   | 3.6 | % |   | 69,062 |   |   | 1.95 | %  |
| Average                  during year                                           |   |                                                            | 22,741  |   |   | 6.4 | % |   | 35,495 |   |   | 3.5 | % |   | 51,248 |   |   | 1.95 | %  |
| Maximum                  month-end balance                                     |   |                                                            | 85,676  |   |   |   |   |   | 42,379 |   |   |   |   |   | 69,062 |   |   |   |   |
| **Banks                  and international organizations:**                    |   |                                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                  amount outstanding at the end of the reported period    |   |                                                            | 13,247  |   |   | 3.4 | % |   | 158,544 |   |   | 5.6 | % |   | 28,930 |   |   | 5.92 | % |
| Average                  during year(3)                                        |   |                                                            | 46,534  |   |   | 3.1 | % |   | 122,741 |   |   | 4.7 | % |   | 55,445 |   |   | 6.28 | % |
| Maximum                  month-end balance                                     |   |                                                            | 66,634  |   |   |   |   |   | 160,235 |   |   |   |   |   | 158,699 |   |   |   |   |
| **Financing                  received from Argentine financial institutions:** |   |                                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                  amount outstanding at the end of the reported period    |   |                                                            | 32,694  |   |   | 2.5 | % |   | 3,480 |   |   | 3.0 | % |   | 27,721 |   |   | 6.40 | % |
| Average                  during year(3)                                        |   |                                                            | 9,863   |   |   | 2.7 | % |   | 20,524 |   |   | 2.5 | % |   | 10,627 |   |   | 4.35 | % |
| Maximum                  month-end balance                                     |   |                                                            | 32,694  |   |   |   |   |   | 35,908 |   |   |   |   |   | 27,721 |   |   |   |   |
| **Other(2)**                                                                   |   |                                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                  amount outstanding at the end of the reported period    |   |                                                            | 73,597  |   |   | 2.0 | % |   | - |   |   | - |   |   | 250,096 |   |   | - |   |
| Average                  during year(3)                                        |   |                                                            | 59,168  |   |   | 1.8 | % |   | 29,654 |   |   | 1.8 | % |   | 209,294 |   |   | - |   |
| Maximum                  month-end balance                                     |   |                                                            | 73,597  |   |   |   |   |   | 60,300 |   |   |   |   |   | 250,096 |   |   |   |   |
| **Subordinated                  corporate bonds:**                             |   |                                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                  amount outstanding at the end of the reported period    |   |                                                            | 7,810   |   |   | 7.7 | % |   | 9,299 |   |   | 7.2 | % |   | 45,150 |   |   | 7.61 | % |
| Average                  during year(3)                                        |   |                                                            | 8,126   |   |   | 7.8 | % |   | 8,449 |   |   | 7.4 | % |   | 29,835 |   |   | 7.73 | % |
| Maximum                  month-end balance                                     |   |                                                            | 8,461   |   |   |   |   |   | 9,299 |   |   |   |   |   | 54,588 |   |   |   |   |
| **Total                  Short Term**                                          |   |                                                            | 213,024 |   |   |   |   |   | 205,676 |   |   |   |   |   | 420,959 |   |   |   |   |

----

*(1)        On February 2, 2005, Nuevo Banco Suquía made the early repayment of the        remainder of such credit lines.*

*(2)        Includes liability to the Central Bank to acquire Boden 2012.*

*(3)        Average balances are calculated from quarterly- end balances.*

**Return        on equity and assets**

|                                                                                                         |   | **Year                  Ended December 31,**                     |
|--------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------|
|                                                                                                         |   | **2004**                                                         |   | **2005** |   | **2006** |   |
|                                                                                                         |   | **(in                  thousands of pesos, except percentages)** |   |
| Net                  income                                                                                  |   |                                                             | 192,977 |   |   | 262,719 |   |   | 424,298 |   |
| Average                  total assets                                                                        |   |                                                             | 5,705,542 |   |   | 9,357,401 |   |   | 11,791,622 |   |
| Average                  shareholders’ equity                                                          |   |                                                             | 1,179,611 |   |   | 1,333,163 |   |   | 1,915,245 |   |
| Shareholders’                  equity at the end of the fiscal year                                    |   |                                                             | 1,257,302 |   |   | 1,489,574 |   |   | 2,314,977 |   |
| Net                  income as a percentage of:                                                              |   |                                                             |  |   |   |  |   |   |  |   |
| Average                  total assets                                                                        |   |                                                             | 3.38 | % |   | 2.81 | % |   | 3.60 | % |
| Average                  shareholders’ equity                                                          |   |                                                             | 16.36 | % |   | 19.71 | % |   | 22.15 | % |
| Declared                  cash dividends                                                                     |   |                                                             | 60.894 |   |   | 30,447 |   |   | 68,395 |   |
| Dividend                  payout ratio(1)                                                                    |   |                                                             | 31.56 | % |   | 11.59 | % |   | 16.12 | % |
| Average                  shareholders’ equity as a percentage of Average Total                  Assets |   |                                                             | 20.67 | % |   | 14.25 | % |   | 16.24 | % |

----

*(1)        Declared cash dividends stated as percentage of net income when they are        paid.*

----

**Interest        rate sensitivity**

|                                                                                                          |   | **Remaining                  Maturity at December 31, 2006** |      |
|---------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|-----------|
|                                                                                                          |   | **0-1                  Year**                                |      | **1-5                  Years** |   | **5-10                  Years** |   | **Over                  10 years** |   | **No                  stated maturity** |   | **Total****(2)** |   |
| **Interest-earning                  assets:**                                                                 |   |                                                         |      |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing                  deposits in Central Bank                                                    |   |                                                         | 1,551,369 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 1,551,369 |   |
| Interest-bearing                  deposits in other banks                                                     |   |                                                         | 431,387   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 431,387 |   |
| Government                  Securities                                                                        |   |                                                         | 1,206,166 |   |   | 1,827,502 |   |   | 54,833 |   |   | 16,024 |   |   | - |   |   | 3,104,525 |   |
| Goods                  in financial leasing                                                                   |   |                                                         | 104,689   |   |   | 173,815 |   |   | 3,625 |   |   | - |   |   | - |   |   | 282,129 |   |
| Loans                  to the Public Sector(1)                                                                |   |                                                         | 27,489    |   |   | 177,695 |   |   | 347,483 |   |   | 221,606 |   |   | - |   |   | 774,273 |   |
| Loans                  to the Private and Financial Sector(1)                                                 |   |                                                         | 4,329,320 |   |   | 1,522,053 |   |   | 98,360 |   |   | 11,680 |   |   |   |   |   | 5,961,413 |   |
| Other                  Assets                                                                                 |   |                                                         | 169,750   |   |   | 256,673 |   |   | 7,825 |   |   |  |   |   | 201,675 |   |   | 635,923 |   |
|                                                                                                          |   |                                                         |           |   |   |  |   |   |  |   |   |  |   |   |   |   |   |  |   |
| **Total                  Interest-Earning Assets**                                                            |   |                                                         | 7,820,170 |   |   | 3,957,738 |   |   | 512,126 |   |   | 249,310 |   |   | 201,675 |   |   | 12,741,019 |   |
|                                                                                                          |   |                                                         |           |   |   |  |   |   |  |   |   |  |   |   |   |   |   |  |   |
| **Interest-bearing                  liabilities:**                                                            |   |                                                         |           |   |   |  |   |   |  |   |   |  |   |   |   |   |   |  |   |
| Savings                                                                                                       |   |                                                         | 2,220,909 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 2,220,909 |   |
| Certificates                  of Deposits                                                                     |   |                                                         | 4,816,782 |   |   | 43,016 |   |   | 12 |   |   | - |   |   | - |   |   | 4,859,810 |   |
| Investment                  Accounts                                                                          |   |                                                         | 18,872    |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 18,872 |   |
| Subordinated                  corporate bonds                                                                 |   |                                                         | 45,150    |   |   | 2,269 |   |   | - |   |   | 460,425 |   |   | - |   |   | 507,844 |   |
| Liabilities                  with Central Bank                                                                |   |                                                         | 69,064    |   |   | 253,622 |   |   | 63,403 |   |   | - |   |   | - |   |   | 386,089 |   |
| Liabilities                  with local financial companies                                                   |   |                                                         | 27,721    |   |   | 11,157 |   |   | 22,808 |   |   | 6,472 |   |   | - |   |   | 68,158 |   |
| Liabilities                  with bank and international organizations                                        |   |                                                         | 28,930    |   |   | 153,475 |   |   | - |   |   | - |   |   | - |   |   | 182,405 |   |
| Other                  liabilities                                                                            |   |                                                         | 180,382   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 180,382 |   |
|                                                                                                          |   |                                                         |           |   |   |  |   |   |  |   |   |  |   |   |   |   |   |  |   |
| **Total                  Interest-Bearing Liabilities**                                                       |   |                                                         | 7,407,810 |   |   | 463,539 |   |   | 86,223 |   |   | 466,897 |   |   | - |   |   | 8,424,469 |   |
|                                                                                                          |   |                                                         |           |   |   |  |   |   |  |   |   |  |   |   |   |   |   |  |   |
|                                                                                                          |   |                                                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Asset/Liability                  Gap                                                                          |   |                                                         | 412,360   |   |   | 3,494,199 |   |   | 425,903 |   |   | (217,587 | ) |   | 201,675 |   |   | 4,316,551 |   |
| Cumulative                  Asset/Liability Gap                                                               |   |                                                         | 412,360   |   |   | 3,906,559 |   |   | 4,332,462 |   |   | 4,114,875 |   |   | 4,316,551 |   |   | - |   |
| Cumulative                  sensitivity gap as a percentage of total interest-earning                  assets |   |                                                         | 3.24      | % |   | 30.66 | % |   | 34.00 | % |   | 32.30 | % |   | 33.88 | %  |   |  |   |

----

|                                                                                                          |   | **Remaining                  Maturity at December 31, 2006** |      |
|---------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|-----------|
|                                                                                                          |   | **0-1                  Year**                                |      | **1-5                  Years** |   | **5-10                  Years** |   | **Over                  10 years** |   | **No                  stated maturity** |   | **Total****(2)** |   |
|                                                                                                          |   |                                                         |      |   |   |   |   |   |   |   |   |   |   |
| **Interest-earning                  assets in national currency**                                             |   |                                                         |      |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing                  deposits in Central Bank                                                    |   |                                                         | 1,098,228 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 1,098,228 |   |
| Interest-bearing                  deposits in other banks                                                     |   |                                                         | -         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Government                  Securities                                                                        |   |                                                         | 1,156,868 |   |   | 1,751,162 |   |   | 35,804 |   |   | 15,706 |   |   | - |   |   | 2,959,540 |   |
| Goods                  in financial leasing                                                                   |   |                                                         | 104,689   |   |   | 173,815 |   |   | 3,625 |   |   | - |   |   | - |   |   | 282,129 |   |
| Loans                  to the Public Sector(1)                                                                |   |                                                         | 27,489    |   |   | 177,695 |   |   | 347,483 |   |   | 221,606 |   |   | - |   |   | 774,273 |   |
| Loans                  to the Private and Financial Sector(1)                                                 |   |                                                         | 3,602,322 |   |   | 1,475,687 |   |   | 97,330 |   |   | 11,680 |   |   | - |   |   | 5,187,019 |   |
| Other                  Assets                                                                                 |   |                                                         | 83,763    |   |   | 218,763 |   |   | 822 |   |   | - |   |   | 201,675- |   |   | 505,023 |   |
|                                                                                                          |   |                                                         |           |   |   |  |   |   |  |   |   |  |   |   |   |   |   |  |   |
| **Total                  Interest-Earning Assets**                                                            |   |                                                         | 6,073,359 |   |   | 3,797,122 |   |   | 485,064 |   |   | 248,992 |   |   | 201,675- |   |   | 10,806,212 |   |
|                                                                                                          |   |                                                         |           |   |   |  |   |   |  |   |   |  |   |   |   |   |   |  |   |
| Savings                                                                                                       |   |                                                         | 2,013,027 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 2,013,027 |   |
| Certificate                  of Deposits                                                                      |   |                                                         | 3,583,683 |   |   | 42,954 |   |   | 12 |   |   | - |   |   | - |   |   | 3,626,649 |   |
| Investment                  Accounts                                                                          |   |                                                         | 17,440    |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 17,440 |   |
| Subordinated                  corporate bonds                                                                 |   |                                                         | 808       |   |   | 2,269 |   |   | - |   |   | - |   |   | - |   |   | 3,077 |   |
| Liabilities                  with Central Bank                                                                |   |                                                         | 68,901    |   |   | 253,622 |   |   | 63,403 |   |   | - |   |   | - |   |   | 385,926 |   |
| Liabilities                  with local financial companies                                                   |   |                                                         | 27,568    |   |   | 11,003 |   |   | 22,808 |   |   | 6,472 |   |   | - |   |   | 67,851 |   |
| Other                  Liabilities                                                                            |   |                                                         | 153,997   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 153,997 |   |
|                                                                                                          |   |                                                         |           |   |   |  |   |   |  |   |   |  |   |   |   |   |   |  |   |
| **Total                  Interest-Bearing Liabilities**                                                       |   |                                                         | 5,865,424 |   |   | 309,848 |   |   | 86,223 |   |   | 6,472 |   |   | - |   |   | 6,267,967 |   |
|                                                                                                          |   |                                                         |           |   |   |  |   |   |  |   |   |  |   |   |   |   |   |  |   |
|                                                                                                          |   |                                                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Asset/Liability                  Gap                                                                          |   |                                                         | 207,935   |   |   | 3,487,274 |   |   | 398,841 |   |   | 242,520 |   |   | 201,675 |   |   | 4,538,245 |   |
| Cumulative                  Asset/Liability Gap                                                               |   |                                                         | 207,935   |   |   | 3,695,209 |   |   | 4,094,050 |   |   | 4,336,570 |   |   | 4,538,245 |   |   |   |   |
| Cumulative                  sensitivity gap as a percentage of total interest-earning                  assets |   |                                                         | 1.92      | % |   | 34.20 | % |   | 37.89 | % |   | 40.13 | % |   | 42.00 | % |   |  |   |
|                                                                                                          |   |                                                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                          |   | **Remaining                  Maturity at December 31, 2006** |      |
|---------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|-----------|
|                                                                                                          |   | **0-1                  Year**                                |      | **1-5                  Years** |   | **5-10                  Years** |   | **Over                  10 years** |   | **Without                  due date** |   | **Total****(2)** |   |
| **Interest-earning                  assets in foreign currency**                                         |   |                                                         |      |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing                  deposits in Central Bank                                                    |   |                                                         | 453,141   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 453,141 |   |
| Interest-bearing                  deposits in other banks                                                     |   |                                                         | 431,387   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 431,387 |   |
| Government                  Securities                                                                        |   |                                                         | 49,298    |   |   | 76,340 |   |   | 19,029 |   |   | 318 |   |   | - |   |   | 144,985 |   |
| Loans                  to the Private and Financial Sector(1)                                                 |   |                                                         | 726,998   |   |   | 46,366 |   |   | 1,030 |   |   | - |   |   | - |   |   | 774,394 |   |
| Other                  assets                                                                                 |   |                                                         | 85,987    |   |   | 37,910 |   |   | 7,003 |   |   |   |   |   | - |   |   | 130,900 |   |
|                                                                                                          |   |                                                         |           |   |   |  |   |   |  |   |   |  |   |   |   |   |   |  |   |
| **Total                  Interest-Earning Assets**                                                            |   |                                                         | 1,746,811 |   |   | 160,616 |   |   | 27,062 |   |   | 318 |   |   | - |   |   | 1,934,807 |   |
|                                                                                                          |   |                                                         |           |   |   |  |   |   |  |   |   |  |   |   |   |   |   |   |   |
| Savings                                                                                                       |   |                                                         | 207,882   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 207,882 |   |
| Certificates                  of Deposits                                                                     |   |                                                         | 1,233,099 |   |   | 62 |   |   | - |   |   | - |   |   | - |   |   | 1,233,161 |   |
| Investment                  Accounts                                                                          |   |                                                         | 1,432     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 1,432 |   |
| Subordinated                  corporate bonds                                                                 |   |                                                         | 44,342    |   |   | - |   |   | - |   |   | 460,425 |   |   | - |   |   | 504,767 |   |
| Liabilities                  with Central Bank                                                                |   |                                                         | 163       |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 163 |   |
| Liabilities                  with local financial companies                                                   |   |                                                         | 153       |   |   | 154 |   |   | - |   |   | - |   |   | - |   |   | 307 |   |
| Liabilities                  with banks and financial organizations                                           |   |                                                         | 28,930    |   |   | 153,475 |   |   | - |   |   | - |   |   | - |   |   | 182,405 |   |
| Other                  liabilities                                                                            |   |                                                         | 26,385    |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 26,385 |   |
|                                                                                                          |   |                                                         |           |   |   |  |   |   |  |   |   |  |   |   |   |   |   |  |   |
| **Total                  Interest-Bearing Liabilities**                                                       |   |                                                         | 1,542,386 |   |   | 153,691 |   |   | - |   |   | 460,425 |   |   | - |   |   | 2,156,502 |   |
|                                                                                                          |   |                                                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Asset/Liability                  Gap                                                                          |   |                                                         | 204,425   |   |   | 6,925 |   |   | 27,062 |   |   | (460,107 | ) |   | - |   |   | (221,695 | ) |
| Cumulative                  Asset/Liability Gap                                                               |   |                                                         | 204,425   |   |   | 211,350 |   |   | 238,412 |   |   | (221,695 | ) |   | - |   |   | - |   |
| Cumulative                  sensitivity gap as a percentage of total interest-earning                  assets |   |                                                         | 10.57     | % |   | 10.92 | % |   | 12.32 | % |   | (11.46 | )% |   | - |   |   | - |   |

----

**Item        4A. Unresolved Staff Comments**

**Item        5. Operating and Financial Review and Prospects**
** **

**FINANCIAL        PRESENTATION**

**COMPARABILITY**

**OVERVIEW**

*Plan        Sueldo*
*Plan        Sueldo *

----

**IMPACT        OF THE 2001-2002 ECONOMIC CRISIS ON US**

*corralito,        corralón *

**The        run on bank deposits and restrictions on withdrawals**

|   | · | *Corralito* |
|--------|--------|-------------|

*corralito,*

|   | · | *Corralón* |
|--------|--------|-----------------|

----

*corralón,*
*corralón,*
*CEDROs*

| Phase                  1. Bank run:        | December                  31, 2000 to November 30, 2001 |
|--------------------------------------------|---------------------------------------------------------|
|                                       |                                                    |
| Phase                  2. *Corralito:*     | November                  30, 2001 to December 31, 2001 |
|                                       |                                                    |
| Phase                  3. *Corralón:* | January                  31, 2002 to April 30, 2002     |
|                                       |                                                    |
| Phase                  4. Stabilization:   | April                  30, 2002 to April 30, 2003       |
|                                       |                                                    |
| Phase                  5. Recovery:        | April                  30, 2003 to December 31, 2006    |

| **Change                  in****total                  deposits** |   | **Phase                  1:****Bank                  Run(1)** |    | **Phase                  2:*****Corralito*** |   | **Phase                  3:*****Corralón(2)*** |   | **Phase                  4:****Stabilization** |    | **Phase                  5:****Recovery(3)** |   |
|-------------------------------------------------------------------|--------|---------------------------------------------------------------|---------|----------------------------------------------|--------|-----------------------------------------------------|--------|------------------------------------------------|---------|----------------------------------------------|--------|
|                                                              |   | **(in                  millions of pesos)**                   |    |
| Banco                  Macro                                      |   |                                                          | (171    | )                                            |   | 8                                                   |   |                                           | (21     | )                                            |   | 295 |   |   | - |   |
| Banco                  Bansud                                     |   |                                                          | (354    | )                                            |   | (29                                                 | )      |                                           | (183    | )                                            |   | 337 |   |   |  - |   |
| Banco                  Macro and Banco Bansud                     |   |                                                          | (525    | )                                            |   | (21                                                 | )      |                                           | (204    | )                                            |   | 632 |   |   | 3,319 |   |
| Financial                  system                                 |   |                                                          | (18,205 | )                                            |   | (1,918                                              | )      |                                           | (10,010 | )                                            |   | 7,646 |   |   | 91,840 |   |

----

*Source:        Central Bank*

| *(1)* | *We                  excluded the month of January 2002 because of the impact on nominal                  changes caused by the pesification of U.S. dollar-denominated                  deposits.* |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
| *(2)* | *Banco                  Macro acquired Banco Bansud in January 2002; however, the information                  in                  the table above has not been consolidated for the corralón phase as we                  were just beginning to manage Banco Bansud during that                  period.* |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
| *(3)* | *Not                  including Nuevo Banco Suquía, Banco del Tucumán and Nuevo Banco                  Bisel.* |
|-------|--------------------------------------------------------------------------------------------------------------------------|

----

----

*Source:        Central Bank *

| *(1)* | *We                  excluded the month of January 2002 because of the impact on nominal                  changes caused by the pesification of U.S. dollar-denominated deposits.* |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *(2)* | *Banco                  Macro acquired Banco Bansud in January 2002; however, the information                  in                  the table above has not been consolidated for the corralón phase as we                  were just beginning to manage Banco Bansud during that                  period.* |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *(3)* | *Does                  not include Nuevo Banco Suquía, Banco del Tucumán or Nuevo Banco                  Bisel.* |
|-------|----------------------------------------------------------------------------------------------------------------------------|

**Asymmetric        pesification and the Argentine government’s compensation        measures**

|   | · | a                  bond denominated in pesos (BODEN 2007) to compensate for losses                  linked to                  asymmetric pesification; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a                  bond denominated in dollars (BODEN 2012) that the Central Bank                  offered to                  affected banks at a discounted price of Ps.1.40 plus CER indexation                  to                  US$1.00, to compensate for the consequences of creating a mismatch                  between                  a bank’s dollar and peso position as a result of pesification. Banks could                  purchase the BODEN 2012 with either BODEN 2007 or by borrowing                  the                  applicable amount from the Central Bank. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                     |   | **BODEN                  2007**             |    | **BODEN                  2012** |   | **Total****Compensation** |   |
|------------------------------------------|--------|---------------------------------------------|---------|---------------------------------|--------|---------------------------|--------|
|                                     |   | **(in                  millions of pesos)** |    |
| Banco                  Macro             |   |                                        | 49.7    |                            |   | —                   |   |   | 49.7 |   |
| Banco                  Bansud            |   |                                        | — |                            |   | 392                       |   |   | 392 |   |
| Nuevo                  Banco Suquía |   |                                        | 209.3   |                            |   | 142.6                     |   |   | 351.9 |   |
| Total                                    |   |                                        | 259.0   |                            |   | 534.6                     |   |   | 793.6 |   |

**Amparos**

*corralón,        corralito *
*amparos*
*amparos        *
*amparos        *
*CEDRO*
*amparos*
*amparos        *

|                              |   | **Amparos/Equity**                      |   |
|-----------------------------------|--------|-----------------------------------------|--------|
|                              |   | **As                  of December 31,** |   |
|                              |   | **2004**                                |   | **2005** |   | **2006** |   |
| Banco                  Macro      |   |                                    | 4.0    | % |   | 2.9 | % |   | 3.2 | % |
| Financial                  system |   |                                    | 24.7   | % |   | 19.0 | % |   | 9.6 | % |

----

*Source:        Central Bank *

**Disappearance        of market for private loans and increase in non-performing        loans**

|                                                         |   | **2001                  (1)** |     | **2002                  (1)** |   | **2003                  (1)** |   | **2004** |   | **2005** |   | **2006(2)** |   |
|--------------------------------------------------------------|--------|-------------------------------|----------|-------------------------------|--------|-------------------------------|--------|----------|--------|----------|--------|-------------|--------|
| Net                  loan origination (in millions of pesos) |   |                          | (1,322.3 | )                             |   | (867.9                        | )      |     | (58.6  | )        |   | 584.0       |   |   | 565.8 |   |   | 1,352.8 |   |

----

| *(1)* | *In                  constant pesos as of February 28, 2003.* |
|-------|---------------------------------------------------------------|

| *(2)* | *Without                  Nuevo Banco Bisel and Banco del                  Tucumán.* |
|-------|-------------------------------------------------------------------------------------------|

*CEDRO*
*corralón        *
*CEDRO*

----

|                                             |   | **Year                  Ended December 31,** |   |
|--------------------------------------------------|--------|----------------------------------------------|--------|
|                                             |   | **2003**                                     |   | **2004** |   | **2005** |   | **2006** |   |
| **Banco                  Macro**                 |   |                                         |   |   |   |   |   |   |   |
| Allowances/lending(1)                            |   |                                         | 5.2    | % |   | 8.8 | % |   | 6.5 | % |   | 3.1 | % |
| Non-performing                  lending ratio(2) |   |                                         | 9.0    |   |   | 8.0 |   |   | 5.0(3 | ) |   | 2.0 |   |
| **Financial                  System**            |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| Allowances/lending(1)                            |   |                                         | 13.0   | % |   | 9.8 | % |   | 5.6 | % |   | 4.8 | % |
| Non-performing                  lending ratio(2) |   |                                         | 17.2   |   |   | 10.3 |   |   | 5.4 |   |   | 3.3 |   |

----

*Source:        Central Bank *

| *(1)* | *Includes                  loans, other receivables from financial transactions, financial                  leases,                  memorandum accounts—other guarantees provided and unused portion of loans                  granted (included in Debtors Rating                  Standards).* |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *(2)* | *Non-performing                  lending includes all lending to borrowers classified as                  “3—nonperforming/deficit compliance,” “4—high risk of                  uncollectibility/unlikely to be collected,”** “5—uncollectible”                  and “6—uncollectible,” under the Central Bank loan classification                  system.* |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *(3)* | *This                  ratio calculated without the loan portfolio of Banco Empresario                  de Tucumán                  (64% of non-performing lending) is                  3.2%.* |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Devaluation        and inflation**

|                                                                   |   | **December                  31,** |   |
|------------------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                                   |   | **2002**                          |   | **2003** |   | **2004** |   | **2005** |   | **2006** |   |
| Wholesale                  price inflation                             |   |                              | 117.96 | % |   | 1.95 | % |   | 7.87 | % |   | 10.74 | % |   | 9.84 | % |
| Inflation                  rate adjustment to our financial statements |   |                              | 117.96 |   |   | 0.86 |   |   | — |   |   | — |   |   | — |   |
| CER(1)                                                                 |   |                              | 40.53  |   |   | 3.65 |   |   | 5.48 |   |   | 11.75 |   |   | 10.08 |   |

----

*Source:        INDEC *

*(1)*
*CER        beginning on February 2, 2002. *

*CEDROs*

**OUR        RESPONSE TO THE CRISIS**

----

**Commercial        and balance sheet strategies**

*amparos,*
*CEDROs*
*CEDROs*

**Loyal        client base**

*Plan        Sueldo*

**Acquisitions**

|                                          |   | **September                  30, 2001** |       | **September                  30, 2004** |   | **December                  31, 2005**     |   | **June                  30, 2006**              |       | **December                  31, 2006**                                                                                                                                                           |   |
|-----------------------------------------------|--------|-----------------------------------------|------------|-----------------------------------------|--------|--------------------------------------------|--------|-------------------------------------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                          |   | Banco                  Macro(1)(2)      |       | Banco                  Bansud(1)(2)     |   | **Banco                  Macro Bansud(2)** |   | **Nuevo                  Banco Suquía(2)** |       | **Banco                  Macro Bansud****(including                  Nuevo****Banco                  Suquía****and                  Banco****Empresario                  de Tucumán)** |   | **Banco                  Macro Bansud (including Banco Empresario de Tucumán and Banco del Tucumán)** |   | **Nuevo                  Banco Bisel****(stand-alone)                  (2)** |   | **Banco                  Macro****(including                  Banco****Empresario                  de****Tucumán,****Banco                  del Tucumán S.A. and Nuevo Banco Bisel)** |   |
| Assets                                        |   |                                    | Ps.1,424.0 |                                    |   | Ps.3,357.1                                 |   |                                            | Ps.5,312.6 |                                                                                                                                                                                             |   | Ps.2,162.8 |   |   | Ps.9,487.8 |   |   | Ps.11,496 |   |   | Ps.1,934 |   |   | Ps.                  14,505 |   |
| Private                  sector loans (Gross) |   |                                    | 590.8      |                                    |   | 899.8                                      |   |                                            | 1,187.1    |                                                                                                                                                                                             |   | 711.0 |   |   | 2,948.8 |   |   | 4,141 |   |   | 665 |   |   | 5,525 |   |
| Private                  sector deposits      |   |                                    | 790.6      |                                    |   | 2,301.5                                    |   |                                            | 2,236.0    |                                                                                                                                                                                             |   | 1,443.5 |   |   | 5,737.4 |   |   | 6,421 |   |   | 1,326 |   |   | 8,770 |   |
| Branches                                      |   |                                    | 73         |                                    |   | 72                                         |   |                                            | 154        |                                                                                                                                                                                             |   | 102 |   |   | 254 |   |   | 279 |   |   | 158 |   |   | 433 |   |

----

*Source:        Central Bank *

| *(1)* | *In                  constant pesos as of February 28, 2003.* |
|-------|---------------------------------------------------------------|

| *(2)* | *Last                  quarter prior to acquisition.* |
|-------|-------------------------------------------------------|

----

*Banco        Bansud.*

*Scotiabank        Quilmes S.A.*

*Nuevo        Banco Suquía*
*Compromiso        Previo de Fusión*

*Banco        Empresario de Tucumán*

----

*Banco        del Tucumán.*

*Nuevo        Banco Bisel.*
*Seguro        de Depósitos S.A.”*

**Cost        management**

**Implementation        of improved credit policies**

*Plan        Sueldo*

----

**Restoring        lending to the private sector**

**PRINCIPAL        TRENDS AFFECTING OUR BUSINESS**

**Argentine        economic recovery and continued growth **

|   | · | Export-led                  growth in the economy. The recovery of Argentina’s post-crisis economy has                  been led by export growth and import substitution. This economic                  model is                  likely to favor provinces outside of the Buenos Aires metropolitan                  area                  that are heavily focused on primary sectors of the economy, such                  as                  agriculture, cattle ranching, mining, basic industries and tourism.                  Our                  extensive branch network outside of the Buenos Aires metropolitan                  area                  (94% of our branches, as compared to 80% for Argentina’s financial system)                  provides us with an opportunity to take advantage of growth in                  these                  provinces to increase our credit portfolio faster than our competitors                  and                  to increase our market share. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Gradual                  recovery of proportion of national income held by lower income                  segments.                  After decades of widening, the income distribution gap between                  rich and                  poor in Argentina began to narrow during 2003 and 2004, when the                  crisis                  resulted in a collapse of income of all population segments. The                  real                  income of the poorer half of Argentina’s population has fallen over the                  last decades, from 32% of the income of the richer half in the                  late 1970s                  to less than 20% of the income of the richer half in the aftermath                  of the                  crisis. Since that time, the gap has narrowed and now the real                  income of                  the poorer half is 24% of the income of the richer half. We believe                  that                  the long-term trend of increasing income inequality has stopped                  and that                  the recent improvement in income distribution will continue. Given                  our                  focus on the low- to medium-income individuals, we believe that                  we are                  well positioned to benefit from an increase in credit demand by                  these                  population segments. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Transitional                  inflation. The inflation rate for the twelve months ended December                  31,                  2006 was 9.8%. Inflation for 2006 was lower than the 12.3% registered                  in                  2005 and is a result of the government’s policy of keeping the value of                  the peso to the dollar at the relatively low level of approximately                  Ps.3                  to US$1. We believe that to the extent that the market views this                  exchange                  rate as being stable, they will be in a better position to forecast                  future                  inflation. Furthermore, as the real exchange rate reaches its new                  equilibrium, inflation will converge with international levels.                  As a                  result, the current inflation forecasts, assuming a stable nominal                  exchange rate, show a declining inflation rate. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Reduction        in public sector exposure**

|   | · | the                  forms of compensation received by the banking system in the context                  of                  asymmetric pesification, which, as described in greater detail                  in “The                  crisis and recovery in Argentina,” included BODEN 2007 and BODEN 2012; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the                  stock of public securities and other public sector obligations                  that we                  inherited upon our acquisition of Banco Bansud in January 2002                  and Banco                  Nuevo Suquía in December 2004; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the                  purchases of treasury bills, principally in the form of LEBACs                  and NOBACs,                  made by our treasury desk as the preferred investment vehicle for                  our                  excess liquidity; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the                  slow recovery of private sector lending, which continues at low                  levels due                  to concerns about increased inflation, which has delayed the more                  rapid                  development of long-term lending. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Recovery        of private sector lending**

|   | · | Low                  cost of funds; high levels of liquidity. As a result of our low                  cost of                  funds and our high level of liquidity, a key driver of our results                  is our                  ability to increase our lending within the scope of our credit                  policy, as                  such lending is always at a positive margin. Therefore, we have                  seen                  increases in our gross intermediation margin as our private sector                  lending                  has increased. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Demand                  from large corporations has preceded demand from small and medium-sized                  companies and consumers. New lending in Argentina has been primarily                  fueled by commercial lending, which for the Argentine banking system                  represented approximately two-thirds of new lending in 2004, which                  we                  believe to be generated by large corporations. Over the medium                  term we                  expect small and medium-sized companies, which lack access to the                  securities markets, to represent a larger component of new lending.                  Consumer lending has not yet fully recovered and remains at 10%                  of GDP as                  of December 31, 2006, despite having achieved levels higher than 46%                  before the crisis. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Growth                  prospects subject to development of inflation and long-term fixed                  rate                  lending. We believe that the main obstacle preventing a faster                  recovery of                  Argentina’s private sector lending has been the uncertain outlook on                  long-term inflation, which has a significant impact on both the                  supply of                  and demand for long-term loans as borrowers try to hedge against                  inflation                  risk by borrowing at fixed rates while lenders hedge against inflation                  risk by offering loans at floating rates. As a result, most of                  the                  increase in the volume of private loans in the financial system                  until                  December 31, 2006 was concentrated in short-term products. For                  example, the ratio of personal loans, overdrafts and documents                  to GDP has                  increased from 3% in June 2003 to 7% as of December 31, 2006 while                  long-term loans represented by mortgages and secured loans have                  remained                  at 2% of GDP during the same period (despite substantial GDP growth                  during                  the period). We believe that, given the government’s exchange rate policy,                  Argentina’s inflationary outlook has become more predictable, with a                  current expectation that inflation will decline towards international                  levels. Therefore, the market is better able to factor an expected                  rate of                  inflation into its long-term business decisions. As a result of                  the more                  stable inflation and sustainable Argentine economic growth, both                  borrowers                  and lenders are gradually entering the long-term lending market,                  with                  products such as floating rate loans and leasing, designed to meet                  the                  needs of a growing economy emerging from crisis and moving towards                  stability. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reduced                  spreads. We expect the high intermediation spreads that prevailed                  after                  the economic crisis to continue to decline due to increasing competition                  in the banking sector. The reduction of private sector credit volume                  has                  prompted Argentine banks to lend at lower interest rates in an                  effort to                  capture a larger portion of the contracted loan market, largely                  accounting                  for the current low spreads. Additionally, if the Central Bank                  increases                  interest rates to combat inflation, funding costs may increase.                  The                  expansionary monetary policy being undertaken by the Central Bank                  has                  resulted in unusually low funding costs. Interest rates on short-term                  time                  deposit accounts remain negative in real terms given an inflation                  rate of                  9.8% for the 12 months ended December 31, 2006. Inflation pressures                  may                  push these rates upward in the medium term. If the spread reduction                  continues without a significant increase in volumes, profitability                  will be                  negatively affected. This trend will be partially offset for us                  by our                  stable depositor base, which provides a low cost source of                  funding. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Organic        growth complemented by strategic acquisitions**

**Recovery        of private sector loan portfolio credit quality**

**RESULTS        OF OPERATIONS**

----

|                                             |   | **Year                  ended December 31,**                   |   |
|--------------------------------------------------|--------|----------------------------------------------------------------|--------|
|                                             |   | **2004**                                                       |   | **2005                  (including****Nuevo                  Banco Suquía)** |   | **2006                  (including the 2006 acquisitions)** |   |
|                                             |   | **(in                  thousands of pesos except for ratios)** |   |
| Commercial                  Portfolio            |   |                                                           | 2,501  |   |   | 2,503 |   |   | 4,097 |   |
| Irregular                  Commercial Portfolio  |   |                                                           | 164    |   |   | 133 |   |   | 65 |   |
| Consumer                  Portfolio              |   |                                                           | 898    |   |   | 1,574 |   |   | 3,351 |   |
| Irregular                  Consumer Portfolio    |   |                                                           | 106    |   |   | 75 |   |   | 82 |   |
| Total                  Portfolio                 |   |                                                           | 3,399  |   |   | 4,077 |   |   | 7,448 |   |
| Total                  Irregular Portfolio       |   |                                                           | 270    |   |   | 208 |   |   | 147 |   |
| Irregular/Total                  Portfolio Ratio |   |                                                           | 7.94   | % |   | 5.10 | % |   | 1.98 | % |
| Total                  Provisions                |   |                                                           | 225    |   |   | 266 |   |   | 230 |   |
| Coverage                  Ratio                  |   |                                                           | 83.33  | % |   | 127.88 | % |   | 156.34 | % |

**YEAR        ENDED DECEMBER 31, 2006 COMPARED TO YEAR ENDED DECEMBER 31, 2005 AND YEAR        ENDED        DECEMBER 31, 2005 COMPARED TO YEAR ENDED DECEMBER 31, 2004**

**Net        Income**

|                                         |   | **Year                  ended December 31,** |     |
|----------------------------------------------|--------|----------------------------------------------|----------|
|                                         |   | **2004**                                     |     | **2005** |   | **2005                  without NBS****(1)** |   | **2006****(2)** |   | **2006                  without 2006 acquisitions(3)** |   |
|                                         |   | **(in                  thousands of pesos)** |     |
| Financial                  income            |   |                                         | 427,891  |   |   | 749,850 |   |   | 497,278 |   |   | 1,155,259 |   |   | 993,345 |   |
| Financial                  expenses          |   |                                         | (133,204 | ) |   | (303,176 | ) |   | (218,160 | ) |   | (394,949 | ) |   | (350,621 | ) |
| Gross                  intermediation margin |   |                                         | 294,687  |   |   | 446,674 |   |   | 279,118 |   |   | 760,310 |   |   | 642,724 |   |
| Provision                  for loan losses   |   |                                         | (36,467  | ) |   | (70,309 | ) |   | (60,399 | ) |   | (59,773 | ) |   | (48,872 | ) |
| Service                  charge income       |   |                                         | 154,425  |   |   | 303,141 |   |   | 190,154 |   |   | 452,620 |   |   | 389,121 |   |
| Service                  charge expenses     |   |                                         | (24,963  | ) |   | (59,510 | ) |   | (33,106 | ) |   | (93,323 | ) |   | (84,160 | ) |
| Administrative                  expenses     |   |                                         | (254,936 | ) |   | (443,026 | ) |   | (306,757 | ) |   | (652,457 | ) |   | (552,376 | ) |
| Net                  other income            |   |                                         | 60,930   |   |   | 119,818 |   |   | 227,751 |   |   | 97,102 |   |   | 151,810 |   |
| Income                  before income tax    |   |                                         | 193,676  |   |   | 296,788 |   |   | 296,761 |   |   | 504,479 |   |   | 498,247 |   |
| Income                  tax                  |   |                                         | (699     | ) |   | (34,042 | ) |   | (34,042 | ) |   | (76,961 | ) |   | (73,961 | ) |
| Minority                  interest           |   |                                         | —  |   |   | (27 | ) |   | — |   |   | (3,220 | ) |   | 12 |   |
| Net                  income                  |   |                                         | 192,977  |   |   | 262,719 |   |   | 262,719 |   |   | 424,298 |   |   | 424,298 |   |

----

| *(1)* | *Results                  of Nuevo Banco Suquía are included in “Net other                  income.”* |
|-------|------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
| *(2)* | *Results                  for 2006 include the results of Banco del Tucumán from May 5, 2006 and                  Nuevo Banco Bisel from August 11,                  2006.* |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| *(3)* | *The                  results of Banco del Tucumán and Nuevo Banco Bisel are included in “Net                  Other Income.”* |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Financial        Income**

|                                                                         |   | **Year                  ended December 31,** |    |
|------------------------------------------------------------------------------|--------|----------------------------------------------|---------|
|                                                                         |   | **2004**                                     |    | **2005** |   | **2005****without                  NBS** |   | **2006** |   | **2006                  without 2006 acquisitions** |   |
|                                                                         |   | **(in                  thousands of pesos)** |    |
| Interest                  on cash and due from banks                         |   |                                         | 1,570   |   |   | 4,080 |   |   | 3,075 |   |   | 11,682 |   |   | 11,408 |   |
| Interest                  on loans to the financial sector                   |   |                                         | 3,327   |   |   | 5,320 |   |   | 4,626 |   |   | 16,720 |   |   | 13,786 |   |
| Interest                  on overdrafts                                      |   |                                         | 25,970  |   |   | 53,953 |   |   | 27,020 |   |   | 120,040 |   |   | 96,186 |   |
| Interest                  on mortgage loans                                  |   |                                         | 6,887   |   |   | 29,655 |   |   | 11,036 |   |   | 48,506 |   |   | 44,733 |   |
| Interest                  on pledge loans(1)                                 |   |                                         | 1,641   |   |   | 26,160 |   |   | 6,491 |   |   | 43,038 |   |   | 39,427 |   |
| Interest                  on credit card loans                               |   |                                         | 6,011   |   |   | 18,233 |   |   | 12,012 |   |   | 30,969 |   |   | 27,992 |   |
| Interest                  on documents(2)                                    |   |                                         | 11,523  |   |   | 32,157 |   |   | 16,998 |   |   | 56,988 |   |   | 42,823 |   |
| Interest                  on other loans(3)                                  |   |                                         | 61,763  |   |   | 121,062 |   |   | 99,271 |   |   | 259,801 |   |   | 230,064 |   |
| Interest                  on other receivables from financial intermediation |   |                                         | 5,611   |   |   | 19,901 |   |   | 15,115 |   |   | 15,050 |   |   | 13,876 |   |
| Income                  from government and private securities, net          |   |                                         | 156,794 |   |   | 156,158 |   |   | 133,376 |   |   | 324,178 |   |   | 262,875 |   |
| Indexation                  by benchmark stabilization coefficient (CER)(4)  |   |                                         | 91,435  |   |   | 185,421 |   |   | 93,620 |   |   | 84,951 |   |   | 76,928 |   |
| Indexation                  by salary variation coefficient (CVS)            |   |                                         | 508     |   |   | 1,987 |   |   | 700 |   |   | 1,947 |   |   | 1,944 |   |
| Income                  from guaranteed loans(5)                             |   |                                         | 14,600  |   |   | 28,625 |   |   | 19,523 |   |   | 29,898 |   |   | 26,656 |   |
| Other(6)                                                                     |   |                                         | 40,251  |   |   | 67,138 |   |   | 54,415 |   |   | 111,491 |   |   | 104,647 |   |
| Total                  financial income                                      |   |                                         | 427,891 |   |   | 749,850 |   |   | 497,278 |   |   | 1,155,259 |   |   | 993,345 |   |

----

| *(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**.* |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*2006        and 2005*

----

*2005        and 2004*

----

**Financial        expenses**

|                                                                            |   | **Year                  ended December 31,** |    |
|---------------------------------------------------------------------------------|--------|----------------------------------------------|---------|
|                                                                            |   | **2004**                                     |    | **2005** |   | **2005****Without                  NBS** |   | **2006** |   | **2006                  Without 2006 acquisitions** |   |
|                                                                            |   | **(in                  thousands of pesos)** |    |
| Interest                  on checking accounts                                  |   |                                         | 2,335   |   |   | 2,647 |   |   | 1,455 |   |   | 9,475 |   |   | 8,665 |   |
| Interest                  on savings accounts                                   |   |                                         | 3,161   |   |   | 4,302 |   |   | 2,306 |   |   | 6,736 |   |   | 5,976 |   |
| Interest                  on time deposits                                      |   |                                         | 49,253  |   |   | 106,486 |   |   | 74,032 |   |   | 233,697 |   |   | 209,629 |   |
| Interest                  on financing from the financial sector                |   |                                         | 79      |   |   | 980 |   |   | 775 |   |   | 802 |   |   | 802 |   |
| Interest                  on other liabilities from financial intermediation(1) |   |                                         | 9,959   |   |   | 13,839 |   |   | 13,799 |   |   | 14,672 |   |   | 14,604 |   |
| Other                  interest(2)                                              |   |                                         | 9,646   |   |   | 13,288 |   |   | 6,801 |   |   | 14,427 |   |   | 12,665 |   |
| Net                  loss from options                                          |   |                                         | 5       |   |   | 1,017 |   |   | 1,017 |   |   | 371 |   |   | 371 |   |
| Indexation                  by CER(3)                                           |   |                                         | 25,336  |   |   | 117,048 |   |   | 80,544 |   |   | 55,732 |   |   | 46,633 |   |
| Other(4)                                                                        |   |                                         | 33,430  |   |   | 43,569 |   |   | 37,431 |   |   | 59,037 |   |   | 51,276 |   |
| Total                  financial expenses                                       |   |                                         | 133,204 |   |   | 303,176 |   |   | 218,160 |   |   | 394,949 |   |   | 350,621 |   |

----

| *(1)* | *Includes                  lines of credit from other banks, repurchase agreements and liquidity                  assistance from the Central                  Bank.* |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
| *(2)* | *Includes                  interest on subordinated corporate bonds issued by us.* |
|-------|------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
| *(3)* | *Includes                  CER accrued for all the liabilities subject to adjustment by                  CER.* |
|-------|----------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
| *(4)* | *Includes                  interest on deposits in the form of government securities and                  CEDROs.* |
|-------|--------------------------------------------------------------------------------------------------------------------|

*2006        and 2005*

*2005        and 2004*

**Provision        for loan losses**

*2006        and 2005*

*2005        and 2004*

----

**Service        charge income**

|                                                       |   | **Year                  ended December 31,** |    |
|------------------------------------------------------------|--------|----------------------------------------------|---------|
|                                                       |   | **2004**                                     |    | **2005** |   | **2005                  Without NBS** |   | **2006** |   | **2006                  Without 2006 Acquisitions** |   |
|                                                       |   | **(in                  thousands of pesos)** |    |
| Service                  charges on deposit accounts       |   |                                         | 99,537  |   |   | 199,970 |   |   | 116,103 |   |   | 297,256 |   |   | 248,200 |   |
| Debit                  and credit card income              |   |                                         | 23,277  |   |   | 22,959 |   |   | 19,107 |   |   | 50,360 |   |   | 43,925 |   |
| Other                  fees related to foreign trade       |   |                                         | 5,789   |   |   | 10,630 |   |   | 5,089 |   |   | 11,607 |   |   | 10,818 |   |
| Credit-related                  fees                       |   |                                         | 7,867   |   |   | 19,171 |   |   | 12,090 |   |   | 35,962 |   |   | 30,171 |   |
| Capital                  markets and securities activities |   |                                         | 788     |   |   | 1,666 |   |   | 722 |   |   | 2,085 |   |   | 2,041 |   |
| Lease                  of safe-deposit boxes               |   |                                         | 2,816   |   |   | 5,712 |   |   | 2,926 |   |   | 8,814 |   |   | 7,767 |   |
| Fees                  related to guarantees                |   |                                         | 675     |   |   | 570 |   |   | 409 |   |   | 5,876 |   |   | 5,837 |   |
| Other(1)                                                   |   |                                         | 13,676  |   |   | 42,463 |   |   | 33,708 |   |   | 40,660 |   |   | 40,362 |   |
| Total                  service charge income               |   |                                         | 154,425 |   |   | 303,141 |   |   | 190,154 |   |   | 452,620 |   |   | 389,121 |   |

----

| *(1)* | *Includes                  insurance income.* |
|-------|-----------------------------------------------|

*2006        and 2005. *

*2005        and 2004. *

**Service        charge expenses**

----

**Administrative        expenses**

|                                                                   |   | **        Year                  ended December                  31,          ** |    |
|------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
|                                                                   |   | **2004**                                                                                                                                                                  |    | **2005** |   | **2005                  Without NBS** |   | **2006** |   | **2006                  Without 2006 Acquisitions** |   |
|                                                                   |   | **(in                  thousands of pesos)**                                                                                                                              |    |
| Personnel                  expenses                                    |   |                                                                                                                                                                      | 132,575 |   |   | 254,821 |   |   | 162,682 |   |   | 396,338 |   |   | 327,729 |   |
| Directors                  and statutory auditors fees                 |   |                                                                                                                                                                      | 5,861   |   |   | 14,142 |   |   | 12,702 |   |   | 14,362 |   |   | 13,167 |   |
| Other                  professional fees                               |   |                                                                                                                                                                      | 16,773  |   |   | 26,104 |   |   | 23,081 |   |   | 39,670 |   |   | 37,215 |   |
| Advertising                  and publicity                             |   |                                                                                                                                                                      | 12,048  |   |   | 22,668 |   |   | 16,978 |   |   | 31,866 |   |   | 29,719 |   |
| Taxes                                                                  |   |                                                                                                                                                                      | 3,353   |   |   | 5,808 |   |   | 5,112 |   |   | 9,008 |   |   | 6,802 |   |
| Bank                  premises and equipment depreciation              |   |                                                                                                                                                                      | 16,773  |   |   | 19,218 |   |   | 15,810 |   |   | 29,230 |   |   | 23,735 |   |
| Amortization                  of organization and development expenses |   |                                                                                                                                                                      | 13,595  |   |   | 12,588 |   |   | 12,068 |   |   | 13,263 |   |   | 12,290 |   |
| Maintenance,                  conservation and repair expenses         |   |                                                                                                                                                                      | 11,504  |   |   | 17,649 |   |   | 12,479 |   |   | 25,209 |   |   | 21,881 |   |
| Security                  services                                     |   |                                                                                                                                                                      | 10,086  |   |   | 16,366 |   |   | 11,278 |   |   | 25,003 |   |   | 20,855 |   |
| Electric                  power and communications                     |   |                                                                                                                                                                      | 9,206   |   |   | 17,164 |   |   | 10,961 |   |   | 22,912 |   |   | 18,091 |   |
| Lease                  payments                                        |   |                                                                                                                                                                      | 4,514   |   |   | 9,889 |   |   | 4,726 |   |   | 14,123 |   |   | 12,127 |   |
| Insurance                                                              |   |                                                                                                                                                                      | 4,079   |   |   | 3,973 |   |   | 3,097 |   |   | 5,254 |   |   | 4,663 |   |
| Stationery                  and office supplies                        |   |                                                                                                                                                                      | 3,837   |   |   | 7,979 |   |   | 5,905 |   |   | 9,046 |   |   | 7,900 |   |
| Other                                                                  |   |                                                                                                                                                                      | 10,732  |   |   | 14,657 |   |   | 9,878 |   |   | 17,173 |   |   | 16,202 |   |
| Total                  administrative expenses                         |   |                                                                                                                                                                      | 254,936 |   |   | 443,026 |   |   | 306,757 |   |   | 652,457 |   |   | 552,376 |   |

*2006        and 2005.*

*2005        and 2004*

**Net        other income**

**Income        tax**

----

**B.        Liquidity and Capital Resources**

**Minimum        capital requirements**

|                                                                                                                       |   | **As                  of December 31,**                                                         |      |
|----------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------|-----------|
|                                                                                                                       |   | **2004**                                                                                        |      | **2005** |   | **2006** |   |
|                                                                                                                       |   | **(in                  thousands of pesos, except****ratios                  and percentages)** |      |
| **Calculation                  of excess capital:**                                                                        |   |                                                                                            |      |   |   |   |   |
| Allocated                  to assets at risk                                                                               |   |                                                                                            | 165,757   |   |   | 251,394 |   |   | 549,882 |   |
| Allocated                  to Bank premises and equipment, intangible assets and equity investment                  assets |   |                                                                                            | 47,309    |   |   | 64,247 |   |   | 81,647 |   |
| Market                  risk(1)                                                                                            |   |                                                                                            | 19,607    |   |   | 21,011 |   |   | 60,547 |   |
| Interest                  rate risk                                                                                        |   |                                                                                            | 7,034     |   |   | 15,136 |   |   | 16,371 |   |
| Public                  sector and securities in investment account                                                        |   |                                                                                            | 11,073    |   |   | 14,296 |   |   | 19,746 |   |
| Incremental                  requirement                                                                                   |   |                                                                                            | ―   |   |   | ― |   |   | 13,328 |   |
| **Required                  minimum capital under Central Bank Rules**                                                     |   |                                                                                            | 250,780   |   |   | 366,084 |   |   | 741,521 |   |
| Basic                  net worth                                                                                           |   |                                                                                            | 1,064,325 |   |   | 1,226,908 |   |   | 2,426,351 |   |
| Complementary                  net worth                                                                                   |   |                                                                                            | 186,093   |   |   | 243,124 |   |   | 383,040 |   |
| Deductions                                                                                                                 |   |                                                                                            | 110,819   |   |   | 21,638 |   |   | (153,115 | ) |
| **Total                  capital under Central Bank Rules**                                                                |   |                                                                                            | 1,361,237 |   |   | 1,491,670 |   |   | 2,656,276 |   |
| Excess                  capital                                                                                            |   |                                                                                            | 1,110,457 |   |   | 1,125,586 |   |   | 1,914,755 |   |
|                                                                                                                       |   |                                                                                            |      |   |   |   |   |   |   |   |
| **Selected                  capital and liquidity ratios:**                                                                |   |                                                                                            |      |   |   |   |   |   |   |   |
| Regulatory                  capital/risk weighted assets                                                                   |   |                                                                                            | 35.71     | % |   | 31.03 | % |   | 31.31 | % |
| Average                  shareholders’ equity as a percentage of average total                  assets               |   |                                                                                            | 20.67     | % |   | 14.25 | % |   | 16.24 | % |
| Total                  liabilities as a multiple of total stockholders’ equity                                       |   |                                                                                            | 6.00      | x |   | 5.37 | x |   | 5.27 | x |
| Cash                  as a percentage of total deposits                                                                    |   |                                                                                            | 25.80     | % |   | 18.11 | % |   | 26.08 | % |
| Liquid                  assets as a percentage of total deposits(2)                                                        |   |                                                                                            | 53.69     | % |   | 58.65 | % |   | 61,92 | % |
| Loans                  as a percentage of total assets                                                                     |   |                                                                                            | 32.68     | % |   | 36.12 | % |   | 45.00 | % |

----

| *(1)* | *Average                  variance for December.* |
|-------|---------------------------------------------------|

| *(2)* | *Liquid                  assets include cash, LEBACs, NOBACs, and interbank loans. Since                  2004, we                  include overnight loans to highly rated                  companies.* |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Funding**

|                                                                                                     |   | **As                  of December 31**       |      |
|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------|-----------|
|                                                                                                     |   | **2004**                                     |      | **2005** |   | **2006** |   |
|                                                                                                     |   | **(in                  thousands of pesos)** |      |
| **Deposits**                                                                                             |   |                                         |      |   |   |   |   |
| From                  the non-financial public sector                                                    |   |                                         | 809,764   |   |   | 822,687 |   |   | 1,295,630 |   |
| From                  the financial sector                                                               |   |                                         | 4,445     |   |   | 5,208 |   |   | 5,078 |   |
| From                  the non-financial private sector and residents abroad                              |   |                                         |      |   |   |   |   |   |   |   |
| Checking                  accounts                                                                       |   |                                         | 844,969   |   |   | 1,036,175 |   |   | 1,876,232 |   |
| Savings                  accounts                                                                        |   |                                         | 729,234   |   |   | 1,100,633 |   |   | 2,097,362 |   |
| Time                  deposits                                                                           |   |                                         | 2,588,546 |   |   | 3,222,011 |   |   | 4,380,981 |   |
| Investment                  accounts(1)                                                                  |   |                                         | 48,598    |   |   | 29,826 |   |   | 18,836 |   |
| Other(2)(3)                                                                                              |   |                                         | 225,891   |   |   | 292,767 |   |   | 360,195 |   |
| Accrued                  interest, adjustments and foreign exchange differences                  payable |   |                                         | 67,550    |   |   | 56,019 |   |   | 36,703 |   |
| **Borrowing                  from Central Bank and financial institutions**                              |   |                                         |      |   |   |   |   |   |   |   |
| Central                  Bank                                                                            |   |                                         |      |   |   |   |   |   |   |   |
| for                  liquidity support(4)                                                                |   |                                         | 266,746   |   |   | — |   |   | — |   |
| Other(5)                                                                                                 |   |                                         | 235,621   |   |   | 217,511 |   |   | 386,089 |   |
| Banks                  and international institutions                                                    |   |                                         | 14,898    |   |   | 158,544 |   |   | 182,405 |   |
| Financing                  received from Argentine financial institutions                                |   |                                         | 70,262    |   |   | 42,259 |   |   | 68,158 |   |
| Other-liability                  for future subscription of BODEN 2012                                   |   |                                         | 204,634   |   |   |  — |   |   | — |   |
| **Subordinated                  corporate bonds**                                                        |   |                                         | 16,416    |   |   | 12,047 |   |   | 507,844 |   |
| **Shareholders’                  equity**                                                          |   |                                         | 1,257,302 |   |   | 1,489,574 |   |   | 2,314,977 |   |
| **Total                  funding**                                                                       |   |                                         | 7,384,876 |   |   | 8,485,261 |   |   | 13,530,490 |   |

----

| *(1)* | *Time                  deposits prepayable at the option of the depositor.* |
|-------|-----------------------------------------------------------------------------|

|   |   |
|--------|--------|
| *(2)* | *As                  of December 31, 2004 and 2005, deposits include Ps.245.7 million                  and                  Ps.88.1 million, respectively, for                  CEDROs.* |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
| *(3)* | *Primarily                  includes CEDROs, expired time deposits, and judicial                  deposits.* |
|-------|--------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
| *(4)* | *On                  February 2, 2005, Nuevo Banco Suquía repaid the credit                  lines.* |
|-------|-----------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
| *(5)* | *For                  2004 and 2005 represents amounts borrowed by Nuevo Banco Suquía from the                  Central Bank to purchase bonds to deliver to depositors in exchange                  for                  their CEDROs. For 2006 also includes amounts attributable to Nuevo                  Banco                  Bisel.* |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Critical        accounting policies **

----

**Loan        loss reserve**

----

**Credit        card loans**

**Impaired        loans—nonfinancial private sector and residents abroad**

**Interest        recognition—non-accrual loans**

**Certain        assets receivable from the government sector**

**Guaranteed        loans**

**Secured        bonds**

----

**Income        tax**

----

**Business        combination**

**C.        Research and Development, Patents and Licenses, Etc.**

**D.        Trend Information**

|   | · | The                  use of bank services by state and private employees and retirees                  through                  the opening of savings accounts. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Granting                  of personal loans to state and private employees and                  retirees. |
|--------|--------|-----------------------------------------------------------------------------------------------------------|

|   | · | The                  delivery of limited-risk credit cards as a result of diversification                  and                  the automatic debit of the minimum account payment. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Marketing                  of other types of services, such as insurance, interbank transfers,                  service payments, etc. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Creating                  an excellent source of resources with very low volatility and                  costs. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------|

|   | · | Expanding                  the portfolio related to loans distributed among a significant                  number of                  people, the risk in this type of financing being relatively                  low. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Applying                  the market’s lowest rates in personal loans and credit cards, thus                  enabling the systematic growth of loan                  stock. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Fixing                  strategic agreements with companies to allow the bank to place                  commercial                  loans in companies with profitable projects and growth prospects,                  and                  providing new individuals’ accounts simultaneously to allow them to                  receive their salaries. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**E.**
**Off-Balance        Sheet Arrangements**

**F.        CONTRACTUAL OBLIGATIONS**

|                                                                      |   | **Payments                  due by period**  |      |
|---------------------------------------------------------------------------|--------|---------------------------------------------------|-----------|
|                                                                 |   |  **Total**                              |      | **Less                  than****1                  year**  |   |  **1-3                  years**  |   |  **3-5                  years**  |   | **After****5                  years**  |   |
|                                                                      |   | **(in                  thousands of pesos)**      |      |
| Central                  Bank                                             |   |                                              | 386,089   |   |   | 69,063 |   |   | 126,811 |   |   | 126,811 |   |   | 63,404 |   |
| Banks                  and international organizations                    |   |                                              | 182,405   |   |   | 28,930 |   |   | 153,475 |   |   | - |   |   | - |   |
| Financing                  received from Argentine financial institutions |   |                                              | 68,158    |   |   | 27,721 |   |   | 4,630 |   |   | 6,527 |   |   | 29,280 |   |
| Other                                                                     |   |                                              | 250,096   |   |   | 250,096 |   |   | - |   |   | - |   |   | - |   |
| Subordinated                  corporate bonds                             |   |                                              | 507,844   |   |   | 45,150 |   |   | 1,512 |   |   | 758 |   |   | 460,424 |   |
| Total                  contractual cash obligations                       |   |                                              | 1,394,592 |   |   | 420,960 |   |   | 286,428 |   |   | 134,096 |   |   | 553,108 |   |
| **Commercial                  commitments**                               |   |                                              |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Lines                  of credit                                          |   |                                              | 9,120     |   |   | 1,889 |   |   | 7,231 |   |   | - |   |   | - |   |
| Guarantees                                                                |   |                                              | 467,254   |   |   | 90,358 |   |   | 229,324 |   |   | 80,881 |   |   | 66,691 |   |
| Standby                  letters of credit                                |   |                                              | 91,607    |   |   | 27,587 |   |   | 63,018 |   |   | 241 |   |   | 761 |   |
| Total                  commercial commitments                             |   |                                              | 567,981   |   |   | 119,834 |   |   | 299,573 |   |   | 81,122 |   |   | 67,452 |   |

**G.        Recent Developments**

**Acquisitions        of Nuevo Banco Bisel and merger of Nuevo Banco Suquía**

**Dividends**

**Ordinary        and extraordinary shareholders ́ meeting**

----

**Directors**

**Supervisory        Committee **

**New        Debt**

**Item        6. Directors, Senior Management and Employees**

**A.        Directors and Senior Management**

**DUTIES        AND LIABILITIES OF DIRECTORS**

----

**BOARD        OF DIRECTORS **

|  **Name**                                       |   |  **Position**                  |   |  **Age** |   | **Year                  First****Appointed** |   | **Year                  of Expiration of Term** |
|------------------------------------------------------|--------|-------------------------------------|--------|---------------|--------|----------------------------------------------|--------|-------------------------------------------------|
| Jorge                  Horacio Brito                 |   | Chairman                            |   | 54            |   | 2002                                         |   | 2008                                            |
| Delfín                  Jorge Ezequiel Carballo |   | Vice                  Chairman      |   | 54            |   | 2002                                         |   | 2008                                            |
| Jorge                  Pablo Brito                   |   | Director                            |   | 26            |   | 2002                                         |   | 2008                                            |
| Juan                  Pablo Brito Devoto             |   | Director                            |   | 46            |   | 2002                                         |   | 2007                                            |
| Roberto                  Julio Eilbaum               |   | Director                            |   | 62            |   | 2002                                         |   | 2007                                            |
| Luis                  Carlos Cerolini                |   | Director                            |   | 52            |   | 2002                                         |   | 2007                                            |
| Fernando                  Andrés Sansuste       |   | Director                            |   | 54            |   | 2002                                         |   | 2006                                            |
| Carlos                  Enrique Videla               |   | Director                            |   | 61            |   | 2002                                         |   | 2006                                            |
| Alejandro                  Macfarlane                |   | Director                            |   | 41            |   | 2006                                         |   | 2006                                            |
| Guillermo                  Eduardo Stanley           |   | Director                            |   | 58            |   | 2006                                         |   | 2006                                            |
| Mario                  Eduardo Bartolomé        |   | Alternate                  director |   | 61            |   | 2004                                         |   | 2008                                            |
| Ernesto                  Eduardo Medina              |   | Alternate                  director |   | 39            |   | 2002                                         |   | 2008                                            |

|  **Name**                                             |   |  **Position**                  |   |  **Age** |   | **Year                  First****Appointed** |   | **Year                  of Expiration of Term** |
|------------------------------------------------------------|--------|-------------------------------------|--------|---------------|--------|----------------------------------------------|--------|-------------------------------------------------|
| Jorge                  Horacio Brito                       |   | Chairman                            |   | 54            |   | 2002                                         |   | 2008                                            |
| Delfín                  Jorge Ezequiel Carballo       |   | Vice                  Chairman      |   | 54            |   | 2002                                         |   | 2008                                            |
| Jorge                  Pablo Brito                         |   | Director                            |   | 26            |   | 2002                                         |   | 2008                                            |
| Juan                  Pablo Brito Devoto                   |   | Director                            |   | 46            |   | 2002                                         |   | 2007                                            |
| Roberto                  Julio Eilbaum                     |   | Director                            |   | 62            |   | 2002                                         |   | 2007                                            |
| Luis                  Carlos Cerolini                      |   | Director                            |   | 52            |   | 2002                                         |   | 2007                                            |
| Carlos                  Enrique Videla                     |   | Director                            |   | 61            |   | 2002                                         |   | 2009                                            |
| Alejandro                  Macfarlane                      |   | Director                            |   | 41            |   | 2005                                         |   | 2009                                            |
| Guillermo                  Eduardo Stanley                 |   | Director                            |   | 59            |   | 2006                                         |   | 2009                                            |
| Constanza                  Brito (*)                       |   | Director                            |   | 25            |   | 2007                                         |   | 2009                                            |
| Mario                  Eduardo Bartolomé              |   | Alternate                  director |   | 61            |   | 2004                                         |   | 2008                                            |
| Ernesto                  Eduardo Medina                    |   | Alternate                  director |   | 39            |   | 2002                                         |   | 2008                                            |
| Marcos                  Brito (*)                          |   | Alternate                  director |   | 24            |   | 2007                                         |   | 2008                                            |
| Fernando                  Raúl García Pulles (*) |   | Alternate                  director |   | 52            |   | 2007                                         |   | 2008                                            |

***(*)        It is pending the approval of the appointment by the Central        Bank***

----

**SENIOR        MANAGEMENT**

| **Names**                                                   |   | **Position**                                                                                              |   | **Age** |   | **Year                  First Appointed** |
|-------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|--------|---------|--------|-------------------------------------------|
| Jorge                  Horacio Brito                        |   | Chief                  Executive Officer                                                                  |   | 54      |   | 2002                                      |
| Delfín                  Jorge Ezequiel Carballo        |   | Chief                  Financial Officer                                                                  |   | 54      |   | 2002                                      |
| Juan                  Pablo Brito Devoto                    |   | Chief                  accounting officer                                                                 |   | 46      |   | 2002                                      |
| Jorge                  Pablo Brito                     |   | Coordinator                  of the Executive Committee                                                   |   | 27      |   | 2006                                      |
| Guillermo                  Goldberg                    |   | Assistant                  general manager                                                                |   | 49      |   | 2005                                      |
| Jorge                  Francisco Scarinci                   |   | Head                  of investor relations and finance manager                                           |   | 36      |   | 2006                                      |
| Julia                  Inés Carreras                   |   | Systems                  and technology manager                                                           |   | 55      |   | 2005                                      |
| Eduardo                  Roque Covello                      |   | Operational                  manager                                                                      |   | 49      |   | 2006                                      |
| Alejandro                  Becka                            |   | Credit                  risk manager                                                                      |   | 36      |   | 2004                                      |
| Mario                  Bartolomé                       |   | Administration                  manager                                                                   |   | 61      |   | 2002                                      |
| Cármen                  Esther Estévez            |   | Internal                  audit manager                                                                   |   | 49      |   | 2002                                      |
| Ana                  M. M. Marcet                           |   | Credit                  portfolio manager                                                                 |   | 44      |   | 2002                                      |
| Horacio                  Sistac                             |   | Corporate                  banking manager                                                                |   | 50      |   | 2005                                      |
| Miguel                  Gurfinkiel                          |   | Government                  portfolio manager                                                             |   | 56      |   | 2006                                      |
| Brian                  Anthony                              |   | Branch                  network manager                                                                   |   | 33      |   | 2005                                      |
| Milagro                  Medrano                            |   | Planning                  and management control manager/Institutional relations                  manager |   | 30      |   | 2002                                      |
| María                  Begoña Pérez de Solay |   | Retail                  banking manager                                                                   |   | 35      |   | 2002                                      |
| Francisco                  Martín Sguera               |   | Legal                  manager                                                                            |   | 34      |   | 2005                                      |
| Daniel                  Hugo Violatti                       |   | Accountancy                  and Tax manager                                                              |   | 44      |   | 2003                                      |
| Constanza                  Brito                            |   | Human                  Resources manager                                                                  |   | 25      |   | 2005                                      |

----

| **Names**                                                   |   | **Position**                                                                                              |   | **Age** |   | **Year                  First Appointed** |
|-------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|--------|---------|--------|-------------------------------------------|
| Jorge                  Horacio Brito                        |   | Chief                  Executive Officer                                                                  |   | 54      |   | 2002                                      |
| Delfín                  Jorge Ezequiel Carballo        |   | Chief                  Financial Officer                                                                  |   | 54      |   | 2002                                      |
| Juan                  Pablo Brito Devoto                    |   | Chief                  accounting officer                                                                 |   | 47      |   | 2002                                      |
| Jorge                  Pablo Brito                     |   | Coordinator                  of the Executive Committee                                                   |   | 27      |   | 2006                                      |
| Guillermo                  Goldberg                    |   | Assistant                  general manager                                                                |   | 50      |   | 2005                                      |
| Jorge                  Francisco Scarinci                   |   | Head                  of investor relations and finance manager                                           |   | 37      |   | 2006                                      |
| Julia                  Inés Carreras                   |   | Systems                  and technology manager                                                           |   | 56      |   | 2005                                      |
| Eduardo                  Roque Covello                      |   | Operational                  manager                                                                      |   | 50      |   | 2007                                      |
| Máximo                  Lanusse                        |   | Administration                  manager                                                                   |   | 33      |   | 2007                                      |
| Cármen                  Esther Estévez            |   | Internal                  audit manager                                                                   |   | 50      |   | 2002                                      |
| Ana                  M. M. Marcet                           |   | Credit                  portfolio manager                                                                 |   | 46      |   | 2002                                      |
| Horacio                  Sistac                             |   | Corporate                  banking manager                                                                |   | 51      |   | 2005                                      |
| Miguel                  Gurfinkiel                          |   | Government                  portfolio manager                                                             |   | 56      |   | 2006                                      |
| Brian                  Anthony                              |   | Branch                  network manager                                                                   |   | 34      |   | 2005                                      |
| Milagro                  Medrano                            |   | Planning                  and management control manager/Institutional relations                  manager |   | 30      |   | 2002                                      |
| María                  Begoña Pérez de Solay |   | Retail                  banking manager                                                                   |   | 36      |   | 2002                                      |
| Francisco                  Martín Sguera               |   | Legal                  manager                                                                            |   | 34      |   | 2005                                      |
| Daniel                  Hugo Violatti                       |   | Accountancy                  and Tax manager                                                              |   | 45      |   | 2003                                      |
| Constanza                  Brito                            |   | Human                  Resources manager                                                                  |   | 25      |   | 2005                                      |

*Asociación        de Bancos Argentinos*
*ADEBA*
* *
*Asociación        de Bancos Públicos y Privados de la Argentina*
*ABAPPRA*
*Nuevo        Banco Suquía*
*        Nuevo Banco Bisel, Banco del Tucumán, Sud Inversiones y Análisis        S.A.*
*Macro        Securities S.A. Sociedad de Bolsa*
*Banco        del Tucumán *
*Inversora        Juramento S.A.*
*Repsol        Y.P.F.*

*Nuevo        Banco Suquía*
*        NuevoBanco Bisel, Inversora Juramento S.A.*
*Sud        Inversiones y Análisis S.A.*
*Macro        Securities S.A. Sociedad de Bolsa *
*        Banco del Tucumán*

*Nuevo        Banco Suquía*
*Banco        del Tucumán, Nuevo Banco Bisel, Macro Valores S.A.*
*Sud        Inversiones y Análisis S.A, and Red Innova Administradora de Fondos        S.A..*

*Nuevo        Banco Suquía*
*Banco        del Tucumán*
*Nuevo        Banco Bisel, Macro Securities S.A. Sociedad de Bolsa*
*Inversora        Juramento S.A.*
*Macro        Valores S.A. *
*Macro        Warrants S.A. and Red Innova Administradora de Fondos S.A.*

----

*Nuevo        Banco Suquía*
*        Macro Warrants S.A.*
*Sud        Inversiones y Análisis S.A. *

*Nuevo        Banco Suquía and Nuevo Banco Bisel*
*.*

*Nuevo        Banco Suquía and Nuevo Banco Bisel.*

*Nuevo        Banco Bisel*
*Macro        Securities S.A. Sociedad de Bolsa*
*        MAE*
*Argenclear        S.A. *

----

----

**B.          **
**Compensation**

**C.          Board Practices**

**Corporate          Governance**

**Independence          of the members of the board of directors and the supervisory          committee**

----

**Supervisory          committee**

*sociedad          anónima*

| **Name**                                    |   | **Position**                        |   | **Age** |   | **Year                    of****Appointment** |   | **Current****Term                    Ends** |
|---------------------------------------------|--------|-------------------------------------|--------|---------|--------|-----------------------------------------------|--------|---------------------------------------------|
| Ladislao                    Szekely         |   | Syndic                              |   | 53      |   | 2006                                          |   | April                    2007               |
| Santiago                    Marcelo Maidana |   | Syndic                              |   | 76      |   | 2006                                          |   | April                    2007               |
| Herman                    Fernando Aner     |   | Syndic                              |   | 52      |   | 2006                                          |   | April                    2007               |
| Alejandro                    Almarza        |   | Alternate                    syndic |   | 48      |   | 2006                                          |   | April                    2007               |
| Horacio                    Della Rocca      |   | Alternate                    syndic |   | 53      |   | 2006                                          |   | April                    2007               |
| Alejandro                    Carlos Piazza  |   | Alternate                    syndic |   | 52      |   | 2006                                          |   | April                    2007               |

|  **Name**                              |   | **Position**                        |   | **Age** |   | **Year                    of****Appointment** |   | **Current****Term                    Ends** |
|---------------------------------------------|--------|-------------------------------------|--------|---------|--------|-----------------------------------------------|--------|---------------------------------------------|
| Ladislao                    Szekely         |   | Syndic                              |   | 53      |   | 2007                                          |   | April                    2008               |
| Santiago                    Marcelo Maidana |   | Syndic                              |   | 77      |   | 2007                                          |   | April                    2008               |
| Herman                    Fernando Aner     |   | Syndic                              |   | 52      |   | 2007                                          |   | April                    2008               |
| Alejandro                    Almarza        |   | Alternate                    syndic |   | 49      |   | 2007                                          |   | April                    2008               |
| Horacio                    Della Rocca      |   | Alternate                    syndic |   | 53      |   | 2007                                          |   | April                    2008               |
| Alejandro                    Carlos Piazza  |   | Alternate                    syndic |   | 52      |   | 2007                                          |   | April                    2008               |

*Nuevo          Banco Suquía*
*          Macro Securities S.A. Sociedad de Bolsa *
*Sud          Inversiones y Análisis S.A. *

----

*Nuevo          Banco Suquía*
*          Macro Securities S.A. Sociedad de Bolsa *
*Sud          Inversiones y Análisis S.A. *

*Nuevo          Banco Suquía*
*Macro          Securities S.A. Sociedad de Bolsa*
*Macro          Valores S.A.*
*Sud          Inversiones y Análisis S.A.*

**Audit          committee**

| **Name**                                         |   | **Position**                        |   | **Age** |   | **Year                    of****Appointment** |   | **Status**  |
|--------------------------------------------------|--------|-------------------------------------|--------|---------|--------|-----------------------------------------------|--------|-------------|
| Fernando                    Andrés Sansuste |   | Chairman                            |   | 54      |   | 2006                                          |   | Independent |
| Carlos                    Enrique Videla         |   | Vice                    Chairman    |   | 62      |   | 2006                                          |   | Independent |
| Alejandro                    Macfarlane          |   | Member                              |   | 41      |   | 2006                                          |   | Independent |
| Hugo                    Raúl Garnero        |   | Alternate                    Member |   | 60      |   | 2006                                          |   | Independent |

----

|  **Name**                                           |   |  **Position**                  |   |  **Age** |   | **Year                    of****Appointment** |   |  **Status** |
|----------------------------------------------------------|--------|-------------------------------------|--------|---------------|--------|-----------------------------------------------|--------|------------------|
| Carlos                    Enrique Videla                 |   | Chairman                            |   | 62            |   | 2007                                          |   | Independent      |
| Alejandro                    Macfarlane                  |   | Vice                    Chairman    |   | 41            |   | 2007                                          |   | Independent      |
| Guillermo                    Eduardo Stanley             |   | Member                              |   | 59            |   | 2007                                          |   | Independent      |
| Fernando                    Raúl García Pulles |   | Alternate                    Member |   | 52            |   | 2007                                          |   | Independent      |

**Committees          reporting to the board of directors and to the CEO and the          CFO**

*Internal          audit committee.*

| **Name**                                   |   | **Position**                              |
|--------------------------------------------|--------|-------------------------------------------|
| Juan                    Pablo Brito Devoto |   | Director                                  |
| Carlos                    Enrique Videla   |   | Director                    (Independent) |
| Carmen                    Estévez     |   | Internal                    audit manager |

| **Name**                                   |   | **Position**                              |
|--------------------------------------------|--------|-------------------------------------------|
| Juan                    Pablo Brito Devoto |   | Director                                  |
| Jorge                    Pablo Brito       |   | Director                                  |
| Carlos                    Enrique Videla   |   | Director                    (Independent) |
| Carmen                    Estévez     |   | Internal                    audit manager |

*Systems          and operations committee.*

| **Name**                                                      |   | **Position**                                                  |
|---------------------------------------------------------------|--------|---------------------------------------------------------------|
| Jorge                    Pablo Brito                          |   | Director                                                      |
| Juan                    Pablo Brito Devoto                    |   | Director                                                      |
| Guillermo                    Goldberg                         |   | Deputy                    general manager                     |
| Julia                    Inés Carreras                   |   | Systems                    and technology manager             |
| Eduardo                    Covello                       |   | Operations                    manager                         |
| Brian                    Anthony                              |   | Branch                    network manager                     |
| Milagro                    Medrano                            |   | Planning                    and management control manager    |
| María                    Begoña Pérez de Solay |   | Retail                    banking manager                     |
| Daniel                    Hugo Violatti                       |   | Accountancy                    manager                        |
| Juan                    Jose Díaz                        |   | Systems                    Development Manager                |
| Guillermo                    Powell                           |   | Technolgoy                    & IT  Support Manager  |
| Silvia                    Daniele                             |   | Organization                    & Methods Manager         |
| Julio                    De Arteaga                           |   | Attached                    to the General Managemnent        |
| Leandro                    Fernández Insausti            |   | Head                    of Centralized Operating Coordination |
| Leonardo                    Ferreiro                          |   | Software                    Engineering Manager               |

----

*Senior          credit committee.*

| **Name**                                               |   | **Position**                     |
|--------------------------------------------------------|--------|----------------------------------|
| Jorge                    Horacio Brito                 |   | Chairman                         |
| Delfín                    Jorge Ezequiel Carballo |   | Vice                    Chairman |
| Jorge                    Pablo Brito                   |   | Director                         |

*Executive          committee*

| **Name**                                               |   | **Position**                                              |
|--------------------------------------------------------|--------|-----------------------------------------------------------|
| Jorge                    Horacio Brito                 |   | Chairman                                                  |
| Jorge                    Pablo Brito                   |   | Coordinator                    of the Executive Committee |
| Delfín                    Jorge Ezequiel Carballo |   | Member                                                    |

**D.          Employees**

|                                                                                                            |   | **As                    of December 31,** |   |
|------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|--------|
| **Employees**                                                                                              |   | **2004**                                  |   | **2005** |   | **2006** |   |
| Headquarters                                                                                               |   |                                      | 1,594  |   |   | 1,782 |   |   | 2,553 |   |
| Branches                                                                                                   |   |                                      | 3,178  |   |   | 3,272 |   |   | 5,032 |   |
| Total                                                                                                      |   |                                      | 4,772  |   |   | 5,054 |   |   | 7,585 | (1) |
|                                                                                                       |
| (1)                    Includes 2,474 from Banco del Tucumán and Nuevo Banco                    Bisel |

----

**E.          Share Ownership**

|  **Shareholder                    Name**          |   | **Number                    of****shares                    owned** |        | **Percentage                    of****capital                    stock(%)** |   | **Percentage                    of****Voting                    rights(%)** |   |
|--------------------------------------------------------|--------|---------------------------------------------------------------------|-------------|-----------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|--------|
| Jorge                    Horacio Brito                 |   |                                                                | 135,493,800 |                                                                        |   | 19.81                                                                       | %      |   | 21.49 | % |
| Delfín                    Jorge Ezequiel Carballo |   |                                                                | 121,172,778 |                                                                        |   | 17.72                                                                       | %      |   | 19.31 | % |
| Juan                    Pablo Brito Devoto             |   |                                                                | 691,999     |                                                                        |   | 0.10                                                                        | %      |   | 0.25 | % |
| Carlos                    Enrique Videla               |   |                                                                | 5,874       |                                                                        |   | 0.00                                                                        | %      |   | 0.00 | % |
| Fernando                    Andrés Sansuste       |   |                                                                | 76          |                                                                        |   | 0.00                                                                        | %      |   | 0.00 | % |
| **Total**                                              |   |                                                                | 257,364,527 |                                                                        |   | 37.63                                                                       | %      |   | 41.05 | % |

|  **Shareholder                    Name**          |   | **Number                    of****shares                    owned** |        | **Percentage                    of****capital                    stock(%)** |   | **Percentage                    of****Voting                    rights(%)** |   |
|--------------------------------------------------------|--------|---------------------------------------------------------------------|-------------|-----------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|--------|
| Jorge                    Horacio Brito       |   |                                                                | 129,029,653 |                                                                        |   | 18.87                                                                       | %      |   | 20.61 | % |
| Delfín                    Jorge Ezequiel Carballo |   |                                                                | 114,910,758 |                                                                        |   | 16.80                                                                       | %      |   | 18.45 | % |
| Juan                    Pablo Brito Devoto             |   |                                                                | 691,999     |                                                                        |   | 0.10                                                                        | %      |   | 0.25 | % |
| Luis                    Carlos Cerolini                |   |                                                                | 112,100     |                                                                        |   | 0.02                                                                        | %      |   | 0.02 | % |
| Carlos                    Enrique Videla               |   |                                                                | 5,874       |                                                                        |   | 0.00                                                                        | %      |   | 0.00 | % |
| **Total**                                              |   |                                                                | 244,750,384 |                                                                        |   | 35.79                                                                       | %      |   | 39.33 | % |

**Item          7. Major Shareholders and Related Party Transactions**
** **

| **A.** | **Major                    Shareholders** |
|--------|-------------------------------------------|

----

|  **Shareholder                    Name**          |   | **Number                    of****Class                    A shares owned** |       | **Number                    of****Class                    B shares owned** |   | **Total**   |   | **Percentage                    of****capital                    stock (%)** |        | **Percentage                    of Voting rights (%)** |   |
|--------------------------------------------------------|--------|-----------------------------------------------------------------------------|------------|-----------------------------------------------------------------------------|--------|-------------|--------|------------------------------------------------------------------------------|-------------|--------------------------------------------------------|--------|
| Jorge                    Horacio Brito                 |   |                                                                        | 5,292,143  |                                                                        |   | 130,201,657 |   |                                                                         | 135,493,800 |                                                   |   | 19.81 | % |   | 21.49 | % |
| Delfín                    Jorge Ezequiel Carballo |   |                                                                        | 4,895,416  |                                                                        |   | 116,277,362 |   |                                                                         | 121,172,778 |                                                   |   | 17.72 | % |   | 19.31 | % |
| Other                    Shareholders                  |   |                                                                        | 1,048,111  |                                                                        |   | 426,228,748 |   |                                                                         | 427,276,859 |                                                   |   | 62.47 | % |   | 59.20 | % |
| Total                                                  |   |                                                                        | 11,235,670 |                                                                        |   | 672,707,767 |   |                                                                         | 683,943,437 |                                                   |   | 100.0 | % |   | 100 | % |

|  **Shareholder                    Name**          |   | **Number                    of****Class                    A shares owned** |       | **Number                    of****Class                    B shares owned** |   | **Total**   |   | **Percentage                    of****capital                    stock (%)** |        | **Percentage                      of Voting rights (%)** |   |
|--------------------------------------------------------|--------|-----------------------------------------------------------------------------|------------|-----------------------------------------------------------------------------|--------|-------------|--------|------------------------------------------------------------------------------|-------------|----------------------------------------------------------|--------|
| Jorge                    Horacio Brito                 |   |                                                                        | 5,292,143  |                                                                        |   | 123,737,510 |   |                                                                         | 129,029,653 |                                                     |   | 18.87 | % |   | 20.61 | % |
| Delfín                    Jorge Ezequiel Carballo |   |                                                                        | 4,895,416  |                                                                        |   | 110,015,342 |   |                                                                         | 114,910,758 |                                                     |   | 16.80 | % |   | 18.45 | % |
| Other                    Shareholders                  |   |                                                                        | 1,048,111  |                                                                        |   | 438,954,915 |   |                                                                         | 440,003,026 |                                                     |   | 64.33 | % |   | 60.94 | % |
| Total                                                  |   |                                                                        | 11,235,670 |                                                                        |   | 672,707,767 |   |                                                                         | 683,943,437 |                                                     |   | 100.0 | % |   | 100.0 | % |

| **Date**                             |   | **Capital                    Stock (Ps.)** |   | **Event**                                                              |   | **Controlling                    Shareholders**                   |   |
|--------------------------------------|--------|--------------------------------------------|--------|------------------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|
| June                    30, 2002     |   | 64,410,357                                 |   | Capital                    increase                                    |   | Banco                    Macro S.A. 59.58%                        |   |
|                                 |   |                                       |   |                                                                   |   |                                                              |   |
| January                    31, 2003  |   | 455,242,646                                |   | Capitalization                    of irrevocable capital contributions |   | Banco                    Macro S.A. 81.23%                        |   |
|                                 |   |                                       |   |                                                                   |   |                                                              |   |
| December                    31, 2003 |   | 608,943,437                                |   | Merger                    with Banco Macro S.A.                        |   | Jorge                    H. Brito 30.93%                          |   |
|                                 |   |                                       |   |                                                                   |   | Delfín                    Jorge Ezequiel Carballo 25.73%     |   |
|                                 |   |                                       |   |                                                                   |   | Fernando                    Andrés Sansuste 11.75%           |   |
|                                 |   |                                       |   |                                                                   |   | Juan                    Pablo Brito Devoto 2.12%                  |   |
|                                 |   |                                       |   |                                                                   |   |                                                              |   |
| March                    23, 2006    |   | 683,943,437                                |   | Capital                    Increase                                    |   | Jorge                    H. Brito 18.9%                           |   |
|                                 |   |                                       |   |                                                                   |   | Delfín                    Jorge Ezequiel Carballo 16.7%      |   |
|                                 |   |                                       |   |                                                                   |   | Fernando                    Andrés Sansuste 7.6%             |   |
|                                 |   |                                       |   |                                                                   |   | Juan                    Pablo Brito Devoto 1.3%                   |   |
|                                 |   |                                       |   |                                                                   |   |                                                              |   |
| May                    12, 2006      |   | 683,943,437                                |   | Transference                    of shares                              |   | Jorge                    H. Brito 21.64 %                         |   |
|                                 |   |                                       |   |                                                                   |   | Delfín                    Jorge Ezequiel Carballo 19.56%     |   |
|                                 |   |                                       |   |                                                                   |   | Juan                    Pablo Brito Devoto 1.27%                  |   |
|                                 |   |                                       |   |                                                                   |   |                                                              |   |
| May                    31, 2007      |   | 683,943,437                 |   | Transference                    of shares                              |   | Jorge                    H. Brito 18.87% (1)                      |   |
|                                 |   |                                       |   |                                                                   |   | Delfín                    Jorge Ezequiel Carballo 16.80% (1) |   |
|                                 |   |                                       |   |                                                                   |   | Juan                    Pablo Brito Devoto 0.10% (1)              |   |

**B.          Related party transactions**

----

**C.          Interest of experts and councel**

**Item          8. Financial Information**

**A.          Consolidated Statements and Other Financial Information**

**Legal          Proceedings**

**Dividend          Policy**

*pari          passu*

| **Based                    on financial statements for year ended December                    31,** |   | **Payment                    Dates** |                          | **Dividends                    per Share****(in                    pesos)** |   | **Aggregate                    Dividend Payment****(in                    millions of pesos)** |   |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------------|-------------------------------|-----------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------|--------|
| 2003                                                                                                |   |                                 | July                    2004  |                                                                        |   | 0.10                                                                                           |   |   | 60.9 |   |
| 2004                                                                                                |   |                                 | April                    2005 |                                                                        |   | 0.05                                                                                           |   |   | 30.4 |   |
| 2005                                                                                                |   |                                 | May                    2006   |                                                                        |   | 0.10                                                                                           |   |   | 68.4 |   |
| 2006                                                                                                |   |                                 | May                    2007   |                                                                        |   | 0.15                                                                                           |   |   | 102.6 |   |

----

**Central          Bank and contractual limitations on distribution of          dividends**

|   | (i) | we                    are subject to a liquidation procedure or the mandatory transfer                    of assets                    by the Central Bank in accordance with section 34 or 35 bis of                    the                    Financial Institutions Law; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | we                    are receiving financial assistance from the Central Bank (except                    liquidity                    assistance under the pesification rules pursuant to Decree No.                    739/2003); |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | we                    are not in compliance with or have failed to comply on a timely                    basis with                    our reporting obligations to the Central Bank; or |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | we                    are not in compliance with minimum capital requirements (both                    on an                    individual and consolidated basis) or with minimum cash reserves                    (on                    average). |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Amounts          available for distribution and distribution approval          process**

----

**Legal          reserve requirement**

**B.          Significant Changes**

**Item          9. The Offer and Listing**

**A.          Offer and listing details**

|                               |   | **Ps.                    per Class B Share** |   |
|------------------------------------|--------|----------------------------------------------|--------|
| **Banco                    Macro** |   | **High**                                     |   | **Low** |   |
| **2007:**                          |   |                                         |   |   |   |
| January                            |   |                                         | 10.20  |   |   | 8.95 |   |
| February                           |   |                                         | 12.30  |   |   | 10.00 |   |
| March                              |   |                                         | 11.50  |   |   | 9.15 |   |
| April                              |   |                                         | 11.45  |   |   | 10.55 |   |
| May                                |   |                                         | 11.75  |   |   | 10.60 |   |
| June                               |   |                                         | 11.05  |   |   | 9.80 |   |
|                               |   |                                         |   |   |   |   |   |
| **2006:**                          |   |                                         |   |   |   |   |   |
| 1st                    quarter     |   |                                         | 7.00   |   |   | 5.32 |   |
| 2nd                    quarter     |   |                                         | 7.37   |   |   | 5.75 |   |
| 3rd                    quarter     |   |                                         | 6.65   |   |   | 5.72 |   |
| 4th                    quarter     |   |                                         | 9.51   |   |   | 6.60 |   |
|                               |   |                                         |   |   |   |   |   |
| **2005:**                          |   |                                         |   |   |   |   |   |
| 1st                    quarter     |   |                                         | 4.35   |   |   | 3.47 |   |
| 2nd                    quarter     |   |                                         | 4.28   |   |   | 3.58 |   |
| 3rd                    quarter     |   |                                         | 5.31   |   |   | 3.60 |   |
| 4th                    quarter     |   |                                         | 5.45   |   |   | 4.65 |   |
| December                           |   |                                         | 5.45   |   |   | 4.66 |   |
|                               |   |                                         |   |   |   |   |   |
| **2004:**                          |   |                                         |   |   |   |   |   |
| 1st                    quarter     |   |                                         | 3.69   |   |   | 2.51 |   |
| 2nd                    quarter     |   |                                         | 3.48   |   |   | 2.19 |   |
| 3rd                    quarter     |   |                                         | 3.33   |   |   | 2.68 |   |
| 4th                    quarter     |   |                                         | 3.76   |   |   | 3.12 |   |

----

*Source:          Buenos Aires Stock Exchange Bulletin. *

----

**Banco          Macro**

|                           |   | **Ps.                    per Share** |    |
|--------------------------------|--------|--------------------------------------|---------|
|                           |   | **High**                             |    | **Low** |   |
| **2003:**                      |   |                                 |    |   |   |
| 1st                    quarter |   |                                 | 17.20   |   |   | 16.00 |   |
| 2nd                    quarter |   |                                 | 28.70   |   |   | 20.00 |   |
| 3rd                    quarter |   |                                 | 30.50   |   |   | 26.00 |   |
| 4th                    quarter |   |                                 | 41.30   |   |   | 30.00 |   |
|                           |   |                                 |    |   |   |   |   |
| **2002:**                      |   |                                 |    |   |   |   |   |
| 1st                    quarter |   |                                 | — |   |   | — |   |
| 2nd                    quarter |   |                                 | 4.10    |   |   | 3.40 |   |
| 3rd                    quarter |   |                                 | — |   |   | — |   |
| 4th                    quarter |   |                                 | 17.60   |   |   | 10.00 |   |
|                           |   |                                 |    |   |   |   |   |
| **2001:**                      |   |                                 |    |   |   |   |   |
| 1st                    quarter |   |                                 | 4.25    |   |   | 4.50 |   |
| 2nd                    quarter |   |                                 | 4.00    |   |   | 4.00 |   |
| 3rd                    quarter |   |                                 | 4.00    |   |   | 3.40 |   |
| 4th                    quarter |   |                                 | 3.40    |   |   | 3.40 |   |

----

*Source:          Buenos Aires Stock Exchange Bulletin. *

**Banco          Bansud**

|                           |   | **Ps.                    per****Class B Share** |   |
|--------------------------------|--------|-------------------------------------------------|--------|
|                           |   | **High**                                        |   | **Low** |   |
| **2003:**                      |   |                                            |   |   |   |
| 1st                    quarter |   |                                            | 1.65   |   |   | 1.04 |   |
| 2nd                    quarter |   |                                            | 2.20   |   |   | 1.45 |   |
| 3rd                    quarter |   |                                            | 2.16   |   |   | 1.80 |   |
| 4th                    quarter |   |                                            | 2.99   |   |   | 2.05 |   |
|                           |   |                                            |   |   |   |   |   |
| **2002:**                      |   |                                            |   |   |   |   |   |
| 1st                    quarter |   |                                            | 0.70   |   |   | 0.33 |   |
| 2nd                    quarter |   |                                            | 0.55   |   |   | 0.30 |   |
| 3rd                    quarter |   |                                            | 1.06   |   |   | 0.46 |   |
| 4th                    quarter |   |                                            | 1.74   |   |   | 0.90 |   |
|                           |   |                                            |   |   |   |   |   |
| **2001:**                      |   |                                            |   |   |   |   |   |
| 1st                    quarter |   |                                            | 1.74   |   |   | 0.90 |   |
| 2nd                    quarter |   |                                            | 1.31   |   |   | 0.80 |   |
| 3rd                    quarter |   |                                            | 1.07   |   |   | 0.30 |   |
| 4th                    quarter |   |                                            | 0.54   |   |   | 0.30 |   |

----

*Source:          Buenos Aires Stock Exchange Bulletin. *

|                               |   | **US$.                    per****ADS** |   |
|------------------------------------|--------|----------------------------------------|--------|
| **Banco                    Macro** |   | **High**                               |   | **Low** |   |
| **2007:**                          |   |                                   |   |   |   |
| January                            |   |                                   | 33.70  |   |   | 29.30 |   |
| February                           |   |                                   | 38.66  |   |   | 33.99 |   |
| March                              |   |                                   | 37.47  |   |   | 30.53 |   |
| April                              |   |                                   | 37.90  |   |   | 34.15 |   |
| May                                |   |                                   | 39.00  |   |   | 34.83 |   |
| June                               |   |                                   | 36.30  |   |   | 31.67 |   |
|                               |   |                                   |   |   |   |   |   |
| **2006:**                          |   |                                   |   |   |   |   |   |
| 1st                    quarter     |   |                                   | 23.35  |   |   | 21.60 |   |
| 2nd                    quarter     |   |                                   | 24.69  |   |   | 18.70 |   |
| 3rd                    quarter     |   |                                   | 21.50  |   |   | 18.35 |   |
| 4th                    quarter     |   |                                   | 31.96  |   |   | 21.35 |   |

----

*Source:          Reuters*

----

**B.          Plan of Distribution**

**C.          Markets**

**D.          Selling Shareholders**

**E.          Dilution**

**F.          Expenses of the issue**

**Item          10. Additional Information**

**A.          Share Capital**

**B.          Memorandum and Articles of Association**

**General**

*sociedad          anónima, *
*Sociedades          Anónimas.*

----

**Corporate          purpose**

**Shareholders'          liability**

**Redemption          and rights of withdrawal**

**Preemptive          and accretion rights**

----

**Voting          rights**

**Registration          requirements of foreign companies that hold Class B shares          directly**

**Liquidation          rights**

**Ordinary          and extraordinary meetings**

----

**Notices          of meetings**

**Quorum          and voting requirements**

**Election          of directors**

----

**Anti-takeover          provisions**

**Form          and transfer**

**C.          Material Contracts**

**D.          Exchange controls**

**Exchange          rates**

|                                           |   |   | **Exchange                    Rates(1)** |   |
|------------------------------------------------|--------|--------|------------------------------------------|--------|
|                                           |   |   | **High**                                 |   |   | **Low** |   |   | **Average(2)** |   |   | **Period-end** |   |
| 2002                                           |   |   | 3.8675                                   |   |   | 1.0000 |   |   | 2.9785 |   |   | 3.3630 |   |
| 2003                                           |   |   | 3.3625                                   |   |   | 2.7485 |   |   | 2.9493 |   |   | 2.9330 |   |
| 2004                                           |   |   | 3.0718                                   |   |   | 2.8037 |   |   | 2.9424 |   |   | 2.9738 |   |
| 2005                                           |   |   | 3.0523                                   |   |   | 2.8592 |   |   | 2.9230 |   |   | 3.0315 |   |
| 2006                                           |   |   | 3.1072                                   |   |   | 3.0305 |   |   | 3.0741 |   |   | 3.0695 |   |
| January                    2007                |   |   | 3.1068                                   |   |   | 3.0553 |   |   | 3.0850 |   |   | 3.1063 |   |
| February                    2007               |   |   | 3.1058                                   |   |   | 3.0975 |   |   | 3.1026 |   |   | 3.1010 |   |
| March                    2007                  |   |   | 3.1060                                   |   |   | 3.0963 |   |   | 3.1010 |   |   | 3.1007 |   |
| April                    2007                  |   |   | 3.1008                                   |   |   | 3.0808 |   |   | 3.0891 |   |   | 3.0898 |   |
| May                    2007                    |   |   | 3.0852                                   |   |   | 3.0727 |   |   | 3.0800 |   |   | 3.0785 |   |
| June                  2007                |   |   | 3.0932                                   |   |   | 3.0722 |   |   | 3.0793 |   |   | 3.0908 |   |
| 2007                    through June 2007 |   |   | 3.0996                                   |   |   | 3.0791 |   |   | 3.0895 |   |   | 3.0945 |   |

----

| *(1)* | *Until                    June 2002, asked closing quotations as quoted by Banco de la                    Nación                    Argentina. Since July 2002, the reference exchange rate as published                    by                    the Central Bank.* |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| *(2)* | *Based                    on daily averages.* |
|-------|-----------------------------------------------|

----

**Exchange          controls**

**E.          Taxation **

**Material          U.S. Federal Income Tax Considerations**

|  | · | dealers                    in securities or currencies; |
|--|--------|---------------------------------------------------------|

----

|  | · | insurance                    companies; |
|--|--------|-----------------------------------------|

|  | · | tax-exempt                    organizations; |
|--|--------|----------------------------------------------|

|  | · | traders                    in securities that elect to mark to                    market; |
|--|--------|-------------------------------------------------------------------------------------------|

|  | · | certain                        financial institutions; |
|--|--------|--------------------------------------------------------|

|  | · | partnerships                        or other pass-through                        entities; |
|--|--------|--------------------------------------------------------------------------------------------|

|  | · | holders                    whose functional currency for U.S. federal income tax purposes                    is not the                    U.S. dollar; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | U.S.                    expatriates; |
|--|--------|--------------------------------------|

|  | · | holders                    that hold Class B shares or ADSs as part of a hedge, straddle,                    conversion                    transaction, constructive sale transaction, or other integrated                    transaction; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | holders                    that own, directly, indirectly, or constructively, 10% or more                    of the                    total combined voting power of our                    shares; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | real                    estate investment trusts; or |
|--|--------|------------------------------------------------------|

| · | regulated                    investment companies. |
|--------|----------------------------------------------------|

|  | · | an                    individual who is a citizen or resident of the United                    States; |
|--|--------|--------------------------------------------------------------------------------------------------------|

|  | · | a                    corporation, or any other entity taxable as a corporation, created                    or                    organized in or under the laws of the United States, any state                    thereof, or                    the District of Columbia; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | an                    estate the income of which is subject to U.S. federal income                    taxation                    regardless of its source; or |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | a                    trust if (i) 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 (ii) the trust has a valid election in effect under                    applicable                    Treasury regulations to be treated as a U.S.                    person. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Taxation          of Dividends. *

|   | · | the                    Class B shares generally will be includible in the gross income                    of a U.S.                    holder as ordinary income on the day on which the dividends are                    received                    by the U.S. holder; or |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the                    Class B shares represented by ADSs generally will be includible                    in the                    gross income of a U.S. holder as ordinary income on the day on                    which the                    dividends are received by the depositary; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*pesos          *

*Taxation          of Capital Gains. *

----

*Passive          Foreign Investment Companies. *

----

| (1) | we                    receive a distribution from, or dispose of all or part of our                    interest in,                    the lower-tier PFIC or |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | the                    U.S. holder disposes of all or part of its Class B shares or                    ADSs. A                    mark-to-market election under the PFIC rules with respect to                    shares would                    not apply to a lower-tier PFIC, and a U.S. holder would not be                    able to                    make such a mark-to-market election in respect of its indirect                    ownership                    interest in that lower-tier PFIC. Consequently, U.S. holders                    of shares                    could be subject to the PFIC rules with respect to income of                    the                    lower-tier PFIC the value of which already had been taken into                    account                    indirectly via mark-to-market adjustments. Furthermore, if we                    are                    characterized as a PFIC, a U.S. holder will be required to file                    an IRS                    Form 8621. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Information          Reporting and Backup Withholding.*

**Material          Argentine Tax Considerations**

----

*Dividends          tax. *

*Capital          gains tax. *

|  | · | Resident                    individuals. Pursuant to a reasonable construction of the AITL:                    (i) income                    obtained from the sale, exchange or other disposition of our                    Class B                    shares or ADSs by resident individuals who do not sell or dispose                    of                    Argentine shares on a regular basis would not be subject to Argentine                    income tax; and (ii) although there still exists uncertainty                    regarding                    this issue, income obtained from the sale, exchange or other                    disposition                    of our Class B shares or ADSs by resident individuals who sell                    or dispose                    of Argentine shares on a regular basis should be exempt from                    Argentine                    income tax. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Foreign                    beneficiaries. Capital gains obtained by non-residents or foreign                    entities                    from the sale, exchange or other disposition of our Class B shares                    or ADSs                    are exempt from income tax. Pursuant to a reasonable construction                    of the                    AITL, and although the matter is not completely free from doubt,                    such                    treatment should also apply to those foreign beneficiaries that                    qualify as                    offshore entities. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Local                    entities. Capital gains obtained by Argentine entities (in general,                    entities organized or incorporated under Argentine law, certain                    traders                    and intermediaries, local branches of non-Argentine entities,                    sole                    proprietorships and individuals carrying on certain commercial                    activities                    in Argentina) derived from the sale, exchange or other disposition                    of our                    Class B shares or ADSs are subject to income tax at the rate                    of 35%.                    Losses arising from the sale of our Class B shares or ADSs can                    be offset                    against the same type of income. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Personal          assets tax. *
*valor          patrimonial proporcional*

*Value          added tax. *

*Transfer          taxes. *

*Stamp          taxes. *

*Other          taxes. *

*Tax          treaties. *

----

**F.          Dividends and Paying Agents**

**G.          Statement by Experts**

**H.          Documents on Display**

|   | · | our                    annual reports; and |
|--------|--------|--------------------------------------------|

|   | · | summaries                    of all notices of general meetings of shareholders and other                    reports and                    communications that are made generally available to our shareholders. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**I.          Subsidiary Information**

**Item          11. Quantitative and Qualitative Disclosure About Market          Risk**

*Market          Risk *

----

|                                             |   | **2006** |     |
|--------------------------------------------------|--------|----------|----------|
| **Minimum**                                      |   |     | **21.1** |   |
| **Maximum**                                      |   |     | **60.5** |   |
| **Average**                                      |   |     | **43.2** |   |
| **As                      of December 31, 2006** |   |     | **60.5** |   |

***Interest          Rate Risk***

----

|                                             |   | **2006** |     |
|--------------------------------------------------|--------|----------|----------|
| **Minimum**                                      |   |     | **3.9**  |   |
| **Maximum**                                      |   |     | **71.1** |   |
| **Average**                                      |   |     | **26.3** |   |
| **As                      of December 31, 2006** |   |     | **16.4** |   |

***Foreign          Exchange Risk***

|                                             |   | **2006** |    |
|--------------------------------------------------|--------|----------|---------|
| **Minimum**                                      |   |     | **1.2** |   |
| **Maximum**                                      |   |     | **4.4** |   |
| **Average**                                      |   |     | **2.6** |   |
| **As                      of December 31, 2006** |   |     | **3.1** |   |

***Equity          and Commodity Price Risk***

**Item          12. Description of Securities Other Than Equity Securities**

**PART          II**

**Item          13. Defaults, Dividend Arrearages and Delinquencies**
** **

**Item          14. Material Modifications to the Rights of Security Holders and Use of          Proceeds**

**Item          15. Controls and Procedures**
** **

----

**Item          16A. Audit Committee Financial Expert**
** **

**Item          16B. Code of Ethics**
** **

**Item          16C. Principal Accountant Fees and Services**

***Fees          Paid to the Company’s Principal Accountant***

|                                        |   | **For                    the year ended December 31,** |   |
|---------------------------------------------|--------|-------------------------------------------------------------|--------|
| ***Thousands                    of Pesos*** |   | **2005**                                                    |   | **2006** |   |
|                                        |   |                                                        |   |   |   |
| Audit                    Fees               |   |                                                        | 4,697  |   |   | 6,681 |   |
| Audit                    Related Fees       |   |                                                        | 88     |   |   | 550 |   |
| All                    Other Fees           |   |                                                        | 75     |   |   | 228 |   |
| **Total**                                   |   |                                                        | 4,860  |   |   | 7,459 |   |

***Audit          Fees***

***Audit-Related          Fees***

***All          Other Fees***

**.**

----

***Audit          Committee’s Pre-approval Policies and Procedures***

**Item          16D. Exemptions from the Listing Standards for Audit          Committees**

**Item          16E. Purchases of Equity Securities by the Issuer and Affiliated          Purchasers**

**PART          III**
** **

**Item          17. Financial Statements**

**Item          18. Financial Statements**

**Item          19. Exhibits**

**EXHIBIT          INDEX **

| **Exhibit                    Number** |   | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 1.1*                                  |   | Amended                    and Restated Bylaws of Banco Macro S.A., as amended April 28,                    2006.                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 2.1                                   |   | Deposit                    Agreement among the registrant, The Bank of New York, as depositary,                    and                    the holders from time to time of American depositary shares issued                    thereunder, including the form of American depositary receipts,                    incorporated by reference to the Registration Statement on Form                    F-1, as                    amended, filed by Banco Macro S.A. on March 20, 2006 (File No.                    333-130901). |
|                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 8                                     |   | See                    Note 4.1 to our financial statements for information regarding                    our                    subsidiaries.                                                                                                                                                                                                                                                                                                                                                                                   |
|                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 12.1*                                 |   | Certification                    of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley                    Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                       |
|                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 12.2*                                 |   | Certification                    of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley                    Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                       |
|                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 13.1*                                 |   | Certification                    of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley                    Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                       |
|                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 13.2*                                 |   | Certification                    of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley                    Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                       |

----

----

**SIGNATURE**

|         |                                                                                        |                                          |
|--------------|---------------------------------------------------------------------------------------------|-----------------------------------------------|
|         | BANCO                  MACRO                  S.A.                                          |
|    |                                                                                   |                                     |
|         | By:                                                                               | /s/ Jorge                  Horacio Brito |
|         | Name:                    **Jorge                    Horacio Brito**                         |
|         | Title:                    **Chief                    Executive                    Officer** |

----

**CONSOLIDATED          FINANCIAL STATEMENTS AS OF AND FOR THE THREE YEARS ENDED DECEMBER 31, 2006,          TOGETHER WITH THE REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING          FIRM**

----

**REPORT          OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

|   | PISTRELLI,                        HENRY MARTIN Y ASOCIADOS S.R.L.Member                        of Ernst & Young GlobalNORBERTO                        M. NACUZZIPartner |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Report            of Independent Registered Public Accounting Firm**

----

**BANCO            MACRO S.A. AND SUBSIDIARIES**

**CONSOLIDATED            BALANCE SHEETS**

**AS          OF DECEMBER 31, 2006 AND 2005**

|                                                                                                                                                   |   | **2006** |      | **2005** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|
| **ASSETS**                                                                                                                                             |   |     |      |     |   |
|                                                                                                                                                   |   |     |      |     |   |
| **CASH**                                                                                                                                               |   |     |      |     |   |
| Cash                    on hand                                                                                                                        |   |     | 564,191   |     |   | 346,504 |   |
| Due                    from banks and correspondents                                                                                                   |   |     | 2,062,609 |     |   | 842,518 |   |
| Other                                                                                                                                                  |   |     | 108       |     |   | 107 |   |
|                                                                                                                                                   |   |     | 2,626,908 |     |   | 1,189,129 |   |
|                                                                                                                                                   |   |     |      |     |   |   |   |
| **GOVERNMENT                    AND PRIVATE SECURITIES**                                                                                               |   |     |      |     |   |   |   |
| Holdings                    in investment accounts                                                                                                     |   |     | -         |     |   | 105,416 |   |
| Holdings                    for trading or financial intermediation                                                                                    |   |     | 304,065   |     |   | 164,786 |   |
| Unlisted                    government securities                                                                                                      |   |     | 13,441    |     |   | 198,358 |   |
| Instruments                    issued by the Central Bank of Argentina                                                                                 |   |     | 2,787,019 |     |   | 2,463,102 |   |
| Investments                    in listed private securities                                                                                            |   |     | 118,459   |     |   | 59,902 |   |
| Less:                    Allowances                                                                                                                    |   |     | (29       | )        |   | (512 | ) |
|                                                                                                                                                   |   |     | 3,222,955 |     |   | 2,991,052 |   |
|                                                                                                                                                   |   |     |      |     |   |   |   |
| **LOANS**                                                                                                                                              |   |     |      |     |   |   |   |
| To                    the non-financial government sector                                                                                              |   |     | 774,273   |     |   | 645,342 |   |
| To                    the financial sector                                                                                                             |   |     | 436,930   |     |   | 80,511 |   |
| To                    the non-financial private sector and foreign residents                                                                           |   |     |      |     |   |   |   |
| Overdrafts                                                                                                                                             |   |     | 1,103,270 |     |   | 432,772 |   |
| Documents                                                                                                                                              |   |     | 543,734   |     |   | 433,748 |   |
| Mortgage                    loans                                                                                                                      |   |     | 426,138   |     |   | 298,060 |   |
| Pledged                    loans                                                                                                                       |   |     | 300,949   |     |   | 230,321 |   |
| Personal                    loans                                                                                                                      |   |     | 1,431,105 |     |   | 476,917 |   |
| Credit                    cards                                                                                                                        |   |     | 497,872   |     |   | 241,344 |   |
| Other                                                                                                                                                  |   |     | 1,131,315 |     |   | 779,237 |   |
| Accrued                    interest, adjustments, foreign exchange and quoted price differences                    receivable                          |   |     | 101,744   |     |   | 72,861 |   |
| Less:                    Unposted payments                                                                                                             |   |     | (139      | )        |   | (6,050 | ) |
| Less:                    Unearned discount                                                                                                             |   |     | (11,505   | )        |   | (10,411 | ) |
| Less:                    Allowances                                                                                                                    |   |     | (208,581  | )        |   | (247,532 | ) |
|                                                                                                                                                   |   |     | 6,527,105 |     |   | 3,427,120 |   |
|                                                                                                                                                   |   |     |      |     |   |   |   |
| **OTHER                    RECEIVABLES FROM FINANCIAL INTERMEDIATION**                                                                                 |   |     |      |     |   |   |   |
| Central                    Bank of Argentina                                                                                                           |   |     | 119,954   |     |   | 99,672 |   |
| Amounts                    receivable from spot and forward sales pending settlement                                                                   |   |     | 213,605   |     |   | 395,980 |   |
| Securities                    and foreign currency receivable from spot and forward purchases                    pending                    settlement |   |     | 140,717   |     |   | 236,609 |   |
| Premiums                    on options taken                                                                                                           |   |     | 868       |     |   | 32 |   |
| Unlisted                    corporate bonds                                                                                                            |   |     | 12,661    |     |   | 927 |   |
| Other                    receivables not covered by debtors classification                    regulations                                              |   |     | 557,870   |     |   | 326,658 |   |
| Receivables                    from forward transactions without delivery of underlying                    asset                                       |   |     | 110       |     |   | 6 |   |
| Other                    receivables covered by debtors classification regulations                                                                     |   |     | 47,108    |     |   | 48,516 |   |
| Less:                    Allowances                                                                                                                    |   |     | (178,319  | )        |   | (27,600 | ) |
|                                                                                                                                                   |   |     | 914,574   |     |   | 1,080,800 |   |

----

**(Contd.)**

**BANCO              MACRO S.A. AND SUBSIDIARIES**

**CONSOLIDATED          BALANCE SHEETS**

**AS          OF DECEMBER 31, 2006 AND 2005**

|                                                                               |   | **2006** |       | **2005** |   |
|------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|
| **ASSETS                    SUBJECT TO FINANCIAL LEASES**                          |   |     |       |     |   |
| Assets                    subject to financial leases                              |   |     | 282,129    |     |   | 146,265 |   |
| Less:                    Allowances                                                |   |     | (3,489     | )        |   | (1,470 | ) |
|                                                                               |   |     | 278,640    |     |   | 144,795 |   |
|                                                                               |   |     |       |     |   |   |   |
| **INVESTMENTS                    IN OTHER COMPANIES**                              |   |     |       |     |   |   |   |
| In                    financial institutions                                       |   |     | 429        |     |   | 423 |   |
| Other                                                                              |   |     | 11,116     |     |   | 14,586 |   |
| Less:                    Allowances                                                |   |     | (1,172     | )        |   | (1,304 | ) |
|                                                                               |   |     | 10,373     |     |   | 13,705 |   |
|                                                                               |   |     |       |     |   |   |   |
| **OTHER                    RECEIVABLES**                                           |   |     |       |     |   |   |   |
| Receivables                    from sale of assets                                 |   |     | 26,330     |     |   | 10,747 |   |
| Minimum                    presumed income tax - Tax credit                        |   |     | 47,780     |     |   | 53,593 |   |
| Other                                                                              |   |     | 155,038    |     |   | 114,149 |   |
| Accrued                    interest and adjustments receivable from sale of assets |   |     | 302        |     |   | 11,767 |   |
| Other                    accrued interest and adjustments receivable               |   |     | 66         |     |   | 48 |   |
| Less:                    Allowances                                                |   |     | (36,153    | )        |   | (18,246 | ) |
|                                                                               |   |     | 193,363    |     |   | 172,058 |   |
|                                                                               |   |     |       |     |   |   |   |
| **BANK                    PREMISES AND EQUIPMENT, NET**                            |   |     | 336,251    |     |   | 223,540 |   |
|                                                                               |   |     |       |     |   |   |   |
| **OTHER                    ASSETS**                                                |   |     | 202,765    |     |   | 174,659 |   |
|                                                                               |   |     |       |     |   |   |   |
| **INTANGIBLE                    ASSETS**                                           |   |     |       |     |   |   |   |
| Goodwill                                                                           |   |     | 81,164     |     |   | 1,646 |   |
| Organization                    and development costs, including amparos           |   |     | 110,015    |     |   | 68,445 |   |
|                                                                               |   |     | 191,179    |     |   | 70,091 |   |
|                                                                               |   |     |       |     |   |   |   |
| **ITEMS                    PENDING ALLOCATION**                                    |   |     | 859        |     |   | 873 |   |
|                                                                               |   |     |       |     |   |   |   |
| **TOTAL                    ASSETS**                                                |   |     | 14,504,972 |     |   | 9,487,822 |   |

----

**(Contd.)**

**BANCO            MACRO S.A. AND SUBSIDIARIES**

**CONSOLIDATED          BALANCE SHEETS**

**AS          OF DECEMBER 31, 2006 AND 2005**

|                                                                                                                                                     |   | **2006** |       | **2005** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|
| **LIABILITIES**                                                                                                                                          |   |     |       |     |   |
|                                                                                                                                                     |   |     |       |     |   |
| **DEPOSITS**                                                                                                                                             |   |     |       |     |   |
| From                    the non-financial government sector                                                                                              |   |     | 1,295,630  |     |   | 822,687 |   |
| From                    the financial sector                                                                                                             |   |     | 5,078      |     |   | 5,208 |   |
| From                    the non-financial private sector and foreign residents                                                                           |   |     |       |
| Checking                    accounts                                                                                                                     |   |     | 1,876,232  |     |   | 1,036,175 |   |
| Savings                    accounts                                                                                                                      |   |     | 2,097,362  |     |   | 1,100,633 |   |
| Time                    deposits                                                                                                                         |   |     | 4,380,981  |     |   | 3,222,011 |   |
| Investment                    accounts                                                                                                                   |   |     | 18,836     |     |   | 29,826 |   |
| Other                                                                                                                                                    |   |     | 360,195    |     |   | 292,767 |   |
| Accrued                    interest, adjustments, foreign exchange and quoted price differences                    payable                               |   |     | 36,703     |     |   | 56,019 |   |
|                                                                                                                                                     |   |     | 10,071,017 |     |   | 6,565,326 |   |
|                                                                                                                                                     |   |     |       |     |   |   |   |
| **OTHER                    LIABILITIES FROM FINANCIAL INTERMEDIATION**                                                                                   |   |     |       |     |   |   |   |
| Central                    Bank of Argentina - Other                                                                                                     |   |     | 386,089    |     |   | 206,352 |   |
| Banks                    and international institutions                                                                                                  |   |     | 176,687    |     |   | 154,006 |   |
| Amounts                    payable for spot and forward purchases pending settlement                                                                     |   |     | 132,434    |     |   | 108,682 |   |
| Securities                    and foreign currency to be delivered under spot and forward sales                    pending                    settlement |   |     | 217,066    |     |   | 429,714 |   |
| Premiums                    on options sold                                                                                                              |   |     | 868        |     |   | 18 |   |
| Financing                    received from Argentine financial institutions                                                                              |   |     | 47,982     |     |   | 25,154 |   |
| Payables                    for forward transactions without delivery of underlying                    asset                                             |   |     | -          |     |   | 64 |   |
| Other                                                                                                                                                    |   |     | 250,091    |     |   | 186,371 |   |
| Accrued                    interest, adjustments, foreign exchange and quoted price differences                    payable                               |   |     | 25,899     |     |   | 32,802 |   |
|                                                                                                                                                     |   |     | 1,237,116  |     |   | 1,143,163 |   |
|                                                                                                                                                     |   |     |       |     |   |   |   |
| **OTHER                    LIABILITIES**                                                                                                                 |   |     |       |     |   |   |   |
| Dividends                    payable                                                                                                                     |   |     | 662        |     |   | - |   |
| Profesional                    fees                                                                                                                      |   |     | 9          |     |   | - |   |
| Other                                                                                                                                                    |   |     | 188,260    |     |   | 98,628 |   |
|                                                                                                                                                     |   |     | 188,931    |     |   | 98,628 |   |
|                                                                                                                                                     |   |     |       |     |   |   |   |
| **PROVISIONS**                                                                                                                                           |   |     | 104,870    |     |   | 178,150 |   |
|                                                                                                                                                     |   |     |       |     |   |   |   |
| **SUBORDINATED                    CORPORATE BONDS**                                                                                                      |   |     | 507,844    |     |   | 12,047 |   |
|                                                                                                                                                     |   |     |       |     |   |   |   |
| **ITEMS                    PENDING ALLOCATION**                                                                                                          |   |     | 2,052      |     |   | 854 |   |
|                                                                                                                                                     |   |     |       |     |   |   |   |
| **MINORITY                    INTEREST IN SUBSIDIARIES**                                                                                                 |   |     | 78,165     |     |   | 80 |   |
|                                                                                                                                                     |   |     |       |     |   |   |   |
| **TOTAL                    LIABILITIES**                                                                                                                 |   |     | 12,189,995 |     |   | 7,998,248 |   |
|                                                                                                                                                     |   |     |       |     |   |   |   |
| **SHAREHOLDERS'                    EQUITY**                                                                                                              |   |     | 2,314,977  |     |   | 1,489,574 |   |
|                                                                                                                                                     |   |     |       |     |   |   |   |
| **TOTAL                    LIABILITIES AND SHAREHOLDERS' EQUITY**                                                                                        |   |     | 14,504,972 |     |   | 9,487,822 |   |

----

**(Contd.)**

**BANCO              MACRO S.A. AND SUBSIDIARIES**

**CONSOLIDATED          BALANCE SHEETS**

**AS          OF DECEMBER 31, 2006 AND 2005**

**MEMORANDUM          ACCOUNTS**

|                                                                                                                     |   | **2006** |           | **2005** |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|----------|----------------|----------|--------|
| **DEBIT-BALANCE                    ACCOUNTS**                                                                            |   |     |           |     |   |
| **Contingent**                                                                                                           |   |     |           |     |   |
| - Loans                    borrowed (unused amounts)                                                                |   |     | -              |     |   | 164,709 |   |
| - Guarantees                    received                                                                            |   |     | 2,718,097      |     |   | 1,848,718 |   |
| - Other                    not covered by debtors classification regulations                                        |   |     | 459            |     |   | - |   |
| - Contingent                    debit-balance contra accounts                                                       |   |     | 567,981        |     |   | 185,631 |   |
|                                                                                                                     |   |     | 3,286,537      |     |   | 2,199,058 |   |
|                                                                                                                     |   |     |           |     |   |   |   |
| **Control**                                                                                                              |   |     |           |     |   |   |   |
| - Receivables                    classified as irrecoverable                                                        |   |     | 879,769        |     |   | 818,433 |   |
| - Other                    (see note 11.2)                                                                          |   |     | 5,028,310      |     |   | 2,920,865 |   |
| - Control                    debit-balance contra accounts                                                          |   |     | 133,044        |     |   | 82,050 |   |
|                                                                                                                     |   |     | 6,041,123      |     |   | 3,821,348 |   |
|                                                                                                                     |   |     |           |     |   |   |   |
| **Derivatives**                                                                                                          |   |     |           |     |   |   |   |
| - Notional                    value of call options taken                                                           |   |     | 159,804        |     |   | - |   |
| - Notional                    value of put options taken                                                            |   |     | 50,649         |     |   | 120,923 |   |
| - Notional                    value of forward transactions without delivery of underlying                    asset |   |     | -              |     |   | 15,301 |   |
| - Derivative                    debit-balance contra accounts                                                       |   |     | 364,322        |     |   | 288,512 |   |
|                                                                                                                     |   |     | 574,775        |     |   | 424,736 |   |
|                                                                                                                     |   |     |           |     |   |   |   |
| **Trust                    activity**                                                                                    |   |     |           |     |   |   |   |
| - Trust                    funds (see note 13.)                                                                     |   |     | 430,735        |     |   | - |   |
|                                                                                                                     |   |     | 430,735        |     |   | - |   |
|                                                                                                                     |   |     |           |     |   |   |   |
| **TOTAL**                                                                                                                |   |     | **10,333,170** |     |   | **6,445,142** |   |

----

**(Contd.)**

**BANCO              MACRO S.A. AND SUBSIDIARIES**

**CONSOLIDATED          BALANCE SHEETS**

**AS          OF DECEMBER 31, 2006 AND 2005**

**MEMORANDUM          ACCOUNTS**

|                                                                                                                       |   | **2006** |            | **2005** |   |
|----------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------------|----------|--------|
| **CREDIT-BALANCE                    ACCOUNTS**                                                                             |   |     |            |     |   |
|                                                                                                                       |   |     |            |     |   |
| **Contingent**                                                                                                             |   |     |            |     |   |
| - Unused                    portion of loans granted covered by debtors classification                    regulations |   |     | (9,120          | )        |   | (20,118 | ) |
| - Guarantees                    provided to the Central Bank of Argentina                                             |   |     | (180,908        | )        |   | - |   |
| - Other                    guarantees provided covered by debtors classification                    regulations       |   |     | (243,057        | )        |   | (94,402 | ) |
| - Other                    guarantees provided not covered by debtors classification                    regulations   |   |     | (43,289         | )        |   | (1,474 | ) |
| - Other                    covered by debtors classification regulations                                              |   |     | (91,607         | )        |   | (69,637 | ) |
| - Contingent                    credit-balance contra accounts                                                        |   |     | (2,718,556      | )        |   | (2,013,427 | ) |
|                                                                                                                       |   |     | (3,286,537      | )        |   | (2,199,058 | ) |
|                                                                                                                       |   |     |            |     |   |   |   |
| **Control**                                                                                                                |   |     |            |     |   |   |   |
| - Checks                    to be credited                                                                            |   |     | (133,044        | )        |   | (82,050 | ) |
| - Control                    credit-balance contra accounts                                                           |   |     | (5,908,079      | )        |   | (3,739,298 | ) |
|                                                                                                                       |   |     | (6,041,123      | )        |   | (3,821,348 | ) |
|                                                                                                                       |   |     |            |     |   |   |   |
| **Derivatives**                                                                                                            |   |     |            |     |   |   |   |
| - Notional                    value of call options sold                                                              |   |     | (91,071         | )        |   | (120,886 | ) |
| - Notional                    value of put options sold                                                               |   |     | (245,675        | )        |   | (112,423 | ) |
| - Notional                    value of forward transactions without delivery of underlying                    asset   |   |     | (27,576         | )        |   | (55,203 | ) |
| - Derivatives                    credit-balance contra accounts                                                       |   |     | (210,453        | )        |   | (136,224 | ) |
|                                                                                                                       |   |     | (574,775        | )        |   | (424,736 | ) |
|                                                                                                                       |   |     |            |     |   |   |   |
| **Trust                    activity**                                                                                      |   |     |            |     |   |   |   |
| - Trust                    activity credit-balance contra accounts                                                    |   |     | (430,735        | )        |   | - |   |
|                                                                                                                       |   |     | (430,735        | )        |   | - |   |
|                                                                                                                       |   |     |            |     |   |   |   |
| **TOTAL**                                                                                                                  |   |     | **(10,333,170** | **)**    |   | **(6,445,142** | **)** |

----

**BANCO              MACRO S.A. AND SUBSIDIARIES**

**CONSOLIDATED          STATEMENTS OF INCOME**

**FOR          THE YEARS ENDED DECEMBER 31, 2006, 2005 AND 2004**

|                                                                               |   | **2006** |      | **2005** |   | **2004** |   |
|------------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|----------|--------|
| **FINANCIAL                    INCOME**                                            |   |     |      |     |   |     |   |
| Interest                    on cash and due from banks                             |   |     | 11,682    |     |   | 4,080    |   |   | 1,570 |   |
| Interest                    on loans to the financial sector                       |   |     | 16,720    |     |   | 5,320    |   |   | 3,327 |   |
| Interest                    on overdrafts                                          |   |     | 120,040   |     |   | 53,953   |   |   | 25,970 |   |
| Interest                    on documents                                           |   |     | 56,988    |     |   | 32,157   |   |   | 11,523 |   |
| Interest                    on mortgage loans                                      |   |     | 48,506    |     |   | 29,655   |   |   | 6,887 |   |
| Interest                    on pledged loans                                       |   |     | 43,038    |     |   | 26,160   |   |   | 1,641 |   |
| Interest                    on credit card loans                                   |   |     | 30,969    |     |   | 18,233   |   |   | 6,011 |   |
| Interest                    on other loans                                         |   |     | 259,801   |     |   | 121,062  |   |   | 61,763 |   |
| Interest                    on other receivables from financial intermediation     |   |     | 15,050    |     |   | 19,901   |   |   | 5,611 |   |
| Income                    from government and private securities, net              |   |     | 324,178   |     |   | 156,158  |   |   | 156,794 |   |
| Income                    from guaranteed loans - Presidential Decree No. 1,387/01 |   |     | 29,898    |     |   | 28,625   |   |   | 14,600 |   |
| CER                    (Benchmark Stabilization Coefficient) adjustment            |   |     | 84,951    |     |   | 185,421  |   |   | 91,435 |   |
| CVS                    (Salary Variation Coefficient) adjustment                   |   |     | 1,947     |     |   | 1,987    |   |   | 508 |   |
| Other                                                                              |   |     | 111,491   |     |   | 67,138   |   |   | 40,251 |   |
|                                                                               |   |     | 1,155,259 |     |   | 749,850  |   |   | 427,891 |   |
|                                                                               |   |     |      |     |   |     |   |   |   |   |
| **FINANCIAL                    EXPENSE**                                           |   |     |      |     |   |     |   |   |   |   |
| Interest                    on checking accounts                                   |   |     | 9,475     |     |   | 2,647    |   |   | 2,335 |   |
| Interest                    on savings accounts                                    |   |     | 6,736     |     |   | 4,302    |   |   | 3,161 |   |
| Interest                    on time deposits                                       |   |     | 233,697   |     |   | 106,486  |   |   | 49,253 |   |
| Interest                    on financing from the financial sector                 |   |     | 802       |     |   | 980      |   |   | 79 |   |
| Interest                    on other liabilities from financial intermediation     |   |     | 14,672    |     |   | 13,839   |   |   | 9,959 |   |
| Other                    interest                                                  |   |     | 14,427    |     |   | 13,288   |   |   | 9,646 |   |
| Net                    loss from options                                           |   |     | 371       |     |   | 1,017    |   |   | 5 |   |
| CER                    adjustment                                                  |   |     | 55,732    |     |   | 117,048  |   |   | 25,336 |   |
| Other                                                                              |   |     | 59,037    |     |   | 43,569   |   |   | 33,430 |   |
|                                                                               |   |     | 394,949   |     |   | 303,176  |   |   | 133,204 |   |
|                                                                               |   |     |      |     |   |     |   |   |   |   |
| **GROSS                    INTERMEDIATION MARGIN - GAIN**                          |   |     | 760,310   |     |   | 446,674  |   |   | 294,687 |   |
|                                                                               |   |     |      |     |   |     |   |   |   |   |
| **PROVISION                    FOR LOAN LOSSES**                                   |   |     | 59,773    |     |   | 70,309   |   |   | 36,467 |   |
|                                                                               |   |     |      |     |   |     |   |   |   |   |
| **SERVICE-CHARGE                    INCOME**                                       |   |     |      |     |   |     |   |   |   |   |
| Related                    to lending transactions                                 |   |     | 35,962    |     |   | 19,171   |   |   | 7,867 |   |
| Related                    to deposits                                             |   |     | 297,256   |     |   | 199,970  |   |   | 99,537 |   |
| Other                    fees                                                      |   |     | 19,567    |     |   | 12,866   |   |   | 7,414 |   |
| Other                                                                              |   |     | 99,835    |     |   | 71,134   |   |   | 39,607 |   |
|                                                                               |   |     | 452,620   |     |   | 303,141  |   |   | 154,425 |   |
|                                                                               |   |     |      |     |   |     |   |   |   |   |
| **SERVICE-CHARGE                    EXPENSE**                                      |   |     |      |     |   |     |   |   |   |   |
| Fees                                                                               |   |     | 45,949    |     |   | 31,214   |   |   | 4,989 |   |
| Other                                                                              |   |     | 47,374    |     |   | 28,296   |   |   | 19,974 |   |
|                                                                               |   |     | 93,323    |     |   | 59,510   |   |   | 24,963 |   |

----

**(Contd.)**

**BANCO              MACRO S.A. AND SUBSIDIARIES**

**CONSOLIDATED          STATEMENTS OF INCOME**

**FOR          THE YEARS ENDED DECEMBER 31, 2006, 2005 AND 2004**

|                                                                                                     |   | **2006** |    | **2005** |   | **2004** |   |
|----------------------------------------------------------------------------------------------------------|--------|----------|---------|----------|--------|----------|--------|
| **ADMINISTRATIVE                    EXPENSES**                                                           |   |     |    |     |   |     |   |
| Personnel                    expenses                                                                    |   |     | 396,338 |     |   | 254,821  |   |   | 132,575 |   |
| Directors ́                    and statutory auditors ́ fees                                     |   |     | 14,362  |     |   | 14,142   |   |   | 5,861 |   |
| Other                    professional fees                                                               |   |     | 39,670  |     |   | 26,104   |   |   | 16,773 |   |
| Advertising                    and publicity                                                             |   |     | 31,866  |     |   | 22,668   |   |   | 12,048 |   |
| Taxes                                                                                                    |   |     | 9,008   |     |   | 5,808    |   |   | 3,353 |   |
| Other                    operating expenses                                                              |   |     | 144,040 |     |   | 104,826  |   |   | 74,436 |   |
| Other                                                                                                    |   |     | 17,173  |     |   | 14,657   |   |   | 9,890 |   |
|                                                                                                     |   |     | 652,457 |     |   | 443,026  |   |   | 254,936 |   |
|                                                                                                     |   |     |    |     |   |     |   |   |   |   |
|                                                                                                     |   |     |    |     |   |     |   |   |   |   |
| **NET                    INCOME FROM FINANCIAL INTERMEDIATION**                                          |   |     | 407,377 |     |   | 176,970  |   |   | 132,746 |   |
|                                                                                                     |   |     |    |     |   |     |   |   |   |   |
| **OTHER                    INCOME**                                                                      |   |     |    |     |   |     |   |   |   |   |
| Income                    from long-term investments                                                     |   |     | 289     |     |   | 2,724    |   |   | 27 |   |
| Penalty                    interest                                                                      |   |     | 5,553   |     |   | 3,167    |   |   | 1,339 |   |
| Recovered                    loans and allowances reversed                                               |   |     | 192,508 |     |   | 168,064  |   |   | 88,398 |   |
| CER                    adjustment                                                                        |   |     | 283     |     |   | 191      |   |   | - |   |
| Other                                                                                                    |   |     | 35,786  |     |   | 44,355   |   |   | 19,817 |   |
|                                                                                                     |   |     | 234,419 |     |   | 218,501  |   |   | 109,581 |   |
|                                                                                                     |   |     |    |     |   |     |   |   |   |   |
| **OTHER                    EXPENSES**                                                                    |   |     |    |     |   |     |   |   |   |   |
| Penalty                    interest and charges payable to the Central Bank of Argentina                 |   |     | 38      |     |   | 33       |   |   | 146 |   |
| Charge                    for other-receivables uncollectibility and other                    allowances |   |     | 26,713  |     |   | 39,177   |   |   | 3,920 |   |
| CER                    adjustment                                                                        |   |     | -       |     |   | 3        |   |   | - |   |
| Amortization                    of differences from amparos                                              |   |     | 19,477  |     |   | 14,100   |   |   | 11,665 |   |
| Other                                                                                                    |   |     | 91,089  |     |   | 45,370   |   |   | 32,920 |   |
|                                                                                                     |   |     | 137,317 |     |   | 98,683   |   |   | 48,651 |   |
|                                                                                                     |   |     |    |     |   |     |   |   |   |   |
| **MINORITY                    INTEREST**                                                                 |   |     | (3,220  | )        |   | (27      | )      |   | - |   |
|                                                                                                     |   |     |    |     |   |     |   |   |   |   |
|                                                                                                     |   |     |    |     |   |     |   |   |   |   |
| **INCOME                    BEFORE INCOME TAX**                                                          |   |     | 501,259 |     |   | 296,761  |   |   | 193,676 |   |
|                                                                                                     |   |     |    |     |   |     |   |   |   |   |
| **INCOME                    TAX**                                                                        |   |     | 76,961  |     |   | 34,042   |   |   | 699 |   |
|                                                                                                     |   |     |    |     |   |     |   |   |   |   |
| **NET                    INCOME FOR THE FISCAL YEAR**                                                    |   |     | 424,298 |     |   | 262,719  |   |   | 192,977 |   |
|                                                                                                     |   |     |    |     |   |     |   |   |   |   |
| **NET                    INCOME PER SHARE (1) - stated in pesos**                                        |   |     | 0.64    |     |   | 0.43     |   |   | 0.32 |   |

| (1) | See                    note 9. |
|-----|--------------------------------|

----

**BANCO              MACRO S.A. AND SUBSIDIARIES**

**STATEMENTS          OF CHANGES IN SHAREHOLDERS’ EQUITY**

**FOR          THE YEARS ENDED DECEMBER 31, 2006, 2005 AND 2004**

|                                                                                                                                                                    |   | **Capital**            |         | **Stock****issuance**  |   | **Adjustments** **to** **shareholders ́** |   | **Earnings                      reserved** |         | **Unappropriated** |   |         |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|--------------|-----------------------------|--------|---------------------------------------------------------|--------|--------------------------------------------|--------------|--------------------|--------|--------------|--------|
| **Changes**                                                                                                                                                             |        | **stock** **(1)** |         | **premium**                 |   | **equity**                                              |   | **Legal**                                  |         | **Voluntary**      |   | **earnings** |   | **Total** |   |
| Balances                    as of December 31, 2003                                                                                                                     |   |                   | 608,943      |                        |   |                                                    |   |                                       | 4,511        |               |   | 174,629      |   |   | 211 |   |   | 336,925 |   |   | 1,125,219 |   |
|                                                                                                                                                                    |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   |   |   |   |   |   |
| Distribution                    of unappropriated retained earnings approved by the Shareholders’ Meeting                    held on April, 30 and July 21, 2004: |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                    |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   |   |   |   |   |   |
| - Legal                    reserve                                                                                                                                 |   |                   |         |                        |   |                                                    |   |                                       |         |               |   | 47,480       |   |   |   |   |   | (47,480 | ) |   | - |   |
| - Cash                    dividends (2)                                                                                                                            |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   | (60,894 | ) |   | (60,894 | ) |
|                                                                                                                                                                    |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   |   |   |   |   |   |
| Net                    income for the year                                                                                                                              |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   | 192,977 |   |   | 192,977 |   |
|                                                                                                                                                                    |   |                   |    |                        |   |                                               |   |                                       |    |               |   |    |   |   |    |   |   |    |   |   |    |   |
| Balances                    as of December 31, 2004                                                                                                                     |   |                   | 608,943      |                        |   | -                                                       |   |                                       | 4,511        |               |   | 222,109      |   |   | 211 |   |   | 421,528 |   |   | 1,257,302 |   |
|                                                                                                                                                                    |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   |   |   |   |   |   |
| Distribution                    of unappropriated retained earnings approved by the Shareholders’ Meeting                    held on April, 28, 2005:             |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                    |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   |   |   |   |   |   |
| - Legal                    reserve                                                                                                                                 |   |                   |         |                        |   |                                                    |   |                                       |         |               |   | 23,193       |   |   |   |   |   | (23,193 | ) |   | - |   |
| - Cash                    dividends (2)                                                                                                                            |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   | (30,447 | ) |   | (30,447 | ) |
|                                                                                                                                                                    |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   |   |   |   |   |   |
| Net                    income for the year                                                                                                                              |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   | 262,719 |   |   | 262,719 |   |
|                                                                                                                                                                    |   |                   |    |                        |   |                                               |   |                                       |    |               |   |    |   |   |    |   |   |    |   |   |    |   |
| Balances                    as of December 31, 2005                                                                                                                     |   |                   | 608,943      |                        |   | -                                                       |   |                                       | 4,511        |               |   | 245,302      |   |   | 211 |   |   | 630,607 |   |   | 1,489,574 |   |
|                                                                                                                                                                    |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   |   |   |   |   |   |
| Distribution                    of unappropriated retained earnings approved by the Shareholders’ Meeting                    held on April, 28, 2006:             |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                    |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   |   |   |   |   |   |
| - Legal                    reserve                                                                                                                                 |   |                   |         |                        |   |                                                    |   |                                       |         |               |   | 52,543       |   |   |   |   |   | (52,543 | ) |   | - |   |
| - Cash                    dividends (2)                                                                                                                            |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   | (68,395 | ) |   | (68,395 | ) |
|                                                                                                                                                                    |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   |   |   |   |   |   |
| Share                    subscription approved by Shareholder’s Meeting held on September 26, 2005                    (1)                                         |   |                   | 75,000       |                        |   | 394,500                                                 |   |                                       |         |               |   |         |   |   |   |   |   |   |   |   | 469,500 |   |
|                                                                                                                                                                    |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   |   |   |   |   |   |
| Net                    income for the year                                                                                                                              |   |                   |         |                        |   |                                                    |   |                                       |         |               |   |         |   |   |   |   |   | 424,298 |   |   | 424,298 |   |
|                                                                                                                                                                    |   |                   |    |                        |   |                                               |   |                                       |    |               |   |    |   |   |    |   |   |    |   |   |    |   |
| Balances                    as of December 31, 2006                                                                                                                     |   |                   | 683,943      |                        |   | 394,500                                                 |   |                                       | 4,511        |               |   | 297,845      |   |   | 211 |   |   | 933,967 |   |   | 2,314,977 |   |

| (1) | See                    note 9. |
|-----|--------------------------------|

| (2) | Through                    resolutions of July 20, 2004, April 18, 2005 and April 21, 2006,                    respectively, the Central Bank authorized the above mentioned                    cash                    dividends distribution. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO            MACRO S.A. AND SUBSIDIARIES**

**CONSOLIDATED          STATEMENTS OF CASH FLOWS **

**FOR          THE YEARS ENDED DECEMBER 31, 2006, 2005 AND 2004**

|                                                                                                           |   | **2006** |                          | **2005** |   | **2004**  |   |
|----------------------------------------------------------------------------------------------------------------|--------|----------|-------------------------------|----------|--------|-----------|--------|
| **Cash                    provided by (used in) operating activities**                                         |   |     |                          |     |   |      |   |
| Financial                    income collected                                                                  |   |     | 1,181,118                     |     |   | 792,872   |   |   | 412,864 |   |
| Service-charge                    income collected                                                             |   |     | 452,627                       |     |   | 302,738   |   |   | 159,501 |   |
| Other                    sources of cash (1)                                                                   |   |     | 560,562                       |     |   | 44,298    |   |   | 370,215 |   |
| Less:                                                                                                          |   |     |                          |     |   |      |   |   |   |   |
| Financial                    expenses paid                                                                     |   |     | (410,354                      | )        |   | (284,936  | )      |   | (188,416 | ) |
| Services-charge                    expenses paid                                                               |   |     | (92,069                       | )        |   | (59,193   | )      |   | (24,895 | ) |
| Administrative                    expenses paid                                                                |   |     | (599,435                      | )        |   | (406,821  | )      |   | (220,498 | ) |
| Other                    uses of cash                                                                          |   |     | (158,906                      | )        |   | (27,998   | )      |   | (33,685 | ) |
| Net                    cash provided by operating activities                                                   |   |     | 933,543                       |     |   | 360,960   |   |   | 475,086 |   |
| Plus:                                                                                                          |   |     |                          |     |   |      |   |   |   |   |
| **Cash                    provided by (used in) investing activities**                                         |   |     |                          |     |   |      |   |   |   |   |
| (Increase)                    / decrease in government and private securities                                  |   |     | 628,496                       |     |   | (706,893  | )      |   | 474,860 |   |
| Increase                    in loans                                                                           |   |     | (2,052,258                    | )        |   | (573,255  | )      |   | (904,902 | ) |
| Decrease                    / (increase) in other receivables from financial                    intermediation |   |     | 646,052                       |     |   | 529,526   |   |   | (838,470 | ) |
| Increase                    in other assets                                                                    |   |     | (394,844                      | )        |   | (238,629  | )      |   | (25,322 | ) |
| Net                    cash used in investing activities                                                       |   |     | (1,172,554                    | )        |   | (989,251  | )      |   | (1,293,834 | ) |
| Plus:                                                                                                          |   |     |                          |     |   |      |   |   |   |   |
| **Cash                    provided by (used in) financing activities**                                         |   |     |                          |     |   |      |   |   |   |   |
| Increase                    in deposits                                                                        |   |     | 1,541,983                     |     |   | 1,252,599 |   |   | 807,032 |   |
| Increase                    / (decrease) in other liabilities                                                  |   |     | 520,492                    (2 | )        |   | (1,667    | )      |   | (9,037 | ) |
| (Decrease)                    / increase in other liabilities from financial                    intermediation |   |     | (786,790                      | )        |   | (775,326  | )      |   | 779,608 |   |
| Capital                    increase                                                                            |   |     | 469,500                       |     |   | -         |   |   | - |   |
| Cash                    dividends paid                                                                         |   |     | (68,395                       | )        |   | (30,447   | )      |   | (60,894 | ) |
| Net                    cash provided by financing activities                                                   |   |     | 1,676,790                     |     |   | 445,159   |   |   | 1,516,709 |   |
|                                                                                                           |   |     |                          |     |   |      |   |   |   |   |
| Monetary                    loss generated on cash and due from banks                                          |   |     |                          |     |   |      |   |   |   |   |
|                                                                                                           |   |     |                          |     |   |      |   |   |   |   |
| Increase                    / (Decrease) in cash and cash equivalents                                          |   |     | 1,437,779                     |     |   | (183,132  | )      |   | 697,961 |   |
|                                                                                                           |   |     |                          |     |   |      |   |   |   |   |
| Cash                    and cash equivalents at the beginning of fiscal year                                   |   |     | 1,189,129                     |     |   | 1,372,261 |   |   | 674,300 |   |
|                                                                                                           |   |     |                          |     |   |      |   |   |   |   |
| Cash                    and cash equivalents at the end of the fiscal year                                     |   |     | 2,626,908                     |     |   | 1,189,129 |   |   | 1,372,261 |   |

| (1) | As                    of December 31, 2006, includes 150,190 related to Banco del Tucumán S.A.                    (see note 3.7.) and 261,787 related to Nuevo Banco Bisel S.A.                    (see note                    3.8.). As of December 31, 2005, includes 40,838 related to Banco                    Empresario de Tucumán Cooperativo Limitado (see note 3.6.). As of December                    31, 2004, includes 336,266 related to Nuevo Banco Suquía S.A. (see note                    3.5.). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

**BANCO              MACRO S.A. AND SUBSIDIARIES**

**NOTES          TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**AS          OF DECEMBER 31, 2006 AND 2005**

| **1.** | **OVERVIEW                    OF THE BANK** |
|--------|---------------------------------------------|

----

**BANCO              MACRO S.A. AND SUBSIDIARIES**

| **2.** | **THE                    BANK, THE ARGENTINE MACROECONOMIC ENVIRONMENT AND FINANCIAL                    SYSTEM** |
|--------|------------------------------------------------------------------------------------------------------------------|

|   |   | Legal                    actions |
|--------|--------|----------------------------------|

----

**BANCO                MACRO S.A. AND SUBSIDIARIES**

| **3.** | **BANK                    OPERATIONS** |
|--------|----------------------------------------|

----

**BANCO                MACRO S.A. AND SUBSIDIARIES**

----

**BANCO                MACRO S.A. AND SUBSIDIARIES**

| Cash                                                                    |   |   | 336,266       |   |
|-------------------------------------------------------------------------|--------|--------|---------------|--------|
| Government                    and private securities                    |   |   | 475,029       |   |
| Loans                                                                   |   |   | 862,769       |   |
| Other                    receivables from financial intermediation      |   |   | 428,163       |   |
| Investments                    in other companies                       |   |   | 1,893         |   |
| Other                    receivables                                    |   |   | 21,872        |   |
| Bank                    premises and equipment, net                     |   |   | 47,678        |   |
| Other                    assets                                         |   |   | 25,845        |   |
| **Total                    assets**                                     |   |   | **2,199,515** |   |
|                                                                    |   |   |          |   |
| Deposits                                                                |   |   | 1,548,049     |   |
| Other                    liabilities from financial intermediation      |   |   | 599,635       |   |
| Other                    liabilities                                    |   |   | 11,949        |   |
| Provisions                                                              |   |   | 17,778        |   |
| Items                    pending allocation                        |   |   | 5,214         |   |
| **Total                    liabilities**                                |   |   | **2,182,625** |   |
| **Total                    shareholders’ equity**                 |   |   | **16,890**    |   |
| **Total                    liabilities and shareholders’ equity** |   |   | **2,199,515** |   |

|                                                                 |   | **Banco                    Macro S.A. - Consolidated** |     | **Nuevo                    Banco Suquía S.A.****(*)** |   | **Pro                    Forma Central Bank ́s Rules** |   |
|----------------------------------------------------------------------|--------|--------------------------------------------------------|----------|------------------------------------------------------------|--------|------------------------------------------------------------|--------|
| Financial                    income                                  |   |                                                   | 427,900  |                                                       |   | 181,191                                                    |   |   | 609,091 |   |
| Financial                    expense                                 |   |                                                   | (133,204 | )                                                          |   | (105,315                                                   | )      |   | (238,519 | ) |
| Gross                    intermediation margin - Gain                |   |                                                   | 294,696  |                                                       |   | 75,876                                                     |   |   | 370,572 |   |
|                                                                 |   |                                                   |     |                                                       |   |                                                       |   |   |   |   |
| Provision                    for loan losses                         |   |                                                   | (36,467  | )                                                          |   | (124,644                                                   | )      |   | (161,111 | ) |
| Service                    charge income                             |   |                                                   | 154,425  |                                                       |   | 90,924                                                     |   |   | 245,349 |   |
| Service                    charge expense                            |   |                                                   | (24,963  | )                                                          |   | (24,182                                                    | )      |   | (49,145 | ) |
| Administrative                    expenses                           |   |                                                   | (254,980 | )                                                          |   | (109,648                                                   | )      |   | (364,628 | ) |
| Net                    income / (loss) from financial intermediation |   |                                                   | 132,711  |                                                       |   | (91,674                                                    | )      |   | 41,037 |   |
| Other                    income                                      |   |                                                   | 109,589  |                                                       |   | 46,937                                                     |   |   | 156,526 |   |
| Other                    expenses                                    |   |                                                   | (48,651  | )                                                          |   | (19,742                                                    | )      |   | (68,393 | ) |
| Net                    income / (loss) before income tax             |   |                                                   | 193,649  |                                                       |   | (64,479                                                    | )      |   | 129,170 |   |
| Income                    Tax                                        |   |                                                   | (672     | )                                                          |   | -                                                          |   |   | (672 | ) |
| Net                    income / (loss) for the year                  |   |                                                   | 192,977  |                                                       |   | (64,479                                                    | )      |   | 128,498 |   |

| (*) | Including                    income (loss) from January 1, 2004 through December 21, 2004                    (prior to the                    acquisition date). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO                MACRO S.A. AND SUBSIDIARIES**

----

**BANCO                MACRO S.A. AND SUBSIDIARIES**

| Cash                                                                    |   |   | 150,190     |   |
|-------------------------------------------------------------------------|--------|--------|-------------|--------|
| Government                    and private securities                    |   |   | 198,411     |   |
| Loans                                                                   |   |   | 205,614     |   |
| Other                    receivables from financial intermediation      |   |   | 93,227      |   |
| Assets                    subject to financial leases                   |   |   | 3,174       |   |
| Investments                    in other companies                       |   |   | 708         |   |
| Other                    receivables                                    |   |   | 8,061       |   |
| Bank                    premises and equipment, net                     |   |   | 26,131      |   |
| Other                    assets                                         |   |   | 820         |   |
| Intangible                    assets                                    |   |   | 14,261      |   |
| Items                    pending allocation                             |   |   | 15          |   |
| **Total                    assets**                                     |   |   | **700,612** |   |
|                                                                    |   |   |        |   |
| Deposits                                                                |   |   | 594,530     |   |
| Other                    liabilities from financial intermediation      |   |   | 53,573      |   |
| Other                    liabilities                                    |   |   | 11,364      |   |
| Provisions                                                              |   |   | 994         |   |
| Items                    pending allocation                        |   |   | 86          |   |
| **Total                    liabilities**                                |   |   | **660,547** |   |
| **Total                    shareholders’ equity**                 |   |   | **40,065**  |   |
| **Total                    liabilities and shareholders’ equity** |   |   | **700,612** |   |

----

**BANCO                MACRO S.A. AND SUBSIDIARIES**

| Cash                                                                    |   |   | 261,787       |   |
|-------------------------------------------------------------------------|--------|--------|---------------|--------|
| Government                    and private securities                    |   |   | 503,720       |   |
| Loans                                                                   |   |   | 874,128       |   |
| Other                    receivables from financial intermediation      |   |   | 40,730        |   |
| Assets                    subject to financial leases                   |   |   | 30,925        |   |
| Investments                    in other companies                       |   |   | 1,338         |   |
| Other                    receivables                                    |   |   | 19,869        |   |
| Bank                    premises and equipment, net                     |   |   | 59,885        |   |
| Other                    assets                                         |   |   | 27,377        |   |
| Intangible                    assets                                    |   |   | 4,743         |   |
| Items                    pending allocation                             |   |   | 142           |   |
| **Total                    assets**                                     |   |   | **1,824,644** |   |
|                                                                    |   |   |          |   |
| Deposits                                                                |   |   | 1,392,676     |   |
| Other                    liabilities from financial intermediation      |   |   | 379,201       |   |
| Other                    liabilities                                    |   |   | 19,929        |   |
| Provisions                                                              |   |   | 11,790        |   |
| Items                    pending allocation                        |   |   | 938           |   |
| **Total                    liabilities**                                |   |   | **1,804,534** |   |
| **Total                    shareholders’ equity**                 |   |   | **20,110**    |   |
| **Total                    liabilities and shareholders’ equity** |   |   | **1,824,644** |   |

----

**BANCO                MACRO S.A. AND SUBSIDIARIES**

|                                                                 |   | **Banco****Macro                    S.A. - Consolidated** |      | **Banco                    del Tucumán S.A.****(1)** |   | **Nuevo                    Banco Bisel S.A.****(2)** |   | **Pro                    Forma Central Bank ́s Rules Consolidated** |     |
|----------------------------------------------------------------------|--------|-----------------------------------------------------------|-----------|-----------------------------------------------------------|--------|------------------------------------------------------|--------|-------------------------------------------------------------------------|----------|
| Financial                    income                                  |   |                                                      | 1,155,259 |                                                      |   | 25,818                                               |   |                                                                    | 116,631  |   |   | 1,297,708 |   |
| Financial                    expense                                 |   |                                                      | (394,949  | )                                                         |   | (8,898                                               | )      |                                                                    | (57,878  | ) |   | (461,725 | ) |
| Gross                    intermediation margin - Gain                |   |                                                      | 760,310   |                                                      |   | 16,920                                               |   |                                                                    | 58,753   |   |   | 835,983 |   |
|                                                                 |   |                                                      |      |                                                      |   |                                                 |   |                                                                    |     |   |   |   |   |
| Provision                    for loan losses                         |   |                                                      | (59,773   | )                                                         |   | (3,179                                               | )      |                                                                    | (9,448   | ) |   | (72,400 | ) |
| Service                    charge income                             |   |                                                      | 452,620   |                                                      |   | 8,730                                                |   |                                                                    | 54,809   |   |   | 516,159 |   |
| Service                    charge expense                            |   |                                                      | (93,323   | )                                                         |   | (1,734                                               | )      |                                                                    | (7,632   | ) |   | (102,689 | ) |
| Administrative                    expenses                           |   |                                                      | (652,457  | )                                                         |   | (22,464                                              | )      |                                                                    | (112,391 | ) |   | (787,312 | ) |
| Net                    income / (loss) from financial intermediation |   |                                                      | 407,377   |                                                      |   | (1,727                                               | )      |                                                                    | (15,909  | ) |   | 389,741 |   |
|                                                                 |   |                                                      |      |                                                      |   |                                                 |   |                                                                    |     |   |   |   |   |
| Other                    income                                      |   |                                                      | 234,419   |                                                      |   | 616                                                  |   |                                                                    | 35,406   |   |   | 270,441 |   |
| Other                    expenses                                    |   |                                                      | (137,317  | )                                                         |   | (9,383                                               | )      |                                                                    | (56,468  | ) |   | (203,168 | ) |
| Minority                    interest                                 |   |                                                      | (3,220    | )                                                         |   | 1,835                                                |   |                                                                    | (404     | ) |   | (1,789 | ) |
| Net                    income / (loss) before income tax             |   |                                                      | 501,259   |                                                      |   | (8,659                                               | )      |                                                                    | (37,375  | ) |   | 455,225 |   |
| Income                    Tax                                        |   |                                                      | (76,961   | )                                                         |   | -                                                    |   |                                                                    | -        |   |   | (76,961 | ) |
| Net                    income / (loss) for the year                  |   |                                                      | 424,298   |                                                      |   | (8,659                                               | )      |                                                                    | (37,375  | ) |   | 378,264 |   |

| (1) | Including                    income (loss) from January 1, 2006 through May 5, 2006 (prior                    to the                    acquisition date). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Including                    income (loss) from January 1, 2006 through August 10, 2006 (prior                    to the                    acquisition date), includes (i) accumulated amortization of the                    goodwill                    from January 1, 2006 to the acquisition date, calculated under                    the                    straight line method in accordance with Central Bank Rules (-3,852),                    and                    the reversal of adjustments recorded by Nuevo Banco Bisel S.A.                    (ii) to                    unify certain accounting criterias with those used by its new                    shareholders                    (21,745) and (iii) to meet Central Bank requirements as of the                    acquisition                    date (57,286). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO                MACRO S.A. AND SUBSIDIARIES**

| **4.** | **SIGNIFICANT                    ACCOUNTING POLICIES** |
|--------|--------------------------------------------------------|

|   | 4.1. | Consolidation                    and basis of presentation |
|--------|------|------------------------------------------------------------|

----

**BANCO                MACRO S.A. AND SUBSIDIARIES**

|                                                                               |   | Shares |   | Percentage                      held of |   | Equity                      Investment amounts as of |   |
|------------------------------------------------------------------------------------|--------|--------|--------|-----------------------------------------|--------|------------------------------------------------------|--------|
| Company                                                                            |   | Class  |   | Number                                  |   | Capitalstock                                         |   | Votes |   | December                      31, 2006 |   |
| Nuevo                      Banco Suquía S.A.                                  |   |   | Common |                                    |   | 303,700,000                                          |   |   | 99.984 | % |   | 99.984 | % |   | 730,107 | (a) |
|                                                                               |   |   |   |                                    |   |                                                 |   |   |   |   |   |   |   |   |   |   |
| Nuevo                      Banco Bisel S.A. (b) & (h)                          |   |   | Common |                                    |   | 650,650,000                                          |   |   | 92.730 | % |   | 100.000 | % |   | 653,180 |   |
|                                                                               |   |   |   |                                    |   |                                                 |   |   |   |   |   |   |   |   |   |   |
| Banco                      del Tucumán S.A. (h)                               |   |   | Common |                                    |   | 175,479                                              | (c)    |   | 79.836 | % |   | 79.836 | % |   | 42,570 |   |
|                                                                               |   |   |   |                                    |   |                                                 |   |   |   |   |   |   |   |   |   |   |
| Sud                      Bank & Trust (d)                                      |   |   | Common |                                    |   | 9,816,899                                            |   |   | 99.999 | % |   | 99.999 | % |   | 108,255 |   |
|                                                                               |   |   |   |                                    |   |                                                 |   |   |   |   |   |   |   |   |   |   |
| Macro                      Securities S.A. Sociedad de Bolsa (e)                   |   |   | Common |                                    |   | 940,500                                              |   |   | 99.999 | % |   | 99.000 | % |   | 12,462 |   |
|                                                                               |   |   |   |                                    |   |                                                 |   |   |   |   |   |   |   |   |   |   |
| Sud                      Inversiones & Análisis S.A.                      |   |   | Common |                                    |   | 2,297,263                                            |   |   | 98.000 | % |   | 98.000 | % |   | 4,977 |   |
|                                                                               |   |   |   |                                    |   |                                                 |   |   |   |   |   |   |   |   |   |   |
| Macro                      Fondos S.G.F.C.I. S.A.(f)                               |   |   | Common |                                    |   | 47,750                                               |   |   | 99.999 | % |   | 19.100 | % |   | 686 |   |
|                                                                               |   |   |   |                                    |   |                                                 |   |   |   |   |   |   |   |   |   |   |
| Macro                      Valores S.A.                                            |   |   | Common |                                    |   | 249,868                                              | (g)    |   | 99.950 | % |   | 99.950 | % |   | 422 |   |
|                                                                               |   |   |   |                                    |   |                                                 |   |   |   |   |   |   |   |   |   |   |
| Red                      Innova Administradora de Fondos de InversiónS.A. (h) |   |   | Common |                                    |   | 2,744                                                |   |   | 51.000 | % |   | 51.000 | % |   | 301 |   |

|  | (a) | Net                    of negative goodwill for 483. |
|--|-----|------------------------------------------------------|

|   | (b) | The                    Bank has an indirect equity interest in such bank of 21.33% in                    the capital                    stock and 23% in voting rights through the subsidiary Nuevo Banco                    Suquía                    S.A. On May 28, 2007, the Bank purchased the preferred shares                    of Nuevo                    Banco Bisel S.A. (see also note                    31.c)) |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | As                    of the date of issuance of these financial statements, Banco                    Macro S.A.                    increased its equity interest in Banco del Tucumán S.A. (see also note                    3.7). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Sud                    Bank & Trust consolidates with Sud Asesores (ROU) S.A. (percentage                    held of votes: 100%). As of December 31, 2006 the equity investment                    amounts to 267. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Banco                    Macro S.A. has an indirect equity interest in Macro Securities                    S.A.                    Sociedad de Bolsa of 1% (through its subsidiary Sud Inversiones&                    Análisis S.A. - S.I.A.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 (percentage held of capital                    stock                    and votes: 80.90%). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | The                    effect of 1,618,852 shares to be received from the increase in                    capital                    stock 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 issuance                    date of these                    financial statements, the registration of the increase and the                    voluntary                    reduction in capital stock was still pending at the                    IGJ. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Consolidated                    companies only as of December 31, 2006 (see notes 3.7, 3.8 and                    3.10). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

----

**BANCO                MACRO S.A. AND SUBSIDIARIES**

|   | a) | Assets                    and liabilities were translated at the reference exchange rate                    or the                    exchange rate reported by the Central Bank’s trading room and effective                    for the foreign currency at the closing of transactions on the                    last                    business day of the year. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | Capital                    stock, additional paid-in capital and irrevocable capital contributions                    were translated at the effective exchange rates as of the date                    on which                    such contributions were made. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | Retained                    earnings were estimated by the difference between assets, liabilities                    and                    owners’ contributions, translated into pesos, as indicated                    above. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d) | The                    amounts of results were translated into pesos, as described in                    (a) above.                    The difference between the addition of amounts 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 “Financial income -                    Other” or “Financial expense - Other” accounts, as the case may                    be. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2. | Comparative                    information |
|--------|------|--------------------------------------------|

|   | 4.3. | Restatement                    into constant pesos |
|--------|------|----------------------------------------------------|

|   | i) | Assets                    and liabilities are classified into monetary and non-monetary.                    Monetary                    assets and liabilities are those that are not adjusted for inflation,                    but                    generate a monetary gain (loss). The effect of inflation is broken                    down                    depending on its origin, i.e., monetary gain (loss) on financial                    intermediation, monetary gain (loss) on other transactions and                    monetary                    gain (loss) on other operating                    expenses. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii) | Non-monetary                    assets and liabilities, shareholders’ equity and statement-of-income                    accounts are restated. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO                  MACRO S.A. AND SUBSIDIARIES**

|   | 4.4. | Valuation                    methods |
|--------|------|--------------------------------------|

|   | b.1) | Government                    securities: |
|--------|------|-------------------------------------------|

|   | i) | Holdings                    in investment accounts - compensation received from the Federal                    government: Under the Central Bank Communiqué “A” 3,785 they were stated                    at face values, plus interest accrued under the issuance terms.                    As                    described in note 4.4.a), they were translated into pesos, as                    the case may                    be. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii) | Holdings                    for trading or intermediation transactions: they were stated                    at the                    effective quoted price for each security as of each year-end.                    Differences                    in quoted market values were recorded in the income                    statement. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | i) | Listed                    - LEBAC (Letras del Banco Central - Central Bank bills ): they                    were valued                    at the quoted price of the respective bill as of each year-end.                    Market                    values differences were recorded in the income                    statement. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ii) | Unlisted                    - LEBAC: as of December 31, 2005, they were valued as provided                    by Central                    Bank Communiqué “A” 4,414, i.e. at their cost value increased by their                    internal rate of return. Accrued interest was recorded in the                    income                    statement. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | iii) | Listed                    - NOBAC (Notas del Banco Central - Central Bank notes): they                    were valued                    at the quoted price of the respective note as of each year-end.                    Market                    values differences were recorded in the income                    statement. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b.2) | Investments                    in listed private securities: |
|--------|------|--------------------------------------------------------------|

|   | i) | Corporate                    bonds, Debt securities of financial trusts, Shares: they were                    valued at                    the quoted price at year-end. Market values differences were                    recorded in                    the income statement. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO                  MACRO S.A. AND SUBSIDIARIES**

|   | ii) | Certificates                    of participation in financial trusts: as of December 31, 2005,                    the                    holdings in Macro Personal V certificates were valued at cost                    plus                    interest accrued at year-end. Additionally, the necessary allowances                    were                    recorded, pursuant to Central Bank Communiqué “A” 2,729, as supplemented.                    Such net value does not exceed the value arising from the shareholders’                    equities of the respective trust’s financial statements as of December 31,                    2005, considering the Bank’s percentage of                    holdings. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | Guaranteed                    Loans |    |
|--------|--------|-------------------------------------|---------|
|   |   | Technical                    Value  |    | Carrying                    amount |   | Discount |   |
| 2006   |   |                                | 782,407 |   |   | 771,465 |   |   | 10,942 |   |
|   |   |                                |    |   |   |   |   |   |   |   |
| 2005   |   |                                | 647,887 |   |   | 641,801 |   |   | 6,086 |   |

----

**BANCO                  MACRO S.A. AND SUBSIDIARIES**

|  | e.1) | Guaranteed                    Loans: as explained in note 4.4.c). |
|--|------|-------------------------------------------------------------------|

|  | e.2) | Other                    loans and receivables from sale of assets: under Central Bank                    Communiqué                    “A” 3,507, as supplemented, the payments through September 30, 2002,                    were                    made under the original terms of each transaction and were recorded                    as                    prepayments. From February 3, 2002, principal was adjusted by                    CER until                    each year-end, as the case may be. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | e.3) | Deposits                    and other assets and liabilities: the adjustment was applied                    as of each                    year-end. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | h.1) | “Amounts                    receivable from spot and forward sales pending settlement” and “Amounts                    payable for spot and forward purchases pending                    settlement”: |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | i. | Debt                    securities: they were valued, under Central Bank Communiqué “A” 4,414, as                    supplemented, increasing their cost value by internal rate                    return. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii. | Certificates                    of participation: they were valued at the face value plus interest                    accrued                    as of each year-end plus CER adjustment if                    applicable. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | h.4) | Unlisted                    corporate bonds: |
|--------|------|----------------------------------------------|

----

**BANCO                  MACRO S.A. AND SUBSIDIARIES**

|   | j.1) | Non-controlled                    financial institutions (less than 50% ownership interest), supplementary                    and authorized activities: |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | i. | In                    Argentine pesos: they were valued at acquisition cost, plus the                    nominal                    value of dividends received, restated as explained in note                    4.3. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii. | In                    foreign currency: they were valued at the acquisition cost in                    foreign                    currency, plus the nominal value of dividends received, converted                    into                    pesos in accordance with the criterion stated in note                    4.4.a). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | j.2) | In                    other non-controlled companies (less than 50% ownership interest):                    they                    were valued at acquisition cost, plus the nominal value of dividends                    received, restated as described in note 4.3., 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. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

** **

|   | m.1) |  Goodwill                        and organization and development costs (except differences                        due to court                        orders (amparos) - Non-deductible for the determination of                        the computable                        equity): they were valued at their acquisition cost, restated                        as explained                        in note 4.3., less the related accumulated amortization,                        based on the                        estimated months of useful                        life. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO                  MACRO S.A. AND SUBSIDIARIES**

|  | m.2) | Differences                          due to court orders (amparos) - Non-deductible for the                          determination of                          the computable equity: as of December 31, 2006, and 2005,                          the “Intangible                          Assets - Organization and development costs” account includes 74,745 (net                          of amortization for 179,883) and 42,632 (net of amortization                          for 32,013),                          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) (see note 2.). Additionally, and as disclosed                          in Central Bank                          Communiqué “A” 3,916, as from April 2003 the sums related to the amounts                          are amortized straight line over 60                          months. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | n.1) | Put                    options taken: they were valued at the agreed-upon exercise price                    for the                    year (accrual method - see note                    31.a)). |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | n.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 as of each year-end (accrual method - see                    note                    31.c)). |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | n.3) | Call                    options sold: |
|--------|------|---------------------------------------|

|   | i. | Over                    debt securities of financial trust: 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 (accrual method                    - see note                    31.d)). |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii. | Over                    euros: they were valued at their quoted price at year-end. Any                    quoted                    price-differences were charged to income statement for each year                    (see note                    31.d)). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | n.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                    31.c) and                    d)). |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | n.5) | Offset                    forward transactions: they were valued at their quoted prices,                    effective                    at year-end. Any quoted price-differences were charged to income                    for each                    year (see note 31.b)). |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | For                    differences between book and fair values of government securities                    and                    Guaranteed Loans over the period of convergence of these                    values. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | For                    differences between book and carrying values of the loan portfolio                    during                    the effective period thereof. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | For                    expected future losses, upon occurrence thereof. |
|--------|---|-------------------------------------------------------------------------|

----

**BANCO                    MACRO S.A. AND SUBSIDIARIES**

|   | - | For                    differences between book and fair values of non-monetary assets,                    during                    the depreciation term of these                    assets. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

** **

** **

| **5.** | **INCOME                    TAX AND MINIMUM PRESUMED INCOME TAX                    (TOMPI)** |
|--------|----------------------------------------------------------------------------------------------|

----

**BANCO                    MACRO S.A. AND SUBSIDIARIES**

| Minimum                    presumed income tax credit |   | Estimated                    tax year to use it |
|-------------------------------------------------------|--------|-------------------------------------------------|
| 24,372                                                |   | 2006                                            |
| 3,925                                                 |   | 2007                                            |
| 11,466                                                |   | 2008                                            |
| 24,080                                                |   | 2009                                            |
| 63,843                                                |   |                                            |

| NOLs                           |   | Expiration                    year |
|--------------------------------|--------|------------------------------------|
| 172,399                        |   | 2007                               |
| 157,499                        |   | 2008                               |
| 61,351                         |   | 2009                               |
| 250                            |   | 2010                               |
| 800                            |   | 2011                               |
| 392,299                    (1) |   |                               |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

| **6.** | **DIFFERENCES                    BETWEEN CENTRAL BANK’S RULES AND PROFESSIONAL ACCOUNTING STANDARDS                    EFFECTIVE IN ARGENTINA** |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a) | Holdings                    of government securities and loans to the non-financial government                    sector                    are valued in accordance with rules and regulations issued by                    the Federal                    Government and the Central Bank. In particular, Central Bank                    Communiqué                    “A” 3,911, as supplemented, establishes present value criteria applying                    regulated discount rates, notional values and undiscounted cash                    flows, as                    detailed in note 4.4.b.1). Additionally, the Central Bank’s rules for                    recognition of allowance for loan losses provide that receivables                    from the                    non-financial government sector are not subject to loan losses,                    whereas                    professional accounting standards require receivables to be compared                    with                    their recoverable value every time financial statements are                    prepared. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1)  | As                    of December 31, 2005, the Bank booked in “Government securities - Holdings                    in investment accounts” and “Other receivables from financial                    intermediation - Securities and foreign currency to be received                    from spot                    and forward purchases pending settlement” the securities received for the                    compensation established by Presidential Decree No. 905/02 in                    the                    aggregate amount of 187,660. According to professional accounting                    standards, such assets should have been recorded in their market                    value. As                    of such date, the quoted price of such securities amounted to                    167,284. |
|--------|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|   | 2)  | As                    of December 31, 2005 and 2004, Federal Government Secured Bonds                    deriving                    from the exchange established by Presidential Decree No. 1,579/02                    and                    other holdings of unlisted government securities were recorded                    in                    “Unlisted government securities” for a total net amount of 199,070 and                    839,183, respectively. According to professional accounting standards,                    such assets should be stated at market value. As of December                    31, 2005, and                    2004, the quoted price of such assets amounted to 189,845 and                    672,337,                    respectively. |
|--------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3)  | As                    of December 31, 2006, 2005 and 2004 the Bank charged “Federal Government                    Guaranteed Loans” deriving from the exchange set forth by Presidential                    Decree No. 1,387/01 under “Loans to the non-financial government sector”                    for a total net amount of 771,465, 641,801 and 720,146, 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 772,756, 635,477                    and                    649,662, respectively. |
|--------|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | As                    of December 31, 2006, 2005 and 2004, the Bank had capitalized                    the foreign                    exchange differences mentioned in note 4.4.m.2) related to the                    reimbursement in original currency of certain deposits switched                    into pesos                    under “Intangible Assets” for 74,745, 42,632 and 50,337, 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) | The                    Bank assesses income tax by applying the effective rate to the                    estimated                    taxable income without considering the effect of temporary differences                    between book and taxable income. Under professional accounting                    standards,                    income tax should be recognized through the deferred tax                    method. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d) | As                    mentioned in note 4.4.p), 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 book                    value of the net equity acquired according to Central Bank rules.                    Later,                    as mentioned in the referred note, under Central Bank Communiqué “A”                    3,984, the Bank retroactively applied the valuation and disclosure                    regulations established in such communiqué and reversed to date 100% of                    the aggregate amount of such goodwill (the maximum amortization                    allowed                    per annum is 20%). The negative goodwill generated gains on inflation                    through February 28, 2003. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

| **7.** | **RESTRICTED                    AND PLEDGED ASSETS** |
|--------|------------------------------------------------------|

|   | (a) | Government                    and private securities |
|--------|-----|------------------------------------------------------|

|   | 1)  | Discount                    Bonds received in the exchange for Consolidation Bonds in Pesos                    - First                    Series amounting to 2,802 and 2,242, 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. |
|--------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2)  | Secured                    Bonds under Presidential Decree No. 1,579/02 for 35,994 and 35,872                    (face                    value 24,400), 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. |
|--------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3)  | GDP(Gross                    domestic product)-linked securities maturing in 2035 for 671                    and 276,                    respectively, 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”. |
|--------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4)  | As                    of December 31, 2006, NOBACs in Argentine pesos, adjustable by                    CER for an                    amount of 4,956 (for a face value of 4,900), used as security                    for Rofex                    (Rosario Futures Exchange) trading                    transactions. |
|--------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5)  | As                    of December 31, 2005, Argentine Government Compensation Bonds                    in Argentine                    pesos at a 2% rate maturing in 2007 for 10,705 of the former                    Banco                    Empresario de Tucumán Cooperativo Limitado as security for the loan                    granted by the Central Bank to such bank and repaid by Banco                    Macro S.A. on                    December 2, 2005. The Central Bank released such security on                    January 4,                    2006. |
|--------|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Loans: |
|--------|-----|--------|

|  | 1)  | Agreements                    for loans backed by pledges and unsecured loans for 19,241 and                    16,208,                    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                    13.). |
|--|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|  | 2)  | As                    of December 31, 2005 Federal Government Guaranteed Loans in the                    amount of                    16,066 provided by the former Banco Macro S.A. as security to                    the Central                    Bank for the exchange of compensation received in Federal Government                    Bonds                    in Pesos at a 2% rate per year, maturing in 2007, for BODEN requested                    by                    depositors, under Central Bank Communiqué “B”                    7,594. |
|--|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Other                    receivables from financial                    intermediation: |
|--------|-----|----------------------------------------------------------------------------------------|

|  | 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. |
|--|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2)  | Special                    guarantee accounts with the Central Bank for transactions related                    to                    electronic clearing houses and other similar transactions, its                    had                    recorded under “Other receivables from financial intermediation - Central                    Bank,” by 115,682 and 94,601, respectively. |
|--|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3)  | Contributions                    to the Risk Fund of Garantizar S.G.R. (mutual guarantee association)                    for                    10,422 and 10,000, 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. |
|--|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4)  | As                    of December 31, 2005, the Bank 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. |
|--|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Investments                    in other companies: |
|--------|-----|----------------------------------------------------|

|  | 1) | 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 925, 875 y                    768, 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). |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2) | As                    of December 31, 2006, and 2005, 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 Macro Securities S.A. Sociedad de Bolsa’s failure to                    comply with its obligations. |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3) | As                    of December 31, 2005 irrevocable contributions to El Taura S.A.                    for 61,                    which are exempt from provincial taxes according to the standards                    regulating the tourism promotion system of the Province of Salta                    pursuant                    to Provincial Law No. 6,064 (ratified by Provincial Decree No.                    1,465/97                    issued by the Executive of the Province of Salta), which establishes                    that                    the investment should be maintained in assets for a term of at                    least one                    year as from the payment date. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Other                    receivables: |
|--------|-----|---------------------------------------|

|  | 1) | Attachments                        amounting to 543. |
|--|----|------------------------------------------------------|

|  | 2) | Guarantees                    related to credit card operations by 21,567 and 12,178, respectively,                    and                    other guarantee deposits by 5,458 and 3,062                    respectively. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|  | 3) | As                    of December 31, 2006, the Bank included under “Other receivables” funds to                    guarantee expenses and financial trusts liquidity for 1,137.                    In addition,                    it included 200 which was withheld by the purchaser for the sale                    of Bisel                    Servicios S.A. and 140 related to other minor guarantees. The                    real estate                    belonging to the branch in Villa María, Province of Córdoba, located at                    Hipólito Irigoyen 31, is pledged pursuant to the “Asociación Mutual                    Ferroviaria v. Banco Independencia” case, the book value of which amounted                    to 496 as of December 31, 2006. |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4) | As                    of December 31, 2006, the Bank included under “Other receivables”                    receivables from foreign correspondents for 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. |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5) | As                    of December 31, 2006, the Bank 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 180,908. 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 131,198,                    Guaranteed Loans for a face value of 61,862, and Book-entry Mortgage                    Bills                    for a face value of 29,668 with a book value of 221,329 as of                    December 31,                    2006. |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **8.** | **TRANSACTIONS                    WITH RELATED PARTIES** |
|--------|----------------------------------------------------------|

|                                                                    |   | Nuevo                    Banco Suquía S.A. |    | Nuevo                    Banco Bisel S.A. |   | Banco                    del Tucumán S.A. |   | Sud                    Bank&                    Trust Company Limited |    | Other                    subsidiaries |   | Total2006 |   | Total2005 |   |
|--------------------------------------------------------------------|--------|-------------------------------------------------|---------|-------------------------------------------|--------|------------------------------------------------|--------|---------------------------------------------------------------------------|---------|---------------------------------------|--------|-----------|--------|-----------|--------|
|                                                               |   |                                            |    |                                      |   |                                           |   |                                                                      |    |                                  |   |      |   |      |   |
| ASSETS                                                             |   |                                            |    |                                      |   |                                           |   |                                                                      |    |                                  |   |      |   |      |   |
|                                                               |   |                                            |    |                                      |   |                                           |   |                                                                      |    |                                  |   |      |   |      |   |
| Cash                    and due from banks and correspondents      |   |                                            | -       |                                      |   | -                                              |   |                                                                      | -       |                                  |   | 2,200     |   |      | -      |   |   | 2,200 |   |   | 2,582 |   |
|                                                               |   |                                            |    |                                      |   |                                           |   |                                                                      |    |                                  |   |      |   |      |   |   |   |   |   |   |   |   |
| Loans                                                              |   |                                            | -       |                                      |   | -                                              |   |                                                                      | -       |                                  |   | -         |   |      | -      |   |   | - |   |   | 27,794 |   |
|                                                               |   |                                            |    |                                      |   |                                           |   |                                                                      |    |                                  |   |      |   |      |   |   |   |   |   |   |   |   |
| Other                    receivables from financial intermediation |   |                                            | 163,886 |                                      |   | 283,783                                        |   |                                                                      | 173,606 |                                  |   | -         |   |      | 21,588 |   |   | 642,863 |   |   | 36,939 |   |
|                                                               |   |                                            |    |                                      |   |                                           |   |                                                                      |    |                                  |   |      |   |      |   |   |   |   |   |   |   |   |
| Other                    receivables                               |   |                                            | -       |                                      |   | -                                              |   |                                                                      | -       |                                  |   | -         |   |      | 3,262  |   |   | 3,262 |   |   | 5,144 |   |
|                                                               |   |                                            |    |                                      |   |                                           |   |                                                                      |    |                                  |   |      |   |      |   |   |   |   |   |   |   |   |
| Total                    assets                                    |   |                                            | 163,886 |                                      |   | 283,783                                        |   |                                                                      | 173,606 |                                  |   | 2,200     |   |      | 24,850 |   |   | 648,325 |   |   | 72,459 |   |

|                                                               |   | Nuevo                    Banco Suquía S.A. |    | Nuevo                    Banco Bisel S.A. |   | Banco                    del Tucumán S.A. |   | Sud                    Bank&                    Trust Company Limited |    | Other                    subsidiaries |   | Total2006 |   | Total2005 |   |
|--------------------------------------------------------------------|--------|-------------------------------------------------|---------|-------------------------------------------|--------|------------------------------------------------|--------|---------------------------------------------------------------------------|---------|---------------------------------------|--------|-----------|--------|-----------|--------|
|                                                               |   |                                            |    |                                      |   |                                           |   |                                                                      |    |                                  |   |      |   |      |   |
| LIABILITIES                                                        |   |                                            |    |                                      |   |                                           |   |                                                                      |    |                                  |   |      |   |      |   |
|                                                               |   |                                            |    |                                      |   |                                           |   |                                                                      |    |                                  |   |      |   |      |   |
| Deposits                                                           |   |                                            | 3       |                                      |   | -                                              |   |                                                                      | -       |                                  |   | 72        |   |      | 1,905  |   |   | 1,980 |   |   | 7,417 |   |
|                                                               |   |                                            |    |                                      |   |                                           |   |                                                                      |    |                                  |   |      |   |      |   |   |   |   |   |   |   |   |
| Other                    liabilities from financial intermediation |   |                                            | 177,047 |                                      |   | 327,180                                        |   |                                                                      | 140,156 |                                  |   | -         |   |      | 6,066  |   |   | 650,449 |   |   | 74,542 |   |
|                                                               |   |                                            |    |                                      |   |                                           |   |                                                                      |    |                                  |   |      |   |      |   |   |   |   |   |   |   |   |
| Other                    liabilities                               |   |                                            | 700     |                                      |   | -                                              |   |                                                                      | 9       |                                  |   | -         |   |      | -      |   |   | 709 |   |   | - |   |
|                                                               |   |                                            |    |                                      |   |                                           |   |                                                                      |    |                                  |   |      |   |      |   |   |   |   |   |   |   |   |
| Total                    liabilities                               |   |                                            | 177,750 |                                      |   | 327,180                                        |   |                                                                      | 140,165 |                                  |   | 72        |   |      | 7,971  |   |   | 653,138 |   |   | 81,959 |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|                                           |   | Nuevo                    Banco Suquía S.A. |   | Nuevo                    Banco Bisel S.A. |   | Banco                    del Tucumán S.A. |   | Sud                    Bank&                    Trust Company Limited |   | Other                    subsidiaries |   | Total2006 |   | Total2005 |   |
|------------------------------------------------|--------|-------------------------------------------------|--------|-------------------------------------------|--------|------------------------------------------------|--------|---------------------------------------------------------------------------|--------|---------------------------------------|--------|-----------|--------|-----------|--------|
|                                           |   |                                            |   |                                      |   |                                           |   |                                                                      |   |                                  |   |      |   |      |   |
| MEMORANDUM                    ACCOUNTS         |   |                                            |   |                                      |   |                                           |   |                                                                      |   |                                  |   |      |   |      |   |
|                                           |   |                                            |   |                                      |   |                                           |   |                                                                      |   |                                  |   |      |   |      |   |
| Contingency                    debit accounts  |   |                                            | 3,070  |                                      |   | -                                              |   |                                                                      | -      |                                  |   | -         |   |      | -      |   |   | 3,070 |   |   | - |   |
|                                           |   |                                            |   |                                      |   |                                           |   |                                                                      |   |                                  |   |      |   |      |   |   |   |   |   |   |   |   |
| Control                    debit accounts      |   |                                            | -      |                                      |   | -                                              |   |                                                                      | 1,011  |                                  |   | -         |   |      | -      |   |   | 1,011 |   |   | 144,202 |   |
|                                           |   |                                            |   |                                      |   |                                           |   |                                                                      |   |                                  |   |      |   |      |   |   |   |   |   |   |   |   |
| Derivatives                    debit accounts  |   |                                            | -      |                                      |   | -                                              |   |                                                                      | -      |                                  |   | -         |   |      | -      |   |   | - |   |   | 21,469 |   |
|                                           |   |                                            |   |                                      |   |                                           |   |                                                                      |   |                                  |   |      |   |      |   |   |   |   |   |   |   |   |
| Contingency                    credit accounts |   |                                            | -      |                                      |   | -                                              |   |                                                                      | -      |                                  |   | -         |   |      | -      |   |   | - |   |   | 1,000 |   |
|                                           |   |                                            | 3,070  |                                      |   | -                                              |   |                                                                      | 1,011  |                                  |   | -         |   |      | -      |   |   | 4,081 |   |   | 166,671 |   |

|                                      |   | Nuevo                    Banco Suquía S.A. |   | Nuevo                    Banco Bisel S.A. |   | Banco                    del Tucumán S.A. |   | Sud                    Bank&                    Trust Company Limited |   | Other                    subsidiaries |   | Total2006 |   | Total2005 |   | Total2004 |   |
|-------------------------------------------|--------|-------------------------------------------------|--------|-------------------------------------------|--------|------------------------------------------------|--------|---------------------------------------------------------------------------|--------|---------------------------------------|--------|-----------|--------|-----------|--------|-----------|--------|
|                                      |   |                                            |   |                                      |   |                                           |   |                                                                      |   |                                  |   |      |   |      |   |      |   |
| INCOME                    (LOSS)          |   |                                            |   |                                      |   |                                           |   |                                                                      |   |                                  |   |      |   |      |   |      |   |
|                                      |   |                                            |   |                                      |   |                                           |   |                                                                      |   |                                  |   |      |   |      |   |      |   |
| Financial                    income       |   |                                            | 1,035  |                                      |   | 1,008                                          |   |                                                                      | 4      |                                  |   | 214       |   |      | 37     |      |   | 2,298 |   |   | 1,096 |   |   | 79 |   |
|                                      |   |                                            |   |                                      |   |                                           |   |                                                                      |   |                                  |   |      |   |      |   |      |   |   |   |   |   |   |   |   |   |
| Financial                    expense      |   |                                            | (381   | )                                         |   | (401                                           | )      |                                                                      | (4,176 | )                                     |   | (40       | )      |      | (270   | )         |   | (5,268 | ) |   | (3,069 | ) |   | (5,481 | ) |
|                                      |   |                                            |   |                                      |   |                                           |   |                                                                      |   |                                  |   |      |   |      |   |      |   |   |   |   |   |   |   |   |   |
| Service-charge                    income  |   |                                            | -      |                                      |   | -                                              |   |                                                                      | 14     |                                  |   | 26        |   |      | 70     |      |   | 110 |   |   | 80 |   |   | 33 |   |
|                                      |   |                                            |   |                                      |   |                                           |   |                                                                      |   |                                  |   |      |   |      |   |      |   |   |   |   |   |   |   |   |   |
| Service-charge                    expense |   |                                            | -      |                                      |   | -                                              |   |                                                                      | -      |                                  |   | -         |   |      | -      |      |   | - |   |   | (37 | ) |   | (58 | ) |
|                                      |   |                                            |   |                                      |   |                                           |   |                                                                      |   |                                  |   |      |   |      |   |      |   |   |   |   |   |   |   |   |   |
| Total                    income (expense) |   |                                            | 654    |                                      |   | 607                                            |   |                                                                      | (4,158 | )                                     |   | 200       |   |      | (163   | )         |   | (2,860 | ) |   | (1,930 | ) |   | (5,427 | ) |

|                                                                    |   | Macro                    Securities S.A.                    Sociedad                    de                    Bolsa |         | Sud                    Inversiones &                    Análisis S.A. |   | MacroFondos                    S.G.F.C.I. S.A. |   | Macro                    Valores S.A. |         | Total                    2006 |   |
|--------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|--------------|--------------------------------------------------------------------------------|--------|------------------------------------------------|--------|---------------------------------------|--------------|-------------------------------|--------|
|                                                               |   |                                                                                                                |         |                                                                           |   |                                           |   |                                  |         |                          |   |
| ASSETS                                                             |   |                                                                                                                |         |                                                                           |   |                                           |   |                                  |         |                          |   |
|                                                               |   |                                                                                                                |         |                                                                           |   |                                           |   |                                  |         |                          |   |
| Other                    receivables from financial intermediation |   |                                                                                                                | 21,588       |                                                                           |   | -                                              |   |                                  | -            |                          |   | - |   |   | 21,588 |   |
|                                                               |   |                                                                                                                |         |                                                                           |   |                                           |   |                                  |         |                          |   |   |   |   |   |   |
| Other                    receivables                               |   |                                                                                                                | -            |                                                                           |   | -                                              |   |                                  | -            |                          |   | 3,262 |   |   | 3,262 |   |
|                                                               |   |                                                                                                                |    |                                                                           |   |                                      |   |                                  |    |                          |   |    |   |   |    |   |
| Total                    assets                                    |   |                                                                                                                | 21,588       |                                                                           |   | -                                              |   |                                  | -            |                          |   | 3,262 |   |   | 24,850 |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|                                                               |   | Macro                    Securities S.A.                    Sociedad                    de                    Bolsa |         | Sud                    Inversiones &                    Análisis S.A. |   | MacroFondos                    S.G.F.C.I. S.A. |   | Macro                    Valores S.A. |         | Total                    2006 |   |
|--------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|--------------|--------------------------------------------------------------------------------|--------|------------------------------------------------|--------|---------------------------------------|--------------|-------------------------------|--------|
|                                                               |   |                                                                                                                |         |                                                                           |   |                                           |   |                                  |         |                          |   |
| LIABILITIES                                                        |   |                                                                                                                |         |                                                                           |   |                                           |   |                                  |         |                          |   |
|                                                               |   |                                                                                                                |         |                                                                           |   |                                           |   |                                  |         |                          |   |
| Deposits                                                           |   |                                                                                                                | 1,399        |                                                                           |   | 445                                            |   |                                  | 11           |                          |   | 50 |   |   | 1,905 |   |
|                                                               |   |                                                                                                                |         |                                                                           |   |                                           |   |                                  |         |                          |   |   |   |   |   |   |
| Other                    liabilities from financial intermediation |   |                                                                                                                | 6,066        |                                                                           |   | -                                              |   |                                  | -            |                          |   | - |   |   | 6,066 |   |
|                                                               |   |                                                                                                                |    |                                                                           |   |                                      |   |                                  |    |                          |   |    |   |   |    |   |
| Total                    liabilities                               |   |                                                                                                                | 7,465        |                                                                           |   | 445                                            |   |                                  | 11           |                          |   | 50 |   |   | 7,971 |   |

|                                      |   |   |         |   |   |         |   |   |         |   |   |
|-------------------------------------------|--------|--------|--------------|--------|--------|--------------|--------|--------|--------------|--------|--------|
| INCOME                    (LOSS)          |   |   |         |   |   |         |   |   |         |   |   |
|                                      |   |   |         |   |   |         |   |   |         |   |   |
| Financial                    income       |   |   | 37           |   |   | -            |   |   | -            |   |   | - |   |   | 37 |   |
|                                      |   |   |         |   |   |         |   |   |         |   |   |   |   |   |   |   |
| Financial                    expense      |   |   | (270         | )      |   | -            |   |   | -            |   |   | - |   |   | (270 | ) |
|                                      |   |   |         |   |   |         |   |   |         |   |   |   |   |   |   |   |
| Service-charge                    income  |   |   | 65           |   |   | 3            |   |   | 1            |   |   | 1 |   |   | 70 |   |
|                                      |   |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |
| Total                    income (expense) |   |   | (168         | )      |   | 3            |   |   | 1            |   |   | 1 |   |   | (163 | ) |

| **9.** | **CAPITAL                    STOCK** |
|--------|--------------------------------------|

| **SHARES**                                                   |   | **CAPITAL                    STOCK** |        |
|--------------------------------------------------------------|--------|--------------------------------------|-------------|
| **Class**                                                    |   | **Number**                           |        | **Votes                    per share** |   | **Issued                    and outstanding (1)** |   | **Paid-in****(1)** |   |
|                                                         |   |                                 |        |   |   |   |   |   |   |
| Registered                    Class A shares of common stock |   |                                 | 11,235,670  |   |   | 5 |   |   | 11,236 |   |   | 11,236 |   |
| Registered                    Class B shares of common stock |   |                                 | 597,707,767 |   |   | 1 |   |   | 597,707 |   |   | 597,707 |   |
| Total                    2005 and 2004                       |   |                                 | 608,943,437 |   |   |   |   |   | 608,943 |   |   | 608,943 |   |
|                                                         |   |                                 |        |   |   |   |   |   |   |   |   |   |   |
| Registered                    Class B shares of common stock |   |                                 | 75,000,000  |   |   | 1 |   |   | 75,000 |   |   | 75,000 |   |
| Total                    2006                                |   |                                 | 683,943,437 |   |   |   |   |   | 683,943 |   |   | 683,943 |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

| **10.** | **CORPORATE                    BONDS ISSUANCE** |
|---------|-------------------------------------------------|

| **CORPORATE                    BONDS**          |   |  **As                    of December, 31** |
|-------------------------------------------------|--------|-------------------------------------------------|
| **Class**                                       |   | **Original                    face value**      |   | **Ref**. |   | **2006** |   | **2005** |
|                                            |   |                                            |   |   |   |   |   |   |
| Subordinated                    corporate bonds |   | USD                     83,000,000         |   | a) |   |  44,342 |   | 8,554 |
| Subordinated                    corporate bonds |   | USD   4,000,000                  |   | b) |   |  3,077 |   | 3,493 |
| Subordinated                    corporate bonds |   | USD                    150,000,000              |   | c) |   |  460,425 |   | - |
| Total                                           |   |                                            |   |   |   |  507,844 |   | 12,047 |

| **Fiscal                    Year** |   | **2006**    |
|------------------------------------|--------|-------------|
|                               |   |        |
| 2007                               |   | 45,151      |
| 2008                               |   | 756         |
| 2009                               |   | 756         |
| 2010                               |   | 756         |
| 2036                               |   | 460,425     |
| **Total**                          |   | **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. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|   | a.2) | On                    April 12, 1995, the Bank’s Regular Shareholders’ Meeting approved creating                    a Global Program for the issuance of simple Corporate Bonds,                    subordinated                    or not, non-convertible 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). |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|   | 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. As                    required by the Bank, through Resolution No. 1,006, dated December                    19,                    1997, the CNV authorized the entry of Banco de Salta S.A. into the public                    offering regime for the issuance of Corporate Bonds, and it also                    approved                    the public offering of such bonds. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | c.1) | 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 un-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. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | 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 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. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|   | - | 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. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|   | - | Pursuant                    to the “Registration Rights Agreement” entered into by the Bank and the                    placing agents, Banco Macro S.A. agreed to file with 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) | In                    January, 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. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | c.3) | On                    June 7, 2007, the Bank issued the 1st                    series of Class 3 nonsubordinated corporate bonds (peso - linked                    notes) at                    a fixed rate of 10.75% p.a., simple, not convertible into shares,                    maturing                    in 2012 for a face value of USD 100,000,000 (US dollars one hundred                    million), under the terms and conditions set forth in the price                    supplement                    dated May 18, 2007. Interest will be paid semiannually on June                    7 and                    December 7 every year, starting on December 7, 2007. Additionally,                    the                    Bank has not the option to redeem such issuance, except for tax                    issues. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **11.** | **ITEMS                    IN CUSTODY** |
|---------|-----------------------------------------|

|  | a) | On                    March 1, 1996, Banco de Salta S.A. (which was absorbed by the                    Bank) and                    the Government of the Province of Salta entered into an “Agreement to                    Manage the Loan Portfolio of Banco Provincial de Salta (in liquidation)”                    related to the non-financial private sector, whereby the Bank                    undertook 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. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | b) | By                    virtue of the agreement executed on August 11, 1998, between                    Banco de                    Jujuy S.A. (which was absorbed by the Bank) and the Government                    of the                    Province of Jujuy, the Bank undertook 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 assigned to the Bank, for all                    accounts and                    as a one-time and total consideration, a variable fee determined                    as a                    percentage of the amounts actually                    recovered. |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 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. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|  | d) | On                    August 19, 2002, ABN AMRO Bank N.V. Sucursal Argentina, as trustee,                    the                    former SBQ (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 the management, of the assets related                    to branches                    transferred to former Banco Bansud S.A. will be carried out by                    the former                    Banco Bansud S.A. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | e) | In                    order to securitize personal signature (unsecured) loans in Argentine                    Pesos granted to individuals through the “Cuenta sueldo” (loan system                    whereby the installment payment is automatically debited from                    the same                    account into wich the Bank credits the salary), on June 7, 2005,                    the Bank                    created “Macro Personal V Trust” (with Banco de Valores S.A., as trustee).                    This trust issued classes “A” and “B” certificates of participation, which                    were authorized by the CNV, for public offering, for a face value                    of                    59,524 and 10,504, respectively. Suchs agreement stipulated that                    the Bank                    will act as agent for the collection of the trust                    receivables. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | f) | 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. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | g) | In                    addition, as of December 31, 2006, and 2005, the Bank had under                    its                    management other portfolios for total amounts of 67,213 and 51,439,                    respectively. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Fund                                                          |   | Shares                    of interest |   | Shareholders’                    equity |   | Investments                    (a) |
|---------------------------------------------------------------|--------|---------------------------------------|--------|-----------------------------------------------|--------|------------------------------------|
|                                                          |   |                                  |   |                                          |   |                               |
| Pionero                    Pesos                              |   | 540,299,167                           |   | 608,193                                       |   | 436,450                            |
| Pionero                    Renta                              |   | 47,197,494                            |   | 86,917                                        |   | 76,578                             |
| Pionero                    Renta Ahorro                       |   | 114,858,352                           |   | 119,015                                       |   | 99,006                             |
| Pionero                    Crecimiento                        |   | 2,249,878                             |   | 5,865                                         |   | 5,506                              |
| Pionero                    Global                             |   | 2,323,674                             |   | 2,594                                         |   | 2,332                              |
| Puente                    Hnos. Renta Fija                    |   | 2,266,147                             |   | 3,437                                         |   | 3,379                              |
| Puente                    Hnos. Renta Variable                |   | 2,006,728                             |   | 3,535                                         |   | 3,526                              |
| Puente                    Hnos. Argentina Hedge Fund          |   | 1,093,028                             |   | 1,609                                         |   | 72                                 |
| Puente                    Hnos. Corporativos Latinoamericanos |   | 460,482                               |   | 1,621                                         |   | 1,565                              |
| Galileo                    Event Driven FCI                   |   | 25,010,783                            |   | 107,513                                       |   | 108,824                            |

|  | (a) | “Memorandum                    accounts - Debit-balance accounts - Control - Other” includes mainly items                    in custody. Consequently, this account includes the above mentioned                    amounts related to the mutual funds’ investment                    portfolios. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

| **12.** | **BANK                    DEPOSITS GUARANTEE INSURANCE                    SYSTEM** |
|---------|------------------------------------------------------------------------------------|

| **13.** | **TRUST                    AGREEMENTS** |
|---------|-----------------------------------------|

|  | **1.** | **Interests                    in trusts**:                    the Bank hold “debt securities” and equity investments (“certificates of                    participation”) in several trusts. Such holdings are booked under                    “government and private securities” and “other receivables from financial                    intermediation”, depending on whether they have a quoted                    price. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Certificates                    of participation:** |   |   |        |
|-------------------------------------------------------|--------|--------|-------------|
|                                                  |   |   |        |
| Tucumán                    (a)                   |   |   | 145,223     |   |
|                                                  |   |   |        |   |
| Luján                    (b)                     |   |   | 43,530      |   |
|                                                  |   |   |        |   |
| TST                    & AF (c)                   |   |   | 32,741      |   |
|                                                  |   |   |        |   |
| San                    Isidro (d)                     |   |   | 16,782      |   |
|                                                  |   |   |        |   |
| NBB                    Agroprendas (e)                |   |   | 11,142      |   |
|                                                  |   |   |        |   |
| Godoy                    Cruz (f)                     |   |   | 11,055      |   |
|                                                  |   |   |        |   |
| NBB                    Personales II (e)              |   |   | 6,969       |   |
|                                                  |   |   |        |   |
| Others                                                |   |   | 15,073      |   |
|                                                  |   |   |        |   |
| **Subtotal**                                          |   |   | **282,515** |   |
|                                                  |   |   |        |   |
| **Debt                    securities:**               |   |   |        |   |
|                                                  |   |   |        |   |
| BG                    (g)                             |   |   | 50,401      |   |
|                                                  |   |   |        |   |
| Onext                    (h)                          |   |   | 14,020      |   |
|                                                  |   |   |        |   |
| Tarjeta                    Shopping (i)               |   |   | 13,571      |   |
|                                                  |   |   |        |   |
| NBB                    Personales II (e)              |   |   | 3,594       |   |
|                                                  |   |   |        |   |
| NBB                    Agroprendas (e)                |   |   | 2,575       |   |
|                                                  |   |   |        |   |
| Others                                                |   |   | 5,972       |   |
|                                                  |   |   |        |   |
| **Subtotal**                                          |   |   | **90,133**  |   |
|                                                  |   |   |        |   |
| **TOTAL**                                             |   |   | **372,648** |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|  | (a) | On                    August 31, 2005, 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 beneficiary, executed a trust agreement to create“Tucumán                    Financial Trust”, whereby the trustors assign to the trust debt securities                    issued by the República trust. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                    Luján Trust was created for the purpose of reducing the customer's                    uncollectibility risk of the credit assistance granted to Federalia                    S.A.                    de Finanzas. Consequently, on May 20, 2003, the Bank signed a                    trust                    agreement with Federalia S.A. de Finanzas, in its capacity as                    trustor,                    whereby a financial trust named “Luján” was created to sell the corpus                    assets transferred to the trust by the trustor, in accordance                    with the                    terms of the agreement. The proceeds, net of trust expenses,                    were to be                    used to pay off the certificates of participation issued by the                    Trust,                    subject to their order of preference. The corpus assets are made                    up of                    different real property and plots of land located in the Province                    of                    Buenos Aires, Argentina. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | On                    November 29, 2005, an agreement was executed to replace the Trustee                    of the                    TST & AF trust between Austral Financial L.L.C. (formerly known as                    Tishman Speyer - Citigroup Alternative Investments and Austral                    Financial                    L.L.C.), in its capacity as Trustor, First Trust of New York,                    National                    Association, Permanent Representation Office in Argentina, in                    its capacity                    as Trustee, the Sud Inversiones & Análisis S.A., in its capacity as                    Substitute Trustee and Austral Financial L.L.C., Proa del Puerto                    S.A. and                    Sud Bank & 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 & Análisis S.A. as Substitute                    Trustee of the Trust. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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 |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|   | · | All                    other assets and rights related to the abovementioned real                    estate. |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | (d) | The                    purpose of the San Isidro Trust is the sale of the real property                    received                    to pay for the certificates issued by the trust. This means that                    the main                    cash flow for the repayment of the certificates of participation                    will come                    from the sale of the property mentioned above. In consequence,                    on June 4,                    2001, and República S.A. de Finanzas, as trustor, executed a trust                    agreement. The “San Isidro” financial trust was thereby set up. Under such                    agreement, the trustor assigned to the trust the real property                    and plot of                    land located in the San Isidro district, to realize them and                    use the                    proceeds therefrom to redeem the certificates of participation                    issued by                    the trust. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|   | (e) | See                    note 13.2. |
|--------|-----|-----------------------------------|

|   | (f) | On                    August 29, 2006, a trust agreement was executed by Corporación de Los                    Andes S.A., in its capacity as trustor, whereby the “Godoy Cruz Trust” was                    set up. Under such agreement, the trustor assigned to the trust                    the real                    property and plot of land and buildings located in Godoy Cruz                    Department,                    San Francisco del Monte district. The “A” certificate of participation was                    delivered to Banco Macro S.A. and the class “B” certificate of                    participation was delivered to Banco Finansur S.A. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | On                    December 20, 2005, Banco Galicia y Buenos Aires S.A., in its                    capacity as                    trustor, executed 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 and debt securities issued by the                    trust. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | The                    purpose of the trust is to provide enough guarantees for the                    repayment of                    the credit assistance granted by the Bank to Dalvian House S.A.,                    Conjunto                    los Cerros S.A. and Dalvian Constructora                    S.A. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Banco                    Macro S.A.: the amount of 16,060 to the trust                    account. |
|--------|--------|----------------------------------------------------------------------------------------------------|

|   | · | Credicoop:                    the amount of 16,060 to the trust                    account. |
|--------|--------|---------------------------------------------------------------------------------------------|

|   | · | 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 prospective sale price and/or any other                    way of                    legal divestiture thereof. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|   | · | 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 prospective sale price and/or any other                    way of                    legal divestiture thereof. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|  | **2.** | **Securitization                    transactions**:                    the Bank has entered into the following main securitization                    transactions: |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                    |   |                                      |   | **Debt                    certificates “A” issued** |   | **Debt                    certificates “B” issued** |   | **Certificates                    of participation issued** |   | **Corpus                    Assets** |
|-----------------------------------------|--------|-------------------------------------------|--------|-----------------------------------------------------------------|--------|-----------------------------------------------------------------|--------|-------------------------------------------------------------|--------|--------------------------------------|
| **Financial                    trusts** |   | **Trustors**                              |   | (Face                    value)                                 |   | (Face                    value)                                 |   | (Face                    value)                             |   | Description                          |   | Amount                    (1) |
|                                    |   |                                      |   |                                                            |   |                                                            |   |                                                        |   |                                 |   |   |
| NBB                    Personales II    |   | Nuevo                    Banco Bisel S.A. |   | 29,053                                                          |   | 3,632                                                           |   | 3,632                                                       |   | Personal                    loans    |   | 12,034 |
|                                    |   |                                      |   |                                                            |   |                                                            |   |                                                        |   |                                 |   |   |
| Agroprendas                    I        |   | Nuevo                    Banco Bisel S.A. |   | 34,650                                                          |   | 7,425                                                           |   | 7,429                                                       |   | Pledge                    loans      |   | 30,837 |

| **Financial                    trusts** |   | **Debt                    certificates “B” issued** |   | **Certificates                    of participation issued** |
|-----------------------------------------|--------|-----------------------------------------------------------------|--------|-------------------------------------------------------------|
|                                    |   |                                                            |   |                                                        |
| NBB                    Personales II    |   | 3,579                                                           |   | 3,632                                                       |
|                                    |   |                                                            |   |                                                        |
| Agroprendas                    I        |   | 2,825                                                           |   | 7,429                                                       |

|  | **3.** | **Collaterals                    for the loans:**as                    it is common in Argentine banking market, the Bank in some cases                    requires                    that the borrowers place certain assets or rights to receive                    assets into a                    trust as a collateral for the loans. This is a common mechanism                    used by                    the banks in Argentina to minimize risk of loss and ensure they                    will have                    access to the collateral in case the borrower defaults. In some                    cases, the                    trusts have no assets or liabilities but act simply as a conduit                    to                    collect the cash and this cash is immediately remitted to the                    bank for                    loan payments on behalf of the                    borrower. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **A)** | **Trusts                    with funds provided by the debtor’s activities as corpus                    assets:** |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

| **Trustor**                                                            |   | **Corpus                    Assets**** **(1) |
|------------------------------------------------------------------------|--------|---------------------------------------------------|
|                                                                   |   |                                              |
| ENJASA                    (Entretenimientos y Juegos de Azar S.A.) (2) |   | 89                                                |
|                                                                   |   |                                              |
| Horizonte                    S.A.                                      |   | 75                                                |
|                                                                   |   |                                              |
| La                    Veloz del Norte S.A.                             |   | 425                                               |
|                                                                   |   |                                              |
| Sucesión                    de Yeizel Katz Sociedad de hecho      |   | 207                                               |
| Transporte                    Automotor Plaza S.A. (3)                 |   | -                                                 |
| Northia                    trust                                       |   | 28                                                |
| London                    trust                                        |   | 9                                                 |
| Tucumán                    I trust (4)                            |   | -                                                 |
| Casino                    Club trust (5)                               |   | -                                                 |
| Gas                    Salta Saturación I financial trust (6)     |   | -                                                 |

|  | (1) | Related                    to the monthly average on a straight-line basis of the funds                    managed                    during the year ended December 31, 2006. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|  | (2) | Includes                    “Banco Macro S.A. - ENJASA”, “Banco Macro S.A. - ENJASA - II”, “Banco                    Macro S.A. - ENJASA - III”, “Banco Macro S.A. - ENJASA - V” and “Banco                    Macro S.A. - ENJASA - VI”. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|  | (3) | Such                    trust is into liquidation. |
|--|-----|----------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|  | (4) | Gasnor                      S.A. will construct a natural gas distribution network in Tucumán. Banco                      Macro S.A. granted a loan to Gasnor S.A. to finance the abovementioned                      construction works. According to such loan, Gasnor S.A. may                      settle its                      payable to the Bank by delivering certificates of Tucumán I Trust to Banco                      Macro S.A. As                      of December 31, 2006, the certificates of participation had                      not been                      issued. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|  | (5) | The                    purpose of the trust is to guarantee the provision and/or restoration                    of                    the funds that the beneficiaries (the Bank) 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). |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|  | (6) | Gasnor                    S.A. will adapt internal connection facilities to the natural                    gas service                    in Province of Salta. Banco Macro S.A. granted a loan to Gasnor                    S.A. to                    finance the abovementioned construction works. According to such                    loan,                    Gasnor S.A. may settle its payable to the Bank by delivering                    certificates                    of Gas Salta Saturación I Trust to Banco Macro S.A. The trust agreement                    was entered on January 12, 2007. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **B)** | **Trusts                    with other assets as corpus                    assets:** |
|--------|--------|--------------------------------------------------------------------------------------|

|                                                                        |   | **Corpus                    Assets**                                                                                                                                          |
|-----------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Trustor**                                                                 |   | Description                                                                                                                                                                   |   | Balance                    (1) |
| Compañía                    de Inversiones y Participaciones S.A. |   | Trustor’s                    rights as purchaser of the real property situated in Puerto Madero                    area in                    the City of Buenos Aires. |   | 2,062 |
|                                                                        |   |                                                                                                                                                                          |   |   |
| Grunhaut                    Construcciones S.A.                             |   | Real                    properties.                                                                                                                                           |   | 3,356 |
|                                                                        |   |                                                                                                                                                                          |   |   |
| Unider                    Internacional S.A.                                |   | Shares                    in Cometrans S.A.                                                                                                                                   |   | 14,996 |
|                                                                        |   |                                                                                                                                                                          |   |   |
| Altos                    de la Calera S.A.                                  |   | Receivables                    from a sale of real property.                                                                                                                  |   | 2,507 |

|   | (1) | Related                    to the outstanding balance of the trust accounts as of December                    31,                    2006. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|  | **4.** | **Normal                    trust activities:**the                    Bank has trustee functions and they does not have other involvement                    or                    interests in the trusts. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|   | **A)** | **Trusts                    with funds provided by the debtor’s activities as corpus                    assets:** |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------|

|  | 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 the                    guaranteed                    obligations and the payment of invoices and fees stipulated in                    the related                    agreements. |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|  | b) | Promoting                    the development of the manufacturing sector at a provincial                    level. |
|--|----|--------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|

|  | c) | Public                    work concession agreement granting road exploitation, management,                    keeping                    and maintenance. |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Trustor**                                                              |   | **Beneficiary**                                                                                                                                                       |   | **Corpus                    assets**(1) |   |
|--------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|--------|
|                                                                     |   |                                                                                                                                                                  |   |                                    |   |
| Cooperativa                    de Agua Potable y Otros Servicios         |   | IPDH                    (Provincial Institute of Urban and Housing Development)                                                                                       |   | 23,361                                  |   |
|                                                                     |   |                                                                                                                                                                  |   |                                    |   |
| Province                    of Jujuy                                     |   | Municipalities                    and municipal commissions - Province                                                                                                |   | 83,098                                  |   |
|                                                                     |   |                                                                                                                                                                  |   |                                    |   |
| Sociedad                    Anónima de Transporte Automotor (SAETA) |   | Employees                    from social security agencies, statutory health care organizations,                    tax                    authorities, among others. |   | 9,194                                   |   |
|                                                                     |   |                                                                                                                                                                  |   |                                    |   |
| Ministry                    of Treasury and Public Works of Salta        |   | Health                    Institute of the Province of Salta                                                                                                          |   | 6,984                                   |   |
|                                                                     |   |                                                                                                                                                                  |   |                                    |   |
| Economy                    Department of the Province of Jujuy           |   | Economy                    Department of the Province of Jujuy                                                                                                        |   | 6,648                                   |   |
|                                                                     |   |                                                                                                                                                                  |   |                                    |   |
| Other                                                                    |   | Other                                                                                                                                                                 |   | 17,321                                  | (2)    |

|   | (1) | Related                    to the monthly average on a straight-line basis of the funds                    managed                    during the year ended December 31,                    2006. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|   | (2) | Includes,                    among others trustors, Province of Salta, Province of Misiones                    and certain                    ministries of Salta. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|   | **B)** | **Trusts                      with other assets as corpus                      assets:** |
|--------|--------|------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                  |   |                                                                                 |   |                                                                                                                                                                                                                                                         |   | **Corpus                    Assets**                                                                                                                                                                                                                                                                                                                                                                                                |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Trustor**                                                                                                                                                                                                                                                                                           |   | **Beneficiary**                                                                      |   | **Purpose**                                                                                                                                                                                                                                                  |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Amount                    as of December 31, 2006 |
| Federal                    Executive, through the Ministry of Economy and Production. (The                    Under-department of Small- and Medium-sized Enterprises belonging                    to the                    Ministry of Economy and Production as executor and organizer)  |   | Federal                    Executive, through the Ministry of Economy and Production |   | (a)                    To grant financial assistance to small- and medium-sized                    enterprises. (b)                    To improve their market competitiveness and help reduce                    unemployment.                         |   | (a)                    The funds contributed by the Trustor. (b)                    The loans granted by the intermediary financial institutions,                    which are                    assigned and discounted by the Trustee; (c)                    The rights and privileges arising from the assignment of receivables                    as                    guarantee or pledge in favor of the trust. |   | 22,879 |
|                                                                                                                                                                                                                                                                                                  |   |                                                                                 |   |                                                                                                                                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| Shareholders                    of Banco Macro S.A. and others                                                                                                                                                                                                                                        |   | Shareholders                    of Banco Macro S.A. and others                       |   | 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. |   | Cash                    and real properties.                                                                                                                                                                                                                                                                                                                                                                                        |   | 129,439 |
|                                                                                                                                                                                                                                                                                                  |   |                                                                                 |   |                                                                                                                                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| Blanquiceleste                    S.A.                                                                                                                                                                                                                                                                |   | Blanquiceleste                    S.A.                                               |   | To                    manage the economic rights of professional and amateur soccer                    players, and                    settle the certificates of participation to be issued.                                                                |   | Economic                    rights derived from the federative rights to be obtained from                    transfers of                    certain soccer players.                                                                                                                                                                                                                                                                |   | 11,532 |

| **14.** | **COMPLIANCE                    WITH REGULATIONS TO ACT AS OVER-THE-COUNTER MARKET                    AGENT** |
|---------|---------------------------------------------------------------------------------------------------------------|

| **15.** | **RESTRICTION                    ON EARNINGS DISTRIBUTION** |
|---------|-------------------------------------------------------------|

|   | a) | As                    established by Central Bank rules, 20% of income 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. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | 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. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | 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. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|   | d) | 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. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e) | As                    mentioned in note 4.4.m.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                    the Central Bank regarding the distribution of earnings, these                    amounts                    should be deducted from “Unappropriated retained earnings” as of year-end.                    As of December 31, 2006, such amount is 54,428 (net of amortizations)                    (Banco Macro S.A., stand-alone                    basis). |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f) | 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. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | g) | As                    established in Central Bank Communiqué “A” 4,295, to determine the amounts                    to be distributed it will be necessary to deduct the assets recorded                    for                    minimum presumed income tax credits from unappropriated retained                    earnings.                    As of December 31, 2006, the minimum presumed income tax credit                    amounts to                    24,372 (Banco Macro S.A., stand-alone                    basis). |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | h) | 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 (Argentine Superintendency                    of Financial                    and Foreign Exchange Institutions). 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.                    This                    Communiqué establishes, among other issues, the restrictions mentioned in                    the paragraphs e), f) and g). |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **16.** | **CLAIMS                    FROM THE AFIP-DGI (FEDERAL PUBLIC REVENUE ADMINISTRATION - FEDERAL                    TAX                    BUREAU)** |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

| **17.** | **BALANCES                    IN FOREIGN CURRENCY** |
|---------|-----------------------------------------------------|

|                                                               |   | **As                    of December 31,** |          |
|--------------------------------------------------------------------|--------|-------------------------------------------|---------------|
|                                                               |   | **2006**                                  |          | **2005** |   |
| **ASSETS**                                                         |   |                                      |          |   |   |
|                                                               |   |                                      |          |   |   |
| Cash                    and due from banks                         |   |                                      | 1,029,317     |   |   | 692,246 |   |
| Government                    and private securities               |   |                                      | 247,857       |   |   | 232,269 |   |
| Loans                                                              |   |                                      | 776,326       |   |   | 542,108 |   |
| Other                    receivables from financial intermediation |   |                                      | 274,459       |   |   | 355,274 |   |
| Investments                    in other companies                  |   |                                      | 1,619         |   |   | 453 |   |
| Other                    receivables                               |   |                                      | 14,337        |   |   | 11,986 |   |
| **Total**                                                          |   |                                      | **2,343,915** |   |   | **1,834,336** |   |

| **LIABILITIES**                                                     |   |   |          |   |   |
|---------------------------------------------------------------------|--------|--------|---------------|--------|--------|
|                                                                |   |   |          |   |   |
| Deposits                                                            |   |   | 1,591,905     |   |   | 1,092,755 |   |
| Other                    liabilities from financial intermediations |   |   | 425,848       |   |   | 393,064 |   |
| Other                    liabilities                                |   |   | 3,823         |   |   | 3,477 |   |
| Subordinated                    Corporate Bonds                     |   |   | 504,768       |   |   | 5,461 |   |
| Items                    pending allocation                         |   |   | 246           |   |   | 25 |   |
| **Total**                                                           |   |   | **2,526,590** |   |   | **1,494,782** |   |

| **18.** | **INTEREST-BEARING                    DEPOSITS WITH OTHER BANKS** |
|---------|-------------------------------------------------------------------|

|   | 18.1 | Included                    in "Cash and Due from Banks" there are: (a) interest-bearing                    deposits with                    the BCRA totaling 1,551,369 and 619,695 as of December 31, 2006                    and                    December 31, 2005, respectively and (b) interest-bearing deposits                    in                    foreign banks totaling 431,387 and 149,514 as of December 31,                    2006 and December 31, 2005,                    respectively. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 18.2 | Included                    in "Other Receivables from Financial Transactions" there are                    other                    interest-bearing deposits with BCRA totaling 115,682 and 94,601                    as of                    December 31, 2006 and December 31, 2005,                    respectively. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

| **19.** | **GOVERNMENT                    AND PRIVATE SECURITIES** |
|---------|----------------------------------------------------------|

|                                                                       |   | **As                    of December 31,** |   |
|----------------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                                       |   | **2006**                                  |   | **2005** |   |
| **GOVERNMENT                    SECURITIES**                               |   |                                      |   |   |   |
|                                                                       |   |                                      |   |   |   |
| **Holdings                    in investment accounts**                     |   |                                      |   |   |   |   |   |
| **In                    pesos:**                                           |   |                                      |   |   |   |   |   |
| Federal                    government bonds, maturity 2007 - Compensation  |   |                                      | -      |   |   | 10,705 |   |
| **Subtotal                    holdings in investment accounts - in pesos** |   |                                      | **-**  |   |   | **10,705** |   |
|                                                                       |   |                                      |   |   |   |   |   |

| **In                    foreign currency:**                                                                  |   |   |        |   |   |
|--------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|
| Federal                    government bonds in USD at LIBOR, maturity 2012 -                    Compensation |   |   | -           |   |   | 94,711 |   |
| **Subtotal                    holdings in investment accounts - in foreign                    currency**     |   |   | **-**       |   |   | **94,711** |   |
| **Subtotal                    holdings in investment accounts**                                              |   |   | **-**       |   |   | **105,416** |   |
|                                                                                                         |   |   |        |   |   |   |   |
| **Holdings                    for trading or intermediation**                                                |   |   |        |   |   |   |   |
| **In                    pesos:**                                                                             |   |   |        |   |   |   |   |
| Consolidation                    bonds of social security payables in pesos                                  |   |   | 4,151       |   |   | 9,110 |   |
| Federal                    government bonds (maturity 2007, 2008, 2013 and 2014)                             |   |   | 104,502     |   |   | 644 |   |
| Consolidation                    bonds in pesos                                                              |   |   | 1,971       |   |   | 2,906 |   |
| Secured                    bonds Decree 1,579/02                                                             |   |   | 36,414      |   |   | 22,391 |   |
| Discount                    Bonds in Pesos                                                                   |   |   | 4,143       |   |   | 13,378 |   |
| Par                    Bonds in Pesos                                                                        |   |   | 439         |   |   | - |   |
| Quasi-Par                    Securities in Pesos-Maturity 2045                                               |   |   | 2,920       |   |   | - |   |
| Province                    of Tucumán                                                                  |   |   | 1,905       |   |   | - |   |
| GDP-Related                    Securities in Pesos-Maturity 2035                                             |   |   | 2,337       |   |   | - |   |
| Other                                                                                                        |   |   | 298         |   |   | 2,069 |   |
| **Subtotal                    holdings for trading or intermediation****-                    In pesos**      |   |   | **159,080** |   |   | **50,498** |   |
|                                                                                                         |   |   |        |   |   |   |   |

| **In                    foreign currency:**                                                                    |   |   |        |   |   |
|----------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|
| Federal                    government bonds - (maturity 2012 and 2013)                                         |   |   | 111,263     |   |   | 109,658 |   |
| Treasury                    Bills (maturity 2007 and 2008)                                                     |   |   | 31,276      |   |   | 4,543 |   |
| Par                    Bonds in u$s                                                                            |   |   | 280         |   |   | - |   |
| Argentine                    Government Bonds in u$s at 7% -Maturity 2011 - Bonar V                            |   |   | 2,128       |   |   | - |   |
| Other                                                                                                          |   |   | 38          |   |   | 87 |   |
| **Subtotal                    holding for trading or intermediation - In foreign                    currency** |   |   | **144,985** |   |   | **114,288** |   |
| **Subtotal                    holding for trading or intermediation**                                          |   |   | **304,065** |   |   | **164,786** |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

| **Unlisted                    government securities**                                           |   |   |          |   |   |
|-------------------------------------------------------------------------------------------------|--------|--------|---------------|--------|--------|
| **In                    pesos:**                                                                |   |   |          |   |   |
| Federal                    govermente bonds (maturity 2013)                                     |   |   | 13,254        |   |   | - |   |
| Secured                    bonds Decree 1,579/02                                                |   |   | -             |   |   | 197,771 |   |
| Bonds                    issued by the Municipality of Bahía Blanca at 13.75%              |   |   | -             |   |   | 505 |   |
| Other                                                                                           |   |   | 187           |   |   | 82 |   |
| **Subtotal                    unlisted government securities****-                    In pesos** |   |   | **13,441**    |   |   | **198,358** |   |
|                                                                                            |   |   |          |   |   |   |   |
| **Subtotal                    unlisted government securities**                                  |   |   | **13,441**    |   |   | **198,358** |   |
| **Instruments                    issued by the Central Bank of Argentina**                      |   |   |               |   |   |   |   |
| **In                    pesos:**                                                                |   |   |          |   |   |   |   |
| Listed                    Central Bank bills (LEBAC)                                            |   |   | 32,463        |   |   | 1,343,258 |   |
| Listed                    Central Bank notes (NOBAC)                                            |   |   | 2,754,556     |   |   | 822,351 |   |
| Unlisted                    Central Bank bills (LEBAC)                                          |   |   | -             |   |   | 297,493 |   |
| **Subtotal                    instruments issued by Central Bank**                              |   |   | **2,787,019** |   |   | **2,463,102** |   |
| **Total                    government securities**                                              |   |   | **3,104,525** |   |   | **2,931,662** |   |

|                                                                                                 |   |   |          |   |   |
|------------------------------------------------------------------------------------------------------|--------|--------|---------------|--------|--------|
| **PRIVATE                    SECURITIES**                                                            |   |   |          |   |   |
|                                                                                                 |   |   |          |   |   |
| **Investments                    in listed private securities**                                      |   |   |          |   |   |
| Shares                                                                                               |   |   | 7,580         |   |   | 8,071 |   |
| Corporate                    bonds                                                                   |   |   | 80,482        |   |   | 24,016 |   |
| Debt                    securities in financial trusts                                               |   |   | 1,035         |   |   | 3,448 |   |
| Mutual                    funds                                                                      |   |   | 29,362        |   |   | 5,362 |   |
| Certificates                    of participation in financial trusts                                 |   |   | -             |   |   | 19,005 |   |
| **Total                    private securities**                                                      |   |   | **118,459**   |   |   | **59,902** |   |
|                                                                                                 |   |   |          |   |   |   |   |
| **Total                    government and private securities, before                    allowances** |   |   | 3,222,984     |   |   | 2,991,564 |   |
| **Allowances**                                                                                       |   |   | (29           | )      |   | (512 | ) |
| **Total                    government and private securities**                                       |   |   | **3,222,955** |   |   | **2,991,052** |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|                                                                             |   | **Maturing**                                   |       |
|----------------------------------------------------------------------------------|--------|------------------------------------------------|------------|
|                                                                             |   | **Within                    1 year**           |       | **After                    1 year but within 5 years** |   | **After                    5 years but within 10 years** |   | **After                    10 years** |   | **Total** |   |
|                                                                             |   |  **Book                    value**        |       |
|                                                                             |   | **(in                    thousands of pesos)** |       |
|                                                                             |   |                                           |       |   |   |   |   |   |   |   |   |
| **GOVERMENT                    SECURITIES**                                      |   |                                           |       |   |   |   |   |   |   |   |   |
| **Holding                    for trading or intermediation**                     |   |                                           | **94,777** |   |   | **16,697** |   |   | **31,926** |   |   | **15,680** |   |   | **159,080** |   |
| Consolidation                    bonds of social security payables in pesos      |   |                                           | 170        |   |   | 2,558 |   |   | 1,423 |   |   | - |   |   | 4,151 |   |
|                                                                             |   |                                           |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Federal                    government bonds (maturity 2007, 2008, 2013 and 2014) |   |                                           | 92,299     |   |   | 3,238 |   |   | 8,965 |   |   | - |   |   | 104,502 |   |
|                                                                             |   |                                           |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consolidation                    bonds in pesos                                  |   |                                           | 218        |   |   | 876 |   |   | 877 |   |   | - |   |   | 1,971 |   |
|                                                                             |   |                                           |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Secured                    bonds Decree 1,579/02                                 |   |                                           | 1,917      |   |   | 9,423 |   |   | 19,532 |   |   | 5,542 |   |   | 36,414 |   |
|                                                                             |   |                                           |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Par                    Bond in Pesos                                             |   |                                           | -          |   |   | - |   |   | - |   |   | 439 |   |   | 439 |   |
|                                                                             |   |                                           |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Quasi-Par                    Securities in Pesos - Maturity 2045                 |   |                                           | -          |   |   | - |   |   | - |   |   | 2,920 |   |   | 2,920 |   |
|                                                                             |   |                                           |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| GDP-                    Related Securities in Pesos - Maturity 2035              |   |                                           | -          |   |   | - |   |   | - |   |   | 2,337 |   |   | 2,337 |   |
|                                                                             |   |                                           |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Province                    of Tucumán                                      |   |                                           | 100        |   |   | 493 |   |   | 1,022 |   |   | 290 |   |   | 1,905 |   |
|                                                                             |   |                                           |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discount                    Bonds in Pesos                                       |   |                                           | -          |   |   | - |   |   | - |   |   | 4,143 |   |   | 4,143 |   |
|                                                                             |   |                                           |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other                                                                            |   |                                           | 73         |   |   | 109 |   |   | 107 |   |   | 9 |   |   | 298 |   |
|                                                                             |   |                                           |       |   |   |   |   |   |   |   |   |   |   |   |   |   |

| **Unlisted                    government securities**                      |   |   | **1,919**     |   |   | **7,618**     |   |   | **3,878** |   |   | **26** |   |   | **13,441**    |   |
|----------------------------------------------------------------------------|--------|--------|---------------|--------|--------|---------------|--------|--------|-----------|--------|--------|--------|--------|--------|---------------|--------|
| Federal                    government bonds (maturity 2013)                |   |   | 1,893         |   |   | 7,574         |   |   | 3,787     |   |   | -      |   |   | 13,254        |   |
|                                                                       |   |   |          |   |   |          |   |   |      |   |   |   |   |   |          |   |
| Other                                                                      |   |   | 26            |   |   | 44            |   |   | 91        |   |   | 26     |   |   | 187           |   |
|                                                                       |   |   |          |   |   |          |   |   |      |   |   |   |   |   |          |   |
| **Instruments                    issued by the Central Bank of Argentina** |   |   | **1,060,172** |   |   | **1,726,847** |   |   | **-**     |   |   | **-**  |   |   | **2,787,019** |   |
| Listed                    Central Bank bills (LEBAC)                       |   |   | 32,463        |   |   | -             |   |   | -         |   |   | -      |   |   | 32,463        |   |
|                                                                       |   |   |          |   |   |          |   |   |      |   |   |   |   |   |          |   |
| Listed                    Central Bank notes (NOBAC)                       |   |   | 1,027,709     |   |   | 1,726,847     |   |   | -         |   |   | -      |   |   | 2,754,556     |   |

| **Total                    government securities in pesos** |   |   | **1,156,868** |   |   | **1,751,162** |   |   | **35,804** |   |   | **15,706** |   |   | **2,959,540** |   |
|-------------------------------------------------------------|--------|--------|---------------|--------|--------|---------------|--------|--------|------------|--------|--------|------------|--------|--------|---------------|--------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

| **In                    foreign currency:**                                      |   |   |          |   |   |          |   |   |         |   |   |
|----------------------------------------------------------------------------------|--------|--------|---------------|--------|--------|---------------|--------|--------|--------------|--------|--------|
|                                                                             |   |   |          |   |   |          |   |   |         |   |   |
| **Holdings                    for trading or intermediation**                    |   |   | **49,298**    |   |   | **76,340**    |   |   | **19,029**   |   |   | **318** |   |   | **144,985** |   |
| Federal                    government bonds - (maturity 2012 and 2013)           |   |   | 18,447        |   |   | 73,787        |   |   | 19,029       |   |   | - |   |   | 111,263 |   |
|                                                                             |   |   |          |   |   |          |   |   |         |   |   |   |   |   |   |   |
| Treasury                    Bills, maturity 2007 and 2008                        |   |   | 30,851        |   |   | 425           |   |   | -            |   |   | - |   |   | 31,276 |   |
|                                                                             |   |   |          |   |   |          |   |   |         |   |   |   |   |   |   |   |
| Argentine                    Government Bonds in u$s at 7%-Maturity 2011-Bonar V |   |   | -             |   |   | 2,128         |   |   | -            |   |   | - |   |   | 2,128 |   |
|                                                                             |   |   |          |   |   |          |   |   |         |   |   |   |   |   |   |   |
| Other                                                                            |   |   | -             |   |   | -             |   |   | -            |   |   | 318 |   |   | 318 |   |
|                                                                             |   |   |     |   |   |     |   |   |    |   |   |    |   |   |    |   |
| **Total                    government securities in foreign currency**           |   |   | **49,298**    |   |   | **76,340**    |   |   | **19,029**   |   |   | **318** |   |   | **144,985** |   |
| **Total                    government securities**                               |   |   | **1,206,166** |   |   | **1,827,502** |   |   | **54,833**   |   |   | **16,024** |   |   | **3,104,525** |   |

| **PRIVATE                    SECURITIES**                                                            |   |   |          |   |   |          |   |   |       |   |   |
|------------------------------------------------------------------------------------------------------|--------|--------|---------------|--------|--------|---------------|--------|--------|------------|--------|--------|
|                                                                                                 |   |   |          |   |   |          |   |   |       |   |   |
| **Investments                    in listed private securities**                                      |   |   |          |   |   |          |   |   |       |   |   |
|                                                                                                 |   |   |          |   |   |          |   |   |       |   |   |
| Shares                                                                                               |   |   | 7,580         |   |   | -             |   |   | -          |   |   | - |   |   | 7,580 |   |
| Corporate                    bonds                                                                   |   |   | 80,482        |   |   | -             |   |   | -          |   |   | - |   |   | 80,482 |   |
| Debt                    securities in financial trusts                                               |   |   | 336           |   |   | 699           |   |   | -          |   |   | - |   |   | 1,035 |   |
| Mutual                    Funds                                                                      |   |   | 29,362        |   |   | -             |   |   | -          |   |   | - |   |   | 29,362 |   |
| **Total                    private securities**                                                      |   |   | **117,760**   |   |   | **699**       |   |   | **-**      |   |   | **-** |   |   | **118,459** |   |
|                                                                                                 |   |   |          |   |   |          |   |   |       |   |   |   |   |   |   |   |
| **Total                    government and private securities, before                    allowances** |   |   | **1,323,926** |   |   | **1,828,201** |   |   | **54,833** |   |   | **16,024** |   |   | **3,222,984** |   |
|                                                                                                 |   |   |          |   |   |          |   |   |       |   |   |   |   |   |   |   |
| **Allowances**                                                                                       |   |   |          |   |   |          |   |   |       |   |   |   |   |   | (29 | ) |
| **Total                    government and****private                    securities**                 |   |   |          |   |   |          |   |   |       |   |   |   |   |   | **3,222,955** |   |

| **20.** | **LOANS** |
|---------|-----------|

|   | a. | Non-financial                    government sector: loans to the government sector, excluding                    government                    owned financial institutions; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|   | b. | Financial                    sector: short-term loans to other banks and short-term loans                    from foreign                    branches to banks outside                    Argentina. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|   | c. | Non                    financial private sector and foreign residents: loans given to                    the private                    sector (excluding financial institutions) and residents outside                    Argentina. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|                                                                  |   | **As                    of December 31,** |          |
|-----------------------------------------------------------------------|--------|-------------------------------------------|---------------|
|                                                                  |   | **2006**                                  |          | **2005** |   |
| Non-financial                    government sector                    |   |                                      | 774,273       |   |   | 645,342 |   |
| Financial                    sector                                   |   |                                      | 436,930       |   |   | 80,511 |   |
| Non-financial                    private sector and foreign residents |   |                                      |          |   |   |   |   |
| Commercial                                                            |   |                                      |          |   |   |   |   |
| -                    With Senior “A” guarantees           |   |                                      | 28,553        |   |   | 29,891 |   |
| -                    With Senior “B” guarantees           |   |                                      | 257,509       |   |   | 210,335 |   |
| -                    Without Senior guarantees                        |   |                                      | 2,122,067     |   |   | 1,261,459 |   |
| Consumer                                                              |   |                                      |          |   |   |   |   |
| -                    With Senior “A” guarantees           |   |                                      | 17,557        |   |   | 15,560 |   |
| -                    With Senior “B” guarantees           |   |                                      | 623,065       |   |   | 434,582 |   |
| -                    Without Senior guarantees                        |   |                                      | 2,475,732     |   |   | 996,972 |   |
|                                                                  |   |                                      |          |   |   |   |   |
| Less:                    Allowance                                    |   |                                      | (208,581      | ) |   | (247,532 | ) |
|                                                                  |   |                                      |          |   |   |   |   |
| **Total                    loans, net of allowance**                  |   |                                      | **6,527,105** |   |   | **3,427,120** |   |

|                                                  |   | **2006** |          | **2005** |   |
|-------------------------------------------------------|--------|----------|---------------|----------|--------|
| Argentina                                             |   |     | 6,687,200     |     |   | 3,578,312 |   |
| Suiza                                                 |   |     | 15,659        |     |   | - |   |
| United                    States of America           |   |     | 15,454        |     |   | 70,425 |   |
| Uruguay                                               |   |     | 7,931         |     |   | 9,546 |   |
| United                    Kingdom                     |   |     | 7,766         |     |   | 15,178 |   |
| Francia                                               |   |     | 481           |     |   | - |   |
| Ecuador                                               |   |     | 480           |     |   | - |   |
| Australia                                             |   |     | 444           |     |   | - |   |
| Venezuela                                             |   |     | 258           |     |   | - |   |
| Chile                                                 |   |     | 13            |     |   | 354 |   |
| Thailand                                              |   |     | -             |     |   | 423 |   |
| Brazil                                                |   |     | -             |     |   | 139 |   |
| Peru                                                  |   |     | -             |     |   | 247 |   |
| Bahamas                                               |   |     | -             |     |   | 28 |   |
| Less:                    Allowance                    |   |     | (208,581      | )        |   | (247,532 | ) |
|                                                  |   |     |          |     |   |   |   |
| **Total                    loans, net of allowances** |   |     | **6,527,105** |     |   | **3,427,120** |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

| **Economic                    Activity**                                          |   | **2006** |          | **2005** |   |
|-----------------------------------------------------------------------------------|--------|----------|---------------|----------|--------|
| Retail                    loans                                                   |   |     | 1,719,736     |     |   | 678,891 |   |
| Governmental                    services                                          |   |     | 844,814       |     |   | 717,113 |   |
| Agricultural                    livestock - Forestry - Fishing - Minery - Hunting |   |     | 650,405       |     |   | 444,807 |   |
| Financial                    services                                             |   |     | 593,423       |     |   | 240,097 |   |
| Retail                    and consumer products                                   |   |     | 550,359       |     |   | 281,153 |   |
| Foodstuff                    and beverages                                        |   |     | 537,905       |     |   | 235,114 |   |
| Other                    services                                                 |   |     | 474,325       |     |   | 275,376 |   |
| Construction                                                                      |   |     | 320,484       |     |   | 220,663 |   |
| Chemicals                                                                         |   |     | 300,429       |     |   | 61,070 |   |
| Transportation,storage                    and communications                      |   |     | 195,094       |     |   | 141,039 |   |
| Mass                    productions of products                                   |   |     | 147,127       |     |   | 76,197 |   |
| Hotels                    and restaurants                                         |   |     | 43,196        |     |   | 48,586 |   |
| Real                    estate, business and leases                               |   |     | 39,087        |     |   | 57,698 |   |
| Electricity,                    oil, water                                        |   |     | 31,061        |     |   | 24,580 |   |
| Other                                                                             |   |     | 288,241       |     |   | 172,268 |   |
|                                                                              |   |     |          |     |   |   |   |
| Total                    loans                                                    |   |     | 6,735,686     |     |   | 3,674,652 |   |
| Less:                    Allowance                                                |   |     | (208,581      | )        |   | (247,532 | ) |
|                                                                              |   |     |          |     |   |   |   |
| **Total                    loans, net of Allowance**                              |   |     | **6,527,105** |     |   | **3,427,120** |   |

| **21.** | **ALLOWANCES                    FOR LOAN LOSSES** |
|---------|---------------------------------------------------|

|                                                                                                                                                                                      |   | As                    of December 31, |     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|----------|
|                                                                                                                                                                                      |   | 2006                                  |     | 2005 |   | 2004 |   |
| Balance                    at the beginning of the fiscal year                                                                                                                            |   |                                  | 247,532  |   |   | 225,340 |   |   | 56,279 |   |
| Provision                    for loan losses (a)(b)                                                                                                                                       |   |                                  | 60,102   |   |   | 61,008 |   |   | 36,467 |   |
| Allowances                    for loan losses from acquisition of Nuevo Banco Suquía                    S.A.                                                                         |   |                                  | -        |   |   | - |   |   | 143,457 |   |
| Allowances                    for loan losses from incorporation of assets and liabilities                    of Banco                    Empresario de Tucumán Cooperativo Limitado |   |                                  | -        |   |   | 74,775 |   |   | - |   |
| Allowances                    for loan losses from acquisition of Nuevo Banco del Tucumán                    S.A.                                                                    |   |                                  | 13,993   |   |   | - |   |   | - |   |
| Allowances                    for loan losses from acquisition of Nuevo Nuevo Banco Bisel                    S.A.                                                                         |   |                                  | 28,443   |   |   | - |   |   | - |   |
| Allowances                    for loan losses for purchased loans and recovered loans                                                                                                     |   |                                  | -        |   |   | 6,262 |   |   | 21,329 |   |
| Write                    Offs                                                                                                                                                             |   |                                  | (132,926 | ) |   | (60,929 | ) |   | (32,164 | ) |
| Reversals                    (b)                                                                                                                                                          |   |                                  | (8,563   | ) |   | (58,924 | ) |   | (28 | ) |
| Balance                    at the end of the fiscal year (c)                                                                                                                              |   |                                  | 208,581  |   |   | 247,532 |   |   | 225,340 |   |

|   | (a) | As                    of December 31, 2006, the amount of provision for loan losses                    disclosed in                    the statements of Income, includes above amounts, and, mainly,                    the                    provision for other receivables for financial intermediation                    (see note                    25). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|   | (b) | As                    of December 31, 2006, as disclosed in note 29, under US SEC requirements,                    the amount of loan loss provision includes above amounts less                    recovered                    loans of 111,162. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|

|   | (c) | As                    of December 31, 2006, as disclosed in note 29, under US SEC requirements,                    the amount of allowance for loan losses includes the allowance                    for assets                    subject to financial lease (see note                    25). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

| **22.** | **OTHER                    RECEIVABLES FROM FINANCIAL                    INTERMEDIATION** |
|---------|-------------------------------------------------------------------------------------------|

|                                            |   | **As                    of December 31,** |      |
|-------------------------------------------------|--------|-------------------------------------------|-----------|
| **Description**                                 |   | **2006**                                  |      | **2005** |   |
| With                    preferred guarantees    |   |                                      | -         |   |   | 176,857 |   |
| Without                    preferred guarantees |   |                                      | 1,092,893 |   |   | 931,543 |   |
| Allowances                                      |   |                                      | (178,319  | ) |   | (27,600 | ) |
|                                            |   |                                      | 914,574   |   |   | 1,080,800 |   |

|                                                                                |   | **As                    of December 31,** |    |
|-------------------------------------------------------------------------------------|--------|-------------------------------------------|---------|
| **Description**                                                                     |   | **2006**                                  |    | **2005** |   |
| Corporate                    bonds—Unlisted                                   |   |                                      | 12,661  |   |   | 927 |   |
| Debt                    securities in financial trusts—Unlisted               |   |                                      | 90,133  |   |   | 124,700 |   |
| Certificates                    of participation in financial trusts—Unlisted |   |                                      | 451,612 |   |   | 193,062 |   |
| Total                    investments in unlisted private securities                 |   |                                      | 554,406 |   |   | 318,689 |   |

|                                                                                |   | **Maturing**                         |       |
|-------------------------------------------------------------------------------------|--------|--------------------------------------|------------|
|                                                                                |   | **Within                    1 year** |       | **After                    1 year but within 5 years** |   | **After                    5 years but within 10 years** |   | **No                    stated maturity** |   | **Total** |   |
|                                                                                |   |                                 |       |   |   |   |   |   |   |   |   |
| Corporate                    bonds—Unlisted                                   |   |                                 | 489        |   |   | 5,169 |   |   | 7,003 |   |   | - |   |   | 12,661 |   |
| Debt                    securities in financial trusts—Unlisted               |   |                                 | 75,888     |   |   | 13,423 |   |   | 822 |   |   | - |   |   | 90,133 |   |
| Certificates                    of participation in financial trusts—Unlisted |   |                                 | 12,555     |   |   | 204,641 |   |   | - |   |   | 234,416 | (1) |   | 451,612 |   |
| **Total                    investments in unlisted private securities**             |   |                                 | **88,932** |   |   | **223,233** |   |   | **7,825** |   |   | **234,416** |   |   | **554,406** |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|                                                                                                                                                                  |   | **As                    of December 31,** |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|-------------|
| **Description**                                                                                                                                                       |   | **2006**                                  |        | **2005** |   |
|                                                                                                                                                                  |   |                                      |        |   |   |
| **Amounts                    receivable from spot and forward sales pending                    settlement**                                                           |   |                                      |        |   |   |
| Receivables                    from repurchase agreements of government securities                                                                                    |   |                                      | 69,777      |   |   | 247,743 |   |
|                                                                                                                                                                  |   |                                      |        |   |   |   |   |
| Receivable                    from spot sales of government and private securities pending                    settlement                                              |   |                                      | 48,020      |   |   | 87,732 |   |
|                                                                                                                                                                  |   |                                      |        |   |   |   |   |
| Receivables                    from forward sales of government securities                                                                                            |   |                                      | 2,856       |   |   | 2,821 |   |
|                                                                                                                                                                  |   |                                      |        |   |   |   |   |
| Receivables                    from spot sales of foreing currency settlement                                                                                         |   |                                      | 708         |   |   | - |   |
|                                                                                                                                                                  |   |                                      |        |   |   |   |   |
| Receivables                    from other forward sales                                                                                                               |   |                                      | 92,244      |   |   | 57,684 |   |
|                                                                                                                                                                  |   |                                      | **213,605** |   |   | **395,980** |   |
|                                                                                                                                                                  |   |                                      |        |   |   |   |   |
| **Securities                    and foreign currency receivable from spot and forward purchases                    pending                    settlement**            |   |                                      |        |   |   |   |   |
| Forward                    purchases of securities under repurchase agreements                                                                                        |   |                                      | 102,293     |   |   | 162,402 |   |
|                                                                                                                                                                  |   |                                      |        |   |   |   |   |
| Spot                    purchases of government and private securities pending                    settlement                                                          |   |                                      | 31,553      |   |   | 74,207 |   |
|                                                                                                                                                                  |   |                                      |        |   |   |   |   |
|  Spot                    purchases of foreing currency pending settlement                                                                                        |   |                                      | 3,070       |   |   | - |   |
|                                                                                                                                                                  |   |                                      |        |   |   |   |   |
| ** **Other                    spot purchases                                                                                                                     |   |                                      | 3,801       |   |   | - |   |
|                                                                                                                                                                  |   |                                      | **140,717** |   |   | **236,609** |   |
|                                                                                                                                                                  |   |                                      |        |   |   |   |   |
| **Amounts                    payable for spot and forward purchases pending                    settlement**                                                           |   |                                      |        |   |   |   |   |
| Payables                    for spot purchases of foreign currency pending settlement and                    forward                    purchases of foreign currency |   |                                      | 3,071       |   |   | 4 |   |
|                                                                                                                                                                  |   |                                      |        |   |   |   |   |
| Payables                    for forward purchases of securities under repurchase                    agreements                                                        |   |                                      | 57,893      |   |   | 88,647 |   |
|                                                                                                                                                                  |   |                                      |        |   |   |   |   |
| Payables                    for spot purchases of government securities pending                    settlement                                                         |   |                                      | 29,074      |   |   | 11,906 |   |
|                                                                                                                                                                  |   |                                      |        |   |   |   |   |
| Payables                    under repo transactions                                                                                                                   |   |                                      | 42,391      |   |   | 8,125 |   |
|                                                                                                                                                                  |   |                                      |        |   |   |   |   |
| Payable                    for spot purchases of government and private securities awaiting                    settlement                                             |   |                                      | 5           |   |   | - |   |
|                                                                                                                                                                  |   |                                      | **132,434** |   |   | **108,682** |   |

----

**BANCO          MACRO S.A. AND          SUBSIDIARIES**

|                                                                                                                                                         |   | **As                    of December 31,** |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|-------------|
| **Description**                                                                                                                                              |   | **2006**                                  |        | **2005** |   |
| **Securities                    and foreign currency to be delivered under spot and forward sales                    pending                    settlement** |   |                                      |        |   |   |   |   |
|                                                                                                                                                         |   |                                      |        |   |   |   |   |
| Forward                    sales of government securities under repurchase agreements                                                                        |   |                                      | 89,914      |   |   | 284,656 |   |
|                                                                                                                                                         |   |                                      |        |   |   |   |   |
| Forward                    sales of government securities                                                                                                    |   |                                      | 4,150       |   |   | 4,428 |   |
|                                                                                                                                                         |   |                                      |        |   |   |   |   |
| Foward                    sales of foreing currency pending settlement                                                                                       |   |                                      | 708         |   |   | - |   |
|                                                                                                                                                         |   |                                      |        |   |   |   |   |
| Spot                    sales of government and private securities pending                    settlement                                                     |   |                                      | 38,666      |   |   | 87,910 |   |
|                                                                                                                                                         |   |                                      |        |   |   |   |   |
| Other                    forward sales                                                                                                                       |   |                                      | 83,628      |   |   | 52,720 |   |
|                                                                                                                                                         |   |                                      | **217,066** |   |   | **429,714** |   |

|        |   | **End-of-year                    fair value** |    |
|-------------|--------|-----------------------------------------------|---------|
|        |   | **2006**                                      |    |  **2005** |   |
| Assets      |   |                                          | 140,717 |   |   | 236,609 |   |
| Liabilities |   |                                          | 217,066 |   |   | 429,714 |   |

**23.**
**BANK          PREMISES AND EQUIPMENT AND OTHER ASSETS**

**23.1**
**Premises          and Equipment**

|                                        |   | **As                    of December, 31**            |   |
|---------------------------------------------|--------|------------------------------------------------------|--------|
| **Description**                             |   | **Estimated                    useful life (years)** |   | **2006** |   | **2005** |   |
| Buildings                                   |   |                                                 | 50     |   |   | 307,415 |   |   | 238,028 |   |
| Furniture                    and facilities |   |                                                 | 10     |   |   | 68,317 |   |   | 60,985 |   |
| Machinery                    and equipment  |   |                                                 | 5      |   |   | 272,845 |   |   | 231,885 |   |
| Vehicles                                    |   |                                                 | 5      |   |   | 32,781 |   |   | 20,149 |   |
| Other                                       |   |                                                 | -      |   |   | 2,084 |   |   | 540 |   |
| Accumulated                    depreciation |   |                                                 |   |   |   | (347,191 | ) |   | (328,047 | ) |
| Total                                       |   |                                                 |   |   |   | 336,251 |   |   | 223,540 |   |

----

**BANCO          MACRO S.A. AND          SUBSIDIARIES**

**23.2**
**Other          assets**

|                                                      |   | **As                    of December, 31**            |   |
|-----------------------------------------------------------|--------|------------------------------------------------------|--------|
| **Description**                                           |   | **Estimated                    useful life (years)** |   | **2006** |   | **2005** |   |
| Works                    in progress                      |   |                                                 | -      |   |   | 27,357 |   |   | 6,932 |   |
| Works                    of art                           |   |                                                 | -      |   |   | 1,203 |   |   | 1,175 |   |
| Prepayments                    for the purchase of assets |   |                                                 | -      |   |   | 3,945 |   |   | 4,191 |   |
| Foreclosed                    assets                      |   |                                                 | -      |   |   | 42,455 |   |   | 26,213 |   |
| Leased                    buildings                       |   |                                                 | 50     |   |   | 13,880 |   |   | 10,529 |   |
| Stationery                    and office supplies         |   |                                                 | -      |   |   | 1,651 |   |   | 1,236 |   |
| Other                    assets (1)                       |   |                                                 | 50     |   |   | 127,095 |   |   | 137,336 |   |
| Accumulated                    depreciation               |   |                                                 | -      |   |   | (14,821 | ) |   | (12,953 | ) |
| Total                                                     |   |                                                 |   |   |   | 202,765 |   |   | 174,659 |   |

**23.3**
**Operating          Leases**

| **Fiscal                    year end** |   | **In                    thousands of Ps.** |       |
|----------------------------------------|--------|--------------------------------------------|------------|
| 2007                                   |   |                                       | 11,607     |   |
| 2008                                   |   |                                       | 8,421      |   |
| 2009                                   |   |                                       | 5,153      |   |
| 2010                                   |   |                                       | 4,006      |   |
| 2011                                   |   |                                       | 2,735      |   |
| 2012                    and after      |   |                                       | 7,825      |   |
| **Total**                              |   |                                       | **39,747** |   |

----

**BANCO          MACRO S.A. AND          SUBSIDIARIES**

**24.**
**INTANGIBLE          ASSETS**

**24.1.**
**Goodwill:**

|                                                                                                                                                             |   | **As                    of December 31,**                         |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|
| **Description**                                                                                                                                                  |   | **Estimated                    useful life from payment (years)** |   | **2006** |   | **2005** |   |
| Goodwill                    for the purchase of Banco de Jujuy S.A., net of accumulated amortization                    of 7,486 as of December 31, 2006         |   |                                                              | 6      |   |   | 826 |   |   | 1,646 |   |
| Goodwill                    for the purchase of Banco del Tucumán S.A., net of accumulated                    amortization of 1,194 as of December 31, 2006 |   |                                                              | 10     |   |   | 17,048 |   |   | - |   |
| Goodwill                    for the purchase of Nuevo Banco Bisel S.A., net of accumulated                    amortization of 2,752 as of December 31, 2006      |   |                                                              | 10     |   |   | 63,290 |   |   | - |   |
| **Total**                                                                                                                                                        |   |                                                              |   |   |   | **81,164** |   |   | **1,646** |   |

**24.2.**
**Organization          and development costs:**

|                                                                                                                                                       |   | **As                    of December 31,**            |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------|--------|
| **Description**                                                                                                                                            |   | **Estimated                    useful life (years)** |   | **2006** |   | **2005** |   |
| Differences                    due to courts orders - non deductibles for the determination                    of the                    computable equity |   |                                                 | 5      |   |   | 74,745 |   |   | 42,632 |   |
| Cost                    from information technology projects                                                                                               |   |                                                 | 5      |   |   | 31,511 |   |   | 22,232 |   |
| Organizational                    cost                                                                                                                     |   |                                                 | 5      |   |   | 699 |   |   | 1,577 |   |
| Other                    capitalized cost                                                                                                                  |   |                                                 | 5      |   |   | 3,060 |   |   | 2,004 |   |
| **Total**                                                                                                                                                  |   |                                                 |   |   |   | **110,015** |   |   | **68,445** |   |

----

**BANCO            MACRO S.A. AND            SUBSIDIARIES**

|                                                           |   | **Fiscal                    year ended December 31,** |        |
|----------------------------------------------------------------|--------|-------------------------------------------------------|-------------|
|                                                           |   | **2006**                                              |        | **2005** |   | **2004** |   |
| Balance                    at the beginning of the fiscal year |   |                                                  | 70,091      |   |   | 81,531 |   |   | 82,185 |   |
| Additions                                                      |   |                                                  | 158,623     |   |   | 16,148 |   |   | 25,445 |   |
| Decreases                                                      |   |                                                  | (29         | ) |   | (61 | ) |   | - |   |
| Amortization                    expense                        |   |                                                  | (37,506     | ) |   | (27,527 | ) |   | (26,099 | ) |
| **Balance                    at the end of the fiscal year**   |   |                                                  | **191,179** |   |   | **70,091** |   |   | **81,531** |   |

**25.**
**OTHER          ALLOWANCES AND PROVISIONS**

**Government          and private securities**

|                                                                                                                                                              |   | **As                    of December 31,** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                                                                                                                              |   | **2006**                                  |   | **2005** |   | **2004** |   |
| Balance                    at the beginning of the fiscal year                                                                                                    |   |                                      | 512    |   |   | 2,471 |   |   | 3,137 |   |
| Allowances                    for government and private securities losses from acquisition                    of Nuevo                    Banco Suquía S.A. |   |                                      | -      |   |   | - |   |   | 2,471 |   |
| Allowances                    for government and private securities losses                                                                                        |   |                                      | -      |   |   | 512 |   |   | - |   |
| Write                    off                                                                                                                                      |   |                                      | (474   | ) |   | (2,471 | ) |   | (2,997 | ) |
| Reversals                                                                                                                                                         |   |                                      | (9     | ) |   | - |   |   | (140 | ) |
| **Balance                    at the end of the fiscal year**                                                                                                      |   |                                      | **29** |   |   | **512** |   |   | **2,471** |   |

----

**BANCO          MACRO S.A. AND          SUBSIDIARIES**

**Other          receivables from financial intermediation**

|                                                                                                                                                                          |   | **As                    of December 31,** |        |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|-------------|
|                                                                                                                                                                          |   | **2006**                                  |        | **2005** |   | **2004** |   |
| Balance                    at the beginning of the fiscal year                                                                                                                |   |                                      | 27,600      |   |   | 107,530 |   |   | 134,145 |   |
| Allowanses                    for Other receivables for financial intermediation from acquisition                    of                    Banco del Tucumán S.A.        |   |                                      | 125         |   |   | - |   |   | - |   |
| Allowances                    for Other receivables for financial intermediation from acquisition                    of                    Nuevo Banco Bisel S.A.             |   |                                      | 164,327     |   |   | - |   |   | - |   |
| Provision                    for other receivables for financial intermediation losses                                                                                        |   |                                      | 9,129       |   |   | 9,958 |   |   | 716 |   |
| Provision                    for other receivables for financial intermediation losses from                    acquisition                    of Nuevo Banco Suquía S.A. |   |                                      | -           |   |   | - |   |   | 102,767 |   |
| Write                    off                                                                                                                                                  |   |                                      | (6,688      | ) |   | (78,789 | ) |   | (130,098 | ) |
| Reversals                                                                                                                                                                     |   |                                      | (16,174     | ) |   | (11,099 | ) |   | - |   |
| **Balance                    at the end of the fiscal year**                                                                                                                  |   |                                      | **178,319** |   |   | **27,600** |   |   | **107,530** |   |

**Assets          subject to financial lease**

|                                                                                                                                                        |   | **As                    of December 31,** |      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|-----------|
|                                                                                                                                                        |   | **2006**                                  |      | **2005** |   | **2004** |   |
| Balance                    at the beginning of the fiscal year                                                                                              |   |                                      | 1,470     |   |   | 609 |   |   | - |   |
| Allowances                    for Assets subjects to finnacial leases from acquisition of Banco                    del                    Tucumán S.A. |   |                                      | 226       |   |   | - |   |   | - |   |
| Allowances                    for Assets subjects to financial leases from acquisition of Nuevo                    Banco                    Bisel S.A.      |   |                                      | 299       |   |   | - |   |   | - |   |
| Provision                    for assets subject to financial lease                                                                                          |   |                                      | 1,529     |   |   | 875 |   |   | 609 |   |
| Applications                                                                                                                                                |   |                                      | (19       | ) |   | (14 | ) |   | - |   |
| Reversals                    (1)                                                                                                                            |   |                                      | (16       | ) |   | - |   |   | - |   |
| **Balance                    at the end of the fiscal year**(1)                                                                                             |   |                                      | **3,489** |   |   | **1,470** |   |   | **609** |   |

**Investment          in other companies**

|                                                                                                                                                          |   | **As                    of December 31,** |      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|-----------|
|                                                                                                                                                          |   | **2006**                                  |      | **2005** |   | **2004** |   |
| Balance                    at the beginning of the fiscal year                                                                                                |   |                                      | 1,304     |   |   | 719 |   |   | 2 |   |
| Provision                    for investment in other companies losses                                                                                         |   |                                      | 18        |   |   | 1,049 |   |   | 3,003 |   |
| Allowances                    for investment in other companies losses from acquisition of                    Nuevo Banco                    Suquía S.A. |   |                                      | -         |   |   | - |   |   | 321 |   |
| Write                    off                                                                                                                                  |   |                                      | -         |   |   | (167 | ) |   | (2,607 | ) |
| Reversals                                                                                                                                                     |   |                                      | (150      | ) |   | (297 | ) |   | - |   |
| **Balance                    at the end of the fiscal year**                                                                                                  |   |                                      | **1,172** |   |   | **1,304** |   |   | **719** |   |

----

**BANCO          MACRO S.A. AND          SUBSIDIARIES**

**Other          receivables**

|                                                                                                                                              |   | **As                    of December 31,** |       |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|------------|
|                                                                                                                                              |   | **2006**                                  |       | **2005** |   | **2004** |   |
| Balance                    at the beginning of the fiscal year                                                                                    |   |                                      | 18,246     |   |   | 6,201 |   |   | 3,630 |   |
| Allowances                    for Other receivables from acquisition of Banco del Tucumán                    S.A.                            |   |                                      | 1          |   |   | - |   |   | - |   |
| Allowances                    for Other receivables from acquisition of Nuevo Banco Bisel S.A.                                                    |   |                                      | 18,892     |   |   | - |   |   | - |   |
| Provision                    for other receivables losses                                                                                         |   |                                      | 8,175      |   |   | 13,220 |   |   | 1,223 |   |
| Allowances                    for other receivables losses from acquisition of Nuevo Banco                    Suquía                    S.A. |   |                                      | -          |   |   | - |   |   | 1,689 |   |
| Write                    off                                                                                                                      |   |                                      | (8,694     | ) |   | (1,098 | ) |   | (341 | ) |
| Reversals                                                                                                                                         |   |                                      | (467       | ) |   | (77 | ) |   | - |   |
| **Balance                    at the end of the fiscal year**                                                                                      |   |                                      | **36,153** |   |   | **18,246** |   |   | **6,201** |   |

**Provisions          - Contingencies and Commitments**

|                                                                                                                                                   | **As                    of December 31,** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------|
|                                                                                                                                                   | **2006**                                  |   | **2005** |   | **2004** |
| Balance                    at the beginning of the fiscal year                                                                                         | 2,076                                     |   | 3,120 |   | 5,342 |
| Provision                    for contingent commitments losses                                                                                         | 7                                         |   | 1,692 |   | 843 |
| Allowances                    for contingent commitments losses from acquisition of Nuevo Banco                    Suquía                    S.A. | -                                         |   | - |   | 48 |
| Write                    off                                                                                                                           |                                      |   | (1,043) |   | - |
| Reversals                                                                                                                                              | (409)                                     |   | (1,693) |   | (3,113) |
| **Balance                    at the end of the fiscal year**                                                                                           | **1,674**                                 |   | **2,076** |   | **3,120** |

**Provisions          - Negative Goodwill**

|                                                           |   | **As                    of December 31,** |    |
|----------------------------------------------------------------|--------|-------------------------------------------|---------|
|                                                           |   | **2006**                                  |    | **2005** |   | **2004** |   |
| Balance                    at the beginning of the fiscal year |   |                                      | 73,595  |   |   | 146,707 |   |   | 219,336 |   |
| Allowances                                                     |   |                                      | -       |   |   | - |   |   | 483 |   |
| Amortization                                                   |   |                                      | (73,112 | ) |   | (73,112 | ) |   | (73,112 | ) |
| **Balance                    at the end of the fiscal year**   |   |                                      | **483** |   |   | **73,595** |   |   | **146,707** |   |

----

**BANCO            MACRO S.A. AND            SUBSIDIARIES**

**Provisions          - Other loss contingencies**

|                                                                                                                                                                                                 |   | **As                    of December 31,** |        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|-------------|
|                                                                                                                                                                                                 |   | **2006**                                  |        | **2005** |   | **2004** |   |
| Balance                    at the beginning of the fiscal year                                                                                                                                       |   |                                      | 102,479     |   |   | 75,872 |   |   | 60,450 |   |
| Provision                    for other contingent losses                                                                                                                                             |   |                                      | 47,219      |   |   | 37,440 |   |   | 3,211 |   |
| Provision                    for other contingent losses from acquisition of Nuevo Banco Suquía                    S.A.                                                                         |   |                                      | -           |   |   | - |   |   | 16,948 |   |
| Provision                    for other contingent losses from acquisition of Banco del Tucumán                    S.A.                                                                          |   |                                      | 994         |   |   | - |   |   | - |   |
| Provision                    for other contingent losses from acquisition of Nuevo Banco Bisel                    S.A.                                                                               |   |                                      | 11,790      |   |   | - |   |   | - |   |
| Provision                    for other contingent losses from incorporation of assets and                    liabilities                    of Banco Empresario de Tucumán Cooperativo Limitado |   |                                      | -           |   |   | 6,796 |   |   | - |   |
| Write                    off                                                                                                                                                                         |   |                                      | (58,213     | ) |   | (13,347 | ) |   | (1,492 | ) |
| Reversals                                                                                                                                                                                            |   |                                      | (2,052      | ) |   | (4,282 | ) |   | (3,245 | ) |
| **Balance                    at the end of the fiscal year**                                                                                                                                         |   |                                      | **102,217** |   |   | **102,479** |   |   | **75,872** |   |

**Provisions          - For severance pay**

|                                                         |   | **As                    of December 31,** |    |
|--------------------------------------------------------------|--------|-------------------------------------------|---------|
|                                                         |   | **2006**                                  |    | **2005** |   | **2004** |   |
| Provision                    for severance pay               |   |                                      | 1,000   |   |   | - |   |   | - |   |
| Applications                                                 |   |                                      | (504    | ) |   | - |   |   | - |   |
| **Balance                    at the end of the fiscal year** |   |                                      | **496** |   |   | - |   |   | - |   |

| **Total                    of provisions** |   |   | **104,870** |   |   | **178,150** |   |   | **225,699** |   |
|--------------------------------------------|--------|--------|-------------|--------|--------|-------------|--------|--------|-------------|--------|

**26.**
**DEPOSITS          AND OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION**

|   | **26.1.** | **Deposits** |
|--------|-----------|--------------|

|   | **26.2.** | **Central                    Bank of Argentina** |
|--------|-----------|--------------------------------------------------|

|                                      |   | **As                    of December 31, 2006** |    | **As                    of December 31, 2005**     |   |
|-------------------------------------------|--------|------------------------------------------------|---------|----------------------------------------------------|--------|
|                                      |   |   **Principal**                      |    | **Interest****and                    adjustments** |   |   **Rate** |   | **Principal** |   | **Interest****and                    adjustments** |   |   |   |   **Rate** |   |
| Short-term                    liabilities |   |                                           | 35,807  |                                               |   | 33,255 |   |   | 1.95 | % |   | 19,548 |   |   | 14,805 |   |   |   |   |   | 4.10 | % |
| Long-term                    liabilities  |   |                                           | 168,330 |                                               |   | 148,697 |   |   | 2.00 | % |   | 107,174 |   |   | 75,984 |   |   |   |   |   | 4.24 | % |
| Total                                     |   |                                           | 204,137 |                                               |   | 181,952 |   |   |   |   |   | 126,722 |   |   | 90,789 |   |   | (1) |   |   |   |   |

----

**BANCO          MACRO S.A. AND          SUBSIDIARIES**

|   | (1) | As                    of December 31, 2005 “Interest and adjustments" includes 11,159 related to                    adjustments on the above liabilities booked in “Accrued interest,                    adjustments, foreign exchange and quoted price differences payable"                    under                    the "Other liabilities from financial intermediation" in the                    accompanying                    consolidated balance sheets. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  **Periods** |   | **As                    of December 31, 2006** |    |
|-------------------|--------|------------------------------------------------|---------|
| 2008              |   |                                           | 63,406  |   |
| 2009              |   |                                           | 63,406  |   |
| 2010              |   |                                           | 63,405  |   |
| 2011              |   |                                           | 63,405  |   |
| 2012              |   |                                           | 63,405  |   |
| Total             |   |                                           | 317,027 |   |

|   | **26.3.** | **Banks                    and international                    institutions** |
|--------|-----------|--------------------------------------------------------------------------------|

|                                        |   | **As                      of December 31, 2006**    |    | **As                      of December 31, 2005**   |   |
|---------------------------------------------|--------|--------------------------------------------------------------------|---------|--------------------------------------------------------------|--------|
|                                        |   | **Principal**                                       |    | **Interest**                                            |   | **Rate**    |   | **Principal**  |   | **Interest**  |   | **Rate**    |   |
| Short-term                      liabilities |   |                                                               | 23,212  |                                                         |   | 5,718 |   |   | 5.92 | % |   | 154,006 |   |   | 4,538 |   |   | 5.64 | % |
| Long-term                      liabilities  |   |                                                               | 153,475 | (1)                                                          |   | - |   |   | 6.26 | % |   | - |   |   | - |   |   | - |   |
| Total                                       |   |                                                               | 176,687 |                                                         |   | 5,718 |   |   |  |   |   | 154,006 |   |   | 4,538 |   |   |  |   |

|   | **26.4.** | **Financing                    received from Argentine financial                    institutions** |
|--------|-----------|----------------------------------------------------------------------------------------------------|

|                                      |   | **As                    of December 31, 2006** |   | **As                    of December 31, 2005**     |   |
|-------------------------------------------|--------|------------------------------------------------|--------|----------------------------------------------------|--------|
|                                      |   |  **Principal**                            |   | **Interest****and                    adjustments** |   |  **Rate** |   |  **Principal** |   | **Interest****and                    adjustments** |   | **Rate** |   |
| Short-term                    liabilities |   |                                           | 26,502 |                                               |   | 1,219 |   |   | 6.40 | % |   | 2,481 |   |   | 999 |   |   | 1.97 | % |
| Long-term                    liabilities  |   |                                           | 21,480 |                                               |   | 18,957 |   |   | 2.04 | % |   | 22,673 |   |   | 16,106 |   |   | 3.11 | % |
| Total                                     |   |                                           | 47,982 |                                               |   | 20,176 |   |   |   |   |   | 25,154 |   |   | 17,105 |   |   |   |   |

| **Periods** |   | **As                    of December 31, 2006** |   |
|-------------|--------|------------------------------------------------|--------|
| 2008        |   | 2,391                                          |
| 2009        |   | 2,238                                          |
| 2010        |   | 3,170                                          |
| 2011        |   | 3,357                                          |
| 2012        |   | 3,357                                          |
| 2013        |   | 3,357                                          |
| 2014        |   | 5,129                                          |
| 2015        |   | 5,483                                          |
| 2016        |   | 5,483                                          |
| 2017        |   | 5,483                                          |
| 2018        |   | 989                                            |
|        |   | 40,437                                         |

----

**BANCO            MACRO S.A. AND            SUBSIDIARIES**

| **27.** | **EMPLOYEE                    BENEFIT PLANS** |
|---------|-----------------------------------------------|

| **28.** | **MINIMUM                    CAPITAL REQUIREMENTS** |
|---------|-----------------------------------------------------|

|                                 |   | **Required                    Minimum Capital** |    | **Computable                    Capital** |   | **Excess                    of actual Minimum Capital over Required Minimum                    Capital** |   |
|--------------------------------------|--------|-------------------------------------------------|---------|-------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|--------|
| December                    31, 2006 |   |                                            | 741,521 |                                      |   | 2,656,276                                                                                                |   |   | 1,914,755 |   |
| December                    31, 2005 |   |                                            | 366,084 |                                      |   | 1,491,670                                                                                                |   |   | 1,125,586 |   |

----

**BANCO          MACRO S.A. AND          SUBSIDIARIES**

| **29.** | **CONSOLIDATED                    INCOME STATEMENTS AND BALANCE SHEET** |
|---------|-------------------------------------------------------------------------|

| **Consolidated                    Statements of Income**                                                            |   | **2006** |      | **2005** |   | **2004** |   |
|---------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|----------|--------|
| Interest                    and fees on loans                                                                       |   |     | 739,214   |     |   | 418,175  |   |   | 144,833 |   |
| Interest                    on bearing deposits with other banks                                                    |   |     | 10,516    |     |   | 7,861    |   |   | 1,570 |   |
| Interest                    on other receivables from financial intermediation                                      |   |     | 68,146    |     |   | 67,117   |   |   | 18,953 |   |
| Interest                    on securities and foreign exchange purchased under resale                    agreements |   |     | 18,311    |     |   | 14,924   |   |   | 3,539 |   |
| Government                    securities and other trading gains, net                                               |   |     | 274,029   |     |   | 203,566  |   |   | 216,937 |   |
| Foreign                    exchange, net                                                                            |   |     | 40,007    |     |   | 31,392   |   |   | 27,954 |   |
| Other                    interest income                                                                            |   |     | 43,402    |     |   | 17,574   |   |   | 6,139 |   |
| Total                    interest income                                                                            |   |     | 1,193,625 |     |   | 760,609  |   |   | 419,925 |   |
|                                                                                                                |   |     |      |     |   |     |   |   |   |   |
|                                                                                                                |   |     |      |     |   |     |   |   |   |   |
| Interest                    on deposits                                                                             |   |     | 280,325   |     |   | 191,637  |   |   | 73,899 |   |
| Interest                    on short-tern borrowings                                                                |   |     | 16,728    |     |   | 14,006   |   |   | 4,602 |   |
| Interest                    on long-term debt                                                                       |   |     | 16,474    |     |   | 15,842   |   |   | 11,394 |   |
| Other                    interest expense                                                                           |   |     | 96,195    |     |   | 82,250   |   |   | 34,659 |   |
| Total                    interest expense                                                                           |   |     | 409,722   |     |   | 303,735  |   |   | 124,554 |   |
| Net                    interest income                                                                              |   |     | 783,903   |     |   | 456,874  |   |   | 295,371 |   |
|                                                                                                                |   |     |      |     |   |     |   |   |   |   |
| Provision                    for loan losses, net                                                                   |   |     | 59,623    |     |   | 18,295   |   |   | (25,107 | ) |
| Net                    interest income after provision for loan losses                                              |   |     | 843,526   |     |   | 475,169  |   |   | 270,264 |   |
|                                                                                                                |   |     |      |     |   |     |   |   |   |   |
|                                                                                                                |   |     |      |     |   |     |   |   |   |   |
| Service                    charges on deposit accounts                                                              |   |     | 282,724   |     |   | 186,062  |   |   | 81,503 |   |
| Credit-card                    service charges and fees                                                             |   |     | 60,102    |     |   | 43,687   |   |   | 41,310 |   |
| Other                    commissions                                                                                |   |     | 16,775    |     |   | 7,948    |   |   | 4,362 |   |
| Foreign                    currency exchange trading income                                                         |   |     | 11,607    |     |   | 10,630   |   |   | 5,928 |   |
| Income                    from equity in other companies                                                            |   |     | 7,928     |     |   | 6,909    |   |   | 3,765 |   |
| Negative                    Goodwill                                                                                |   |     | 73,112    |     |   | 73,112   |   |   | 73,112 |   |
| Other                                                                                                               |   |     | 66,271    |     |   | 86,267   |   |   | 29,649 |   |
| Total                    non-interest income                                                                        |   |     | 518,519   |     |   | 414,615  |   |   | 239,629 |   |
|                                                                                                                |   |     |      |     |   |     |   |   |   |   |
| Commissions                                                                                                         |   |     | 44,607    |     |   | 31,213   |   |   | 4,989 |   |
| Salaries                    and payroll taxes                                                                       |   |     | 395,421   |     |   | 253,816  |   |   | 132,910 |   |
| Outside                    consultants and services                                                                 |   |     | 38,768    |     |   | 25,476   |   |   | 16,729 |   |
| Depreciation                    of bank premises and equipment                                                      |   |     | 30,736    |     |   | 20,815   |   |   | 18,881 |   |
| Rent                                                                                                                |   |     | 14,085    |     |   | 9,860    |   |   | 4,898 |   |
| Stationery                    and supplies                                                                          |   |     | 8,880     |     |   | 7,823    |   |   | 3,902 |   |
| Electric                    power and communications                                                                |   |     | 23,490    |     |   | 17,047   |   |   | 9,366 |   |
| Advertising                    and publicity                                                                        |   |     | 31,138    |     |   | 22,663   |   |   | 12,048 |   |

----

**BANCO          MACRO S.A. AND          SUBSIDIARIES**

| **Consolidated                    Statements of Income (cont.)**                  |   | **2006** |    | **2005** |   | **2004** |   |
|-----------------------------------------------------------------------------------|--------|----------|---------|----------|--------|----------|--------|
| Taxes                                                                             |   |     | 8,755   |     |   | 5,616    |   |   | 3,353 |   |
| Management                    Fee                                                 |   |     | 14,355  |     |   | 14,142   |   |   | 5,861 |   |
| Insurance                                                                         |   |     | 5,238   |     |   | 3,956    |   |   | 4,096 |   |
| Security                    services                                              |   |     | 25,002  |     |   | 16,366   |   |   | 10,184 |   |
| Maintenance,                    conservation and repair expenses                  |   |     | 24,825  |     |   | 17,429   |   |   | 11,638 |   |
| Amortization                    of organization and development expenses          |   |     | 37,291  |     |   | 27,423   |   |   | 26,106 |   |
| Provision                    for losses on other receivables and other allowances |   |     | 26,713  |     |   | 9,301    |   |   | 3,920 |   |
| Other                                                                             |   |     | 128,262 |     |   | 110,050  |   |   | 47,336 |   |
| Total                    non-interest expense                                     |   |     | 857,566 |     |   | 592,996  |   |   | 316,217 |   |
|                                                                              |   |     |    |     |   |     |   |   |   |   |
| Minority                    interest of subsidiaries                              |   |     | 3,220   |     |   | 27       |   |   | - |   |
|                                                                              |   |     |    |     |   |     |   |   |   |   |
| Income                    before income tax expense                               |   |     | 501,259 |     |   | 296,761  |   |   | 193,676 |   |
|                                                                              |   |     |    |     |   |     |   |   |   |   |
| Income                    tax expense                                             |   |     | 76,961  |     |   | 34,042   |   |   | 699 |   |
|                                                                              |   |     |    |     |   |     |   |   |   |   |
| Income                    from continuing operations                              |   |     | 424,298 |     |   | 262,719  |   |   | 192,977 |   |
|                                                                              |   |     |    |     |   |     |   |   |   |   |
| Net                    income                                                     |   |     | 424,298 |     |   | 262,719  |   |   | 192,977 |   |
|                                                                              |   |     |    |     |   |     |   |   |   |   |
| Earnings                    per common share                                      |   |     | 0.64    |     |   | 0.43     |   |   | 0.32 |   |

|                                                                                                                                                 |   | **2006** |       | **2005** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|
| **ASSETS**                                                                                                                                           |   |     |       |     |   |
| Cash                    and due from banks                                                                                                           |   |     | 644,191    |     |   | 423,639 |   |
| Interest-bearing                    deposits in other banks                                                                                          |   |     | 2,099,861  |     |   | 863,810 |   |
| Federal                    Funds sold and securities purchased under resale agreements of                    similar                    arrangements |   |     | 172,070    |     |   | 410,145 |   |
| Trading                    account assets                                                                                                            |   |     | 354,986    |     |   | 206,982 |   |
| Other                    short-term investments                                                                                                      |   |     | 489        |     |   | 115 |   |
| Investment                    securities available for sale                                                                                          |   |     | 2,873,954  |     |   | 2,765,777 |   |
| Loans                                                                                                                                                |   |     | 7,037,049  |     |   | 3,842,485 |   |
| Allowance                    for loan losses                                                                                                         |   |     | (212,070   | )        |   | (249,002 | ) |
| Premises                    and equipment                                                                                                            |   |     | 587,946    |     |   | 397,928 |   |
| Due                    from customers on acceptances                                                                                                 |   |     | 91,607     |     |   | 69,637 |   |
| Other                    assets                                                                                                                      |   |     | 641,544    |     |   | 474,906 |   |
| Total                    assets                                                                                                                      |   |     | 14,291,627 |     |   | 9,206,422 |   |

----

**BANCO          MACRO S.A. AND          SUBSIDIARIES**

|                                                                                                          |   | **2006** |       | **2005** |   |
|---------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|
| **LIABILITIES                    AND SHAREHOLDERS’ EQUITY**                                             |   |     |       |     |   |
|                                                                                                          |   |     |       |     |   |
| Interest-bearing                    deposits                                                                  |   |     | 7,309,335  |     |   | 4,829,786 |   |
| Non                    interest-bearing deposits                                                              |   |     | 2,761,682  |     |   | 1,735,540 |   |
| Federal                    Funds purchased and securities sold under repurchase                    agreements |   |     | 190,197    |     |   | 381,427 |   |
| Other                    short-term borrowings                                                                |   |     | 375,807    |     |   | 196,377 |   |
| Long-term                    borrowings                                                                       |   |     | 510,939    |     |   | 221,937 |   |
| Contingent                    liabilities                                                                     |   |     | 114,108    |     |   | 104,555 |   |
| Other                    liabilities                                                                          |   |     | 36,966     |     |   | 158,700 |   |
| Bank                    acceptances outstanding                                                               |   |     | 91,607     |     |   | 69,637 |   |
| Subordinated                    corporate bonds                                                               |   |     | 507,844    |     |   | 12,047 |   |
| Minority                    interest in consolidated subsidiaries                                             |   |     | 78,165     |     |   | 6,842 |   |
| Total                    liabilities                                                                          |   |     | 11,976,650 |     |   | 7,716,848 |   |
|                                                                                                          |   |     |       |     |   |   |   |
| Common                    stocks                                                                              |   |     | 683,943    |     |   | 608,943 |   |
| Retained                    appropriated earnings                                                             |   |     | 298,056    |     |   | 245,513 |   |
| Retained                    unappropriated earnings                                                           |   |     | 933,967    |     |   | 630,607 |   |
| Other                    shareholders’ equity                                                           |   |     | 399,011    |     |   | 4,511 |   |
| Total                    shareholders’ equity                                                           |   |     | 2,314,977  |     |   | 1,489,574 |   |
| Total                    liabilities and shareholders’ equity                                           |   |     | 14,291,627 |     |   | 9,206,422 |   |

| **30.** | **OPERATIONS                    BY GEOGRAPHICAL SEGMENT** |
|---------|-----------------------------------------------------------|

|                                  |   | **As                    of December 31,** |           |
|---------------------------------------|--------|-------------------------------------------|----------------|
|                                  |   | **2006**                                  |           | **2005** |   | **2004** |   |
| **Total                    revenues** |   |                                      | **1,842,298**  |   |   | **1,271,492** |   |   | **691,                    897** |   |
| Argentina                             |   |                                      | 1,818,761      |   |   | 1,247,412 |   |   | 678,363 |   |
| Bahamas                               |   |                                      | 23,537         |   |   | 24,080 |   |   | 13,534 |   |
|                                  |   |                                      |           |   |   |   |   |   |   |   |
| **Net                    income**     |   |                                      | **424,298**    |   |   | **262,719** |   |   | **192,977** |   |
| Argentina                             |   |                                      | 419,481        |   |   | 252,326 |   |   | 195,920 |   |
| Bahamas                               |   |                                      | 4,817          |   |   | 10,393 |   |   | (2,943 | ) |
|                                  |   |                                      |           |   |   |   |   |   |   |   |
| **Total                    assets**   |   |                                      | **14,504,972** |   |   | **9,487,822** |   |   | **8,797,757** |   |
| Argentina                             |   |                                      | 14,000,262     |   |   | 9,139,388 |   |   | 8,353,266 |   |
| Bahamas                               |   |                                      | 504,710        |   |   | 348,434 |   |   | 444,491 |   |

| **31.** | **FINANCIAL                    INSTRUMENTS WITH OFF-BALANCE SHEET                    RISK** |
|---------|---------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND          SUBSIDIARIES**

**Derivatives**

|   | - | Options:                    they confer the right to the buyer, but no obligation, to receive                    or pay a                    specific quantity of an asset or financial instrument for a specified                    price at or before a specified date. Options may be traded on                    a stock                    exchange or under OTC (Over-the-Counter)                    agreements. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Forwards:                    they are agreements to deliver or take delivery at a specified                    rate, price                    or index applied against the underlying asset or financial instrument,                    at                    a specific date. Forwards are traded on stock exchange at standardized                    amounts of the underlying asset or financial instrument. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                             |   |   |                            | **As                    of December 31,** |   |
|------------------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------|-------------------------------------------|--------|
|                                                                                                             |   |   |                            | **2006**                                  |   | **2005** |   |
| Put                    options taken                                                                             |   |   | (a                              | )                                         |   | 50,649 |   |   | 120,923 |   |
| Call                    options taken                                                                            |   |   | (c                    & (d  | ))                                        |   | 159,804 |   |   | - |   |
| Forward                    sales of foreign exchange without delivery of underlying                    asset     |   |   | (b                              | )                                         |   | 27,576 |   |   | 55,203 |   |
| Forward                    purchases of foreign exchange without delivery                    of underlying asset |   |   | (b                              | )                                         |   | - |   |   | 15,301 |   |
| Put                    options sold                                                                              |   |   | (c                              | )                                         |   | 245,675 |   |   | 112,423 |   |
| Call                    options sold                                                                             |   |   | (a)                    & (d | )                                         |   | 91,071 |   |   | 120,886 |   |

|   | (a) | As                    of December 31, 2006 and 2005, the Bank has sold a call option                    and                    purchased a put option over the debt securities of “BG Financial Trust”.                    Additionally, as of December 31, 2005 it also sold a call option                    and                    purchased a put option over the certificates of participation                    of the                    “Luján Financial Trust”. In both cases, the options share the same strike                    price, exercise term (one of them has a two-day difference) and                    underlying                    assets. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND          SUBSIDIARIES**

|   | (b) | The                    Bank enters into these transactions to take advantage of price                    differentials. Under Central Bank rules, they were valued at                    their quoted                    prices as of December 31, 2006 and 2005. They expired a few days                    later.                    Any quoted price-differences were charged to                    income. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Include                    a put option sold and a call option taken related to the 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 3.8). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | In                    addition, as of December 31, 2006, the Bank took and sold call                    options                    over euros. Under Central Bank rules, the call option taken were                    valued at                    their strike price and the call option sold were valued at the                    quoted                    price. The Bank enters into these transactions to take advantage                    of price                    differentials. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND          SUBSIDIARIES**

**Credit-related          financial instruments **

|                                                                                                          |   | **As                    of December 31,** |    |
|---------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|---------|
|                                                                                                          |   | **2006**                                  |    | **2005** |   |
| Unused                    portion of loans granted per debtors classification                    regulations  |   |                                      | 9,120   |   |   | 20,118 |   |
| Other                    guarantees provided covered by debtors classification                    regulations |   |                                      | 243,057 |   |   | 94,402 |   |

|                                                         |   | **As                    of December 31,** |    |
|--------------------------------------------------------------|--------|-------------------------------------------|---------|
|                                                         |   | **2006**                                  |    | **2005** |   |
| Checks                    drawn on the Bank pending clearing |   |                                      | 326,885 |   |   | 222,194 |   |
| Checks                    drawn on other Banks               |   |                                      | 133,044 |   |   | 82,050 |   |

| **32.** | **BUSINESS                    SEGMENT CONSOLIDATED INFORMATION** |
|---------|------------------------------------------------------------------|

| **33.** | **SUMMARY                    OF SIGNIFICANT DIFFERENCES BETWEEN CENTRAL BANK’S RULES AND UNITED STATES                    ACCOUNTING PRINCIPLES** |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

**33.1.**
**Income          taxes**

----

**BANCO          MACRO S.A. AND          SUBSIDIARIES**

|                                                |   | **As                    of December 31,** |    |
|-----------------------------------------------------|--------|-------------------------------------------|---------|
| **Description**                                     |   | **2006**                                  |    | **2005** |   |
| **Deferred                    tax assets:**         |   |                                      |    |   |   |   |   |
| Loans                                               |   |                                      | 40,772  |   |   | 18,488 |   |
| Intangible                    assets                |   |                                      | 84,597  |   |   | 11,400 |   |
| Allowance                    for loss contingencies |   |                                      | 41,952  |   |   | 38,485 |   |
| Net                    tax loss carry forwards      |   |                                      | 137,304 |   |   | 110,748 |   |
| Other                                               |   |                                      | 15,979  |   |   | 1,071 |   |
| Total                    deferred assets            |   |                                      | 320,604 |   |   | 180,192 |   |

|                                                            |   |   |     |
|-----------------------------------------------------------------|--------|--------|----------|
| **Deferred                    tax liabilities:**                |   |   |     |   |   |   |   |
| Governments                    and private securities valuation |   |   | (9,114   | ) |   | (5,728 | ) |
| Property,                    equipment and other assets         |   |   | (9,296   | ) |   | (41,832 | ) |
| Other                    liabilities                            |   |   | (6,771   | ) |   | - |   |
| Foreign                    exchange difference                  |   |   | (7,470   | ) |   | (6,082 | ) |
| Other                                                           |   |   | (938     | ) |   | - |   |
| Total                    deferred liabilities                   |   |   | (33,589  | ) |   | (53,642 | ) |
|                                                            |   |   |     |   |   |   |   |
| Deferred                    tax asset                           |   |   | 287,015  |   |   | 126,550 |   |
|                                                            |   |   |     |   |   |   |   |
| Allowance                    for deferred tax assets            |   |   | (104,113 | ) |   | (19,997 | ) |
|                                                            |   |   |     |   |   |   |   |
| Net                    deferred tax assets under US GAAP        |   |   | 182,902  |   |   | 106,553 |   |

| **Expiration                    year** |   | **Amount** |    |
|----------------------------------------|--------|------------|---------|
| 2007                                   |   |       | 172,399 |   |
| 2008                                   |   |       | 157,499 |   |
| 2009                                   |   |       | 61,351  |   |
| 2010                                   |   |       | 250     |   |
| 2011                                   |   |       | 800     |   |
|                                   |   |       | 392,299 |   |

----

**BANCO            MACRO S.A. AND            SUBSIDIARIES**

|                                                                                                                        |   | **2006** |    | **2005** |   | **2004** |   |
|-----------------------------------------------------------------------------------------------------------------------------|--------|----------|---------|----------|--------|----------|--------|
| Net                    deferred tax assets at the beginning of the year                                                     |   |     | 106,553 |     |   | 128,474  |   |   | 47,245 |   |
| Net                    deferred tax assets acquired from business combinations                    (*)                       |   |     | 136,616 |     |   | -        |   |   | 135,123 |   |
| Reversal                    of valuation allowance from acquisition of Nuevo Banco Suquía S.A.                    (**) |   |     | -       |     |   | 7,895    |   |   | - |   |
| Amount                    recorded in comprehensive income - Increase / (decrease)                                          |   |     | 9,719   |     |   | 53,481   |   |   | (47,893 | ) |
| Net                    deferred tax expense for the year                                                                    |   |     | (69,986 | )        |   | (83,297  | )      |   | (6,001 | ) |
| Net                    deferred tax assets at the end of the year                                                           |   |     | 182,902 |     |   | 106,553  |   |   | 128,474 |   |

|   | (*) | See                    note 33.7. |
|--------|-----|-----------------------------------|

|  | (**) | As                      of December 31, 2005, the Bank reversed allowances for deferred                      tax assets                      recognized in the acquisition of Nuevo Banco Suquía S.A. (see note 33. 7.                      c)). In accordance with paragraph 30 of SFAS 109, the reversed                      allowances                      were applied first to zero intangible assets acquired from                      Nuevo Banco                      Suquía S.A. (net of allocated negative goodwill) and second to reduce                      income tax expense. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                            |   |  **Year                    ended December 31,** |     |
|-----------------------------------------------------------------|--------|------------------------------------------------------|----------|
|  **Description**                                           |   |  **2006**                                       |     | **2005** |   | **2004** |   |
| Pre-tax                    income in accordance with US GAAP    |   |                                                 | 546,611  |   |   | 546,783 |   |   | 100,929 |   |
| Statutory                    income tax rate                    |   |                                                 | 35.00    | % |   | 35.00 | % |   | 35.00 | % |
| Tax                    on net income at statutory rate          |   |                                                 | 191,314  |   |   | 191,374 |   |   | 35,325 |   |
|                                                            |   |                                                 |     |   |   |   |   |   |   |   |
| Permanent                    differences at the statutory rate: |   |                                                 |     |   |   |   |   |   |   |   |
| -                    Variation of allowances                    |   |                                                 | 84,116   |   |   | (89,934 | ) |   | (63,533 | ) |
| -                    Income not subject to income tax           |   |                                                 | (111,575 | ) |   | 19,984 |   |   | 9,386 |   |
| -                    Others                                     |   |                                                 | (16,908  | ) |   | (4,085 | ) |   | 25,522 |   |
| Income                    tax in accordance with US GAAP        |   |                                                 | 146,947  |   |   | 117,339 |   |   | 6,700 |   |

|                                                                      |   |  **Year                    ended December 31,** |    |
|---------------------------------------------------------------------------|--------|------------------------------------------------------|---------|
|  **Description**                                                     |   |  **2006**                                       |    | **2005** |   | **2004** |   |
| Income                    tax in accordance with Central Bank regulations |   |                                                 | 76,961  |   |   | 34,042 |   |   | 699 |   |
|                                                                      |   |                                                 |    |   |   |   |   |   |   |   |
| Deferred                    tax charges                                   |   |                                                 | 69,986  |   |   | 83,297 |   |   | 6,001 |   |
|                                                                      |   |                                                 |    |   |   |   |   |   |   |   |
| Total                    income tax expense in accordance with US GAAP    |   |                                                 | 146,947 |   |   | 117,339 |   |   | 6,700 |   |

----

**BANCO              MACRO S.A. AND              SUBSIDIARIES**

**33.2.**
**Exposure          to the Argentine Public Sector and Private Securities **

**a)**
**Loans—Non-financial          federal government sector**

**b)**
**Secured          Bonds**

----

**BANCO              MACRO S.A. AND              SUBSIDIARIES**

**c)**
**Other          Loans—Non-financial provincial government sector**

**d)**
**Compensatory          Bonds in connection with the compensation for foreign currency          position**

----

**BANCO              MACRO S.A. AND              SUBSIDIARIES**

**e)**
**Instruments          issued by Central Bank of Argentina and other unlisted government          securities**

|   |   | **AmortizedCost** |      | **Gross                    Unrealized Gains** |   | **Fair                    Value** |   |
|--------|--------|-------------------|-----------|-----------------------------------------------|--------|-----------------------------------|--------|
| 2006   |   |              | 2,842,286 |                                          |   | 26,199                            |   |   | 2,868,485 |   |
| 2005   |   |              | 2,767,477 |                                          |   | 54,053                            |   |   | 2,821,530 |   |
| 2004   |   |              | 2,221,116 |                                          |   | 204,708                           |   |   | 2,425,824 |   |

|                                                                       |   | **Proceeds                    from sales****as                    of December 31,** |      |
|----------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------|-----------|
| **Available                    for****sale                    securities** |   | **2006                    (**)**                                                    |      | **2005                    (**)** |   | **2004                    (*)** |  |
| Debt                    Securities Issued by Argentinian Government        |   |                                                                                | 2,845,568 |   |   | 1,578,755 |   |   | 570,800 |   |

** **

----

**BANCO              MACRO S.A. AND              SUBSIDIARIES**

| **Securities**                                                    |   | **2005** |   | **Increase** |   | **Decrease** |   | **2006** |    |
|-------------------------------------------------------------------|--------|----------|--------|--------------|--------|--------------|--------|----------|---------|
| Compensatory                    Bonds                             |   |     | 20,017 |         |   | -            |   |     | (20,017 | ) |   | - |   |
| Secured                    Bonds Decree 1579/02                   |   |     | 34,036 |         |   | -            |   |     | (23,727 | ) |   | 10,309 |   |
| Instrument                    issued by Central Bank of Argentina |   |     | -      |         |   | 15,890       |   |     | -       |   |   | 15,890 |   |
| Total                    Government Securities                    |   |     | 54,053 |         |   | 15,890       |   |     | (43,744 | ) |   | 26,199 |   |

| **Securities**                                       |   | **2004** |    | **Increase** |   | **Decrease** |   | **2005** |     |
|------------------------------------------------------|--------|----------|---------|--------------|--------|--------------|--------|----------|----------|
| Compensatory                    Bonds                |   |     | 29,719  |         |   | 5,507        |   |     | (15,209  | ) |   | 20,017 |   |
| Secured                    Bonds Decree 1579/02      |   |     | 128,196 |         |   | 25,373       |   |     | (119,533 | ) |   | 34,036 |   |
| Compensatory                    Bonds to be Received |   |     | 46,793  |         |   | -            |   |     | (46,793  | ) |   | - |   |
| Total                    Government Securities       |   |     | 204,708 |         |   | 30,880       |   |     | (181,535 | ) |   | 54,053 |   |

| **Securities**                                       |   | **2003** |   | **Increase** |   | **Decrease** |   | **2004** |   |
|------------------------------------------------------|--------|----------|--------|--------------|--------|--------------|--------|----------|--------|
| Compensatory                    Bonds                |   |     | 11,580 |         |   | 18,215       |   |     | (76    | ) |   | 29,719 |   |
| Secured                    Bonds Decree 1579/02      |   |     | 38,109 |         |   | 90,087       |   |     | -      |   |   | 128,196 |   |
| Compensatory                    Bonds to be Received |   |     | 16,916 |         |   | 31,874       |   |     | (1,997 | ) |   | 46,793 |   |
| Total                    Government Securities       |   |     | 66,605 |         |   | 140,176      |   |     | (2,073 | ) |   | 204,708 |   |

|                                                                |   | **Gains                    as of December 31,** |   |
|---------------------------------------------------------------------|--------|-------------------------------------------------|--------|
| **Trading                    Securities**                           |   | **2006**                                        |   | **2005** |   | **2004** |   |
| Debt                    Securities Issued by Argentinian Government |   |                                            | 2,404  |   |   | 30 |   |   | 1,470 |   |
| Shares                                                              |   |                                            | 11     |   |   | (629 | ) |   | 264 |   |
| Corporate                    Bonds                                  |   |                                            | 116    |   |   | 299 |   |   | 173 |   |
| Other                    Debt Securities                            |   |                                            | 10     |   |   | 3,528 |   |   | 3 |   |
| Other                                                               |   |                                            | 297    |   |   | (63 | ) |   | - |   |
|                                                                |   |                                            | 2,838  |   |   | 3,165 |   |   | 1,910 |   |

**33.3.**
**Loan          origination fees**

----

**BANCO              MACRO S.A. AND              SUBSIDIARIES**

**33.4.**
**Allowance          for loan losses**

**a)**
**Recoveries          and charge-offs**

----

**BANCO              MACRO S.A. AND              SUBSIDIARIES**

**b)**
**Credit          Card Loans**

**c)**
**Impaired          loans—Non Financial Private Sector and residents abroad**

|                                                                                                                                                      |   | **Fiscal                    year ended December 31,** |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------|---------|
|                                                                                                                                                      |   | **2006**                                              |    | **2005** |   | **2004** |   |
| Total                    amount of loans considered as impaired                                                                                           |   |                                                  | 141,504 |   |   | 217,842 |   |   | 366,445 |   |
| Amount                    of loans considered as impaired for which there is a related                    allowance for                    credit losses  |   |                                                  | 135,219 |   |   | 196,136 |   |   | 201,650 |   |
| Amount                    of loans considered as impaired for which there is no related                    allowance                    for credit losses |   |                                                  | 6,285   |   |   | 21,706 |   |   | 164,795 |   |
| Reserves                    allocated to impaired loans                                                                                                   |   |                                                  | 71,524  |   |   | 146,744 |   |   | 137,655 |   |
| Average                    balance of impaired loans during the fiscal year                                                                               |   |                                                  | 23,028  |   |   | 69,300 |   |   | 262,292 |   |
| Interest                    income recognized on impaired loans                                                                                           |   |                                                  | 881     |   |   | 4,192 |   |   | 575 |   |

----

**BANCO              MACRO S.A. AND              SUBSIDIARIES**

|                                                                                                                 |   | **Fiscal                    year ended December 31,** |     |
|----------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------|----------|
|                                                                                                                 |   | **2006**                                              |     | **2005** |   | **2004** |   |
| Balance                    at the beginning of the fiscal year                                                       |   |                                                  | 174,646  |   |   | 226,568 |   |   | 58,089 |   |
|                                                                                                                 |   |                                                  |     |   |   |   |   |   |   |   |
| Provision                    for loan losses                                                                         |   |                                                  | 63,959   |   |   | 61,669 |   |   | 35,885 |   |
| Allowance                    for loan losses from Nuevo Banco Suquía S.A. (See note                    33.7.c)) |   |                                                  | -        |   |   | - |   |   | 143,457 |   |
| Allowances                    for recovered loans                                                                    |   |                                                  | -        |   |   | 6,262 |   |   | 21,329 |   |
| Write                    offs                                                                                        |   |                                                  | (132,926 | ) |   | (60,929 | ) |   | (32,164 | ) |
| Reversals                                                                                                            |   |                                                  | (8,563   | ) |   | (58,924 | ) |   | (28 | ) |
| Balance                    at the end of the fiscal year                                                             |   |                                                  | 97,116   |   |   | 174,646 |   |   | 226,568 |   |

**d)**
**Interest          recognition - non-accrual loans**

**33.5.**
**Intangible          assets**

|   | **a)** | **Judgments                    due to court decisions related to foreign currency- denominated                    deposits** |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO              MACRO S.A. AND              SUBSIDIARIES**

|   | **b)** | **Software                    costs** |
|--------|--------|---------------------------------------|

|   | **c)** | **Organizational                    costs** |
|--------|--------|---------------------------------------------|

**33.6.**
**Vacation          accrual**

**33.7.**
**Business          Combinations**

----

**BANCO              MACRO S.A. AND              SUBSIDIARIES**

|   | **a)** | **Acquisition                    of controlling interest in former Banco Bansud S.A.** |
|--------|--------|----------------------------------------------------------------------------------------|

| Cash                                                            |   |   | 144,385    |   |
|-----------------------------------------------------------------|--------|--------|------------|--------|
| Government                    Securities                        |   |   | 74,352     |   |
| Loans                                                           |   |   | 1,431,727  |   |
| Other                    assets                                 |   |   | 691,443    |   |
| Tangible                    non-current assets                  |   |   | 145,257    |   |
|                                                            |   |   |       |   |
| Total                    assets acquired                        |   |   | 2,487,164  |   |
|                                                            |   |   |       |   |
| Deposits                                                        |   |   | 2,582,768  |   |
| Other                    liabilities                            |   |   | 1,050,536  |   |
|                                                            |   |   |       |   |
| Total                    liabilities assumed                    |   |   | 3,633,304  |   |
|                                                            |   |   |       |   |
| Net                    assets                                   |   |   | (1,146,140 | )      |
|                                                            |   |   |       |   |
| %                    acquired                                   |   |   | 81.225     | %      |
| Net                    assets acquired                          |   |   | (930,952   | )      |
| Irrevocable                    capital contribution transferred |   |   | 970,668    | (**)   |
| Total                    net assets acquired                    |   |   | 39,716     |   |
| Purchase                    price                               |   |   | -          |   |
|                                                            |   |   |       |   |
| Negative                    Goodwill                            |   |   | (39,716    | )(*)   |

|   | (*) | The                    negative goodwill has been applied to reduce on a pro rata basis                    the                    amounts assigned to the non-current assets acquired. Given the                    Argentine                    economic environment and the Banks ́ situation at the time of the                    acquisition (see note 2), no identifiable intangible assets were                    recognized. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO              MACRO S.A. AND              SUBSIDIARIES**

|  | (**) | The                    irrevocable capital contributions were made by Banamex in its                    capacity as                    Banco Bansud S.A. ́s shareholder pursuant to the acquisition by Banco Macro                    S.A. Banco Macro obtained the rights over these irrevocable contributions                    as the new shareholders of Banco                    Bansud. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **b)** | **Merger                    with and into former Banco Bansud S.A. - a downstream                    merger** |
|--------|--------|---------------------------------------------------------------------------------------------------------------|

----

**BANCO              MACRO S.A. AND              SUBSIDIARIES**

| Cash                                                                                                                                                                                    |   |   | 296,626   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|
| Government                        securities                                                                                                                                            |   |   | 1,333,992 |   |
| Loans                                                                                                                                                                                   |   |   | 520,751   |   |
| Other                        assets                                                                                                                                                     |   |   | 667,643   |   |
| Tangible                        non-current assets                                                                                                                                      |   |   | 106,988   |   |
| Intangible                        assets subject to amortization - Mainly Customer related                        assets (5 - year                        weighted average useful life) |   |   | 45,365    |   |
|                                                                                                                                                                                    |   |   |      |   |
| Total                        assets acquired                                                                                                                                            |   |   | 2,971,365 |   |
| Deposits                                                                                                                                                                                |   |   | 1,793,742 |   |
| Other                        liabilities                                                                                                                                                |   |   | 449,806   |   |
|                                                                                                                                                                                    |   |   |      |   |
| Total                        liabilities assumed                                                                                                                                        |   |   | 2,243,548 |   |
|                                                                                                                                                                                    |   |   |      |   |
| Net                        assets                                                                                                                                                       |   |   | 727,817   |   |
|                                                                                                                                                                                    |   |   |      |   |
| %                        acquired                                                                                                                                                       |   |   | 18.775    | %      |
|                                                                                                                                                                                    |   |   |      |   |
| Net                        assets acquired                                                                                                                                              |   |   | 136,648   |   |
|                                                                                                                                                                                    |   |   |      |   |
| Purchase                        price                                                                                                                                                   |   |   | 127,694   |   |
|                                                                                                                                                                                    |   |   |      |   |
| Negative                        Goodwill                                                                                                                                                |   |   | (8,954    | )(*)   |

|   | **c)** | **Acquisition                    of Nuevo Banco Suquía S.A.** |
|--------|--------|--------------------------------------------------------------------|

----

**BANCO              MACRO S.A. AND              SUBSIDIARIES**

| Cash                                                                                                                                                                         |   |   | 336,266   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|
| Government                      securities                                                                                                                                        |   |   | 411,815   |   |
| Loans                                                                                                                                                                             |   |   | 837,164   |   |
| Other                      assets (*)                                                                                                                                             |   |   | 553,759   |   |
| Tangible                      non-current assets                                                                                                                                  |   |   | 72,445    |   |
| Intangible                      assets subject to amortization - Mainly Customer related assets                      (5 - year                      weighted average useful life) |   |   | 46,783    |   |
|                                                                                                                                                                              |   |   |           |   |
| Total                      assets acquired                                                                                                                                        |   |   | 2,258,232 |   |
|                                                                                                                                                                              |   |   |           |   |
| Deposits                                                                                                                                                                          |   |   | 1,548,049 |   |
| Other                      liabilities                                                                                                                                            |   |   | 599,701   |   |
|                                                                                                                                                                              |   |   |           |   |
| Total                      liabilities assumed                                                                                                                                    |   |   | 2,147,750 |   |
|                                                                                                                                                                              |   |   |           |   |
| Net                      assets                                                                                                                                                   |   |   | 110,482   |   |
|                                                                                                                                                                              |   |   |           |   |
| %                      acquired                                                                                                                                                   |   |   | 100       | %      |
|                                                                                                                                                                              |   |   |           |   |
| Purchase                      price                                                                                                                                               |   |   | 16,407    |   |
|                                                                                                                                                                              |   |   |           |   |
| Negative                      Goodwill                                                                                                                                            |   |   | (94,075   | )(**)  |

|   | (*) | Includes                    135,123 of deferred tax assets, net of allowances (see additionally                    note                    33.1.a)). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                               |   | **Increase                    /(Decrease)**                    |    |
|--------------------------------------------------------------------|--------|----------------------------------------------------------------|---------|
|                                                               |   | **Consolidated                    shareholders’ Equity** |    | **Consolidated                    Net income** |   |
|                                                               |   | **As                    of December 31**                       |    | **Year                    ended December 31,** |   |
|                                                               |   | **2006**                                                       |    | **2005** |   | **2004** |   | **2006** |   | **2005** |   | **2004** |   |
| Deferred                    taxes, net of allowances               |   |                                                           | 18,168  |   |   | 107,011 |   |   | 135,123 |   |   | (88,843 | ) |   | (36,007 | ) |   | - |   |
|                                                               |   |                                                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance                    for tax on minimum presume income     |   |                                                           | -       |   |   | - |   |   | (10,129 | ) |   | - |   |   | 10,129 |   |   | - |   |
|                                                               |   |                                                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans                    - Non-financial federal government sector |   |                                                           | (48,129 | ) |   | (44,076 | ) |   | (20,767 | ) |   | (4,053 | ) |   | (23,309 | ) |   | 4,838 |   |
|                                                               |   |                                                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Secured                    Bonds                                   |   |                                                           | -       |   |   | - |   |   | (56,703 | ) |   | - |   |   | 56,703 |   |   | - |   |
|                                                               |   |                                                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Compensatory                    Bonds                              |   |                                                           | -       |   |   | - |   |   | (23,163 | ) |   | - |   |   | 23,163 |   |   | - |   |
|                                                               |   |                                                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other                    unlisted government securities            |   |                                                           | -       |   |   | - |   |   | (6,511 | ) |   | - |   |   | 6,511 |   |   | - |   |
|                                                               |   |                                                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other                    purchase price adjustments                |   |                                                           | (39,390 | ) |   | (53,343 | ) |   | (12,559 | ) |   | 13,953 |   |   | (32,889 | ) |   | 453 |   |
|                                                               |   |                                                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                              |   |                                                           | (69,351 | ) |   | 9,592 |   |   | 5,291 |   |   | (78,943 | ) |   | 4,301 |   |   | 5,291 |   |

----

**BANCO            MACRO S.A. AND SUBSIDIARIES**

|   | **d)** | **Acquisition                    of controlling interest in Banco del Tucumán S.A.** |
|--------|--------|-------------------------------------------------------------------------------------------|

| Cash                                                                                                                                                       |   |   | 150,190 |   |                     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------------------------|
| Government                    and Private securities                                                                                                            |   |   | 198,411 |   |                     |
| Loans                                                                                                                                                           |   |   | 213,696 |   |                     |
| Other                    assets                                                                                                                                 |   |   | 102,053 |   |                     |
| Tangible                    non-current assets                                                                                                                  |   |   | 23,312  |   |                     |
| Intangible                    non-current assets - Mainly Customer related assets (8 - year                    weighted                    average useful life) |   |   | 76,883  |   |                     |
|                                                                                                                                                            |   |   |    |   |                     |
| Total                    assets acquired                                                                                                                        |   |   | 764,545 |   |                     |
|                                                                                                                                                            |   |   |    |   |                     |
| Deposits                                                                                                                                                        |   |   | 594,654 |   |                     |
| Other                    liabilities (*)                                                                                                                        |   |   | 71,791  |   |                     |
|                                                                                                                                                            |   |   |    |   |                     |
| Total                    liabilities assumed                                                                                                                    |   |   | 666,445 |   |                     |
|                                                                                                                                                            |   |   |    |   |                     |
| Net                    assets                                                                                                                                   |   |   | 98,100  |   |                     |
|                                                                                                                                                            |   |   |    |   |                     |
| %                    acquired                                                                                                                                   |   |   | 75      | %      |                     |
|                                                                                                                                                            |   |   |    |   |                     |
| Net                    assets acquired                                                                                                                          |   |   | 73,575  |   |                     |
| Purchase                    price                                                                                                                               |   |   | 45,961  |   |                     |
|                                                                                                                                                            |   |   |    |   |                     |
| Negative                    Goodwill                                                                                                                            |   |   | (27,614 | )      | (**                    ) |

|  | (*) | Includes                    2,089 of deferred tax liability. |
|--|-----|--------------------------------------------------------------|

|  | (**) | The                    negative goodwill has been applied to reduce on a pro rata basis                    the                    amounts assigned to the non-current intangible and tangible assets                    acquired. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND          SUBSIDIARIES**

| Net                    assets          |   |   | 107,959 |   |   |
|----------------------------------------|--------|--------|---------|--------|--------|
|                                   |   |   |    |   |   |
| %                    acquired          |   |   | 4.84    | %      |   |
|                                   |   |   |    |   |   |
| Net                    assets acquired |   |   | 5,225   |   |   |
|                                   |   |   |    |   |   |
| Purchase                    price      |   |   | 2,907   |   |   |
|                                   |   |   |    |   |   |
| Negative                    Goodwill   |   |   | (2,318  | )      | (*)    |

|  | (*) | The                    negative goodwill has been applied to reduce on a pro rata basis                    the                    amounts assigned to the non-current intangible and tangible assets                    acquired. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                            |   | **Increase                    /(Decrease)**                                                                     |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                            |   | **Consolidated                        shareholders’ Equity****As                        of December 31, 2006** |   | **Consolidated                      Net income****Year                      ended December 31, 2006**  |   |
|                                                                                                                                            |   |                                                                                                                 |   |   |   |   |   |
| Deferred                    taxes, net of allowances                                                                                            |   |                                                                                                                 | (1,246 | ) |   | 178 |   |
|                                                                                                                                            |   |                                                                                                                 |   |   |   |   |   |
| Write                    off of tangible and intangible assets as a result of negative                    goodwill                    allocated |   |                                                                                                                 | 9,945  |   |   | (2,255 | ) |
|                                                                                                                                            |   |                                                                                                                 |   |   |   |   |   |
| Judgements                    due to Court decisions related to foreign currency-denominated                    deposit                         |   |                                                                                                                 | (7,510 | ) |   | 2,651 |   |
|                                                                                                                                            |   |                                                                                                                 |   |   |   |   |   |
| Other                    purchase price adjustments                                                                                             |   |                                                                                                                 | (633   | ) |   | (18 | ) |
|                                                                                                                                            |   |                                                                                                                 |   |   |   |   |   |
| Total                                                                                                                                           |   |                                                                                                                 | 556    |   |   | 556 |   |

|   | **e)** | **Acquisition                    of Nuevo Banco Bisel S.A.** |
|--------|--------|--------------------------------------------------------------|

----

**BANCO            MACRO S.A. AND SUBSIDIARIES**

| Cash                                             |   |   | 263,317   |   |   |
|-------------------------------------------------------|--------|--------|-----------|--------|--------|
| Government                    and Private securities  |   |   | 501,667   |   |   |
| Loans                                                 |   |   | 892,162   |   |   |
| Other                    assets (*)                   |   |   | 217,087   |   |   |
| Tangible                    non-current assets (**)   |   |   | -         |   |   |
| Intangible                    non-current assets (**) |   |   | -         |   |   |
|                                                  |   |   |      |   |   |
| Total                    assets acquired              |   |   | 1,874,233 |   |   |
|                                                  |   |   |      |   |   |
| Deposits                                              |   |   | 1,392,676 |   |   |
| Other                    liabilities                  |   |   | 411,782   |   |   |
|                                                  |   |   |      |   |   |
| Total                    liabilities assumed          |   |   | 1,804,458 |   |   |
|                                                  |   |   |      |   |   |
| Minority                    interest                  |   |   | 8,561     |   |   |
|                                                  |   |   |      |   |   |
| Net                    assets                         |   |   | 61,214    |   |   |
|                                                  |   |   |      |   |   |
| %                    acquired                         |   |   | 100       | %      |   |
|                                                  |   |   |      |   |   |
| Net                    assets acquired                |   |   | 61,214    |   |   |
|                                                  |   |   |      |   |   |
| Cash                    purchase price                |   |   | 19,509    |   |   |
|                                                  |   |   |      |   |   |
| Extraordinary                    gain                 |   |   | (41,705   | )      | (**)   |

|  | (*) | Includes                    138,040 of deferred tax assets, net of                    allowances. |
|--|-----|---------------------------------------------------------------------------------------------------|

|  | (**) | The                      negative goodwill has been applied to reduce on a pro rata                      basis the                      amounts assigned to the non-current intangible (35,555), mainly                      related to                      customers, and tangible assets (123,114) acquired. After reducing                      to zero                      such assets, the remaining excess is considered an extraordinary                      gain. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                            |   | **Increase                    /(Decrease)**                                                                           |     |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------|----------|
|                                                                                                                                            |   | **Consolidated                        shareholders’ Equity****As                        of December 31, 2006**  |     | **Consolidated                      Net income****Year                      ended December 31, 2006**  |   |
|                                                                                                                                            |   |                                                                                                                       |     |   |   |   |   |
| Deferred                    taxes, net of allowances                                                                                            |   |                                                                                                                       | 162,329  |   |   | 24,772 |   |
|                                                                                                                                            |   |                                                                                                                       |     |   |   |   |   |
| Minimum                    presume tax income                                                                                                   |   |                                                                                                                       | 18,490   |   |   | 5,196 |   |
|                                                                                                                                            |   |                                                                                                                       |     |   |   |   |   |
| Loans                    - Non-financial federal government sector                                                                              |   |                                                                                                                       | (15,685  | ) |   | 717 |   |
|                                                                                                                                            |   |                                                                                                                       |     |   |   |   |   |
| Loans                    to private sector                                                                                                      |   |                                                                                                                       | (7,285   | ) |   | (7,129 | ) |
|                                                                                                                                            |   |                                                                                                                       |     |   |   |   |   |
| Minority                    interest adjustments                                                                                                |   |                                                                                                                       | 57,736   |   |   | (346 | ) |
|                                                                                                                                            |   |                                                                                                                       |     |   |   |   |   |
| Write                    off of tangible and intangible assets as a result of negative                    goodwill                    allocated |   |                                                                                                                       | (147,437 | ) |   | 11,949 |   |
|                                                                                                                                            |   |                                                                                                                       |     |   |   |   |   |
| Other                    purchase price adjustments (see note 33.22))                                                                           |   |                                                                                                                       | (7,155   | ) |   | (2,458 | ) |
|                                                                                                                                            |   |                                                                                                                       |     |   |   |   |   |
| Total                                                                                                                                           |   |                                                                                                                       | 75,303   |   |   | 32,701 |   |

----

**BANCO            MACRO S.A. AND SUBSIDIARIES**

|   | **f)** | **Other** |
|--------|--------|-----------|

|  | **33.8.** | **Reporting                    on Comprehensive Income                    (loss)** |
|--|-----------|------------------------------------------------------------------------------------|

|  | **33.9.** | **Restatement                    of financial statements in constant                    pesos** |
|--|-----------|-------------------------------------------------------------------------------------------------|

|  | **33.10.** | **Accounting                    for derivative instruments and hedging                    activities** |
|--|------------|--------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND          SUBSIDIARIES**

|  | **33.11.** | **Adjustment                    to Prior-Year Income** |
|--|------------|--------------------------------------------------------|

|                                                                                                                                                                                                      |   | **Fiscal                    year ended December 31,** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------|--------|
|                                                                                                                                                                                                      |   | **2006**                                              |   | **2005** |   | **2004** |   |
|                                                                                                                                                                                                      |   |                                                  |   |   |   |   |   |
| Effect                    of the changes in accounting estimates generated by the asymmetrical                    pesification and the compensation — (Lower) assets                                |   |                                                  | -      |   |   | - |   |   | (50,144 | ) |
|                                                                                                                                                                                                      |   |                                                  |   |   |   |   |   |   |   |   |
| Effect                    of the changes in accounting estimates generated by the pesification                    of** **certain** **corporate                    bonds - (Greater) liabilities |   |                                                  | -      |   |   | - |   |   | (41,026 | ) |
|                                                                                                                                                                                                      |   |                                                  |   |   |   |   |   |   |   |   |
| Net                    income effect                                                                                                                                                                      |   |                                                  | -      |   |   | - |   |   | (91,170 | ) |

|  | **33.12.** | **Foreign                    currency translation** |
|--|------------|-----------------------------------------------------|

|  | **33.13.** | **Accounting                    for guarantees** |
|--|------------|--------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|  | **33.14.** | **Earning                    Per Share** |
|--|------------|------------------------------------------|

|                                                                                                      |   | **2006** |        | **2005** |   | **2004**    |   |
|-----------------------------------------------------------------------------------------------------------|--------|----------|-------------|----------|--------|-------------|--------|
| Numerator:                                                                                                |   |     |        |     |   |        |   |
|                                                                                                      |   |     |        |     |   |        |   |
| Net                    income before extraordinary gains under US GAAP                                    |   |     | 357,959     |     |   | 463,795     |   |   | 94,229 |   |
|                                                                                                      |   |     |        |     |   |        |   |   |   |   |
| Extraordinary                    gains (see note 33.7.e))                                                 |   |     | 41,705      |     |   | -           |   |   | - |   |
|                                                                                                      |   |     |        |     |   |        |   |   |   |   |
| Net                    income under US GAAP                                                               |   |     | 399,664     |     |   | 463,795     |   |   | 94,229 |   |
|                                                                                                      |   |     |        |     |   |        |   |   |   |   |
| Denominator:                                                                                              |   |     |        |     |   |        |   |   |   |   |
| Common                    stock outstanding during the year (1)                                           |   |     | 608,943,437 |     |   | 608,943,437 |   |   | 608,943,437 |   |
|                                                                                                      |   |     |        |     |   |        |   |   |   |   |
| Common                    stock issued (2)                                                                |   |     | 75,000,000  |     |   | -           |   |   | - |   |
|                                                                                                      |   |     |        |     |   |        |   |   |   |   |
| Weighted-average                    common shares outstanding for the year                                |   |     | 666,477,840 |     |   | 608,943,437 |   |   | 608,943,437 |   |
|                                                                                                      |   |     |        |     |   |        |   |   |   |   |
| Basic                    EPS before extraordinary gains under US GAAP (stated in                    Ps.)  |   |     | 0.54        |     |   | 0.76        |   |   | 0.15 |   |
|                                                                                                      |   |     |        |     |   |        |   |   |   |   |
| Basic                    EPS for the extraordinary gains under US GAAP (stated in                    Ps.) |   |     | 0.06        |     |   | -           |   |   | - |   |
|                                                                                                      |   |     |        |     |   |        |   |   |   |   |
| Total                    Basic EPS under US GAAP (stated in Ps.)                                          |   |     | 0.60        |     |   | 0.76        |   |   | 0.15 |   |

|  | **33.15.** | **Issuance                    and Offering Cost of                    Shares** |
|--|------------|--------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|  | **33.16.** | **Issuance                    Cost of Corporate Bonds** |
|--|------------|---------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|   | **33.17.** | **Set                    forth below are the significant adjustments to consolidated net                    income and                    shareholders’ equity which would be required if US GAAP instead of Central                    Bank’s rules had been                    applied:** |
|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                          |   | **Increase                    / (decrease)**                                                  |   |
|-------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------|--------|
|                                                                                                                          |   | **Consolidated                    Net Income****Years                    ended December 31,** |   |
|                                                                                                                          |   | **Ref.**                                                                                      |   | **2006** |   | **2005** |   | **2004** |   |
|                                                                                                                          |   |                                                                                          |   |   |   |   |   |   |   |
| **Net                    income in accordance with Central Bank’s rules**                                               |   |                                                                                          |   |   |   | **424,298** |   |   | **262,719** |   |   | **192,977** |   |
| Income                    taxes                                                                                               |   |                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Deferred                    taxes, net of allowances                                                                          |   |                                                                                          | 33.1.a | ) |   | (6,093 | ) |   | (47,290 | ) |   | (6,001 | ) |
| Allowance                    for tax on minimum presume income                                                                |   |                                                                                          | 33.1.b | ) |   | - |   |   | 24,222 |   |   | - |   |
| Exposure                    to the Argentine public sector and private securities                                             |   |                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Loans                    - Non-financial federal government sector                                                            |   |                                                                                          | 33.2.a | ) |   | 4,566 |   |   | (11,111 | ) |   | (1,626 | ) |
| Secured                    Bonds                                                                                              |   |                                                                                          | 33.2.b | ) |   | 31,653 |   |   | 182,598 |   |   | 12,407 |   |
| Other                    loans - Non-financial provincial government sector                                                   |   |                                                                                          | 33.2.c | ) |   | 196 |   |   | 5,749 |   |   | 12,847 |   |
| Compensatory                    Bonds                                                                                         |   |                                                                                          | 33.2.d | ) |   | 40,736 |   |   | 105,712 |   |   | 29,194 |   |
| Instrument                    issued by Central Bank of Argentina and other unlisted government                    securities |   |                                                                                          | 33.2.e | ) |   | (15,870 | ) |   | 7,269 |   |   | 9,477 |   |
| Loan                    origination fees                                                                                      |   |                                                                                          | 33.3   |   |   | (5,609 | ) |   | (4,170 | ) |   | (4,066 | ) |
| Allowance                    for loan losses                                                                                  |   |                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Credit                    Card Loans                                                                                          |   |                                                                                          | 33.4.b | ) |   | (733 | ) |   | (81 | ) |   | (159 | ) |
| Impaired                    Loans - Non Financial Private Sector and residents abroad                                         |   |                                                                                          | 33.4.c | ) |   | (3,124 | ) |   | (580 | ) |   | 741 |   |
| Interest                    recognition - non accrual loans                                                                   |   |                                                                                          | 33.4.d | ) |   | 1,868 |   |   | (300 | ) |   | (1,483 | ) |
| Intangible                    assets                                                                                          |   |                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Judgments                    due to court decisions related to foreign currency - denominated                    deposits     |   |                                                                                          | 33.5.a | ) |   | (20,240 | ) |   | 7,405 |   |   | (5,307 | ) |
| Software                    costs                                                                                             |   |                                                                                          | 33.5.b | ) |   | (2,980 | ) |   | 381 |   |   | 5,191 |   |
| Organizational                    costs                                                                                       |   |                                                                                          | 33.5.c | ) |   | 378 |   |   | 817 |   |   | 2,877 |   |
| Vacation                    accrual                                                                                           |   |                                                                                          | 33.6   |   |   | (3,365 | ) |   | (9,518 | ) |   | (109 | ) |
| Business                    combination                                                                                       |   |                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Acquisition                    of controlling interest in former Banco Bansud S.A.                                            |   |                                                                                          | 33.7.a | ) |   | (68,483 | ) |   | (68,482 | ) |   | (68,562 | ) |
| Merger                    with and into former Banco Bansud S.A. - a downstream                    merger                     |   |                                                                                          | 33.7.b | ) |   | (527 | ) |   | (527 | ) |   | (527 | ) |
| Acquisition                    of Nuevo Banco Suquía S.A.                                                                |   |                                                                                          | 33.7.c | ) |   | (78,943 | ) |   | 4,301 |   |   | 5,291 |   |
| Acquisition                    of Banco de Tucumán S.A.                                                                  |   |                                                                                          | 33.7.d | ) |   | 556 |   |   | - |   |   | - |   |
| Acquisition                    of Nuevo Banco Bisel S.A.                                                                      |   |                                                                                          | 33.7.e | ) |   | 32,701 |   |   | - |   |   | - |   |
| Other                                                                                                                         |   |                                                                                          | 33.7.f | ) |   | (272 | ) |   | 27 |   |   | 972 |   |
| Adjustment                    to prior-year income                                                                            |   |                                                                                          | 33.11  |   |   | - |   |   | - |   |   | (91,170 | ) |
| Foreign                    currency translation                                                                               |   |                                                                                          | 33.12  |   |   | 1,294 |   |   | 2,148 |   |   | 1,265 |   |
| Issuance                    and Offering Cost of Shares                                                                       |   |                                                                                          | 33.15  |   |   | 15,664 |   |   | 2,506 |   |   | - |   |
| Issuance                    Cost of Corporate Bonds                                                                           |   |                                                                                          | 33.16  |   |   | 10,288 |   |   | - |   |   | - |   |
|                                                                                                                          |   |                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| **Net                    income before extraordinary items in accordance with U.S. G.A.A.P**                                  |   |                                                                                          |   |   |   | **357,959** |   |   | **463,795** |   |   | **94,229** |   |
| Extraordinary                    Gain (see note 33.7.e))                                                                      |   |                                                                                          |   |   |   | 41,705 |   |   | **-** |   |   | **-** |   |
| **Net                    income in accordance with U.S. G.A.A.P**                                                             |   |                                                                                          |   |   |   | **399,664** |   |   | **463,795** |   |   | **94,229** |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

| **Comprehensive                    income**                                                                   |   |   |         |   |   |         |   |
|---------------------------------------------------------------------------------------------------------------|--------|--------|--------------|--------|--------|--------------|--------|
|                                                                                                          |   |   |         |   |   |         |   |
| Net                    income in accordance with US GAAP                                                      |   |   | 399,664      |   |   | 463,795      |   |   | 94,229 |   |
|                                                                                                          |   |   |         |   |   |         |   |   |   |   |
| Other                    comprehensive income, net of tax:                                                    |   |   | (18,049      | )      |   | (99,322      | )      |   | 88,945 |   |
|                                                                                                          |   |   |         |   |   |         |   |   |   |   |
| Total                    comprehensive income, net in accordance with US GAAP                                 |   |   | 381,615      |   |   | 364,473      |   |   | 183,174 |   |
|                                                                                                          |   |   |         |   |   |         |   |   |   |   |
| Earning                    per share before extraordinary gains in accordance with US                    GAAP |   |   | 0.54         |   |   | 0.76         |   |   | 0.15 |   |
|                                                                                                          |   |   |         |   |   |         |   |   |   |   |
| Earning                    per share for extraordinary gains in accordance with US                    GAAP    |   |   | 0.06         |   |   | -            |   |   | - |   |
|                                                                                                          |   |   |         |   |   |         |   |   |   |   |
| Total                    earning per share in accordance with US GAAP                                         |   |   | 0.60         |   |   | 0.76         |   |   | 0.15 |   |
|                                                                                                          |   |   |    |   |   |    |   |   |    |   |
| Weighted                    average number of shares Outstanding (in thousands)                               |   |   | 666,478      |   |   | 608,943      |   |   | 608,943 |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|                                                                                                                           |   | **Increase                    / (decrease)**                                                         |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                           |   | **Consolidated                    Shareholders’ Equity****At                    December 31,** |   |
|                                                                                                                           |   | **Ref.**                                                                                             |   | **2006** |   | **2005** |   | **2004** |   |
|                                                                                                                           |   |                                                                                                 |   |   |   |   |   |   |   |
| **Shareholders ́                    equity in accordance with Central Bank’s rules**                                 |   |                                                                                                 |   |   |   | **2,314,977** |   |   | **1,489,574** |   |   | **1,257,302** |   |
| Income                    taxes                                                                                                |   |                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Deferred                    taxes, net of allowances                                                                           |   |                                                                                                 | 33.1.a | ) |   | 3,651 |   |   | (458 | ) |   | (6,649 | ) |
| Allowance                    for tax on minimum presume income                                                                 |   |                                                                                                 | 33.1.b | ) |   | - |   |   | - |   |   | (24,222 | ) |
| Exposure                    to the Argentine public sector and private securities                                              |   |                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Loans                    - Non-financial federal government sector                                                             |   |                                                                                                 | 33.2.a | ) |   | (222,363 | ) |   | (226,929 | ) |   | (215,818 | ) |
| Secured                    Bonds                                                                                               |   |                                                                                                 | 33.2.b | ) |   | - |   |   | (7,926 | ) |   | (96,364 | ) |
| Other                    loans - Non-financial provincial government sector                                                    |   |                                                                                                 | 33.2.c | ) |   | - |   |   | (196 | ) |   | (5,945 | ) |
| Compensatory                    Bonds                                                                                          |   |                                                                                                 | 33.2.d | ) |   | - |   |   | (20,719 | ) |   | (69,936 | ) |
| Instruments                    issued by Central Bank of Argentina and other unlisted government                    securities |   |                                                                                                 | 33.2.e | ) |   | 20 |   |   | - |   |   | (7,269 | ) |
| Loan                    origination fees                                                                                       |   |                                                                                                 | 33.3   |   |   | (17,092 | ) |   | (11,483 | ) |   | (7,313 | ) |
| Allowance                    for loan losses                                                                                   |   |                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Credit                    Card Loans                                                                                           |   |                                                                                                 | 33.4.b | ) |   | (1,233 | ) |   | (500 | ) |   | (419 | ) |
| Impaired                    Loans - Non Financial Private Sector and residents abroad                                          |   |                                                                                                 | 33.4.c | ) |   | (4,513 | ) |   | (1,389 | ) |   | (809 | ) |
| Interest                    recognition - non accrual loans                                                                    |   |                                                                                                 | 33.4.d | ) |   | (2,377 | ) |   | (4,245 | ) |   | (3,945 | ) |
| Intangible                    assets                                                                                           |   |                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Judgments                    due to court decisions related to foreign currency - denominated                    deposits      |   |                                                                                                 | 33.5.a | ) |   | (62,872 | ) |   | (42,632 | ) |   | (50,037 | ) |
| Software                    costs                                                                                              |   |                                                                                                 | 33.5.b | ) |   | (15,064 | ) |   | (12,084 | ) |   | (12,465 | ) |
| Organizational                    costs                                                                                        |   |                                                                                                 | 33.5.c | ) |   | (1,503 | ) |   | (1,881 | ) |   | (2,698 | ) |
| Vacation                    accrual                                                                                            |   |                                                                                                 | 33.6   |   |   | (20,170 | ) |   | (16,805 | ) |   | (7,287 | ) |
| Business                    combination                                                                                        |   |                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Acquisition                    of controlling interest in former Banco Bansud S.A.                                             |   |                                                                                                 | 33.7.a | ) |   | (16,574 | ) |   | 51,909 |   |   | 120,391 |   |
| Merger                    with and into former Banco Bansud S.A. - a downstream                    merger                      |   |                                                                                                 | 33.7.b | ) |   | (5,708 | ) |   | (5,181 | ) |   | (4,654 | ) |
| Acquisition                    of Nuevo Banco Suquía S.A.                                                                 |   |                                                                                                 | 33.7.c | ) |   | (69,351 | ) |   | 9,592 |   |   | 5,291 |   |
| Acquisition                    of Banco de Tucumán S.A.                                                                   |   |                                                                                                 | 33.7.d | ) |   | 556 |   |   | - |   |   | - |   |
| Acquisition                    of Nuevo Banco Bisel S.A.                                                                       |   |                                                                                                 | 33.7.e | ) |   | 75,303 |   |   | - |   |   | - |   |
| Other                                                                                                                          |   |                                                                                                 | 33.7.f | ) |   | (9,733 | ) |   | (9,461 | ) |   | (9,488 | ) |
| Issuance                    and Offering Cost of Shares                                                                        |   |                                                                                                 | 33.15  |   |   | - |   |   | 2,506 |   |   | - |   |
| Issuance                    Cost of Corporate Bonds                                                                            |   |                                                                                                 | 33.16  |   |   | 10,288 |   |   | - |   |   | - |   |
|                                                                                                                           |   |                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **Shareholders ́                    equity in accordance with****US                    GAAP (*)**                          |   |                                                                                                 |   |   |   | **1,956,242** |   |   | **1,191,692** |   |   | **857,666** |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|   | **33.18.** | **Set                    forth below are the accumulated other comprehensive income (loss)                    balances, as of December 31, 2006, 2005 and 2004 - net of related                    income                    tax effects:** |
|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                    |   | **Foreign****Currency****Items** |       | **Unrealized                    Gains/****(losses)                    on****securities** |   | **Accumulated                    Other****Comprehensive** |   |
|---------------------------------------------------------|--------|----------------------------------|------------|------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|--------|
|                                                    |   |                             |       |                                                                                     |   |                                                      |   |
| **Balances                    as of December 31, 2003** |   |                             | **14,287** |                                                                                     |   | **43,293**                                                |   |   | **57,580** |   |
|                                                    |   |                             |       |                                                                                     |   |                                                      |   |   |   |   |
| Current-fiscal                    year change           |   |                             | (1,265     | )                                                                                        |   | 138,103                                                   |   |   | 136,838 |   |
|                                                    |   |                             |       |                                                                                     |   |                                                      |   |   |   |   |
| Tax                    effects                          |   |                             | 443        |                                                                                     |   | (48,336                                                   | )      |   | (47,893 | ) |
|                                                    |   |                             |       |                                                                                     |   |                                                      |   |   |   |   |
| **Balances                    as of December 31, 2004** |   |                             | **13,465** |                                                                                     |   | **133,060**                                               |   |   | **146,525** |   |
|                                                    |   |                             |       |                                                                                     |   |                                                      |   |   |   |   |
| Current-fiscal                    year change           |   |                             | (2,148     | )                                                                                        |   | (150,655)                    (1                           | )      |   | (152,803 | ) |
|                                                    |   |                             |       |                                                                                     |   |                                                      |   |   |   |   |
| Tax                    effects                          |   |                             | 752        |                                                                                     |   | 52,729                                                    |   |   | 53,481 |   |
|                                                    |   |                             |       |                                                                                     |   |                                                      |   |   |   |   |
| **Balances                    as of December 31, 2005** |   |                             | **12,069** |                                                                                     |   | **35,134**                                                |   |   | **47,203** |   |
|                                                    |   |                             |       |                                                                                     |   |                                                      |   |   |   |   |
| Current-fiscal                    year change           |   |                             | (1,294     | )                                                                                        |   | (26,474                                                   | )      |   | (27,768 | ) |
|                                                    |   |                             |       |                                                                                     |   |                                                      |   |   |   |   |
| Tax                    effects                          |   |                             | 453        |                                                                                     |   | 9,266                                                     |   |   | 9,719 |   |
|                                                    |   |                             |       |                                                                                     |   |                                                      |   |   |   |   |
| **Balances                    as of December 31, 2006** |   |                             | **11,228** |                                                                                     |   | **17,926**                                                |   |   | **29,154** |   |

|   | (1) | The                    current-fiscal year change includes a decrease by 168,456 related                    to                    realized gains from sales of available for sale securities and                    an increase                    by 17,801 related to unrealized                    gains. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **33.19.** | **Statement                    of Cash flows** |
|--------|------------|------------------------------------------------|

|   | - | At                    December 31, 2006, 2005 and 2004, the Bank entered into transactions                    with                    government securities exchanging non cash assets or liabilities                    for other                    non cash assets or liabilities (mainly forward, unsettled spot                    and                    repurchase contracts to buy or sell foreign currencies, listed                    Government                    and other securities at future dates and exchanged non cash assets                    or                    liabilities for other non cash assets or liabilities) with a                    book value of                    140,867, 707,512 and 522,744,                    respectively. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | The                    securities received during 2005 as a result of the financial                    compensation                    to financial institutions amounted to 126,320 (see note                    2) |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | In                    2005, the Bank incorporated the assets and liabilities of BET                    (Banco                    Empresario de Tucumán - See note                    3.6.). |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|   | - | During                    the first six-months of 2005, the “Macro Personal V” financial trust was                    created, transferring assets (consumer loans) for 70,029. The                    Trust issued                    Class “A” and “B” certificates of participation. As December 31, 2005 the                    Bank held Class “A” and “B” certificates of participation for                    32,506. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | During                    the first six-months of 2005, the Bank exchanged City of Cordoba ́s                    provincial debt into Secured Bonds for an amount of                    19,678. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | During                    2005, the Bank received LEBAC (B.C.R.A. bills) from SEDESA for                    the                    acquisition of BET for an amount of                    34,723. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | During                    2005, Nuevo Banco Suquía S.A. settled its 24,595 payable with the B.C.R.A.                    with BOGAR 2018 (provincial secured                    bonds). |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                               |   | **Year                    ended December 31,** |          |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|---------------|
|                                                                                                                                               |   | **2006**                                       |          | **2005** |   | **2004** |   |
| **Causes                    of changes in cash and cash equivalents**                                                                              |   |                                           |          |   |   |   |   |
|                                                                                                                                               |   |                                           |          |   |   |   |   |
| **Cash                    provided by (used in) operating activities**                                                                             |   |                                           |          |   |   |   |   |
| Interest                    received on loans, leases and investments                                                                              |   |                                           | 1,132,778     |   |   | 575,973 |   |   | 386,284 |   |
| Fees                    and commissions received                                                                                                   |   |                                           | 452,627       |   |   | 302,738 |   |   | 159,501 |   |
| Other                    sources of cash                                                                                                           |   |                                           | 148,585       |   |   | 44,298 |   |   | 33,949 |   |
|                                                                                                                                               |   |                                           |          |   |   |   |   |   |   |   |
| Less:                                                                                                                                              |   |                                           |          |   |   |   |   |   |   |   |
| Interest                    paid                                                                                                                   |   |                                           | (410,354      | ) |   | (284,936 | ) |   | (188,416 | ) |
| Fees                    and commissions paid                                                                                                       |   |                                           | (92,069       | ) |   | (59,193 | ) |   | (24,895 | ) |
| Cash                    paid to suppliers and employees                                                                                            |   |                                           | (599,435      | ) |   | (406,821 | ) |   | (220,498 | ) |
| Decrease                    / (Increase) from intangible assets                                                                                    |   |                                           | 53,422        |   |   | (16,147 | ) |   | (24,837 | ) |
| Decrease                    / (Increase) in other receivables from financial intermediation                    and other                    assets |   |                                           | 474,123       |   |   | 287,142 |   |   | (456,789 | ) |
| Other                    uses of cash                                                                                                              |   |                                           | (128,830      | ) |   | (31,903 | ) |   | (33,682 | ) |
| **Net                    cash provided by (used in) operating activities**                                                                         |   |                                           | **1,030,847** |   |   | **411,151** |   |   | **(369,383** | **)** |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

| **Plus:**                                                                                                                                           |   |   |           |   |   |           |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------------|--------|--------|----------------|--------|
| **Cash                      provided by (used in) investing activities**                                                                            |   |   |           |   |   |           |   |
| Proceeds                      from sales of trading and investment securities available for                      sale                               |   |   | 22,931,533     |   |   | 13,563,603     |   |   | 3,524,971 |   |
| Purchases                      of trading and investment securities available for sale                                                              |   |   | (22,444,125    | )      |   | (14,094,343    | )      |   | (2,683,370 | ) |
| (Increase)                      in loans and leases, net                                                                                            |   |   | (2,145,416     | )      |   | (663,121       | )      |   | (977,662 | ) |
| Proceeds                      from sale of Bank premises and equipment                                                                              |   |   | 68,190         |   |   | 4,165          |   |   | 20,098 |   |
| Purchases                      of Bank premises and equipment                                                                                       |   |   | (13,441        | )      |   | (33,478        | )      |   | (29,861 | ) |
| Cash                      provided by the incorporation of net assets of SADELA                                                                     |   |   | -              |   |   | -              |   |   | 628 |   |
|                                                                                                                                                |   |   |                |   |   |                |   |   |  |   |
| Cash                      provided by the incorporation of certain excluded assets and                      liabilities                      of BET |   |   | -              |   |   | 40,838         |   |   | - |   |
| Purchase                      of Nuevo Banco Suquía S.A., net of cash acquired                                                                 |   |   | -              |   |   | -              |   |   | 319,859 |   |
| Purchase                      of Banco del Tucumán S.A. and Nuevo Banco Bisel S.A., net of cash                      acquired                  |   |   | 411,977        |   |   | -              |   |   | - |   |
| **Net                      cash (used in) provide by investing activities**                                                                         |   |   | **(1,191,282** | **)**  |   | **(1,182,336** | **)**  |   | **174,663** |   |

| **Cash                    provided by (used in) financing activities**                                          |   |   |          |   |   |          |   |
|-----------------------------------------------------------------------------------------------------------------|--------|--------|---------------|--------|--------|---------------|--------|
| Increase                    in deposits, net                                                                    |   |   | 1,752,639     |   |   | 1,013,226     |   |   | 968,299 |   |
| Increase                    in long term borrowings (*)                                                         |   |   | 447,253       |   |   | -             |   |   | 66,841 |   |
| (Decrease)                    in long term borrowings                                                           |   |   | -             |   |   | (149,034      | )      |   | (61,315 | ) |
| (Decrease)                    in forward purchases of securities under repurchase                    agreements |   |   | -             |   |   | -             |   |   | (566 | ) |
| (Decrease)                    in other short term liabilities, net                                              |   |   | (984,613      | )      |   | (245,692      | )      |   | (19,684 | ) |
| Capital                    increase                                                                             |   |   | 451,330       |   |   | -             |   |   | - |   |
| Cash                    dividends paid                                                                          |   |   | (68,395       | )      |   | (30,447       | )      |   | (60,894 | ) |
|  **Net                    cash provided by financing activities**                                          |   |   | **1,598,214** |   |   | **588,053**   |   |   | **892,681** |   |
|                                                                                                            |   |   |          |   |   |          |   |   |   |   |
| (Decrease)                    / increase in cash and cash equivalents                                           |   |   | 1,437,779     |   |   | (183,132      | )      |   | 697,961 |   |
| Cash                    at the beginning of fiscal year                                                         |   |   | 1,189,129     |   |   | 1,372,261     |   |   | 674,300 |   |
| **Cash                    at the end of fiscal year**                                                           |   |   | **2,626,908** |   |   | **1,189,129** |   |   | **1,372,261** |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|                                                                                                                                                        |   | **Year                    ended December 31,** |          |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|---------------|
|                                                                                                                                                        |   | **2006**                                       |          | **2005** |   | **2004** |   |
|                                                                                                                                                        |   |                                           |          |   |   |   |   |
| Net                    income for the fiscal year                                                                                                           |   |                                           | 424,298       |   |   | 262,719 |   |   | 192,977 |   |
|                                                                                                                                                        |   |                                           |          |   |   |   |   |   |   |   |
| Adjustments                    to reconcile net income to net cash from operating                    activities:                                            |   |                                           |          |   |   |   |   |   |   |   |
| Amortization                    and depreciation                                                                                                            |   |                                           | 68,534        |   |   | 48,685 |   |   | 44,960 |   |
| Provision                    for loan losses and special reserves, net of reversals                                                                         |   |                                           | 63,038        |   |   | 5,248 |   |   | (36,679 | ) |
| Net                    income from government and private securities                                                                                        |   |                                           | (11,936       | ) |   | (48,107 | ) |   | (32,601 | ) |
| Foreign                    exchange differences                                                                                                             |   |                                           | (37,857       | ) |   | (28,463 | ) |   | (27,954 | ) |
| Equity                    (loss) of unconsolidated subsidiaries                                                                                             |   |                                           | 289           |   |   | - |   |   | (27 | ) |
| (Increase)                    from intangible assets                                                                                                        |   |                                           | 53,422        |   |   | (16,147 | ) |   | (24,837 | ) |
| Income                    tax                                                                                                                               |   |                                           | 42,919        |   |   | 34,042 |   |   | - |   |
| Increase                    / (decrease) in other receivables from financial intermediation                    and other                    assets          |   |                                           | 474,123       |   |   | 287,142 |   |   | (456,789 | ) |
| Net                    (increase) / decrease in interest receivable and payable and                    other accrued                    income and expenses |   |                                           | 39,620        |   |   | 38,729 |   |   | (1,856 | ) |
| Net                    (increase) / decrease in other sources or uses of cash                                                                               |   |                                           | (85,603       | ) |   | (172,697 | ) |   | (26,577 | ) |
|                                                                                                                                                        |   |                                           |     |   |   |    |   |   |    |   |
| **Net                    cash provided by (used in) operating activities**                                                                                  |   |                                           | **1,030,847** |   |   | **411,151** |   |   | **(369,383** | **)** |

|   | **33.20.** | **Forward                    transactions pending                    settlement** |
|--------|------------|-----------------------------------------------------------------------------------|

|   | **33.21.** | **Fair                    value of financial                    instruments** |
|--------|------------|-------------------------------------------------------------------------------|

**Government          and private securities **

|  | - | Listed—Investment                    accounts: fair value for these securities is based upon market                    prices as                    of December 31, 2005. |
|--|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|  | - | Unlisted                    government securities: fair value for these securities was taken                    to be                    equal to the present value of future cash flows discounted at                    the year-end                    market interest rates for securities of similar interest rate,                    credit risk                    and duration. |
|--|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Loans          and assets subject to financial leases **

**Other          receivables from financial intermediation **

**Deposits**

**Loans          received from BCRA and other banks and international          institutions**

**Subordinated          corporate bonds **

**Off-Balance          sheet **

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|                                                               |   | **As                    of December 31,** |         |
|--------------------------------------------------------------------|--------|-------------------------------------------|--------------|
|                                                               |   | **2006**                                  |         | **2005** |   |
|                                                               |   | **Carrying                    Amount**    |         | **Estimated                    Fair Value** |   | **Carrying                    Amount** |   | **Estimated                    Fair Value** |   |
| **FINANCIAL                    ASSETS**                            |   |                                      |         |   |   |   |   |   |   |
|                                                               |   |                                      |         |   |   |   |   |   |   |
| Cash                                                               |   |                                      | 2,626,908    |   |   | 2,626,908 |   |   | 1,189,129 |   |   | 1,189,129 |   |
| Government                    and private securities               |   |                                      | 3,222,955    |   |   | 3,222,975 |   |   | 2,991,052 |   |   | 2,972,335 |   |
| Loans                                                              |   |                                      | 6,527,105    |   |   | 6,550,137 |   |   | 3,427,120 |   |   | 3,307,685 |   |
| Other                    receivables from financial intermediation |   |                                      | 914,574      |   |   | 912,848 |   |   | 1,080,800 |   |   | 1,072,584 |   |
| Assets                    subject to financial leases              |   |                                      | 278,640      |   |   | 274,538 |   |   | 144,795 |   |   | 144,795 |   |
| Other                    receivables                               |   |                                      | 193,363      |   |   | 193,491 |   |   | 172,058 |   |   | 170,490 |   |
|                                                               |   |                                      |    |   |   |    |   |   |    |   |   |    |   |
|                                                               |   |                                      | 13,763,545   |   |   | 13,780,897 |   |   | 9,004,954 |   |   | 8,857,018 |   |
|                                                               |   |                                      |         |   |   |   |   |   |   |   |   |   |   |
| **FINANCIAL                    LIABILITIES**                       |   |                                      |         |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |                                      |         |   |   |   |   |   |   |   |   |   |   |
| Deposits                                                           |   |                                      | 10,071,017   |   |   | 10,044,318 |   |   | 6,565,326 |   |   | 6,565,328 |   |
| Other                    liabilities from financial intermediation |   |                                      | 1,237,116    |   |   | 1,228,431 |   |   | 1,143,163 |   |   | 1,342,301 |   |
| Other                    Liabilities                               |   |                                      | 188,931      |   |   | 188,931 |   |   | 98,628 |   |   | 98,628 |   |
| Subordinated                    Corporate Bonds                    |   |                                      | 507,844      |   |   | 507,831 |   |   | 12,047 |   |   | 12,047 |   |
|                                                               |   |                                      |    |   |   |    |   |   |    |   |   |    |   |
|                                                               |   |                                      | 12,004,908   |   |   | 11,969,511 |   |   | 7,819,164 |   |   | 8,018,304 |   |

|   | **33.22.** | **Transfers                    of financial assets** |
|--------|------------|------------------------------------------------------|

|  | 1) | Retained                    Interests in the Trusts |
|--|----|-----------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|                                 |   | **Amortized****Cost** |       | **Net                    Unrealized Gain** |   | **Fair****Value** |   |
|--------------------------------------|--------|-----------------------|------------|--------------------------------------------|--------|-------------------|--------|
| NBB                    Personales II |   |                  | 10,529     |                                       |   | 820               |   |   | 11,349 |   |
| NBB                    Agroprendas I |   |                  | 7,353      |                                       |   | 560               |   |   | 7,913 |   |
| **Total**                            |   |                  | **17,882** |                                       |   | **1,380**         |   |   | **19,262** |   |

|   | **33.23.** | **Joint                    venture** |
|--------|------------|--------------------------------------|

|   | **33.24.** | **Items                    in process of collection** |
|--------|------------|-------------------------------------------------------|

|   | **33.25.** | **Acceptances** |
|--------|------------|-----------------|

|   | **33.26.** | **Variable                    Interest Entities and other                    trusts** |
|--------|------------|---------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|   | a) | Luján                    Trust |
|--------|----|-------------------------------------|

|   | b) | Bisel                    Trust |
|--------|----|--------------------------------|

|   | c) | Tucumán                    Trust, Onext Trust and Godoy Cruz                    Trust |
|--------|----|--------------------------------------------------------------------------------------------|

|   | d) | BG                    Trust |
|--------|----|-----------------------------|

|   | e) | San                    Isidro Trust |
|--------|----|-------------------------------------|

|   | **33.27.** | **Parent                    only financial statements** |
|--------|------------|---------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

**BALANCE          SHEET (PARENT COMPANY ONLY)**

|                                                                                                                                                        |   | **2006** |               | **2005** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|--------------------|----------|--------|
| **ASSETS**                                                                                                                                             |   |     |               |     |   |
|                                                                                                                                                   |   |     |               |     |   |
| **CASH**                                                                                                                                               |   |     |               |     |   |
| Cash                    on hand                                                                                                                        |   |     | 280,437            |     |   | 229,528 |   |
| Banks                    and correspondents                                                                                                            |   |     | 1,098,628          |     |   | 454,552 |   |
|                                                                                                                                                   |   |     |          |     |   |    |   |
|                                                                                                                                                   |   |     |               |     |   |   |   |
|                                                                                                                                                   |   |     | 1,379,065          |     |   | 684,080 |   |
|                                                                                                                                                   |   |     |          |     |   |    |   |
|                                                                                                                                                   |   |     |               |     |   |   |   |
| **GOVERNMENT                    AND PRIVATE SECURITIES**                                                                                               |   |     |               |     |   |   |   |
| Holdings                    in investment accounts                                                                                                     |   |     | -                  |     |   | 105,416 |   |
| Holdings                    for trading or financial intermediation                                                                                    |   |     | 221,847            |     |   | 97,232 |   |
| Unlisted                    Government securities                                                                                                      |   |     | -                  |     |   | 36,434 |   |
| Instruments                    issued by the Central Bank of Argentine                                                                                 |   |     | 1,037,405          |     |   | 1,580,858 |   |
| Investments                    in listed private securities                                                                                            |   |     | 1,049              |     |   | 32,608 |   |
| Less:                    Allowances                                                                                                                    |   |     | -                  |     |   | (483 | ) |
|                                                                                                                                                   |   |     |          |     |   |    |   |
|                                                                                                                                                   |   |     |               |     |   |   |   |
|                                                                                                                                                   |   |     | 1,260,301          |     |   | 1,852,065 |   |
|                                                                                                                                                   |   |     |     |     |   |     |   |
|                                                                                                                                                   |   |     |               |     |   |   |   |
| **LOANS**                                                                                                                                              |   |     |               |     |   |   |   |
| To                    the non-financial government sector                                                                                              |   |     | 360,263            |     |   | 402,029 |   |
| To                    the financial sector                                                                                                             |   |     | 160,681            |     |   | 74,579 |   |
| To                    the non-financial private sector and foreign residents                                                                           |   |     |               |     |   |   |   |
| Overdrafts                                                                                                                                             |   |     | 567,614            |     |   | 279,469 |   |
| Documents                                                                                                                                              |   |     | 232,255            |     |   | 311,751 |   |
| Mortgage                    loans                                                                                                                      |   |     | 159,126            |     |   | 139,849 |   |
| Pledged                    loans                                                                                                                       |   |     | 65,852             |     |   | 67,788 |   |
| Personal                    loans                                                                                                                      |   |     | 914,491            |     |   | 385,721 |   |
| Credit                    cards                                                                                                                        |   |     | 220,016            |     |   | 162,701 |   |
| Other                                                                                                                                                  |   |     | 658,110            |     |   | 551,789 |   |
| Accrued                    interest, adjustments and foreign exchange and quoted price differences                    receivable                       |   |     | 35,690             |     |   | 32,850 |   |
| Less:                    Unposted payments                                                                                                             |   |     |               |     |   | (6,050 | ) |
| Less:                    Unearned discount                                                                                                             |   |     | (6,027             | )        |   | (7,347 | ) |
| Less:                    Allowances                                                                                                                    |   |     | (124,146           | )        |   | (206,389 | ) |
|                                                                                                                                                   |   |     |          |     |   |    |   |
|                                                                                                                                                   |   |     |               |     |   |   |   |
|                                                                                                                                                   |   |     | 3,243,925          |     |   | 2,188,740 |   |
|                                                                                                                                                   |   |     |          |     |   |    |   |
|                                                                                                                                                   |   |     |               |     |   |   |   |
| **OTHER                    RECEIVABLES FROM FINANCIAL INTERMEDIATION**                                                                                 |   |     |               |     |   |   |   |
| Central                    Bank of Argentina                                                                                                           |   |     | 58,026             |     |   | 69,812 |   |
| Amounts                    receivable for spot and forward sales pending settlement                                                                    |   |     | 438,780            |     |   | 347,323 |   |
| Securities                    and foreign currency receivable from spot and forward purchases                    pending                    settlement |   |     | 435,551            |     |   | 236,609 |   |
| Premiums                    on options taken                                                                                                           |   |     | -                  |     |   | 284 |   |
| Unlisted                    corporate bonds                                                                                                            |   |     | 934                |     |   | 927 |   |
| Receivables                    for forward transactions without delivery of underlying                    asset                                        |   |     | 110                |     |   | 258 |   |
| Other                    receivables not covered by debtor classification regulations                                                                  |   |     | 306,129            |     |   | 274,858 |   |
| Other                    receivables covered by debtor classification regulations                                                                      |   |     | 20,684             |     |   | 30,497 |   |
| Less:                    Allowances                                                                                                                    |   |     | (2,661             | )        |   | (3,735 | ) |
|                                                                                                                                                   |   |     |          |     |   |    |   |
|                                                                                                                                                   |   |     |               |     |   |   |   |
|                                                                                                                                                   |   |     | 1,257,553          |     |   | 956,833 |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|                                                                               |   | **2006** |         | **2005** |   |
|------------------------------------------------------------------------------------|--------|----------|--------------|----------|--------|
| **ASSETS                    SUBJECT TO FINANCIAL LEASES**                          |   |     |         |     |   |
| Assets                    subject to financial leases                              |   |     | 123,461      |     |   | 106,263 |   |
| Less:                    Allowances                                                |   |     | (1,611       | )        |   | (1,070 | ) |
|                                                                               |   |     |    |     |   |    |   |
|                                                                               |   |     |         |     |   |   |   |
|                                                                               |   |     | 121,850      |     |   | 105,193 |   |
|                                                                               |   |     |    |     |   |    |   |
|                                                                               |   |     |         |     |   |   |   |
| **INVESTMENTS                    IN OTHER COMPANIES**                              |   |     |         |     |   |   |   |
| In                    financial institutions                                       |   |     | 1,534,837    |     |   | 577,477 |   |
| Other                                                                              |   |     | 24,197       |     |   | 28,690 |   |
| Less:                    Negative Goodwill                                         |   |     | (483         | )        |   | (483 | ) |
| Less:                    Allowances                                                |   |     | (1,016       | )        |   | (1,148 | ) |
|                                                                               |   |     |    |     |   |    |   |
|                                                                               |   |     |         |     |   |   |   |
|                                                                               |   |     | 1,557,535    |     |   | 604,536 |   |
|                                                                               |   |     |    |     |   |    |   |
|                                                                               |   |     |         |     |   |   |   |
| **OTHER                    RECEIVABLES**                                           |   |     |         |     |   |   |   |
| Receivables                    from sale of assets                                 |   |     | 16,008       |     |   | 7,966 |   |
| Minimum                    presumed income tax - Tax Credit                        |   |     | 24,372       |     |   | 42,723 |   |
| Other                                                                              |   |     | 97,176       |     |   | 87,530 |   |
| Accrued                    interest and adjustments receivable from sale of assets |   |     | 50           |     |   | 11,627 |   |
| Other                    accrued interest and adjustments receivable               |   |     | 66           |     |   | 48 |   |
| Less:                    Allowances                                                |   |     | (14,647      | )        |   | (16,302 | ) |
|                                                                               |   |     |    |     |   |    |   |
|                                                                               |   |     |         |     |   |   |   |
|                                                                               |   |     | 123,025      |     |   | 133,592 |   |
|                                                                               |   |     |    |     |   |    |   |
|                                                                               |   |     |         |     |   |   |   |
| **BANK                    PREMISES AND EQUIPMENT**                                 |   |     | 201,621      |     |   | 176,168 |   |
|                                                                               |   |     |    |     |   |    |   |
|                                                                               |   |     |         |     |   |   |   |
| **OTHER                    ASSETS**                                                |   |     | 153,838      |     |   | 144,838 |   |
|                                                                               |   |     |    |     |   |    |   |
|                                                                               |   |     |         |     |   |   |   |
| **INTANGIBLE                    ASSETS**                                           |   |     |         |     |   |   |   |
| Goodwill                                                                           |   |     | 66,607       |     |   | 1,646 |   |
| Organization                    and development costs, including amparos           |   |     | 84,134       |     |   | 67,126 |   |
|                                                                               |   |     |    |     |   |    |   |
|                                                                               |   |     |         |     |   |   |   |
|                                                                               |   |     | 150,741      |     |   | 68,772 |   |
|                                                                               |   |     |    |     |   |    |   |
|                                                                               |   |     |         |     |   |   |   |
| **ITEMS                    PENDING ALLOCATION**                                    |   |     | 737          |     |   | 433 |   |
|                                                                               |   |     |    |     |   |    |   |
|                                                                               |   |     |         |     |   |   |   |
| **TOTAL                    ASSETS**                                                |   |     | 9,450,191    |     |   | 6,915,250 |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|                                                                                                                                                        |   | **2006** |         | **2005** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|--------------|----------|--------|
| **LIABILITIES**                                                                                                                                        |   |     |         |     |   |
|                                                                                                                                                   |   |     |         |     |   |
| **DEPOSITS**                                                                                                                                           |   |     |         |     |   |
| From                    the non-financial government sector                                                                                            |   |     | 938,949      |     |   | 821,497 |   |
| From                    the financial sector                                                                                                           |   |     | 1,394        |     |   | 3,541 |   |
| From                    the non-financial private sector and foreign residents                                                                         |   |     |         |     |   |   |   |
| Checking                    accounts                                                                                                                   |   |     | 688,744      |     |   | 506,497 |   |
| Savings                    accounts                                                                                                                    |   |     | 1,240,913    |     |   | 690,732 |   |
| Time                    deposits                                                                                                                       |   |     | 2,155,980    |     |   | 2,129,788 |   |
| Investment                    accounts                                                                                                                 |   |     | 18,751       |     |   | 23,724 |   |
| Other                                                                                                                                                  |   |     | 134,290      |     |   | 127,213 |   |
| Accrued                    interest, adjustments and foreign exchange and quoted price differences                    payable                          |   |     | 19,699       |     |   | 46,212 |   |
|                                                                                                                                                   |   |     |    |     |   |    |   |
|                                                                                                                                                   |   |     |         |     |   |   |   |
|                                                                                                                                                   |   |     | 5,198,720    |     |   | 4,349,204 |   |
|                                                                                                                                                   |   |     |         |     |   |   |   |
| **OTHER                    LIABILITIES FROM FINANCIAL INTERMEDIATION**                                                                                 |   |     |         |     |   |   |   |
| Central                    Bank of Argentina - Other                                                                                                   |   |     | 778          |     |   | 562 |   |
| Banks                    and International institutions                                                                                                |   |     | 173,177      |     |   | 153,485 |   |
| Amounts                    payable for spot and forward purchases pending settlement                                                                   |   |     | 332,755      |     |   | 172,708 |   |
| Securities                    and foreign currency to be delivered for spot and forward sales                    pending                    settlement |   |     | 529,546      |     |   | 372,566 |   |
| Financing                    received from Argentine financial institutions                                                                            |   |     | 47,674       |     |   | 25,106 |   |
| Payables                    for forward transactions without delivery of underlying                    asset                                           |   |     | -            |     |   | 64 |   |
| Other                                                                                                                                                  |   |     | 140,853      |     |   | 103,564 |   |
| Accrued                    interest, adjustments and foreign exchange and quoted price differences                    payable                          |   |     | 25,841       |     |   | 21,651 |   |
|                                                                                                                                                   |   |     |         |     |   |   |   |
|                                                                                                                                                   |   |     | 1,250,624    |     |   | 849,706 |   |
|                                                                                                                                                   |   |     |         |     |   |   |   |
| **OTHER                    LIABILITIES**                                                                                                               |   |     |         |     |   |   |   |
| Other                                                                                                                                                  |   |     | 125,210      |     |   | 71,883 |   |
|                                                                                                                                                   |   |     |    |     |   |    |   |
|                                                                                                                                                   |   |     |         |     |   |   |   |
|                                                                                                                                                   |   |     | 125,210      |     |   | 71,883 |   |
|                                                                                                                                                   |   |     |         |     |   |   |   |
| **PROVISIONS**                                                                                                                                         |   |     | 52,311       |     |   | 142,283 |   |
|                                                                                                                                                   |   |     |    |     |   |    |   |
|                                                                                                                                                   |   |     |         |     |   |   |   |
| **SUBORDINATED                    CORPORATE BONDS**                                                                                                    |   |     | 507,844      |     |   | 12,047 |   |
|                                                                                                                                                   |   |     |         |     |   |   |   |
|                                                                                                                                                   |   |     |         |     |   |   |   |
| **ITEMS                    PENDING ALLOCATION**                                                                                                        |   |     | 505          |     |   | 553 |   |
|                                                                                                                                                   |   |     |    |     |   |    |   |
|                                                                                                                                                   |   |     |         |     |   |   |   |
| **TOTAL                    LIABILITIES**                                                                                                               |   |     | 7,135,214    |     |   | 5,425,676 |   |
|                                                                                                                                                   |   |     |    |     |   |    |   |
|                                                                                                                                                   |   |     |         |     |   |   |   |
| **SHAREHOLDERS'                    EQUITY**                                                                                                            |   |     | 2,314,977    |     |   | 1,489,574 |   |
|                                                                                                                                                   |   |     |    |     |   |    |   |
|                                                                                                                                                   |   |     |         |     |   |   |   |
| **TOTAL                    LIABILITIES AND SHAREHOLDERS' EQUITY**                                                                                      |   |     | 9,450,191    |     |   | 6,915,250 |   |
|                                                                                                                                                   |   |     |    |     |   |    |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

** **
**          MEMORANDUM ACCOUNTS (PARENT COMPANY ONLY)**

|                                                                                                                         |   | **2006** |         | **2005** |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|----------|--------------|----------|--------|
| **DEBIT-BALANCE                      ACCOUNTS**                                                                              |   |     |         |     |   |
|                                                                                                                         |   |     |         |     |   |
| Contingent                                                                                                                   |   |     |         |     |   |
| - Guarantees                      received                                                                              |   |     | 956,164      |     |   | 845,397 |   |
| - Other                      not covered by debtors classification regulations                                          |   |     | 3,450        |     |   | - |   |
| - Contra                      contingent debit accounts                                                                 |   |     | 305,817      |     |   | 149,751 |   |
|                                                                                                                         |   |     |         |     |   |    |   |
|                                                                                                                         |   |     |              |     |   |  |   |
|                                                                                                                         |   |     | 1,265,431    |     |   | 995,148 |   |
|                                                                                                                         |   |     |    |     |   |    |   |
|                                                                                                                         |   |     |              |     |   |  |   |
| Control                                                                                                                      |   |     |              |     |   |  |   |
| - Receivables                      classified as irrecoverable                                                          |   |     | 425,875      |     |   | 462,318 |   |
| - Other                                                                                                                 |   |     | 3,184,787    |     |   | 2,101,599 |   |
| - Contra                      control debit accounts                                                                    |   |     | 41,193       |     |   | 39,721 |   |
|                                                                                                                         |   |     |         |     |   |   |   |
|                                                                                                                         |   |     |              |     |   |  |   |
|                                                                                                                         |   |     | 3,651,855    |     |   | 2,603,638 |   |
|                                                                                                                         |   |     |         |     |   |   |   |
|                                                                                                                         |   |     |              |     |   |  |   |
| Derivatives                                                                                                                  |   |     |              |     |   |  |   |
| - Notional                      value of call options taken                                                             |   |     | 119,345      |     |   | - |   |
| - Notional                      value of put options taken                                                              |   |     | 50,649       |     |   | 133,456 |   |
| - Notional                      value of forward transactions without delivery of underlying                      asset |   |     | -            |     |   | 36,770 |   |
| - Contra                      debit accounts for derivatives                                                            |   |     | 299,693      |     |   | 288,512 |   |
|                                                                                                                         |   |     |         |     |   |   |   |
|                                                                                                                         |   |     |              |     |   |  |   |
|                                                                                                                         |   |     | 469,687      |     |   | 458,738 |   |
|                                                                                                                         |   |     |         |     |   |   |   |
|                                                                                                                         |   |     |              |     |   |  |   |
|                                                                                                                         |   |     |              |     |   |  |   |
| Total                                                                                                                        |   |     | 5,386,973    |     |   | 4,057,524 |   |
|                                                                                                                         |   |     |         |     |   |   |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|                                                                                                                     |   | **2006** |         | **2005** |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|----------|--------------|----------|--------|
| **CREDIT                    BALANCE ACCOUNTS**                                                                           |   |     |         |     |   |
|                                                                                                                     |   |     |         |     |   |
| Contingent                                                                                                               |   |     |         |     |   |
| - Other                    guarantees provided covered by debtor classification                    regulations      |   |     | (182,927     | )        |   | (87,184 | ) |
| - Other                    guarantees provided not covered by debtor classification                    regulations  |   |     | (43,289      | )        |   | (1,474 | ) |
| - Other                    covered by debtor classification regulations                                             |   |     | (79,601      | )        |   | (61,093 | ) |
| - Contingent                    credit-balance contra accounts                                                      |   |     | (959,614     | )        |   | (845,397 | ) |
|                                                                                                                     |   |     |    |     |   |    |   |
|                                                                                                                     |   |     |         |     |   |   |   |
|                                                                                                                     |   |     | (1,265,431   | )        |   | (995,148 | ) |
|                                                                                                                     |   |     |    |     |   |    |   |
|                                                                                                                     |   |     |         |     |   |   |   |
| Control                                                                                                                  |   |     |         |     |   |   |   |
| - Checks                    to be credited                                                                          |   |     | (41,193      | )        |   | (39,721 | ) |
| - Contra                    credit-balance accounts                                                                 |   |     | (3,610,662   | )        |   | (2,563,917 | ) |
|                                                                                                                     |   |     |         |     |   |   |   |
|                                                                                                                     |   |     |         |     |   |   |   |
|                                                                                                                     |   |     | (3,651,855   | )        |   | (2,603,638 | ) |
|                                                                                                                     |   |     |    |     |   |    |   |
|                                                                                                                     |   |     |         |     |   |   |   |
| For                    Derivatives                                                                                       |   |     |         |     |   |   |   |
| - Notional                    value of call options sold                                                            |   |     | (50,612      | )        |   | (120,886 | ) |
| - Notional                    value of put options sold                                                             |   |     | (221,505     | )        |   | (112,423 | ) |
| - Notional                    value of forward transactions without delivery of underlying                    asset |   |     | (27,576      | )        |   | (55,203 | ) |
| - Contra                    credit-balance accounts for derivatives                                                 |   |     | (169,994     | )        |   | (170,226 | ) |
|                                                                                                                     |   |     |    |     |   |    |   |
|                                                                                                                     |   |     |    |     |   |   |   |
|                                                                                                                     |   |     | (469,687     | )        |   | (458,738 | ) |
|                                                                                                                     |   |     |    |     |   |    |   |
|                                                                                                                     |   |     |         |     |   |   |   |
| Total                                                                                                                    |   |     | (5,386,973   | )        |   | (4,057,524 | ) |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

**STATEMENTS          OF INCOME (PARENT ONLY)**

|                                                                           |   | **2006** |         | **2005** |   | **2004**     |   |
|--------------------------------------------------------------------------------|--------|----------|--------------|----------|--------|--------------|--------|
| **FINANCIAL                    INCOME**                                        |   |     |         |     |   |         |   |
|                                                                           |   |     |         |     |   |         |   |
| Interest                    on cash and due from banks                         |   |     | 3,499        |     |   | 8            |   |   | 2 |   |
| Interest                    on loans to the financial sector                   |   |     | 8,872        |     |   | 4,324        |   |   | 1,954 |   |
| Interest                    on overdrafts                                      |   |     | 59,891       |     |   | 26,947       |   |   | 25,403 |   |
| Interest                    on documents                                       |   |     | 22,958       |     |   | 16,998       |   |   | 11,196 |   |
| Interest                    on mortgage loans                                  |   |     | 21,236       |     |   | 11,036       |   |   | 6,449 |   |
| Interest                    on pledged loans                                   |   |     | 11,120       |     |   | 6,491        |   |   | 1,118 |   |
| Interest                    on credit card loans                               |   |     | 19,901       |     |   | 12,012       |   |   | 5,858 |   |
| Interest                    on other loans                                     |   |     | 177,687      |     |   | 94,266       |   |   | 60,952 |   |
| Interest                    on other receivables from financial intermediation |   |     | 9,498        |     |   | 15,109       |   |   | 5,611 |   |
| Income                    from government and private securities, net          |   |     | 146,513      |     |   | 123,583      |   |   | 162,748 |   |
| Income                    from guaranteed loans - Decree 1,387/01              |   |     | 17,109       |     |   | 19,523       |   |   | 14,355 |   |
| CER                    adjustment                                              |   |     | 48,174       |     |   | 93,620       |   |   | 91,022 |   |
| CVS                    adjustment                                              |   |     | 1,169        |     |   | 700          |   |   | 475 |   |
| Other                                                                          |   |     | 68,860       |     |   | 51,103       |   |   | 34,717 |   |
|                                                                           |   |     |    |     |   |    |   |   |    |   |
|                                                                           |   |     |         |     |   |         |   |   |   |   |
|                                                                           |   |     | 616,487      |     |   | 475,720      |   |   | 421,860 |   |
|                                                                           |   |     |    |     |   |    |   |   |    |   |
|                                                                           |   |     |         |     |   |         |   |   |   |   |
| **FINANCIAL                    EXPENSE**                                       |   |     |         |     |   |         |   |   |   |   |
|                                                                           |   |     |         |     |   |         |   |   |   |   |
| Interest                    on checking accounts                               |   |     | 6,940        |     |   | 1,456        |   |   | 2,201 |   |
| Interest                    on savings accounts                                |   |     | 3,985        |     |   | 2,306        |   |   | 3,115 |   |
| Interest                    on time deposits                                   |   |     | 134,533      |     |   | 66,418       |   |   | 43,256 |   |
| Interest                    on financing from the financial sector             |   |     | 806          |     |   | 775          |   |   | 78 |   |
| Interest                    on other liabilities from financial intermediation |   |     | 14,307       |     |   | 15,822       |   |   | 15,394 |   |
| Other                    interest                                              |   |     | 7,047        |     |   | 6,801        |   |   | 9,230 |   |
| Net                    loss from options                                       |   |     | 284          |     |   | 777          |   |   | - |   |
| CER                    adjustment                                              |   |     | 21,227       |     |   | 80,564       |   |   | 24,865 |   |
| Other                                                                          |   |     | 44,333       |     |   | 37,164       |   |   | 33,158 |   |
|                                                                           |   |     |    |     |   |    |   |   |    |   |
|                                                                           |   |     |         |     |   |         |   |   |   |   |
|                                                                           |   |     | 233,462      |     |   | 212,083      |   |   | 131,297 |   |
|                                                                           |   |     |    |     |   |    |   |   |    |   |
|                                                                           |   |     |         |     |   |         |   |   |   |   |
|                                                                           |   |     |         |     |   |         |   |   |   |   |
| **GROSS                    INTERMEDIATION MARGIN - GAIN**                      |   |     | 383,025      |     |   | 263,637      |   |   | 290,563 |   |
|                                                                           |   |     |    |     |   |    |   |   |    |   |
|                                                                           |   |     |         |     |   |         |   |   |   |   |
|                                                                           |   |     |         |     |   |         |   |   |   |   |
| **PROVISION                    FOR LOAN LOSSES**                               |   |     | 35,338       |     |   | 59,429       |   |   | 36,156 |   |
|                                                                           |   |     |    |     |   |    |   |   |    |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|                                                                  |   | **2006** |         | **2005** |   | **2004**     |   |
|-----------------------------------------------------------------------|--------|----------|--------------|----------|--------|--------------|--------|
| **SERVICE-CHARGE                      INCOME**                        |   |     |         |     |   |         |   |
|                                                                  |   |     |         |     |   |         |   |
| Related                      to lending transactions                  |   |     | 20,708       |     |   | 12,085       |   |   | 7,718 |   |
| Related                      to deposits                              |   |     | 149,740      |     |   | 115,957      |   |   | 97,458 |   |
| Other                      fees                                       |   |     | 11,116       |     |   | 6,264        |   |   | 7,252 |   |
| Other                                                                 |   |     | 60,597       |     |   | 45,004       |   |   | 36,585 |   |
|                                                                  |   |     |    |     |   |    |   |   |    |   |
|                                                                  |   |     |              |     |   |              |   |   |  |   |
|                                                                  |   |     | 242,161      |     |   | 179,310      |   |   | 149,013 |   |
|                                                                  |   |     |         |     |   |         |   |   |   |   |
|                                                                  |   |     |              |     |   |              |   |   |  |   |
| **SERVICE-CHARGE                      EXPENSE**                       |   |     |              |     |   |              |   |   |  |   |
|                                                                  |   |     |              |     |   |              |   |   |  |   |
| Fees                                                                  |   |     | 11,232       |     |   | 7,219        |   |   | 4,014 |   |
| Other                                                                 |   |     | 34,841       |     |   | 22,446       |   |   | 19,903 |   |
|                                                                  |   |     |         |     |   |    |   |   |    |   |
|                                                                  |   |     |         |     |   |              |   |   |  |   |
|                                                                  |   |     | 46,073       |     |   | 29,665       |   |   | 23,917 |   |
|                                                                  |   |     |         |     |   |         |   |   |   |   |
|                                                                  |   |     |              |     |   |              |   |   |  |   |
| **ADMINISTRATIVE                      EXPENSES**                      |   |     |              |     |   |              |   |   |   |   |
|                                                                  |   |     |              |     |   |              |   |   |   |   |
| Personnel                      expenses                               |   |     | 210,718      |     |   | 159,722      |   |   | 128,296 |   |
| Directors ́                      and statutory auditors ́fees |   |     | 10,932       |     |   | 12,384       |   |   | 5,601 |   |
| Other                      professional fees                          |   |     | 29,422       |     |   | 21,342       |   |   | 16,106 |   |
| Advertising                      and publicity                        |   |     | 24,140       |     |   | 16,977       |   |   | 11,921 |   |
| Taxes                                                                 |   |     | 5,241        |     |   | 4,390        |   |   | 2,955 |   |
| Other                      operating expense                          |   |     | 89,616       |     |   | 75,784       |   |   | 73,263 |   |
| Other                                                                 |   |     | 11,718       |     |   | 8,998        |   |   | 9,012 |   |
|                                                                  |   |     |    |     |   |    |   |   |    |   |
|                                                                  |   |     |              |     |   |              |   |   |  |   |
|                                                                  |   |     | 381,787      |     |   | 299,597      |   |   | 247,154 |   |
|                                                                  |   |     |    |     |   |    |   |   |    |    |
|                                                                  |   |     |              |     |   |              |   |   |  |   |
| **NET                      INCOME FROM FINANCIAL INTERMEDIATION**     |   |     | 161,988      |     |   | 54,256       |   |   | 132,349 |   |
|                                                                  |   |     |         |     |   |         |   |   |   |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|                                                                                                     |   | **2006** |         | **2005** |   | **2004**     |   |
|----------------------------------------------------------------------------------------------------------|--------|----------|--------------|----------|--------|--------------|--------|
| **OTHER                    INCOME**                                                                      |   |     |         |     |   |         |   |
|                                                                                                     |   |     |         |     |   |         |   |
| Income                    from long-term investments in subsidiaries                                     |   |     | 326,353      |     |   | 183,930      |   |   | - |   |
| Penalty                    interest                                                                      |   |     | 3,128        |     |   | 1,359        |   |   | 1,295 |   |
| Recovered                    loans and allowances reversed                                               |   |     | 89,516       |     |   | 92,407       |   |   | 88,398 |   |
| CER                    adjustment                                                                        |   |     | 246          |     |   | 191          |   |   | - |   |
| Other                                                                                                    |   |     | 25,869       |     |   | 30,472       |   |   | 19,308 |   |
|                                                                                                     |   |     |    |     |   |    |   |   |    |   |
|                                                                                                     |   |     |         |     |   |         |   |   |   |   |
|                                                                                                     |   |     | 445,112      |     |   | 308,359      |   |   | 109,001 |   |
|                                                                                                     |   |     |    |     |   |    |   |   |    |   |
|                                                                                                     |   |     |         |     |   |         |   |   |   |   |
| **OTHER                    EXPENSES**                                                                    |   |     |         |     |   |         |   |   |   |   |
|                                                                                                     |   |     |         |     |   |         |   |   |   |   |
| Loss                    from long-term investments                                                       |   |     | -            |     |   | -            |   |   | 81 |   |
| Penalty                    interest and charges payable to Central Bank of Argentina                     |   |     | 24           |     |   | 33           |   |   | 146 |   |
| Charge                    for other-receivables uncollectibility and other                    allowances |   |     | 17,160       |     |   | 17,081       |   |   | 3,850 |   |
| Amortization                    of differences from amparos                                              |   |     | 15,687       |     |   | 14,100       |   |   | 11,665 |   |
| Other                                                                                                    |   |     | 77,931       |     |   | 36,382       |   |   | 32,631 |   |
|                                                                                                     |   |     |    |     |   |    |   |   |    |   |
|                                                                                                     |   |     |         |     |   |         |   |   |   |   |
|                                                                                                     |   |     | 110,802      |     |   | 67,596       |   |   | 48,373 |   |
|                                                                                                     |   |     |    |     |   |    |   |   |    |   |
|                                                                                                     |   |     |         |     |   |         |   |   |   |   |
| **INCOME                    BEFORE INCOME TAX**                                                          |   |     | 496,298      |     |   | 295,019      |   |   | 192,977 |   |
|                                                                                                     |   |     |    |     |   |    |   |   |    |   |
|                                                                                                     |   |     |         |     |   |         |   |   |   |   |
| **INCOME                    TAX**                                                                        |   |     | 72,000       |     |   | 32,300       |   |   | - |   |
|                                                                                                     |   |     |         |     |   |         |   |   |   |   |
|                                                                                                     |   |     |         |     |   |         |   |   |   |   |
| **NET                    INCOME FOR THE FISCAL YEAR**                                                    |   |     | 424,298      |     |   | 262,719      |   |   | 192,977 |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

**STATEMENTS          OF CASH FLOWS (PARENT ONLY)**

|                                                                                                  |   | **2006** |         | **2005** |   | **2004                    (1)** |   |
|-------------------------------------------------------------------------------------------------------|--------|----------|--------------|----------|--------|---------------------------------|--------|
| **Changes                    in Cash**                                                                |   |     |         |     |   |                            |   |
|                                                                                                  |   |     |         |     |   |                            |   |
| Cash                    at the beginning of the fiscal year                                           |   |     | 684,080      |     |   | 699,709                         |   |   | 506,348 |   |
| Increase                    / (Decrease) in cash                                                      |   |     | 694,985      |     |   | (15,629                         | )      |   | 193,361 |   |
|                                                                                                  |   |     |    |     |   |                       |   |   |    |   |
|                                                                                                  |   |     |         |     |   |                            |   |   |   |   |
| Cash                    at the end of the fiscal year                                                 |   |     | 1,379,065    |     |   | 684,080                         |   |   | 699,709 |   |
|                                                                                                  |   |     |    |     |   |                       |   |   |    |   |
|                                                                                                  |   |     |         |     |   |                            |   |   |   |   |
| **Causes                    of changes in cash**                                                      |   |     |         |     |   |                            |   |   |   |   |
|                                                                                                  |   |     |         |     |   |                            |   |   |   |   |
| **Cash                    provided by operations**                                                    |   |     |         |     |   |                            |   |   |   |   |
|                                                                                                  |   |     |         |     |   |                            |   |   |   |   |
| Financial                    income collected                                                         |   |     | 651,016      |     |   | 523,012                         |   |   | 398,660 |   |
| Services-charge                    income collected                                                   |   |     | 242,167      |     |   | 178,907                         |   |   | 154,089 |   |
| Financial                    expense paid                                                             |   |     | (250,110     | )        |   | (180,582                        | )      |   | (179,139 | ) |
| Services-charge                    expense paid                                                       |   |     | (45,669      | )        |   | (29,803                         | )      |   | (23,849 | ) |
| Administrative                    expenses paid                                                       |   |     | (341,560     | )        |   | (274,263                        | )      |   | (212,672 | ) |
|                                                                                                  |   |     |    |     |   |                       |   |   |    |   |
|                                                                                                  |   |     |         |     |   |                            |   |   |   |   |
| Net                    cash provided by operating activities                                          |   |     | 255,844      |     |   | 217,271                         |   |   | 137,089 |   |
|                                                                                                  |   |     |    |     |   |                       |   |   |    |   |
|                                                                                                  |   |     |         |     |   |                            |   |   |   |   |
| **Other                    sources of cash**                                                          |   |     |         |     |   |                            |   |   |   |   |
|                                                                                                  |   |     |         |     |   |                            |   |   |   |   |
| Net                    decrease in government and private securities                                  |   |     | 588,505      |     |   | -                               |   |   | 659,796 |   |
| Net                    increase in deposits                                                           |   |     | 875,500      |     |   | 850,457                         |   |   | 619,395 |   |
| Net                    increase in other liabilities from financial                    intermediation |   |     | 396,322      |     |   | -                               |   |   | 535,028 |   |
| Increase                    in other liabilities, net                                                 |   |     | 451,789      |     |   | 1,865                           |   |   | - |   |
| Capital                    increase                                                                   |   |     | 469,500      |     |   | -                               |   |   | - |   |
| Other                    sources of cash                                                              |   |     | 52,561       |     |   | 37,244                          |   |   | 30,319 |   |
|                                                                                                  |   |     |    |     |   |                       |   |   |    |   |
|                                                                                                  |   |     |         |     |   |                            |   |   |   |   |
| Subtotal                                                                                              |   |     | 2,834,177    |     |   | 889,566                         |   |   | 1,844,538 |   |
|                                                                                                  |   |     |    |     |   |                       |   |   |    |   |
|                                                                                                  |   |     |         |     |   |                            |   |   |   |   |
| Total                    sources of cash                                                              |   |     | 3,090,021    |     |   | 1,106,837                       |   |   | 1,981,627 |   |
|                                                                                                  |   |     |    |     |   |                       |   |   |    |   |

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|                                                                                                  |   | **2006** |               | **2005** |   | **2004                    (1)** |   |
|-------------------------------------------------------------------------------------------------------|--------|----------|--------------------|----------|--------|---------------------------------|--------|
| **Uses                    of cash:**                                                                  |   |     |               |     |   |                            |   |
|                                                                                                  |   |     |               |     |   |                            |   |
| Net                    increase in government and private securities                                  |   |     | -                  |     |   | (244,920                        | )      |   | - |   |
| Net                    increase in loans                                                              |   |     | (1,084,126         | )        |   | (387,758                        | )      |   | (782,022 | ) |
| Net                    increase in other receivables from financial                    intermediation |   |     | (280,999           | )        |   | (59,883                         | )      |   | (586,692 | ) |
| Net                    increase in other assets (2)                                                   |   |     | (880,620           | )        |   | (178,330                        | )      |   | (319,205 | ) |
| Net                    decrease in other liabilities from financial                    intermediation |   |     | -                  |     |   | (194,392                        | )      |   | - |   |
| Net                    decrease in other liabilities                                                  |   |     | -                  |     |   | -                               |   |   | (9,432 | ) |
| Cash                    dividends                                                                     |   |     | (68,395            | )        |   | (30,447                         | )      |   | (60,894 | ) |
| Other                    uses of cash                                                                 |   |     | (80,896            | )        |   | (26,736                         | )      |   | (30,021 | ) |
|                                                                                                  |   |     |     |     |   |                  |   |   |     |   |
|                                                                                                  |   |     |               |     |   |                            |   |   |   |   |
| Total                    uses of cash                                                                 |   |     | (2,395,036         | )        |   | (1,122,466                      | )      |   | (1,788,266 | ) |
|                                                                                                  |   |     |          |     |   |                       |   |   |    |   |
|                                                                                                  |   |     |               |     |   |                            |   |   |   |   |
| Increase                    / (Decrease) in cash                                                      |   |     | 694,985            |     |   | (15,629                         | )      |   | 193,361 |   |
|                                                                                                  |   |     |          |     |   |                       |   |   |    |   |

|   | (1) | Includes                    the changes produced by the incorporation of certain assets and                    liabilities of SADELA. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|   | (2) | Includes                    the effect deriving from the purchase of Banco del Tucumán S.A. and Nuevo                    Banco Bisel S.A. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **33.28.** | **New                    accounting pronouncements (US                    GAAP)** |
|--------|------------|-----------------------------------------------------------------------------------|

|  | a) | Accounting                    for Income Taxes - FIN 48 |
|--|----|---------------------------------------------------------|

|  | b) | Accounting                    for Certain Hybrid Instruments - SFAS                    155 |
|--|----|--------------------------------------------------------------------------------------------|

----

**BANCO          MACRO S.A. AND SUBSIDIARIES**

|  | c) | Accounting                    for Servicing of Financial Assets - SFAS                    156 |
|--|----|-----------------------------------------------------------------------------------------------|

|  | d) | Fair                    Value Measurements - SFAS 157 |
|--|----|-------------------------------------------------------|

|  | e) | Considering                    the Effects of Prior Year Misstatements when Quantifying Misstatements                    in                    Current Year Financial Statements - SAB                    108 |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | f) | Fair                    Value Option for Financial Assets and Financial Liabilities -                    SFAS                    159 |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------|

----