6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

November 22, 2006

Commission File Number: 333-130901

MACRO BANK INC.

(Exact name of registrant as specified in its Charter)

Sarmiento 447

Buenos Aires C1 1041

Tel: 54 11 5222 6500

(Address of registrant’s principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F þ Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes o No þ

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes o No þ

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes o No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A

FINANCIAL STATEMENTS AS OF

SEPTEMBER 30, 2006

BUSINESS NAME: Banco Macro S.A.

REGISTERED OFFICE: Sarmiento 447 — City of Buenos Aires

CORPORATE PURPOSE AND MAIN BUSINESS: Commercial bank

BCRA (CENTRAL BANK OF ARGENTINA): Authorized as “Argentine private bank” under No. 285


REGISTRATION WITH THE PUBLIC REGISTRY OF COMMERCE:	Under No. 1,154 — By-laws book No. 2, Fo. 75, dated March 8, 1967.

EXPIRATION OF ARTICLES OF INCORPORATION: March 8, 2066


REGISTRATION WITH THE IGJ (BUSINESS ASSOCIATIONS REGULATORY AGENCY):	Under No. 9,777 — Corporations Book No. 119 Volume A, dated October 8, 1996.


SINGLE TAX IDENTIFICATION NUMBER:	30-50001008-4

REGISTRATION DATES OF AMENDMENTS TO BY-LAWS:

August 18, 1972, August 10, 1973, July 15, 1975, May 30, 1985, September 3, 1992, May 10, 1993, November 8, 1995, October 8, 1996, March 23, 1999, September 6, 1999, June 10, 2003, December 17, 2003, September 14, 2005, February 8, 2006, July 11, 2006.

LIMITED REVIEW REPORT

ON INTERIM-PERIOD FINANCIAL STATEMENTS

Translation into English — Originally issued in Spanish
See Note 21 to the Financial Statements

To the Directors of

BANCO MACRO S.A.

Sarmiento 447

City of Buenos Aires

1. We have performed a limited review of the accompanying balance sheet of BANCO MACRO S.A. (former Banco Macro Bansud S.A.) as of September 30, 2006, and the related statements of income, changes in shareholders’ equity and cash flows for the nine-month period then ended. We have also performed a limited review of the accompanying consolidated balance sheet of BANCO MACRO S.A. and its subsidiaries as of September 30, 2006, and the related consolidated statements of income and cash flows for the nine-month period then ended, which are disclosed as supplementary information. These financial statements are the responsibility of Bank’s Management.

2. Except as mentioned in the third paragraph, we conducted our limited review in accordance with the standards of Argentine Federation of Professional Councils in Economic Sciences Technical Resolution No. 7 applicable to a limited review of interim-period financial statements and with the “Minimum external auditing standards” issued by the Central Bank of Argentina applicable to the review of quarterly financial statements. Under such standards, a limited review consists primarily in applying analytical procedures to the accounting information and making inquiries of the persons in charge of accounting and financial matters. A limited review is substantially less in scope than an audit of financial statements, the objective of which is to express an opinion on the financial statements taken as a whole. Therefore, we do not express such an opinion.

3. We did not review the financial statements of the subsidiary Nuevo Banco Bisel S.A. as of September 30, 2006, which have been used to value the equity interest held by BANCO MACRO S.A. and its subsidiary Nuevo Banco Suquía S.A. by the equity method, and which have also been included in BANCO MACRO S.A.’s consolidated financial statements with its subsidiaries as of that date.

This interest represents in Banco Macro S.A.’s financial statements investments for 869,935 thousands of pesos (200,061 thousands of pesos related to Nuevo Banco Suquía S.A.’s interest) as of September 30, 2006, and income for 20,454 thousands of pesos (4,704 thousands of pesos related to Nuevo Banco Suquía S.A.’s interest) included in the income from long-term investments in subsidiaries for the nine-month period then ended. In addition, Nuevo Banco Bisel S.A.’s assets and financial income for the same period represent 19% and 5% of the respective consolidated totals of BANCO MACRO S.A. and its subsidiaries.

4. As described in note 5 to the accompanying financial statements, the financial statements mentioned in the first paragraph have been prepared by the Bank in accordance with the accounting standards established by the Central Bank of Argentina, which differ from the professional accounting standards approved by the CPCECABA (Professional Council in Economic Sciences of the City of Buenos Aires) in certain valuation and disclosure aspects described in the above mentioned note. Such note does not quantify some of the effects of these departures. However, the Bank estimates that they are significant.

5. As further explained in note 21, certain accounting practices of the Bank used in preparing the accompanying financial statements that conform to the accounting standards set forth by the Central Bank of Argentina, may not conform to the accounting principles generally accepted in other countries.

6. Based on our limited review procedures, except for the effect of the adjustments that could have arisen if there had been no scope limitation, as described in the third paragraph, we have not become aware of any facts or circumstances that would require significant changes to the financial statements mentioned in the first paragraph for them to be presented in accordance with the standards established by the Central Bank of Argentina and, in addition,

LIMITED REVIEW REPORT

ON INTERIM-PERIOD FINANCIAL STATEMENTS — (Continued)

except for the effects of what is mentioned in the fourth paragraph, for them to be presented in accordance with professional accounting standards effective in the City of Buenos Aires, Argentina.

7. In connection with the balance sheets of BANCO MACRO S.A. and BANCO MACRO S.A. and its subsidiaries as of December 31, 2005, and the statements of income, changes in shareholders’ equity, and cash flows of BANCO MACRO S.A. and BANCO MACRO S.A. and its subsidiaries for the nine-month period ended September 30, 2005, presented for comparative purposes, we report that:

a) On February 27, 2006, we issued an audit report on the financial statements of BANCO MACRO S.A. and BANCO MACRO S.A. and its subsidiaries as of December 31, 2005, which included qualifications for departures from professional accounting standards effective in the City of Buenos Aires, Argentina. We have not audited any financial statements as of any date or for any period subsequent to December 31, 2005.

b) On November 10, 2005, we issued a limited review report on the financial statements of BANCO MACRO S.A. and BANCO MACRO S.A. and its subsidiaries for the nine-month period ended September 30, 2005, which included exceptions to the application of the professional accounting standards effective in the City of Buenos Aires, Argentina. In addition, such report contained an uncertainty related to the constitutional rights protection actions (amparos) filed in connection with the deposits switched into pesos. As mentioned in note 18 to the accompanying financial statements, the changes in the circumstances related to this uncertainty caused Management and its legal counsel to estimate that the remaining potential effect of such actions is not significant based on the financial statements taken as a whole.

8. In compliance with current legal requirements, we further report that:

a) The financial statements mentioned in the first paragraph have been transcribed to the Inventory and Financial Statements book.

b) The financial statements of BANCO MACRO S.A. arise from books kept, in all formal aspects, pursuant to current legal requirements and Central Bank of Argentina regulations.

c) As of September 30, 2006, the liabilities accrued in employee and employer contributions to the Integrated Pension Fund System, as recorded in the Bank’s books, amounted to Ps. 1,697,081, none of which was due and payable as of that date.

City of Buenos Aires,

November 7, 2006

PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.
CPCECABA Vol. 1 — Fo. 13

NORBERTO M. NACUZZI
Partner
Certified Public Accountant (U.B.A.)
CPCECABA Vol. 196 — Fo. 142


Name of the undersigned auditor		Norberto M. Nacuzzi
Professional association		Pistrelli, Henry Martin y Asociados S.R.L.
Report for the quarter ended 09/30/2006		009 and 010

BALANCE SHEETS

AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	09/30/2006			12/31/2005

ASSETS
A. CASH
Cash on hand		211,073			229,528
Due from banks and correspondents		775,524			454,552

		986,597			684,080

B. GOVERNMENT AND PRIVATE SECURITIES (Exhibit A)
Holdings in investment accounts					105,416
Holdings for trading or financial intermediation		196,507			97,232
Unlisted government securities		57			36,434
Instruments issued by the Central Bank of Argentina		736,691			1,580,858
Investments in listed private securities		1,698			32,608
less: Allowances (Exhibit J)					(483	)

		934,953			1,852,065

C. LOANS (Exhibits B, C and D)
To the nonfinancial government sector		377,128			402,029
To the financial sector		141,818			74,579
To the nonfinancial private sector and foreign residents
Overdrafts		510,472			279,469
Documents		236,689			311,751
Mortgage loans		169,125			139,849
Pledged loans		70,995			67,788
Personal loans		716,369			385,721
Credit cards		206,366			162,701
Other (Note 6.1)		680,839			551,789
Accrued interest, adjustments, foreign exchange and quoted price differences receivables		37,617			32,850
less: Unposted payments					(6,050	)
less: Unearned discount		(5,895	)		(7,347	)
less: Allowances (Exhibit J)		(127,378	)		(206,389	)

		3,014,145			2,188,740

Jorge H. Brito

Chairperson

BALANCE SHEETS

AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005 — (Continued)

09/30/2006 12/31/2005

D. OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION

Central Bank of Argentina
77,813 69,812

Amounts receivable from spot and forward sales pending settlement
250,716 347,323

Securities and foreign currency receivable from spot and forward purchases pending settlement
381,057 236,609

Premiums on options taken
284

Unlisted corporate bonds (Exhibits B, C and D)
958 927

Receivable from forward transactions without delivery of underlying asset
258

Other receivables not covered by debtor classification standards (Note 6.2)
332,793 274,858

Other receivables covered by debtor classification standards (Exhibits B, C and D)
23,964 30,497

less: Allowances (Exhibit J)
(3,412 ) (3,735 )

1,063,889 956,833

E. ASSETS SUBJECT TO FINANCIAL LEASES

Assets subject to financial leases (Exhibits B, C and D)
121,404 106,263

less: Allowances (Exhibit J)
(1,522 ) (1,070 )

119,882 105,193

F. INVESTMENTS IN OTHER COMPANIES (Exhibit E)

In financial institutions
1,397,580 577,477

Other
28,369 28,690

less: Negative goodwill
(483 ) (483 )

less: Allowances (Exhibit J)
(1,006 ) (1,148 )

1,424,460 604,536

G. OTHER RECEIVABLES

Receivables from sale of assets (Exhibits B, C and D)
14,617 7,966

Minimum presumed income tax — Tax Credit
24,372 42,723

Other (Note 6.3)
92,074 87,530

Accrued interest and adjustments receivable on receivables from sales of assets (Exhibits B, C and D)
21 11,627

Other accrued interest and adjustments receivable
66 48

less: Allowances (Exhibit J)
(14,462 ) (16,302 )

116,688 133,592

H. BANK PREMISES & EQUIPMENT, NET (Exhibit F)
189,052 176,168

I. OTHER ASSETS (Exhibit F)
147,769 144,838

Jorge H. Brito

Chairperson

BALANCE SHEETS

AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005 — (Continued)

09/30/2006 12/31/2005

J. INTANGIBLE ASSETS (Exhibit G)

Goodwill
68,456 1,646

Organization and development costs
62,767 67,126

131,223 68,772

K. ITEMS PENDING ALLOCATION
231 433

TOTAL ASSETS
8,128,889 6,915,250

LIABILITIES

L. DEPOSITS (Exhibits H and I)

From the non-financial government sector
1,005,322 821,497

From the financial sector
2,735 3,541

From the non-financial private sector and foreign residents

Checking accounts
616,767 506,497

Savings accounts
805,641 690,732

Time deposits
2,241,396 2,129,788

Investment accounts
31,046 23,724

Other (Note 6.4)
133,161 127,213

Accrued interest, adjustments, foreign exchange and quoted price differences payable
14,599 46,212

4,850,667 4,349,204

M. OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION

Central Bank of Argentina (Exhibit I)

Other
821 562

Banks and international Institutions (Exhibit I)
173,857 153,485

Amounts payable for spot and forward purchases pending settlement
301,865 172,708

Securities and foreign currency to be delivered under spot and forward sales pending settlement
266,739 372,566

Financing received from Argentine financial Institutions (Exhibit I)
26,486 25,106

Payables for forward transactions without delivery of underlying asset
64

Other (Note 6.5. and Exhibit I)
129,904 103,564

Accrued interest, adjustments, foreign exchange and quoted price differences payable (Exhibit I)
21,885 21,651

921,557 849,706

Jorge H. Brito

Chairperson

BALANCE SHEETS

AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005 — (Continued)

09/30/2006 12/31/2005

N. OTHER LIABILITIES

Other (Note 6.6.)
82,811 71,883

82,811 71,883

O. PROVISIONS (Exhibit J)
48,466 142,283

P. SUBORDINATED CORPORATE BONDS (Exhibit I)
56,802 12,047

Q. ITEMS PENDING ALLOCATION
669 553

TOTAL LIABILITIES
5,960,972 5,425,676

SHAREHOLDERS’ EQUITY (As per related statement)
2,167,917 1,489,574

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
8,128,889 6,915,250

MEMORANDUM ACCOUNTS

DEBIT-BALANCE ACCOUNTS
4,733,895 4,057,524

Contingent
1,259,374 995,148

Guarantees received
898,124 845,397

Other not covered by debtor classification regulations
3,112

Contingent debit-balance contra accounts
358,138 149,751

Control
2,973,439 2,603,638

Receivables classified as irrecoverable
421,534 462,318

Other (Note 6.7.)
2,500,518 2,101,599

Control debit-balance contra accounts
51,387 39,721

Derivatives
501,082 458,738

Notional value of call options taken
119,345

Notional value of put options taken
61,724 133,456

Notional value of forward transactions without delivery of underlying asset
9,359 36,770

Derivatives debit-balance contra accounts
310,654 288,512

CREDIT-BALANCE ACCOUNTS
4,733,895 4,057,524

Contingent
1,259,374 995,148

Other guarantees provided covered by debtor classification regulations (Exhibits B, C and D)
232,849 87,184

Other guarantees provided not covered by debtor classification regulations
43,008 1,474

Other covered by debtor classification regulations (Exhibits B, C and D)
82,281 61,093

Contingent credit-balance contra accounts
901,236 845,397

Jorge H. Brito

Chairperson

STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS

ENDED SEPTEMBER 30, 2006, AND 2005

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	09/30/2006		09/30/2005

A. FINANCIAL INCOME
Interest on cash and due from banks		2,500		7
Interest on loans to the financial sector		6,364		3,148
Interest on overdrafts		42,582		19,876
Interest on documents		16,051		12,658
Interest on mortgage loans		15,101		7,128
Interest on pledged loans		8,398		4,327
Interest on credit card loans		13,998		8,464
Interest on other loans		119,432		67,123
Interest on other receivables from financial intermediation		7,133		11,025
Income from government and private securities, net (Note 6.8.)		107,136		78,955
Income from guaranteed loans — Presidential Decree No. 1,387/01		12,831		15,152
CER (Benchmark Stabilization Coefficient) adjustment		37,389		80,248
CVS (Salary Variation Coefficient) adjustment		603		462
Other (Note 6.9)		49,509		35,053

		439,027		343,626

B. FINANCIAL EXPENSE
Interest on checking-account		3,257		1,103
Interest on savings-account		2,960		1,655
Interest on time deposits		92,698		44,826
Interest on financing from the financial sector		513		401
Interest on other liabilities from financial intermediation		10,802		12,997
Other interest		5,382		4,505
Net loss from options		285		421
CER adjustment		19,235		64,071
Other (Note 6.10)		30,733		28,450

		165,865		158,429

GROSS INTERMEDIATION MARGIN — GAIN		273,162		185,197

C. PROVISION FOR LOAN LOSSES		29,664		37,746

D. SERVICE-CHARGE INCOME
Related to lending transactions		14,036		8,518
Related to deposits		108,154		83,272
Other fees		9,240		4,671
Other (Note 6.11)		43,749		32,279

		175,179		128,740

Jorge H. Brito

Chairperson

STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS

ENDED SEPTEMBER 30, 2006, AND 2005 — (Continued)

09/30/2006 09/30/2005

E. SERVICE-CHARGE EXPENSES

Fees
8,260 5,347

Other (Note 6.12)
24,670 16,377

32,930 21,724

F. ADMINISTRATIVE EXPENSES

Personnel expenses
147,182 111,056

Directors’ and statutory auditors’ fees
9,083 11,059

Other professional fees
22,471 14,324

Advertising and publicity
16,964 9,759

Taxes
3,471 3,629

Other operating expenses (Note 6.13.)
64,534 55,770

Other
9,082 6,315

272,787 211,912

NET INCOME FROM FINANCIAL INTERMEDIATION
112,960 42,555

G. OTHER INCOME

Income from long-term investments
188,455 102,165

Penalty interest
1,755 969

Recovered loans and allowances reversed
64,567 70,522

CER adjustments
246

Other (Note 6.14)
23,162 25,332

278,185 198,988

H. OTHER EXPENSES

Punitive interest and charges payable to the Central Bank of Argentina
19 24

Charges for other receivables uncollectibility and other allowances
9,680 5,314

Amortization of differences from amparos
11,660 10,449

Other (Note 6.15)
47,548 28,451

68,907 44,238

NET INCOME BEFORE INCOME TAX
322,238 197,305

I. INCOME TAX
45,000 10,000

NET INCOME FOR THE PERIOD
277,238 187,305

Note: The accompanying notes 1 through 21 and exhibits A through L and N are an integral part of these

financial statements.

Jorge H. Brito

Chairperson

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE-MONTH PERIODS

ENDED SEPTEMBER 30, 2006, AND 2005

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	09/30/2006																09/30/2005
	Capital		Stock issuance		Adjustments to		Earnings reserved				Unappropriated
Changes	stock		premium		Shareholders’ equity		Legal		Voluntary		earnings(2)			Total			Total

Balances at beginning of the fiscal year		608,943				4,511		245,302		211		630,607			1,489,574			1,257,302
Distribution of unappropriated earnings, as approved by the Shareholders’ Meeting of April 28, 2006:
— Legal reserve								52,543				(52,543	)
— Cash dividends												(68,395	)		(68,395	)		(30,447	)
Share subscription approved by Shareholders’ Meeting of September 26, 2005(1)		75,000		394,500											469,500
Net income for the period												277,238			277,238			187,305

Balances at end of period		683,943		394,500		4,511		297,845		211		786,907			2,167,917			1,414,160


(1)		See Note 9.

(2)		See Note 19.

Note: The accompanying notes 1 through 21 and exhibits A through L and N are an integral part of these

financial statements.

Jorge H. Brito

Chairperson

STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS

ENDED SEPTEMBER 30, 2006, AND 2005

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	09/30/2006			09/30/2005

CHANGES IN CASH
Cash and cash equivalents at the beginning of the fiscal year		684,080			699,709
Increase in cash and cash equivalents		302,517			122,579

Cash and cash equivalent at end of period		986,597			822,288

CAUSES OF CHANGES IN CASH
Cash provided by operations
Financial income collected		457,778			399,249
Service-charge income collected		175,505			128,755
Financial expense paid		(188,205	)		(121,585	)
Service-charge expense paid		(32,926	)		(21,641	)
Administrative expenses paid		(254,374	)		(192,477	)

Net cash provided by operating activities		157,778			192,301

Other sources of cash
Net decrease in government and private securities		913,853
Net decrease in loans					61,566
Net decrease in other receivables from financial intermediation					22,361
Net increase in deposits		531,382			719,513
Net increase in other liabilities from financial intermediation		71,611
Increase in other liabilities, net					1,035
Capital increase		469,500
Other sources of cash		43,066			38,597

Subtotal		2,029,412			843,072

Total sources of cash		2,187,190			1,035,373

Uses of cash
Net increase in government and private securities					552,806
Net increase in loans		845,286
Net increase in other receivables from financial intermediation		91,548
Net increase in other assets(1)		827,570			95,628
Net decrease in other liabilities from financial intermediation					196,459
Net decrease in other liabilities		3,811
Cash dividends		68,395			30,447
Other uses of cash		48,063			37,454

Total uses of cash		1,884,673			912,794

Increase in cash and cash equivalents		302,517			122,579


(1)		Including the effect deriving from the purchase of Banco del Tucumán S.A. and Nuevo Banco Bisel S.A. (see notes 2.6. and 2.7.)

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

Jorge H. Brito

Chairperson

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


							09/30/2006
	09/30/2006				12/31/2005		Position
	Market		Book		Book		without					Final
Name	Value		balance		balance		options(1)			Options		position

GOVERNMENT AND PRIVATE SECURITIES
GOVERNMENT SECURITIES
Holdings in investment accounts
— Local
Federal government bonds in US dollars at LIBOR — Maturity: 2012 — Compensation						94,711
Federal government bonds in pesos at 2% — Maturity: 2007 — Compensation						10,705

Subtotal holdings in investment accounts						105,416

Holdings for trading or financial intermediation
— Local
Province of Salta Consolidation Bonds in pesos		2		2		25		2					2
Federal government bonds in pesos at 2% — Maturity: 2007		153		153		366		153			1,680		1,833
Federal government bonds in pesos — Maturity: 2008		6		6		17		(3	)				(3	)
Federal government bonds in US dollars at LIBOR — Maturity: 2012		105,669		105,669		50,928		1,314			68,488		69,802
Federal government bonds in US dollars at LIBOR — Maturity: 2013		2,465		2,465		740		(230	)		29,357		29,127
Federal government bonds in pesos — Maturity: 2014		10,715		10,715		261		(775	)				(775	)
Argentine Government bonds in US dollars at 7% — Maturity: 2011- BONAR V		845		845				(2,171	)				(2,171	)
Consolidation bonds in pesos — Fourth series		2,707		2,707		2,653		(13,901	)				(13,901	)
Consolidation bonds in pesos — Second series at 2%		444		444		216		806					806
Consolidation bonds in pesos — Sixth series		21		21		35		21					21
Consolidation bonds of social security payables in pesos — Third series at 2%		86		86		8,184		193					193
Public debt secured bonds of the Province of Río Negro (Bogar) Class II — Series I		256		256		218		200					200
Discount bonds denominated in pesos maturing 2033		30,511		30,511		13,323		3,239					3,239
Par bonds denominated in US dollars maturing 2038 (governed by Argentine legislation)		13		13		60		16					16
GDP-related securities in pesos — Maturity: 2035		581		581		340		493					493
Quasi-par securities in pesos — Maturity: 2045		1,340		1,340
Secured bonds under Presidential Decree No. 1,579/02		35,646		35,646		1,213		34,150					34,150
Bonds for the conversion and restructuring of government borrowing, Province of Tucumán — Consadep — Series 1		1,923		1,923		1,346		1,807					1,807
Consolidation bonds of social security payables in pesos — Fourth Series		3,018		3,018		926		(246	)				(246	)
Federal government bonds in US dollars at LIBOR — Maturity: 2006						16,250
Other				106		131		107					107

Jorge H. Brito

Chairperson

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005 — (Continued)

09/30/2006

09/30/2006 12/31/2005 Position

Market
Book
Book
without
Final

Name
Value balance balance options(1) Options position

Subtotal holdings for trading or intermediation transactions
196,507 97,232 25,175 99,525 124,700

Unlisted government securities

- Local

Bonds issued by the Municipality of Bahía Blanca at 13.75%, secured by municipal resources
505

Secured bonds under Presidential Decree No. 1579/02
35,872

Other
57 57 57 57

Subtotal unlisted government securities
57 36,434 57 57

INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA

Central Bank of Argentina Bills — Listed — Managed Portfolio

Central Bank of Argentina bills in pesos — Maturity: 02/21/07
8,979 8,979 8,979 8,979

Central Bank of Argentina bills in pesos — Maturity: 01/04/06
64,960

Central Bank of Argentina bills in pesos — Maturity: 01/11/06
299,154

Central Bank of Argentina bills in pesos — Maturity: 01/18/06
55,059

Central Bank of Argentina bills in pesos — Maturity: 01/25/06
168,762

Central Bank of Argentina bills in pesos — Maturity: 02/01/06
1,985

Central Bank of Argentina bills in pesos — Maturity: 02/08/06
39,588

Central Bank of Argentina bills in pesos — Maturity: 02/15/06
9,882

Central Bank of Argentina bills in pesos adjusted by CER — Maturity: 11/01/06
22,990 22,990 22,990 22,990

Central Bank of Argentina bills in pesos adjusted by CER — Maturity: 1/31/07
26,158 26,158 26,158 26,158

Central Bank of Argentina bills in pesos adjusted by CER — Maturity: 03/22/06
3,140

Central Bank of Argentina bills in pesos adjusted by CER — Maturity: 07/12/06
6,497

Subtotal Central Bank of Argentina Bills — listed — Managed portfolio
58,127 649,027 58,127 58,127

Central Bank of Argentina Bills — Under repo transactions

Central Bank of Argentina bills in pesos — Maturity: 03/22/06
193,859

Central Bank of Argentina bills in pesos — Maturity: 01/31/07
1,170

Central Bank of Argentina bills in pesos adjusted by CER — Maturity: 01/31/07
28,075

Subtotal Central Bank of Argentina Bills — Under repo transactions
223,104

Subtotal instruments issued by the Central Bank of Argentina
58,127 872,131 58,127 58,127

INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Contd.)
58,127 872,131 58,127 58,127

Central Bank of Argentina Bills — Unlisted — Managed portfolio

Jorge H. Brito

Chairperson

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005 — (Continued)

09/30/2006

09/30/2006 12/31/2005 Position

Market
Book
Book
without
Final

Name
Value balance balance options(1) Options position

Central Bank of Argentina bills in pesos — Maturity: 02/22/06
108,905

Central Bank of Argentina bills in pesos — Maturity: 03/15/06
108,398

Subtotal Central Bank of Argentina Bills — Unlisted — Managed portfolio
217,303

Central Bank of Argentina notes — Listed — Managed portfolio

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 10/04/06
16,470 16,470 16,470 16,470

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 11/15/06
25,442 25,442 25,442 25,442

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 04/18/07
1,985 1,985 1,985 1,985

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 05/30/07
23,086 23,086 56,842 23,086 23,086

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 07/11/07
11,891 11,891 11,891 11,891

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 11/21/07
98,282 98,282 70,481 98,282 98,282

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 12/19/07
21,180 21,180 208,830 208,830

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 02/20/08
85,141 85,141 85,141 85,141

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 03/05/08
31,279 31,279 31,279 31,279

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 03/23/08
12,725 12,725 12,725 12,725

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 04/16/08
25,663 25,663 23,610 23,610

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 05/07/08
22,407 22,407 22,407 22,407

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 07/16/08
12,511 12,511 12,511 12,511

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 08/06/08
34,612 34,612 34,612 34,612

Central Bank of Argentina notes in pesos adjustable by CER — Maturity: 12/06/06
133,821 133,821 212,083 133,821 133,821

Central Bank of Argentina notes in pesos adjustable by CER — Maturity: 01/23/08
276 276 103,058 276 276

Jorge H. Brito

Chairperson

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005 — (Continued)

09/30/2006

09/30/2006 12/31/2005 Position

Market
Book
Book
without
Final

Name
Value balance balance options(1) Options position

Central Bank of Argentina notes in pesos adjustable by CER — Maturity: 12/24/08
48,960

Subtotal Central Bank of Argentina notes — Listed — Managed portfolio
556,771 491,424 742,368 742,368

Central Bank of Argentina Notes — Under repo transactions

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 11/21/07
10,201 10,201

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 12/19/07
15,158 15,158

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 02/20/08
60,840 60,840

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 03/05/08
10,090 10,090

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 07/16/08
12,306 12,306

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 08/06/08
10,180 10,180

Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) — Maturity: 09/10/08
3,018 3,018

Subtotal Central Bank of Argentina Notes — Under repo transactions
121,793

Total instruments issued by the Central Bank of Argentina
736,691 1,580,858 800,495 800,495

Total government securities
933,255 1,819,940 825,727 99,525 925,252

INVESTMENTS IN LISTED PRIVATE SECURITIES

Debt securities

- Local

Corporate Bonds — Petrobras Energía S.A. (the former Pecom S.A.)
14 14 14 14 14

Book-entry Corporate Bonds — Acindar Convertible 6% USD
106

Book-entry Corporate Bonds — Edesur Class 5 Pesos
4,401

Corporate bonds — Telefónica de Argentina S.A. — Fixed rate
3,130

Italcred II Financial Trust — Trust debt security
1,164 1,164 1,164 1,164

Consubond Financial Trust — Series XXXIV Class A trust debt security
1,325

Italcred I Financial Trust — Trust debt security
684

Tarjeta Shopping Financial Trust — Series XVI Class A trust debt security
1,032

Subtotal debt securities
1,178 10,692 1,178 1,178

Equity securities

- Local

Class “A” certificates of participation in the Macro Personal V trust
5,000

Class “B” certificates of participation in the Macro Personal V trust
14,005

Jorge H. Brito

Chairperson

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005 — (Continued)

09/30/2006

09/30/2006 12/31/2005 Position

Market
Book
Book
without
Final

Name
Value balance balance options(1) Options position

Petrobras Energía — Book-entry shares
470 470 2,865 251 251

Other
50 50 46 50 50

Subtotal equity securities
520 21,916 301 301

Total Investments in listed private securities
1,698 32,608 1,479 1,479

Total government and private securities(2)
934,953 1,852,548 827,206 99,525 926,731

(1) The position without options as of September 30, 2006, results from the following disclosure:


Holdings as of September 30, 2006			934,953
Plus: Government securities lent			27,103
Plus: Spot and forward purchases pending settlement			377,083
Less: Government securities deposited			252,606
Less: Spot and forward sales pending settlement			259,327

			827,206


(2)	As of December 31, 2005, the Bank booked allowances for impairment in value amounting to 483 (see Exhibit J).

Jorge H. Brito

Chairperson

EXHIBIT B

FINANCING-FACILITIES CLASSIFICATION BY SITUATION
AND GUARANTEES RECEIVED
AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	09/30/2006		12/31/2005

COMMERCIAL
In normal situation		2,278,613		1,744,442

With Senior “A” guarantees and counter-guarantees		25,120		27,553
With Senior “B” guarantees and counter-guarantees		213,083		172,655
Without Senior guarantees or counter-guarantees		2,040,410		1,544,234
Subject to special monitoring		66,398		13,586

In observation
With Senior “B” guarantees and counter-guarantees		426		557
Without Senior guarantees or counter-guarantees		65,972		13,029
Troubled		14,510		3,591

With Senior “B” guarantees and counter-guarantees		2,004		2,877
Without Senior guarantees or counter-guarantees		12,506		714
With high risk of insolvency		9,367		15,140

With Senior “B” guarantees and counter-guarantees		2,106		4,615
Without Senior guarantees or counter-guarantees		7,261		10,525
Irrecoverable		18,914		78,879

With Senior “A” guarantees and counter-guarantees				380
With Senior “B” guarantees and counter-guarantees		4,472		12,825
Without Senior guarantees or counter-guarantees		14,442		65,674
Irrecoverable according to Central Bank of Argentina regulations		2,141		8,430

With Senior “B” guarantees and counter-guarantees				5,476
Without Senior guarantees or counter-guarantees		2,141		2,954

Subtotal Commercial		2,389,943		1,864,068

CONSUMER
Performing		1,177,679		766,370

With Senior “A” guarantees and counter-guarantees		4,612		3,166
With Senior “B” guarantees and counter-guarantees		153,237		132,554
Without Senior guarantees or counter-guarantees		1,019,830		630,650
Inadequate compliance		18,346		13,890

With Senior “A” guarantees and counter-guarantees		38		2

Jorge H. Brito

Chairperson

EXHIBIT B

(Continued)

FINANCING-FACILITIES CLASSIFICATION BY SITUATION
AND GUARANTEES RECEIVED
AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005 — (Continued)

09/30/2006 12/31/2005

With Senior “B” guarantees and counter-guarantees
6,729 5,610

Without Senior guarantees or counter-guarantees
11,579 8,278

Deficient compliance
6,323 5,607

With Senior “A” guarantees and counter-guarantees
1

With Senior “B” guarantees and counter-guarantees
983 1,841

Without Senior guarantees or counter-guarantees
5,339 3,766

Difficult recovery
7,901 7,288

With Senior “B” guarantees and counter-guarantees
1,523 2,719

Without Senior guarantees or counter-guarantees
6,378 4,569

Irrecoverable
17,164 42,532

With Senior “A” guarantees and counter-guarantees
3 3

With Senior “B” guarantees and counter-guarantees
11,244 21,619

Without Senior guarantees or counter-guarantees
5,917 20,910

Irrecoverable according to Central Bank of Argentina regulations
261 931

With Senior “B” guarantees and counter-guarantees
148 675

Without Senior guarantees or counter-guarantees
113 256

Subtotal Consumer
1,227,674 836,618

Total
3,617,617 2,700,686

Jorge H. Brito

Chairperson

EXHIBIT D

BREAKDOWN BY FINANCING TERMS
AS OF SEPTEMBER 30, 2006

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	Terms Remaining to Maturity
					Over 1		Over 3		Over 6		Over 12
					Month and		Months		Months		Months
			Up to 1		up to 3		and up to		and up to		and up to		Over 24
Item	Matured		Month		Months		6 Months		12 Months		24 Months		Months		Total

Non-financial government sector		9,633		1,771		18,799				17		26,609		333,215		390,044
Financial sector				119,364		2,818		20,606		2,341		14				145,143
Non-financial private sector and foreign residents		63,399		744,387		545,773		302,204		356,418		450,914		619,335		3,082,430

Total		73,032		865,522		567,390		322,810		358,776		477,537		952,550		3,617,617

Jorge H. Brito

Chairperson

EXHIBIT E

DETAIL OF INVESTMENTS IN OTHER COMPANIES
AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	09/30/2006									12/31/2005
	Shares and Membership Interests
				Votes
		Unit Face		per
Name	Class	Value		Share		Number		Amount		Amount

In financial institutions, supplementary and authorized activities
- Subsidiaries
In Argentina
Nuevo Banco Suquía S.A.(1)	Common		1		1		303,700,000		632,209		473,117
Banco del Tucumán S.A.(2)	Common		100		1		174,042		38,127
Nuevo Banco Bisel S.A.(3)	Common		1		1		650,650,000		619,870
Macro Valores S.A.	Common		1		1		249,868		426		3,732
Sud Inversiones & Análisis S.A.(4)	Common		1		1		2,344,134		4,792		3,465
Macro Securities S.A. Soc. de Bolsa	Common		1		1		940,500		12,449		10,906
Macro Fondos S.A.S.G.F.C.I.	Common		1		1		47,750		635		390
Foreign
Sud Bank & Trust Company Limited	Common		1		1		9,816,899		106,646		103,638
Red Innova Administradora de Fondos S.A.(5)	Common		1		1		2,300		282

Subtotal subsidiaries									1,415,436		595,248

- Non-subsidiaries
In Argentina
A.C.H. S.A.	Common		1		1		17,500		52		52
Mercado Abierto Electrónico S.A.	Common		1,200		1		1		5		5
Visa Argentina S.A.	Common		0.0001		1		11,400		238		238
C.O.E.L.S.A.	Common		1		1		17,364		58		25
Macroaval S.G.R.	Common		1		1		30,500		31		31
Garantizar S.G.R.	Common		1		1		10,000		10		10
Foreign
BLADEX S.A.	Common		10		1		7,303		245		239

Subtotal non-subsidiaries									639		600

Total in financial institutions, supplementary and authorized activities									1,416,075		595,848

In other companies
- Non-subsidiaries
In Argentina
Inversora Juramento S.A.	Common		100		5		9,480		4,437		4,437
Banelco S.A.	Common		1		1		1,071,716		2,500		2,500
Frigorífico Bermejo S.A.	Preferred		0.1		—		2,064,813		554		1,036
Provincanje S.A.	Common		1		1		600,000		603		603
Proin S.A.	Common		1		1		244,457		293		293
El Taura S.A.									185		185
Tunas del Chaco S.A.(6)									150		150
Emporio del Chaco S.A.(6)									150		150
Prosopis S.A.(6)									150		150
Utility Companies									84		78
Cross Sale S.A.	Common		100		1		12		59		59
SEDESA	Common		1		1		45,518		45		45
Argentina de Hoteles S.A.									34		34
Sanatorio Las Lomas S.A.	Common		1		1		13,245		32		32
Argencontrol S.A.	Common		1		1		28,049		28		28
Macro Warrants S.A.	Common		1		1		25,000		25		25
Papel Misionero S.A.	Common		0.1		1		122,097		12		12
Vizora Desarrollos Inmobiliarios SA	Common		1		1		1,800		34		3
Other									1		1
Foreign
SWIFT S.A.	Common		1		1		3		15		15

Total in other companies									9,391		9,836

Total(7)									1,425,466		605,684

Jorge H. Brito

Chairperson

EXHIBIT E
(Continued)

DETAIL OF INVESTMENTS IN OTHER COMPANIES
AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	Information on the Issuer
		Data from Latest Financial Statements
								Income (loss)
		Period /				Restated		for the Period/
		Year-End		Capital		Shareholders’		Year,
Name	Main Business Activity	Date		Stock		Equity		Restated

In financial institutions, supplementary and authorized activities
- Subsidiaries
In Argentina
Nuevo Banco Suquía S.A.(1)	Financial institution		09/30/2006		303,750		632,796		159,117
Banco del Tucumán S.A.(2)	Financial institution		09/30/2006		21,980		48,153		8,087
Nuevo Banco Bisel S.A.(3)	Financial institution		09/30/2006		911,240		871,759		21,649
Macro Valores S.A.	Financial advisory services		09/30/2006		250		380		80
Sud Inversiones & Análisis S.A.(4)	Services		09/30/2006		2,344		4,777		1,308
Macro Securities S.A. Soc. de Bolsa	Brokerage house		09/30/2006		950		12,717		1,657
Macro Fondos S.A.S.G.F.C.I.	Mutual funds management		09/30/2006		250		3,316		1,491
Foreign
Sud Bank & Trust Company Limited	Banking		09/30/2006		9,817		106,646		3,008
Red Innova Administradora de Fondos S.A.(5)	Cash management		09/30/2006		591		553		(5	)
- Non-subsidiaries
In Argentina
A.C.H. S.A.	Electronic information services		12/31/2005		650		1,411		259
Mercado Abierto Electrónico S.A.	Electronic information services		12/31/2005		242		6,186		949
Visa Argentina S.A.	Business services		12/31/2005		1		24,158		2,158
C.O.E.L.S.A.	Services		12/31/2005		1,000		1,564		68
Macroaval S.G.R.	Reciprocal guarantee corporation		12/31/2005		250		1,549		(73	)
Garantizar S.G.R.	Reciprocal guarantee corporation		12/31/2005		2,882		142,309		757
Foreign
	Banking		12/31/2005		848,756		1,869,775		242,826
In other companies
- Non-subsidiaries
In Argentina
Inversora Juramento S.A.	Agriculture and finance		09/30/2005		13,617		190,661		(17,578	)
Banelco S.A.	Network administration		12/31/2005		22,527		48,742		11,061
Frigorífico Bermejo S.A.	Meat-packaging		12/31/2005		3,399		6,858		(6,549	)
Provincanje S.A.	Swap of securities		06/30/2005		9,000		10,884		704
Proin S.A.	Juice production		09/30/2005		4,604		7,127		174
El Taura S.A.	Hotel construction and exploitation		12/31/2004		420		3,422		(199	)
Tunas del Chaco S.A.(6)	Agriculture		12/31/2005		12		1,163		(5	)
Emporio del Chaco S.A.(6)	Agriculture		12/31/2005		12		1,149		(15	)
Prosopis S.A.(6)	Agriculture		12/31/2005		12		1,013		(53	)
Utility Companies	Utilities
Cross Sale S.A.	Sale		11/30/2004		12		13		(124	)
SEDESA	Deposit guarantee fund management		12/31/2005		1,000		11,978		325
Argentina de Hoteles S.A.	Hotel services		10/31/2004		1,221		4,055		(297	)
Sanatorio Las Lomas S.A.	Medical clinic		06/30/2005		2,222		16,100		1,236
Argencontrol S.A.	Agency		12/31/2005		700		884		15
Macro Warrants S.A.	Warrants		09/30/2005		500		759		162
Papel Misionero S.A.	Paper manufacture		12/31/2005		40,210		165,811		26,351
Vizora Desarrollos Inmobiliarios SA	Real estate		12/31/2005		30		387		(177	)
Foreign
SWIFT S.A.	Services		12/31/2005		444,205		808,259		27,977

Jorge H. Brito

Chairperson

EXHIBIT F

MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS
AS OF SEPTEMBER 30, 2006

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	Net Book
	Value at
	Beginning of									Depreciation for the Period				Net Book
	Fiscal									Years of				Value at End
Item	Year		Additions		Transfers			Retirements		Useful Life		Amount		of Period

Bank premises and equipment
Buildings		130,065		2,981					1,684		50		3,290		128,072
Furniture and facilities		11,254		1,461		717					10		2,413		11,019
Machinery and equipment		21,218		7,491		1,268			3		5		5,409		24,565
Vehicles		13,631		25,024					10,232		5		3,027		25,396

Total		176,168		36,957		1,985			11,919				14,139		189,052

Other assets
Works in progress		4,956		10,206		(511	)		24						14,627
Works of art		1,038		1											1,039
Prepayments for the purchase of assets		4,191		3,452		(2,091	)		2,644						2,908
Assets acquired by attachment in aid of execution		10,950		3,328					223		50		137		13,918
Leased assets		9,603									50		127		9,476
Stationery and office supplies		1,236		4,341					4,306						1,271
Other assets		112,864		6,247		617			14,458		50		740		104,530

Total		144,838		27,575		(1,985	)		21,655				1,004		147,769

Jorge H. Brito

Chairperson

EXHIBIT G

DETAIL OF INTANGIBLE ASSETS
AS OF SEPTEMBER 30, 2006

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	Net Book
	Value at												Net Book
	Beginning of							Amortization for the Period					Value at End
Item	Fiscal Year		Additions			Retirements		Years of Useful Life		Amount			of Period

Goodwill		1,646		69,010	(1)				10		2,200			68,456
Organization and development costs(2)		67,126		15,427	(3)		19		5		19,767	(3)		62,767

Total		68,772		84,437			19				21,967			131,223


(1)		Related to (i) the goodwill deriving from the acquisition of 79.18% of capital stock in Banco del Tucumán S.A. (see note 2.6.) for an amount of 18,158 and (ii) the goodwill deriving from the acquisition of 77% of shares of common stock in Nuevo Banco Bisel S.A. (see note 2.7.) for an amount of 50,852.

(2)		This mainly includes the cost of information technology projects contracted from independent parties, leasehold improvements and foreign exchange differences capitalized in relation to constitutional rights protection actions and court resolutions paid mentioned in (3) below.

(3)		It includes differences resulting from legal decisions amounting to 5,463 and 11,660, which are nondeductible to assess computable equity (see note 3.3.n.2)).

Jorge H. Brito

Chairperson

EXHIBIT I

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND
SUBORDINATED CORPORATE BONDS
AS OF SEPTEMBER 30, 2006

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	Terms Remaining to Maturity
			Over 1		Over 3		Over 6		Over 12
			Month		Months		Months		Months
	Up to 1		and Up to		and Up to		and Up to		and Up to		Over 24
Item	Month		3 Months		6 Months		12 Months		24 Months		Months		Total

Deposits		3,941,571		632,217		156,341		120,417		105		16		4,850,667

Other liabilities from financial intermediation
Central Bank of Argentina		406		205		210								821
Banks and International Organizations		204		2,487		18,429				155,215				176,335
Financing received from Argentine financial institutions		573		3,640		709		1,093		2,185		37,693		45,893
Other		129,904												129,904

		131,087		6,332		19,348		1,093		157,400		37,693		352,953

Subordinated corporate bonds(1)				9,459		44,760		369		738		1,476		56,802

Total		4,072,658		648,008		220,449		121,879		158,243		39,185		5,260,422


(1)		Including, under “Over 3 months and up to 6 months”, the amount due to the Business Enterprise Reconstruction Trust Fund mentioned in note 10.

Jorge H. Brito

Chairperson

EXHIBIT J

CHANGES IN ALLOWANCES AND PROVISIONS
AS OF SEPTEMBER 30, 2006

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	Balances at									Balances
	Beginning of				Decreases					at End of
Breakdown	Fiscal Year		Increases(1)		Applications			Reversals		Period

ALLOWANCES
Government and private securities
For impairment in value		483				474			9
Loans
For loan losses and impairment in value(2)		206,389		30,468		108,598			881		127,378
Other receivables from financial intermediation
For uncollectibility risk and impairment in value		3,735		882		1,205					3,412
Assets subject to financial leases
For uncollectibility risk		1,070		452							1,522
Interests in other companies
For impairment in value		1,148		8					150		1,006
Other receivables
For uncollectibility risk		16,302		1,343		2,983			200		14,462

Total allowances		229,127		33,153		113,260			1,240		147,780

PROVISIONS
Contingent commitments		1,725		7					41		1,691
For negative goodwill		73,112							54,834		18,278
For other contingencies		67,446		9,986		48,756	(3)		179		28,497

Total liabilities		142,283		9,993		48,756			55,054		48,466


(1)		See note 3.3.g).

(2)		As of September 30, 2006, “Applications” includes the effects of what was mentioned in note 11.f).

(3)		Including 43,401 reclassified to “Subordinated corporate bonds” regarding the amount due to the Business Enterprise Reconstruction Trust Fund (see note 10).

Jorge H. Brito

Chairperson

EXHIBIT L

FOREIGN CURRENCY BALANCES
AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	09/30/2006
	Total Parent																				12/31/2005
	Company and		Total per currency
	Argentine				Pound		Swiss		Danish		Canadian				Swedish		Norwegian
Items	Branches		US Dollar		Sterling		Franc		Krone		Dollar		Yen		Krone		Krone		Euro		Total

ASSETS
Cash		339,887		332,013		736		349		42		12		96		42		13		6,584		346,439
Government and private securities		109,068		109,068																		162,836
Loans		475,948		474,404																1,544		393,307
Other receivables from financial intermediation		109,104		107,128																1,976		250,410
Investments in other companies		107,188		107,188																		103,892
Other receivables		5,374		5,344																30		10,378
Items pending allocation		1		1

Total		1,146,570		1,135,146		736		349		42		12		96		42		13		10,134		1,267,262


LIABILITIES
Deposits		806,340		806,340																		674,794
Other liabilities from financial intermediation		294,610		288,913		4		49												5,644		324,956
Other liabilities		1,741		1,738																3		2,141
Subordinated corporate bonds		50,305		50,305																		5,461
Items pending allocation		1		1

Total		1,152,997		1,147,297		4		49												5,647		1,007,352

MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS (except contra debit-balance accounts)
Contingent		56,312		56,202																110		64,792
Control		742,676		740,096		1		1												2,578		701,804
CREDIT-BALANCE ACCOUNTS (except contra credit-balance accounts)
Contingent		140,905		136,862																4,043		107,259

Jorge H. Brito

Chairperson

EXHIBIT N

CREDIT ASSISTANCE TO RELATED PARTIES
AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	09/30/2006				12/31/2005
	In normal
Item	situation		Total		Total

Loans
Overdrafts		1,465		1,465		352
Without Senior guarantees or counter-guarantees		1,465		1,465		352
Documents		293		293		112
Without Senior guarantees or counter-guarantees		293		293		112
Mortgage and pledged loans						8
With Senior “B” guarantees and counter-guarantees						8
Personal loans						24
Without Senior guarantees or counter-guarantees						24
Credit cards		301		301		240
Without Senior guarantees or counter-guarantees		301		301		240
Other		46,927		46,927		69,969
With Senior “B” guarantees and counter-guarantees						5,757
Without Senior guarantees or counter-guarantees		46,927		46,927		64,212

Total loans		48,986		48,986		70,705

Other receivables from financial intermediation		93		93		114

Assets subject to financial leases and other		5,841		5,841		5,921

Contingent Commitments		3,195		3,195		5,488

Investments in other companies		1,420,936		1,420,936		601,196

Total		1,479,051		1,479,051		683,424

Allowances/Provisions		593		593		786

Jorge H. Brito

Chairperson

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	09/30/2006			12/31/2005

ASSETS
A. CASH
Cash on hand		420,453			346,504
Due from banks and correspondents		1,629,727			842,518
Other		109			107

		2,050,289			1,189,129

B. GOVERNMENT AND PRIVATE SECURITIES
Holdings in investment accounts					105,416
Holdings for trading or financial intermediation		423,214			164,786
Unlisted government securities		151			199,070
Instruments issued by the Central Bank of Argentina		2,686,475			2,463,102
Investments in listed private securities		117,306			59,902
less: Allowances		(29	)		(512	)

		3,227,117			2,991,764

C. LOANS
To the nonfinancial government sector		783,791			645,342
To the financial sector		236,953			80,511
To the nonfinancial private sector and foreign residents
Overdrafts		1,150,356			432,772
Documents		509,713			433,748
Mortgage loans		417,113			298,060
Pledged loans		298,670			230,321
Personal loans		1,103,500			476,917
Credit cards		452,704			241,344
Other		1,172,486			779,237
Accrued interest, adjustments, foreign exchange and quoted price differences receivables		106,617			72,861
less: Unposted payments		(122	)		(6,050	)
less: Unearned discount		(11,682	)		(10,411	)
less: Allowances		(215,408	)		(247,532	)

		6,004,691			3,427,120

Jorge H. Brito

Chairperson

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005 — (Continued)

09/30/2006 12/31/2005

D. OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION

Central Bank of Argentina
141,321 99,672

Amounts receivable from spot and forward sales pending settlement
368,073 395,980

Securities and foreign currency receivable from spot and forward purchases pending settlement
177,145 236,609

Premiums on options taken
38 32

Unlisted corporate bonds
13,881 927

Receivable from forward transactions without delivery of underlying asset
6

Other receivables not covered by debtor classification standards
575,848 325,946

Other receivables covered by debtor classification standards
49,296 48,516

less: Allowances
(172,925 ) (27,600 )

1,152,677 1,080,088

E. ASSETS SUBJECT TO FINANCIAL LEASES

Assets subject to financial leases
255,548 146,265

less: Allowances
(3,114 ) (1,470 )

252,434 144,795

F. INVESTMENTS IN OTHER COMPANIES

In financial institutions
435 423

Other
15,952 14,586

less: Allowances
(1,162 ) (1,304 )

15,225 13,705

G. OTHER RECEIVABLES

Receivables from sale of assets
20,207 10,747

Minimum presumed income tax — Tax Credit
46,376 53,593

Other
154,690 114,149

Interest accrued on receivables from sale of goods
237 11,767

Accrued interest and adjustments receivable on receivables from sale of assets
66 48

less: Allowances
(35,082 ) (18,246 )

186,494 172,058

H. BANK PREMISES AND EQUIPMENT, NET
321,309 223,540

I. OTHER ASSETS
202,473 174,659

Jorge H. Brito

Chairperson

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005 — (Continued)

09/30/2006 12/31/2005

J. INTANGIBLE ASSETS

Goodwill
83,393 1,646

Organization and development costs
81,312 68,445

164,705 70,091

K. ITEMS PENDING ALLOCATION
595 873

TOTAL ASSETS
13,578,009 9,487,822

LIABILITIES

L. DEPOSITS

From the nonfinancial government sector
1,452,101 822,687

From the financial sector
10,370 5,208

From the nonfinancial private sector and foreign residents

Checking accounts
1,667,601 1,036,175

Savings accounts
1,624,079 1,100,633

Time deposits
4,514,342 3,222,011

Investment accounts
31,168 29,826

Other
352,672 292,767

Accrued interest, adjustments, foreign exchange and quoted price differences payable
35,429 56,019

9,687,762 6,565,326

M. OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION

Central Bank of Argentina

Other
375,277 206,352

Banks and international Institutions
177,303 154,006

Amounts payable for spot and forward purchases pending settlement
148,734 108,682

Securities and foreign currency to be delivered under spot and forward sales pending
373,342 429,714

settlement

Premiums on options sold
327 18

Financing received from Argentine financial Institutions
27,718 25,154

Payables for forward transactions without delivery of underlying asset
64

Other
227,766 186,371

Accrued interest, adjustments, foreign exchange and quoted price differences payable
21,944 32,802

1,352,411 1,143,163

Jorge H. Brito

Chairperson

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005 — (Continued)

09/30/2006 12/31/2005

N. OTHER LIABILITIES

Dividends payable
662

Profesional fees
104

Other
136,696 98,628

137,462 98,628

O. PROVISIONS
96,609 178,150

P. SUBORDINATED CORPORATE BONDS
56,802 12,047

Q. ITEMS PENDING ALLOCATION
1,912 854

MINORITY INTERESTS IN SUBSIDIARIES
77,134 80

TOTAL LIABILITIES
11,410,092 7,998,248

SHAREHOLDERS’ EQUITY
2,167,917 1,489,574

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
13,578,009 9,487,822

MEMORANDUM ACCOUNTS

DEBIT-BALANCE ACCOUNTS
9,451,920 6,457,675

Contingent
3,239,322 2,199,058

Loans borrowed (unused amounts)
164,709

Guarantees received
2,586,390 1,848,718

Other not covered by debtor classification regulations
6,253

Contingent debit-balance contra accounts
646,679 185,631

Control
5,225,411 3,821,348

Receivables classified as irrecoverable
1,004,819 818,433

Other
4,070,986 2,920,865

Control debit-balance contra accounts
149,606 82,050

Derivatives
556,452 437,269

Notional value of call options taken
127,219

Notional value of put options taken
61,724 133,456

Notional value of forward transactions without delivery of underlying asset
9,359 15,301

Derivatives debit-balance contra accounts
358,150 288,512

Trust activity
430,735

Trust activity
430,735

Jorge H. Brito

Chairperson

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005 — (Continued)

09/30/2006 12/31/2005

CREDIT-BALANCE ACCOUNTS
9,451,920 6,457,675

Contingent
3,239,322 2,199,058

Unused portion of Loans granted, covered by debtor classification regulations
13,291 20,118

Guarantees provided to the BCRA
175,891

Other guarantees provided covered by debtor classification regulations
307,623 94,402

Other guarantees provided not covered by debtor classification regulations
43,008 1,474

Other receivables covered by debtor classification regulations
106,866 69,637

Contingent credit-balance contra accounts
2,592,643 2,013,427

Control
5,225,411 3,821,348

Checks to be credited
149,606 82,050

Control credit-balance contra accounts
5,075,805 3,739,298

Derivatives
556,452 437,269

Notional value of call options sold
109,445 120,886

Notional value of put options sold
219,124 112,423

Notional value of forward transactions without delivery of underlying asset
29,581 55,203

Derivatives credit-balance contra account
198,302 148,757

Trust activity
430,735

Trust activity credit-balance contra accounts
430,735

Note: Notes 1 through 4 to the consolidated financial statements are an integral part of these statements, which are part of the stand-alone financial statements of Banco Macro S.A. and should be read together with them.

Jorge H. Brito

Chairperson

CONSOLIDATED STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS

ENDED SEPTEMBER 30, 2006, AND 2005

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	09/30/2006		09/30/2005

A. FINANCIAL INCOME
Interest on cash and due from banks		8,396		5,481
Interest on loans to the financial sector		10,467		4,305
Interest on overdrafts		76,930		39,015
Interest on documents		35,081		22,136
Interest on mortgage loans		33,279		20,013
Interest on pledged loans		30,516		18,499
Interest on credit card loans		20,713		13,520
Interest on other loans		171,494		85,283
Interest on other receivables from financial intermediation		10,910		11,026
Income from government and private securities, net		226,479		92,515
Income from guaranteed loans — Presidential Decree No. 1,387/01		20,947		21,933
Net income from options		649
CER (Benchmark Stabilization Coefficient) adjustment		62,752		155,582
CVS (Salary Variation Coefficient) adjustment		1,172		968
Other		80,429		41,726

		790,214		532,002

B. FINANCIAL EXPENSE
Interest on checking-accounts		4,815		1,964
Interest on savings-accounts		4,709		3,080
Interest on time deposits		155,758		73,017
Interest on financing from the financial sector		512		593
Interest on other liabilities from financial intermediation		11,008		11,088
Other interest		10,322		9,562
Net loss from options				659
CER adjustment		42,272		92,837
Other		39,288		34,718

		268,684		227,518

GROSS INTERMEDIATION MARGIN — GAIN		521,530		304,484

C. PROVISION FOR LOAN LOSSES		42,386		57,040

Jorge H. Brito

Chairperson

CONSOLIDATED STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS

ENDED SEPTEMBER 30, 2006, AND 2005 — (Continued)

09/30/2006 09/30/2005

D. SERVICE-CHARGE INCOME

Related to lending transactions
21,689 13,660

Related to deposits
201,922 144,101

Other fees
15,618 9,572

Other
70,702 50,299

309,931 217,632

E. SERVICE-CHARGE EXPENSES

Fees
32,369 22,064

Other
32,804 20,312

65,173 42,376

F. ADMINISTRATIVE EXPENSES

Personnel expenses
264,380 179,528

Directors’ and statutory auditors’ fees
11,320 12,249

Other professional fees
28,151 16,961

Advertising and publicity
21,924 14,054

Taxes
5,813 4,598

Other operating expenses
97,791 77,116

Other
12,945 10,606

442,324 315,112

NET INCOME FROM FINANCIAL INTERMEDIATION
281,578 107,588

G. OTHER INCOME

Income from long-term investments
580

Penalty interest
3,469 2,451

Recovered loans and allowances reversed
93,728 109,914

CER adjustments
256

Other
30,060 31,894

127,513 144,839

Jorge H. Brito

Chairperson

CONSOLIDATED STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS

ENDED SEPTEMBER 30, 2006, AND 2005 — (Continued)

09/30/2006 09/30/2005

H. OTHER EXPENSES

Income from long-term investments
439

Penalty interest and charges payable to the Central Bank ok Argentina
28 24

Charges for other receivables uncollectibility and other allowances
13,464 9,450

CER adjustments
3

Amortization of differences from amparos
13,911 10,449

Other
55,642 33,752

83,484 53,678

MINORITY INTERESTS
(1,799 ) (15 )

NET INCOME BEFORE INCOME TAX
323,808 198,734

I. INCOME TAX
46,570 11,429

NET INCOME FOR THE PERIOD
277,238 187,305

Jorge H. Brito

Chairperson

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTN PERIODS

ENDED SEPTEMBER 30, 2006, AND 2005

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	09/30/2006			09/30/2005

CHANGES IN CASH
Cash and cash equivalents at the beginning of the fiscal year		1,189,129			1,372,261
Increase in cash / (Decrease)		861,160			(7,355	)

Cash and cash equivalent at end of period		2,050,289			1,364,906

CAUSES OF CHANGES IN CASH
Cash provided by operations
Financial income collected		798,585			592,511
Service-charge income collected		310,372			217,647
Financial expense paid		(304,855	)		(208,452	)
Service-charge expense paid		(64,415	)		(40,004	)
Administrative expenses paid		(417,350	)		(289,588	)

Subtotal		322,337			272,114

Other sources of cash
Net decrease in government and private securities		478,508
Net decrease in other receivables from financial intermediation		277,830			497,864
Net increase in deposits		1,168,138			1,103,223
Increase in other liabilities, net		63,935
Capital increase		469,500
Other sources of cash(1)		484,372			48,666

Subtotal		2,942,283			1,649,753

Total sources of cash		3,264,620			1,921,867

Uses of cash
Net increase in government and private securities					861,134
Net increase in loans		1,518,730			108,766
Net increase in other assets		318,340			113,516
Net decrease in other liabilities from financial intermediation		434,790			775,332
Net decrease in other liabilities					2,573
Cash dividends		68,395			30,447
Other uses of cash		63,205			37,454

Total uses of cash		2,403,460			1,929,222

Increase in cash/(Decrease) in cash and cash equivalents		861,160			(7,355	)


(1)		Including 150,190 and 261,787 related to Banco del Tucumán S.A.’s cash received on May 5, 2006, and Nuevo Banco Bisel S.A.’s cash received on August 11, 2006, respectively.

(2)		Note: Notes 1 through 4 to the consolidated financial statements are an integral part of these statements, which are part of the stand-alone financial statements of Banco Macro S.A. and should be read together with them.

Jorge H. Brito

Chairperson

CONSOLIDATED STATEMENT OF DEBTORS BY SITUATION

AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005

(Translation of financial statements originally issued in Spanish — See note 21)

(Figures stated in thousands of pesos)


	09/30/2006		12/31/2005

COMMERCIAL
In normal situation		3,928,098		2,353,068

With Senior “A” guarantees and counter-guarantees		35,224		35,629
With Senior “B” guarantees and counter-guarantees		322,532		247,396
Without Senior guarantees or counter-guarantees		3,570,342		2,070,043
Subject to special monitoring		80,802		16,856

In observation
With Senior “A” guarantees and counter-guarantees		766
With Senior “B” guarantees and counter-guarantees		1,135		1,894
Without Senior guarantees or counter-guarantees		65,978		14,962
In negotiation or with refinancing agreements
Without Senior guarantees or counter-guarantees		12,923
Troubled		32,424		17,153

With Senior “A” guarantees and counter-guarantees		3,494		3,238
With Senior “B” guarantees and counter-guarantees		4,865		2,877
Without Senior guarantees or counter-guarantees		24,065		11,038
With high risk of insolvency		19,111		24,269

With Senior “B” guarantees and counter-guarantees		7,350		8,408
Without Senior guarantees or counter-guarantees		11,761		15,861
Irrecoverable		24,521		82,832

With Senior “A” guarantees and counter-guarantees				380
With Senior “B” guarantees and counter-guarantees		9,111		14,884
Without Senior guarantees or counter-guarantees		15,410		67,568
Irrecoverable according to Central Bank of Argentina regulations		2,141		8,430

With Senior “B” guarantees and counter-guarantees				5,476
Without Senior guarantees or counter-guarantees		2,141		2,954

Subtotal Commercial		4,087,097		2,502,608

Jorge H. Brito

Chairperson

CONSOLIDATED STATEMENT OF DEBTORS BY SITUATION

AS OF SEPTEMBER 30, 2006, AND DECEMBER 31, 2005 — (Continued)

09/30/2006 12/31/2005

CONSUMER

Performing
2,778,064 1,478,001

With Senior “A” guarantees and counter-guarantees
15,500 16,852

With Senior “B” guarantees and counter-guarantees
713,782 483,022

Without Senior guarantees or counter-guarantees
2,048,782 978,127

Inadequate compliance
39,787 20,613

With Senior “A” guarantees and counter-guarantees
38 2

With Senior “B” guarantees and counter-guarantees
15,182 8,526

Without Senior guarantees or counter-guarantees
24,567 12,085

Deficient compliance
18,120 9,954

With Senior “A” guarantees and counter-guarantees
1

With Senior “B” guarantees and counter-guarantees
4,273 3,804

Without Senior guarantees or counter-guarantees
13,846 6,150

Difficult recovery
21,243 11,674

With Senior “B” guarantees and counter-guarantees
4,330 4,380

Without Senior guarantees or counter-guarantees
16,913 7,294

Irrecoverable
37,354 53,250

With Senior “A” guarantees and counter-guarantees
250 866

With Senior “B” guarantees and counter-guarantees
19,729 24,151

Without Senior guarantees or counter-guarantees
17,375 28,233

Irrecoverable according to Central Bank of Argentina regulations
5,383 931

With Senior “B” guarantees and counter-guarantees
389 675

Without Senior guarantees or counter-guarantees
4,994 256

Subtotal Consumer
2,899,951 1,574,423

Total
6,987,048 4,077,031

Jorge H. Brito

Chairperson

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2006

(Translation of financial statements originally issued in Spanish — See Note 21)

(Figures stated in thousands of pesos, except for where indicated)


1.	BRIEF HISTORY OF THE BANK

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

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

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

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

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

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

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

On April 28, 2006, Banco Macro Bansud S.A.’s regular and special shareholders’ meeting approved the amendment to the Bank’s business name to Banco Macro S.A., the registration of which with the IGJ (Argentine business associations’ regulatory agency) was notified to the Bank in August 2006. Therefore, we will refer to it as “Banco Macro S.A.” or “the Bank”.

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

In addition, the Bank performs certain transactions through its subsidiaries, including Nuevo Banco Suquía S.A., Banco del Tucumán S.A. (from May 5, 2006 — see note 2.6.), Nuevo Banco Bisel S.A. (from August 11, 2006 — see note 2.7.), Sud Bank & Trust Corporate Limited (an entity organized and existing under the laws of Bahamas), Macro Securities S.A. Sociedad de Bolsa (formerly Sud Valores S.A. Sociedad de Bolsa), Sud Inversiones & Análisis S.A., Macro Fondos S.G.F.C.I. S.A. (formerly Sud Valores S.G.F.C.I. S.A.), Macro Valores S.A. and Red Innova Administración de Fondos de Inversión (from September 13, 2006 — see note 2.8.).


2.	BANK OPERATIONS

2.1. Special-relationship agreement with the Misiones Provincial Government

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

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

On November 25, 1999, the Bank and the Misiones Provincial Government entered into a special-relationship extension agreement, whereby the term of the agreement was extended through December 31, 2007, and the prices of the services to be rendered over such period were set. In addition, the Bank was given the option to extend the agreement for two additional years, i.e. through December 31, 2009.

As of September 30, 2006, the deposits held by the Government of the Province of Misiones with the Bank amounted to 325,240 (including 29,949 related to court deposits).

2.2. Special-relationship agreement with the Salta Provincial Government

The Bank entered into a special-relationship agreement to act for a term of ten years as from March 1, 1996, as the Provincial Government’s exclusive financial agent and the mandatory treasury-manager for all the Province’s payments, deposits and collections.

In addition, on February 22, 2005, the Salta Province Ministry of Treasury and Public Works approved the addenda to the special-relationship agreement mentioned above, which extended the term of this special-relationship agreement, and its exhibits, extension and additional agreements for the term of ten years as from the end of the term mentioned in the preceding paragraph. Such term expires on March 1, 2016.

As of September 30, 2006, the deposits held by the Government of the Province of Salta with the Bank amounted to 302,946 (including 51,179 related to court deposits).

2.3. Special-relationship agreement with the Jujuy Provincial Government

The Bank will be the Provincial Government’s exclusive financial agent and the mandatory treasury-manager for all the Province’s deposits and collections for a term of ten years as from January 12, 1998.

During 2005, such special-relationship agreement was extended until November 4, 2014.

As of September 30, 2006, the deposits held by the Government of the Province of Jujuy with the Bank amounted to 281,603 (including 30,651 related to court deposits).

2.4. Uniones Transitorias de Empresas (joint ventures)

a) Banco Macro S.A. (see note 1) — Siemens Itron Business Services S.A.

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

As of September 30, 2006, and December 31, 2005, the net assets of such joint venture recorded in the Bank’s financial statements through the equity method amounted to 3,599 and 2,424, respectively.

Also, as of September 30, 2006, and 2005, the net income related to the Bank’s interest in such joint venture amounted to 5,913 and 3,341, respectively.

b) Banco Macro Bansud S.A. (see note 1) — Montamat & Asociados S.R.L.

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

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

As of September 30, 2006, and December 31, 2005, the net assets of such joint venture recorded in the Bank’s financial statements using the equity method amounted to 1,150 and 1,153, respectively.

As of September 30, 2006, the loss recorded by the Bank for its interest in such UTE amounts to 9.

2.5. Banco Empresario de Tucumán Cooperativo Limitado

On November 11, 2005, through Resolution No. 345, the Central Bank’s Board of Governors notified the Bank of the authorization to transfer certain excluded assets and liabilities of Banco Empresario de Tucumán Cooperativo Limitado under the provisions of section 35 bis (II), Financial Institutions Law.

Therefore, with respect to such transaction, the Bank recorded assets and liabilities amounting to 101,787 and 158,287, respectively, which were offset with a 56,500 contribution made by Seguro de Depósitos S.A. (SEDESA). Consequently, such transaction did not have any significant effects on the Bank’s shareholders’ equity.

2.6. Banco del Tucumán S.A.

Pursuant to the Bank’s strategy, Banco del Tucumán S.A. was acquired in the current fiscal year, thus increasing the Bank’s presence in the interior of Argentina.

On November 24, 2005, the Bank signed a stock purchase agreement with Banco Comafi S.A. for 75% of the capital stock and voting rights of Banco del Tucumán S.A.

On March 6, 2006, the Central Bank’s Board of Governors issued Resolution No. 50, whereby, among other issues, it resolved that: (i) it had no objections to the transfer of shares representing 75% of Banco del Tucumán S.A.’s capital stock to the Bank, (ii) it authorized the Bank to own 75% of the capital stock of Banco del Tucumán S.A., and (iii) it had not objections to certain Bank’s Directors also holding the office of Directors of Banco del Tucumán S.A.

On April 7, 2006, the Technical Coordination Department of the Economy and Production Ministry, in agreement with the opinion issued by the CNDC (anti-trust authorities) on March 23, 2006, authorized the Bank to acquire 75% of the capital stock of Banco del Tucumán S.A.

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

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

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

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

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

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

In addition, during September 2006, Banco Macro S.A. acquired Class “C” shares of Banco del Tucumán S.A. representing 4.18% of capital stock, which gave rise to an additional positive goodwill amounting to 584.

As of the date of the issuance of these financial statements, the Bank acquired an additional 0.52% of Banco del Tucumán S.A.’s capital stock, through new acquisitions of Class “C” shares. Thus, the total shareholding as of such date amounted to 79.70%.

2.7. Nuevo Banco Bisel S.A.

On April 28, 2006, the Evaluation Committee for the “Second Public Call for Bids for the sale of shares held in Nuevo Banco Bisel S.A. owned by Banco de la Nación Argentina and Fundación BNA” resolved the preliminary award of the bid in favor of the Bank and Nuevo Banco Suquía S.A., under the terms of the Preferred Bid submitted by such institutions.

The related stock purchase agreement was entered into on May 9, 2006, whereby the Bank and Nuevo Banco Suquía S.A. acquired 77% and 23% of voting common shares for 11,550 and 3,450, respectively.

On August 3, 2006, the Central Bank’s Board of Governors issued Resolution No. 175, whereby, among other issues, it resolved: (i) not to make any objections to the transfer of shares of common stock representing 100% of the capital stock of Nuevo Banco Bisel S.A. in favor of the Bank and Nuevo Banco Suquía S.A. or the 830,000 capital increase paid in by the two of them under the terms of the agreement signed on May 9, 2006; (ii) to authorize the Bank and Nuevo Banco Suquía S.A. to be the owners of 71.40% and 21.33%, respectively, of the capital stock of Nuevo Banco Bisel S.A.; (iii) to make the stipulations previously mentioned in points (i) and (ii) conditional -before the actual transfer of its shares of common stock- on Nuevo Banco Bisel S.A.’s regularization of all the adjustments agreed by such bank and Banco de la Nación Argentina included in point 3.2.4.4. of the bidding terms and conditions of the so-called “Second Public Call for Bids for the sale of shares of common stock held in Nuevo Banco Bisel S.A. owned by Banco de la Nación Argentina and Fundación Banco de la Nación Argentina”; (iv) to decide that Nuevo Banco Bisel S.A. no longer falls under the grounds of section 35 bis (L), Financial Institutions Law, upon evidencing the Bank’s capitalization under the terms agreed by the Bank and Nuevo Banco Suquía S.A., to the satisfaction of the SEFyC (Financial and Foreign-Exchange Institutions Superintendency, a department of the Central Bank); (v) allow certain directors of the Bank and Nuevo Banco Suquía S.A. to perform as directors of Nuevo Banco Bisel S.A.

As of the date of acquisition, assets and liabilities amounted to 1,824,644 and 1,804,534, respectively; therefore, shareholders’ equity amounted to 20,110.

On August 11, 2006, the Bank and Nuevo Banco Suquía S.A. increased the capital stock in Nuevo Banco Bisel S.A., pursuant to the Bidding Process Terms and Conditions and the related offers, paying in capital in the amounts of 639,100 and 190,900 in cash, respectively, thus taking control of such bank as from such date.

In addition, on August 30, 2005, Nuevo Banco Bisel S.A. and SEDESA, as trustee of the Deposit Guarantee Fund, signed an agreement for the subscription of preferred shares issued by Nuevo Banco Bisel S.A. In such occasion, SEDESA subscribed 66,240,000 preferred shares with a face value of Ps. 1 each, without voting rights, with a first issuance premium for the same amount and an equity preference that consisted in the right to a fixed cumulative annual dividend of 1% over the face value of preferred shares.

Based on certain regulations issued by the Managing Committee of the Deposit Guarantee Fund, regarding the sale of Nuevo Banco de Bisel S.A., on August 11, 2006, the Bank and Nuevo Banco Suquía S.A., as purchasers of Nuevo Banco Bisel S.A., and SEDESA entered into a put and call options agreement regarding the preferred shares of Nuevo Banco Bisel S.A. Until maturity of a fifteen-year term as from taking possession of the bank (August 11,

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

2006), Banco Macro S.A. and/or Nuevo Banco Suquía S.A., either individually or jointly, through the call option, will be entitled to acquire the preferred shares of Nuevo Banco Bisel S.A.. These preferred shares shall be paid upon maturity of such option term at their face value plus an annual 4% interest to be capitalized annually as from taking possession. In addition, such call option may be exercised by the purchasers (either individually or jointly) at any time as from taking possession.

In addition, through the put option, SEDESA will be entitled to sell to Banco Macro S.A. and/or Nuevo Banco Suquía S.A. (jointly and severally liable) the preferred shares that it owns in Nuevo Banco Bisel S.A. Such put option shall only be exercised by SEDESA after the term of fifteen years as from issuance of the preferred shares (August 26, 2005).

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

On September 4, 2006, the Domestic Trade Department of the Ministry of Economy and Production, following the same terms of the opinion issued by the Federal Anti-Trust Board on August 11, 2006, authorized the Bank and Nuevo Banco Suquía S.A. to acquire 92.73% of the capital stock of Nuevo Banco Bisel S.A., with both banks’ commitment to selling Nuevo Banco Bisel S.A.’s affiliate located at Capitán Bermúdez, Province of Santa Fe, within one year as from issuance of such authorization.

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

Following with the Bank’s strategy to enter the financial trusts area in the Uruguayan market, during the current fiscal year, a company established in Uruguay called Red Innova Administradora de Fondos de Inversión S.A. (Red Innova) was acquired.

On September 13, 2006, an agreement was signed to purchase Red Innova’s shares, whereby the Bank acquired shares representing 51% of capital stock and voting rights through the payment of USD 75,000, as well as the commitment to pay to sellers an amount equal to 51% of certain expenses incurred by the Company, which shall not exceed USD 54,242.

In addition, on such date, the Bank made a capital contribution of USD 83,555 to allow Red Innova to post the guarantee required by the Central Bank of Uruguay to operate as financial trustee.

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

As of August 31, 2006, assets and liabilities, before the capital increase previously mentioned, amounted to 246 and 10, respectively; therefore, shareholders’ equity amounted to 236 (unaudited figures).


3.	SIGNIFICANT ACCOUNTING POLICIES

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

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

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

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

3.1. Comparative information

Under Central Bank Communiqué “A” 4,265, the Balance Sheet as of September 30, 2006, is presented comparatively with information as of last year end, while the Statements of Income, Changes in Shareholders’ Equity and Cash Flows for the nine-month period ended September 30, 2006, are presented comparatively with those for the same period of the prior fiscal year.

3.2. Restatement into constant pesos

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

The Bank’s financial statements recognize the changes in the peso purchasing power until February 28, 2003, under Presidential Decree No. 664/03, IGJ General Resolution No. 4/2003, CNV (Argentine Securities Commission) General Resolution No. 441, and Central Bank Communiqué “A” 3,921. Professional accounting standards provide that the restatement method established by Technical Resolution No. 6 should have been discontinued as from October 1, 2003 (see note 5.1.e)).

3.3. Valuation methods

The main valuation methods used to prepare the accompanying financial statements as of September 30, 2006, and December 31, 2005, were:

a) Assets and liabilities denominated in foreign currency:

The assets and liabilities denominated in US dollars were valued at the Central Bank benchmark US dollar exchange rate effective as of the close of business of the last business day of each period and year end, respectively. Additionally, the assets and liabilities denominated in other foreign currencies were translated at the exchange rate reported by Central Bank’s trading room. Foreign exchange differences were charged to income as of those dates.

b) Government and private securities:

b.1) Government securities:


	•	Listed:

i. Holdings in investment accounts — Compensation received from the Federal Government: including Argentine Government Bonds in pesos maturing in 2007 (received as a result of the transfer of certain excluded assets and liabilities from Banco Empresario de Tucumán

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

Cooperativo Limitado, as described in note 2.5) and Argentine Government Bonds in US dollars at LIBOR maturing in 2012 (received as compensation), which as of December 31, 2005, are valued at face value plus interest accrued according to issuance conditions, translated into pesos, where applicable, following the method described in note 3.3.a), as established in Central Bank Communiqué “A” 3,785.

ii. Holdings for trading or intermediation transactions: they were valued at the quoted price of each security effective at the last period or fiscal year business day, respectively (net of necessary estimated sale expenses). Differences in quoted market values were recorded in the income statement as of those dates.


	•	Unlisted:

Secured Bonds under Presidential Decree No. 1,579/02 and bonds issued by the Municipality of Bahía Blanca at 13.75%, secured by municipal resources: as of December 31, 2005, they were valued as established by Central Bank Communiqué “A” 3,911, as supplemented, as explained in note 3.3.c).


	•	Instruments issued by the Central Bank:

i. Listed — LEBAC (Central Bank bills) — Managed portfolio and under repo transactions: they were valued at the quoted price of each security effective at the last period or fiscal year business day, respectively. Differences in quoted market values were recorded in the income statement as of those dates.

ii. Unlisted — LEBAC (Central Bank bills) — Managed portfolio: 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.

iii. Listed — NOBAC (Central Bank notes) — Managed portfolio and under repo transactions: they were valued at the quoted price of each security effective at the last period or fiscal year business day, respectively. Differences in quoted market values were recorded in the income statement as of those dates.

b.2) Private securities:

i. Corporate bonds, financial trust debt securities, and shares: they were valued at the quoted price of each security effective at the last period or fiscal year business day, respectively (net of estimated sale expenses). Differences in quoted market values were recorded in the income statement as of those dates.

ii. Certificates of participation in financial trusts: as of December 31, 2005, the holdings in Macropersonal V were valued according to their acquisition cost, plus income accrued until such date. In addition, the required allowances were recorded in accordance with Central Bank Communiqué “A” 2,729, as supplemented. Such net value does not exceed that arising from the shareholders’ equity of the related trust’s financial statements, considering the Bank’s holdings.

c) Assets included in the provisions of Central Bank Communiqué “A” 3,911, as supplemented:

They include: (i) Guaranteed Loans under Presidential Decree No. 1,387/01; (ii) assistance granted to the non-financial provincial government sector; and (iii) other assistance granted to the non-financial government sector and, in addition, as of December 31, 2005, they include Secured Bonds

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

under Presidential Decree No. 1,579/02 and bonds issued by the Municipality of Bahía Blanca at 13.75%, secured by municipal resources.

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

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

For purposes of determination of the present value, in the case of instruments in pesos which include indexation clauses the cash flows according to the contractual conditions fixed in each case for the financial assistance described above (contemplating, if applicable, the accumulated CER, benchmark stabilization coefficient, by month-end) were discounted at the interest rates that were established in the schedule included in point 2 of such communiqué (4.73% for the period ended September 30, 2006, and 4.00% for the fiscal year ended December 31, 2005). Such calculations were made following specific guidelines established in such communiqué (present value rate, effects determined for the aggregate securities and guaranteed loans, among others).

In the case of instruments denominated in Argentine pesos and not comprising adjustment clauses, Communiqué “A” 4,163 established the methodology to calculate such present values. Consequently, as of September 30, 2006, and December 31, 2005, the interest rates used for the discount were 5.22% and 4.50%, respectively.

d) Loans and Other Assets receivable from the Non-financial Government Sector:

They were valued as established by Central Bank Communiqué “A” 3,911, as supplemented, as explained in note 3.3.c).

e) Interest accrual:

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

The Bank suspends the interest accrual whenever loan payments are not settled (generally, after 90 days) or when the recoverability of the collection of principal or interest accrued is doubtful. Interest accrued until the interruption is deemed part of the amount receivable upon determining the allowances for such loans. Afterwards, interest is only recognized based on collections, once the amount receivable due to interest previously accrued is settled.

f) CER accrual:

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

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

f.2) Other loans and receivables from sale of assets: they were adjusted according to Communiqué “A” 3,507, and supplementary regulations, which established that payments made until September 30, 2002, were to be made under the original conditions of each transaction and

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

would be considered prepayments. As from February 3, 2002, principal was indexed by the CER through period end and year end, where applicable.

f.3) Deposits and other assets and liabilities: CER was applied until the period and year end, respectively.

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

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

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

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

The Bank assesses the credit risk related to possible commitments, based on which the appropriate amount of allowances to be recorded is determined. The allowances related to amounts recorded in memorandum accounts — possible commitments are included under “Provisions”.

h) Loans and deposits of government securities:

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

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

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

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

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

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

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

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

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

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

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


Financial Trust	09/30/2006		12/31/2005

Tucumán(a)		71,326		63,269
BG(b)		61,407		82,357
Luján(a)		43,530		42,571
Consubono(c)		43,521
TST & AF(a)(d)		33,113		32,336
Tarjeta Shopping(c)		21,503		8,707
San Isidro(a)		16,782		16,782
Onext(a)		16,292		16,648
Garbarino(c)		11,878
Godoy Cruz(c)		10,721
Confibono(c)		10,130		2,825
Tarjeta Privada(c)				16,783
Puerto Madero(a)				12,733
Other(e)		62,644		3,515

Total		402,847		298,526


(a)		See note 4 to the consolidated financial statements.

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

(c)		Related to provisional certificates of participation in the different series of financial trusts entered into 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.

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

(e)		Including holdings held by the subsidiaries Banco del Tucumán S.A. and Nuevo Banco Bisel S.A. for an amount of 6,528 and 34,236, respectively.

i.4) Unlisted corporate bonds:

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

j) Assets subject to financial leases:

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

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

k) Equity interests in other companies:

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

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

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

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

k.3) In other non-controlled companies: they were valued at acquisition cost, plus the nominal value of share-dividends received, restated as described in note 3.2., net of allowances for impairment in value. Such net values do not exceed the values calculated by the equity method on the basis of the latest financial statements published by the companies.

l) Other receivables — Federal Government Bonds receivable:

As of December 31, 2005, the Bank carried in assets vested subscription rights to Federal Government Bonds denominated in US dollars, LIBOR 2013, for an amount of 5,193.

Such subscription rights were valued considering the quoted prices of the securities of reference as of those dates.

m) Bank premises and equipment and other assets:

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

n) Intangible assets:

n.1) Goodwill and organization and development expenses (except differences due to court orders — Nondeductible for the determination of the computable equity): they were valued at their addition cost, restated as explained in note 3.2., less the related accumulated amortization, calculated in proportion to their estimated months of useful life.

n.2) Differences due to court orders (amparos) — Nondeductible for the determination of the computable equity: as of September 30, 2006, and as of December 31, 2005, the “Intangible Assets — Organization and development expenses” account includes 36,435 (net of amortization for 43,673) and 42,632 (net of amortization for 32,013), respectively. These assets represent the difference between the amount of the original foreign currency translated at the exchange rate applied upon payment of the constitutional rights protection actions and the amount recorded under Central Bank standards effective upon the payment date (convert into Argentine pesos at the Ps. 1.4 to USD 1 exchange rate, or its equivalent in other currencies, plus CER). Additionally and as disclosed in Central Bank Communiqué “A” 3,916, since April 2003 such account started to be amortized over 60 monthly installments.

o) Valuation of derivatives:

o.1) Put options taken: as of September 30, 2006, and December 31, 2005, the Bank recognized in memorandum accounts representative amounts for the put options on senior and junior trust debt securities related to “BG” financial trust. In addition, as of December 31, 2005, the Bank booked the

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

amounts related to options on Argentine Government Bonds in US dollars maturing in 2013, as well as certificates of participation in “Luján” financial trust. Such options were valued at the agreed-upon exercise price.

o.2) Put options sold: the Bank recorded in memorandum accounts the amounts representing contingent obligations under put options sold on the Federal Government Bond coupons established in Presidential Decrees No. 905/02 and 1836/02, as supplemented, whose holders have requested such option. Such options were valued at the exchange value of the bonds plus interest and the CER adjustment accrued the last business day of each period and year end, respectively.

o.3) Call options sold: as of September 30, 2006, and December 31, 2005, the Bank recognized under memorandum accounts the amounts of contingent obligations it has assumed as a result of the call options sold regarding senior and junior trust debt securities related to “BG” financial trust. In addition, as of December 31, 2005, amounts were recognized for certificates of participation in “Luján” 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 listed price.

o.4) Call options purchased and put options sold: as explained in note 2.7., the Bank and Nuevo Banco Suquía S.A., as purchasers of Nuevo Banco Bisel S.A., and SEDESA entered into a put and call options agreement regarding the preferred shares of Nuevo Banco Bisel S.A. As of September 30, 2006, such options were valued at the agreed-upon exercise price, according to such agreement.

o.5) Forward transactions offset: the forward purchases and sales of foreign currency, without delivery of the underlying asset traded, were valued at the quoted prices of such asset, effective at the last period or fiscal year business day, respectively. Differences in quoted market values were recorded in the income statement as of those dates.

p) Severance payments:

The Bank charges these payments directly to income.

q) Provisions included in liabilities:

The acquisition of Banco Bansud S.A. by the Bank gave rise to negative goodwill of 365,560, which is the effect of the difference between the purchase price and the interest valued by the equity method.

On July 24, 2003, the Central Bank issued Communiqué “A” 3,984, which established the methods for disclosure and amortization of negative goodwill, as well as the treatment thereof in the merger process. Such amortization methods depend on the reasons, which originated such negative goodwill and are summarized below:


	•	For differences between book and fair values of government securities and Guaranted Loans over the period of convergence of these values.

	•	For differences between book and fair values of the loan portfolio — over their effective terms.

	•	For expected future losses, upon occurrence thereof.

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

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

The amount amortized for a fiscal year may not exceed the one that should have been appropriate if it had been amortized on a straight-line basis over 60 months.

Therefore, if these conditions are met, such goodwill will continue to be amortized.

As of September 30, 2006, and December 31, 2005, the referred goodwill is disclosed in the “Provisions” account in liabilities in the aggregate amounts of 18,278 and 73,112, respectively, net of accumulated amortization. Therefore, as of September 30, 2006, the Bank amortized such goodwill, charging it to “Other Income — Recovered loans and allowances reversed” in the amount of 54,834, and applying proportionally the cap of 20% per annum established in such communiqué.

In addition, as of such dates, the “Provisions” account in the Bank’s consolidated financial statements includes a negative goodwill in the amount of 483 related to the acquisition of Nuevo Banco Suquía S.A., from the difference between the purchase price and the book value of the net assets acquired applying Central Bank’s rules.

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

r) Shareholders’ equity accounts:

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

s) Statement-of-income accounts:

s.1) The accounts comprising monetary transactions occurred in the nine-month periods ended September 30, 2006, and 2005, (financial income (expense), service-charge income (expense), provision for loan losses, administrative expenses, among others) were computed at their historical amounts on a monthly accrual basis.

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

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


4.	INCOME TAX AND MINIMUM PRESUMED INCOME TAX

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

In fiscal year 1998, Law No. 25,063 established minimum presumed income tax for a ten-year term. This tax is supplementary to income tax because, while the latter is levied on taxable income for the year, minimum presumed income tax is a minimum levy determined by applying the current 1% rate on the potential income of certain productive assets. Therefore, the Bank’s tax obligation will be equal to the higher of the two taxes. In the case of institutions governed by Financial Institutions Law, the above law provides that they shall consider as taxable income 20% of their assets subject to tax after deducting those assets defined as non-computable. However, if

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

minimum presumed income tax exceeds income tax in a given tax year, such excess may be computed as a payment on account of any income tax in excess of minimum presumed income tax that may occur in any of the following ten years, once accumulated net operating losses (NOLs) have been used.

As of September 30, 2006, the Bank estimated that accrued income tax amounted to 45,000 and, hence, no minimum presumed income tax should be assessed.

In addition, as of September 30, 2006, the Bank made income tax prepayments for 5,862 for the current tax year, which were recorded in the “Other receivables” account.

As of September 30, 2006, and December 31, 2005, the Bank capitalized 24,372 and 42,723, respectively, for minimum presumed income tax credit. Such credit is deemed an asset because the Bank estimated that it will be used within 10 years, the term permitted by Central Bank Communiqué “A” 4,295 and supplementary regulations.

The following is a detail of such tax credit, indicating the year of origin and the estimated year to use it:


	Tax Credit		Estimated
Year of Origin	Capitalized		Year of Use

2002		5,958		2006
2003		8,480		2006
2004		9,934		2006/2007

Total		24,372

For its part, the subsidiary bank Nuevo Banco Suquía S.A., did not accrue income tax as of September 30, 2006, and December 31, 2005, because it carried NOLs. As of September 30, 2006, the tax NOL (net of the estimated absorption of the tax for the period) amounted to about 137,016. In addition, as of such dates, the accumulated minimum presumed income tax capitalized in the “Other receivables” account amounted to 16,578 and 10,813, respectively (the maximum estimated year of use of which is 2009). In addition, Nuevo Banco Suquía S.A. accrued minimum presumed income tax for an amount of 4,808, out of which it prepaid 2,076.

As of September 30, 2006, Banco del Tucumán S.A. did not accrue income tax because it carried a NOL as of such date (net of the estimated absorption of the tax for the period). In addition, such bank capitalized an amount of 5,398 for minimum presumed income tax (the maximum estimated year of use of which is 2008) and minimum presumed income tax prepayments for 2006, amounting to 1,338.

As of September 30, 2006, Nuevo Banco Bisel S.A. did not accrue income tax because it carried a NOL as of such date, amounting to about 370,496 (including the NOL for the period). In addition, such bank capitalized an amount of 13,873 for minimum presumed income tax and minimum presumed income tax prepayments for 2006, amounting to 1,387. Such assets are reserved.

Administrative proceedings followed by the AFIP (Federal Public Revenue Agency) and other agencies with regards to the taxability of income from the conversion into pesos and the CER application for Guaranted Loans have resulted in different interpretations.

On August 14, 2006, the Federal Executive issued Presidential Decree No. 1,035/06, published in the Official Bulletin on August 16, 2006, which defined such treatment. Such presidential decree provides the option to account for such results under the accrued and due and payable method (devengado exigible). Although the regulations are pending, during the current quarter, the Bank and its subsidiaries accrued in the income tax the effects deriving from the conversion into pesos and the CER application for Guaranteed Loans.

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

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

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

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

5.1. Valuation standards

a) Holdings of government securities and loans to the non-financial government sector: they are valued in accordance with regulations and standards issued by the Argentine Government and the Central Bank of Argentina. In particular, Central Bank Communiqué “A” 3,911, as supplemented, establishes present value methods by applying regulated discount rates, technical values and undiscounted cash flows, as detailed in notes 3.3.b.1) and 3.3.d). Additionally, effective loan-loss provisioning regulations issued by the Central Bank establish that receivables from the non-financial government sector are not subject to loan-loss provisioning, whereas professional accounting standards require receivables to be compared with their recoverable value every time financial statements are prepared.

The Bank’s particular situation is as follows:

Government securities:

1) Holdings in investment accounts: as of December 31, 2005, the Bank recorded in “Government securities — Holdings in investment accounts” and “Other receivables from financial intermediation — Securities and foreign currency to be received for 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 be stated at market value. As of such date, the quoted price of the securities received in compensation amounted to 167,284.

During the current fiscal year, the Bank valued the government securities received pursuant to the abovementioned compensation at their quoted prices. The difference between the quoted prices and the book figures of such holdings at the end of 2005 fiscal year should have been charged against an adjustment to prior-year income.

2) Unlisted: as of December 31, 2005, the Bank recorded in “Unlisted government securities” at stand-alone and consolidated levels, 36,434 and 199,070, respectively, related to Argentine Government secured bonds deriving from the exchange set forth by Presidential Decree No. 1,579/2002 and other unlisted Government securities held. According to professional accounting standards, such assets should be stated at market value. As of such date, the quoted price of those bonds amounted to 34,433 and 189,845, respectively.

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

During the current fiscal year, the Bank valued the securities received from such exchange at their quoted prices, as established in Central Bank Communiqué “A” 4,084. The difference between the quoted prices and the book values of such holdings at the end of 2005 fiscal year should have been charged against an adjustment to prior-year income.

In the cases mentioned in points a)1) and a)2), the Bank valued such securities at their quoted prices mainly because such holdings have been earmarked for covering the settlement of net liabilities in the same securities.

Loans to the non-financial government sector:

3) Guaranteed Loans: as of September 30, 2006, and December 31, 2005, the Bank charged Argentine 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 at stand-alone level of 376,128 and 399,266, respectively, and 780,050 and 641,801, at consolidated level, respectively. According to professional accounting standards, such assets should be stated at market value. According to this valuation method, the value of these instruments as of such dates amounted to 356,849 and 394,678, at stand-alone level, respectively, and 742,386 and 635,477, at consolidated level, respectively.

b) Intangible assets: as of September 30, 2006, and December 31, 2005, the Bank had capitalized under “Intangible Assets” amounts of 36,435 and 42,632, at stand-alone level, respectively, and 49,926 and 42,632 in consolidated financial statements, respectively, net of the related amortization, reflecting the exchange differences resulting from complying with court-ordered precautionary measures that obliged the Bank and its subsidiaries to reimburse in original currency certain deposits that had been switched into pesos, after deducting the amortization that the Bank records on a systematic basis in compliance with Central Bank Communiqué “A” 3,916. This accounting treatment differs from the valuation methods established by professional accounting standards, which require such assets to be recorded to their recoverable value. As of the date of the accompanying financial statements, the existing evidence does not support that the book value of such asset is fully or partially recoverable.

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

d) As mentioned in note 3.3.q), the acquisition of Banco Bansud S.A. by the Bank gave rise to an original recording of negative goodwill of 365,560, which is the effect of the difference between the purchase price and the interest valued by the equity method in the books of the acquirer, in accordance with Central Bank’s accounting standards. Later, as mentioned in the referred note, as a result of the issuance of Central Bank Communiqué “A” 3,984, the Bank retroactively applied the valuation and disclosure standards established in such communiqué and reversed to date 95% of the aggregate amount of such goodwill (the maximum amortization allowed per annum is 20%). The abovementioned goodwill gave rise to gains on inflation exposure through February 28, 2003.

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

In addition, the acquisition of Nuevo Banco Suquía S.A. by the Bank resulted in the original booking of negative goodwill amounting to 483, which is the effect of the difference between the purchase price and the book value of the net asset under Central Bank accounting standards.

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

In addition, as detailed in notes 2.6. and 2.7., the acquisition of Banco del Tucumán S.A. by Banco Macro S.A. and the acquisition of Nuevo Banco Bisel S.A. by Banco Macro S.A. and Nuevo Banco Suquía S.A., respectively, gave rise to recording the related positive goodwill of 18,158 and 66,042 (50,852 by the Bank and 15,190 by Nuevo Banco Suquía S.A., in the case of the positive goodwill deriving from the acquisition of Nuevo Banco Bisel S.A.), respectively, resulting from the difference between the purchase price of each investment and the book value of the underlying equity acquired. Based on Central Bank standards, the Bank and Nuevo Banco Suquía S.A. amortize such positive goodwills through the straight-line method based on an estimate ten-year useful life.

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

e) The Bank and its subsidiaries have not recognized the effects of changes in the peso purchasing power occurred from March 1 through October 1, 2003; such recognition is required by Argentine professional accounting standards. Had the effects of the changes in the purchasing power of the Argentine peso been recognized as mentioned above, the shareholders’ equity as of September 30, 2006, and December 31, 2005, would have decreased by about 5,723 and 6,150, respectively, while results of operations for the periods ended September 30, 2006, and 2005, would not have varied significantly.

5.2. Disclosure aspects

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

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

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

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

6. BREAKDOWN OF MAIN ITEMS AND ACCOUNTS

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


	09/30/2006		12/31/2005

6.1) Loans — Other
Other loans		653,247		482,024
Government securities		25,176		68,974
Receivables secured by notes		2,416		791

		680,839		551,789

6.2) Other receivables from financial intermediation — Other not covered by debtor classification regulations
Certificates of participation in financial trusts		205,473		142,544
Financial trusts debt securities		124,551		124,700
Unaccrued premiums on repurchase agreements		2,769		7,614

		332,793		274,858

6.3) Other receivables — Other
Sundry receivables		49,680		48,044
Advance payments		15,392		14,517
Security deposits		14,033		9,379
Tax prepayments		12,689		9,763
Federal Government bonds receivable (note 3.3.l))				5,193
Other		280		634

		92,074		87,530

6.4) Deposits — Other
Balances of accounts without movements		74,111		85,330
Special deposits for foreign funds		13,864
Unemployment fund for workers of the building industry		11,066		7,450
Security deposits		1,170		934
Orders payable		378		632
Rescheduled deposits to be swapped for government securities				3,241
Other		32,572		29,626

		133,161		127,213

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

09/30/2006 12/31/2005

6.5) Other liabilities from financial intermediation — Other

Purchase financing payables
28,499 24,144

Collections and other transactions on account and behalf of others
23,647 19,068

Other withholdings and additional withholdings
19,956 15,603

Other payment orders pending settlement
16,004 21,194

Miscellaneous not subject to minimum cash requirements
14,960 10,406

Retirement pension payment orders pending settlement
9,860 4,395

Miscellaneous subject to minimum cash requirements
1,358 1,556

Miscellaneous
15,620 7,198

129,904 103,564

6.6) Other liabilities — Other

Taxes payable
53,179 37,197

Miscellaneous payables
18,802 15,283

Salaries and payroll taxes payable
5,223 11,266

Prepayment for the sale of assets
3,839 5,297

Withholdings from salaries, to be paid over
1,768 2,840

82,811 71,883

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

Checks and securities in custody
1,897,882 1,633,884

Managed portfolio
424,678 355,135

Checks to be collected
52,885 58,150

Checks to be debited
42,044 28,930

Other items
83,029 25,500

2,500,518 2,101,599

6.8) Financial income — Net income from government and private securities

Income from government securities
70,414 63,062

Income from certificates of participation in financial trusts
23,619 12,410

Other
13,103 3,483

107,136 78,955

6.9) Financial income — Other

Foreign currency exchange difference
15,966 9,315

Income from assets subject to financial lease
14,316 9,375

Premiums from repurchase agreements with the financial sector
10,109 8,986

Interest on loans for export prefinancing and financing
6,483

Premiums from other reverse repurchase agreements
1,286 949

Income from other receivables from financial intermediation
5,698

Other
1,349 730

49,509 35,053

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

09/30/2006 09/30/2005

6.10) Financial expense — Other

Turnover tax
13,275 6,188

Premiums from repurchase agreements with the financial sector
8,493 6,118

Contribution to the guarantee fund
5,107 4,754

Valuation allowance of loans to the government sector — Central Bank Communiqué “A” 3,911
3,112 11,224

Other
746 166

30,733 28,450

6.11) Service-charge income — Other

Debit and credit card income
27,843 20,199

Rental of safe deposit boxes
2,548 2,143

Other items
13,358 9,937

43,749 32,279

6.12) Service-charge expenses — Other

Debit and credit card expense
13,121 7,862

Turnover tax
6,548 5,285

Other
5,001 3,230

24,670 16,377

6.13) Administrative expenses — Other operating expenses

P&E depreciation
14,139 11,261

Maintenance, conservation and repair expenses
11,734 9,063

Security services
10,242 8,425

Electric power and communications
8,791 7,980

Organization and development expenses amortization
8,107 9,163

Leases and rentals
4,667 3,077

Stationery and office supplies
4,312 4,427

Insurance
2,542 2,374

64,534 55,770

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

09/30/2006 09/30/2005

6.14) Other income — Other

Gain on transactions or sale of bank premises and equipment and other assets
6,759 3,839

Sale of Guaranteed Loans
4,992 880

Other adjustments and interest on other receivables
1,421 935

Credit cards
1,114 804

Leases and rentals
321 634

Certifications
291 268

Checkbook and statement issuance fees
112 1,935

Tax deferral
1,413

Other
8,152 14,624

23,162 25,332

6.15) Other expenses — Other

Commissions of the placing agent for the public offering of shares
12,167

Tax on bank account transactions
8,634 6,027

Non-computable VAT credit
6,599 4,870

Shareholders’ personal assets tax
5,507 4,958

Loss on transactions or impairment in value of bank premises and equipment and other assets
2,673 229

Goodwill amortization
2,200 629

Depreciation of miscellaneous assets
1,004 1,280

Donations
810 468

Turnover tax
627 979

Guarantee fund and credit card losses
66 159

Other
7,261 8,852

47,548 28,451


7.	RESTRICTED ASSETS

As of September 30, 2006, and December 31, 2005, the following Bank’s assets are restricted:

a) Government and private securities:

a.1) Discount Bonds received in the exchange for Consolidation Bonds in Pesos — First Series amounting to 2,397 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.

a.2) Secured Bonds under Presidential Decree No. 1,579/02 for 33,878 and 5,872 (face value Ps. 24,400,000), respectively, provided as security for the loan received from Banco de Inversión y Comercio Exterior S.A. (BICE) to finance the “Paso San Francisco” public work, in accordance with the note sent by the Bank on November 5, 2002, BICE’s reply dated November 18, 2002, and the security agreement covering the abovementioned securities dated January 29, 2004.

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

a.3) GDP-linked securities maturing in 2035 for 507 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”.

a.4) As of September 30, 2006, Central Bank notes (NOBAC) in Argentine pesos adjustable by CER for an amount of 1,651 (for a face value of Ps. 1,600,000), used as security for Rofex transactions.

b) Loans:

Agreements for loans backed by pledges and unsecured loans for 19,037 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 4.c) to the consolidated financial statements).

c) Other receivables from financial intermediation:

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

c.2) The Bank had special guarantee checking accounts opened in the Central Bank for transactions related to the electronic clearing houses and similar entities, for an amount of 76,293 and 66,231, respectively.

c.3) Contributions to the Risk Fund of Garantizar S.G.R. (mutual guarantee association) for 10,205 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.

d) Investments in other companies:

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

e) Other receivables:

e.1) Attachments amounting to 543.

e.2) Credit card transactions for 9,150 and 7,347, respectively.

e.3) Other security deposits for 4,340 and 1,489, respectively.

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

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

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


	Nuevo		Nuevo				Sud Bank
	Banco		Banco		Banco del		& Trust
	Suquía		Bisel		Tucumán		Company		Other		September 30,		December 31,
	S.A.		S.A.		S.A.		Limited		Subsidiaries		2006		2005

ASSETS
Cash						22		2,225				2,247		2,582
Loans														27,794
Other receivables from financial intermediation		4		57,553		187,682		143		26,437		271,819		36,939
Other receivables		253		273		253				3,262		4,041		5,144

Total assets		257		57,826		187,957		2,368		29,699		278,107		72,459


LIABILITIES
Deposits		1,017				49		49		1,351		2,466		7,417
Other liabilities from financial intermediation				57,550		150,787		143		2,942		211,422		74,542
Other liabilities				38								38

Total liabilities		1,017		57,588		150,836		192		4,293		213,926		81,959


	Nuevo			Nuevo						Sud Bank
	Banco			Banco			Banco del			& Trust
	Suquía			Bisel			Tucumán			Company			Other			September 30,			December 31,
	S.A.			S.A.			S.A.			Limited			Subsidiaries			2006			2005

MEMORANDUM ACCOUNTS
Debit-balance accounts — Contingent		3,104															3,104			144,202
Debit-balance accounts — Control								536									536
Debit-balance accounts — Derivatives																				21,469
Credit-balance accounts — Contingent																				1,000
INCOME (LOSS)
Financial income		184			66			4			216			37			507			594
Financial expense		(147	)		(267	)		(1,972	)		(40	)		(270	)		(2,696	)		(2,683	)
Service-charge income								9			15			59			83			67
Service-charge expense														(22	)		(22	)		(30	)

Total income (expense)		37			(201	)		(1,959	)		191			(196	)		(2,128	)		(2,052	)

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

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


	Macro
	Securities			Sud		Macro
	S.A.			Inversiones		Fondos		Macro
	Sociedad			& Análisis		S.G.F.C.I.		Valores		September 30,
	De Bolsa			S.A.		S.A.		S.A.		2006

ASSETS
Other receivables from financial intermediation		26,437									26,437
Other receivables									3,262		3,262

Total assets		26,437							3,262		29,699


LIABILITIES
Deposits		698			521		56		76		1,351
Other liabilities from financial intermediation		2,942									2,942

Total liabilities		3,640			521		56		76		4,293

INCOME (LOSS)
Financial income		37									37
Financial expense		(270	)								(270	)
Service-charge income		54			4				1		59
Service-charge expense		(22	)								(22	)

Total income (expense)		(201	)		4				1		(196	)

In addition, the Bank and its subsidiaries have granted loans to related parties. According to the Bank’s policy, loans are required to be granted during the normal course of business under normal market conditions, both with respect to interest and guarantees required. The financing granted to such related parties amounted to 67,906 and 81,170 as of September 30, 2006, and December 31, 2005, respectively (consolidated figures).

As of September 30, 2006, and December 31, 2005, the deposits made by individuals related to the Bank amounted to 142,625 and 219,222, respectively (consolidated figures).

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


9.	CAPITAL STOCK

The Bank’s subscribed and paid-in capital as of September 30, 2006, amounts to 683,943. In addition, since December 31, 2001, the Bank’s capital stock has changed as follows:


— As of December 31, 2001			64,410
— Capital stock increase approved by the Shareholders’ Meeting of May 29, 2002(a)			390,832
— Capital stock increase approved by the Shareholders’ Meeting of July 4, 2003(b)			153,701
— Capital stock increase approved by the Shareholders’ Meeting of September 26, 2005(c)			75,000

As of September 30, 2006			683,943

NOTES TO THE FINANCIAL STATEMENTS — (Continued)


a)		On May 29, 2002, the regular and special shareholders’ meeting of former Banco Bansud S.A. approved a capital increase of 390,832,289 Class “B” shares with a face value of Ps. 1, each one entitled to one vote. During January and February 2003, the former Banco Bansud S.A.’s capital stock increase was subscribed and paid in. Consequently, the majority shareholder, Banco Macro S.A., capitalized 333,242 and the remaining 57,590 was subscribed and paid in by the minority shareholders of the former Banco Bansud S.A.

b)		On July 4, 2003, the regular and special shareholders’ meetings of the former Banco Bansud S.A. approved a capital increase in the amount of 153,700,791 on class B shares of face value of Ps. 1 each, one vote per share and entitled to the payment of dividends as from January 1, 2003, and in the wake of the merger of the former Banco Macro S.A. (see note 1).

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

		As of September 30, 2006, the capital increase was fully subscribed and paid in.

As of the date of issuance of these financial statements, the 75 million class “B” shares of common stock remain pending registration with the CNV.

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


10.	CORPORATE BONDS ISSUANCE

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

Class

Original value

09/30/2006

12/31/2005

Subordinated corporate bonds

USD 83,000,000

53,830

8,554

Subordinated corporate bonds

USD 4,000,000

2,972

3,493

Total

56,802

12,047


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

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

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

a.2)		On April 12, 1995, the Bank’s regular shareholders’ meeting approved creating a Global Program for the issuance of simple and unsecured Corporate Bonds, subordinated or not, nonconvertible into shares for up to

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

an aggregate of USD 50,000,000, and it entrusted the Board of Directors with the task of setting the characteristics of the referred bonds (price, form, payment and placement conditions, among others).

On July 20, 1998, the Bank received funds from a loan requested to FFCB for an amount of USD 5,000,000, whereby the Bank issued subordinated corporate bonds to finance the purchase of former Banco de Jujuy S.A. On July 20, 2005, the Bank paid the last installment of the Subordinated Corporate Bond, pursuant to the payment schedule established.

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

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

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

Through September 30, 2006, the Bank had amortized an amount equivalent to USD 14,400,000 (original value), based on the schedule established.

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

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

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

In that regard, as of September 30, 2006, the amount due was booked under “Subordinated corporate bonds” for an amount of 44,371 while, as of December 31, 2005, it was booked under “Provisions” for an amount of 42,310.

Although the Bank accepted the re-dollarization of 50% of the payables to the FFRE as of December 31, 2001, on July 19, 2005, it reported to the Central Bank that the creditor still had to define several aspects, such as decrease in the interest rate to be applied to amounts in pesos and in US dollars and the treatment of compensatory and punitive interest, which is relevant to the final calculation of the amounts due and payable to date.

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

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

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

Through September 30, 2006, the Bank had amortized the equivalent of USD 2,400,000 (original value), following the method described in point (a) above.

In addition, on September 1, 2006, the regular shareholders’ meeting approved the creation of an overall program for the issuance of simple corporate bonds at a short, medium or long term, either subordinated or un-subordinated, with or without guarantee, in accordance with 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.


11.	PORTFOLIO MANAGEMENT

a) On March 1, 1996, former 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 undertakes to perform all acts necessary to manage such portfolio. In consideration thereof, the Province of Salta recognizes to the Bank a percentage of the amounts effectively recovered.

As of September 30, 2006, and December 31, 2005, the loans portfolio managed for principal and interest, after application adjustments, amounted to 15,062 and 15,172, respectively.

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

As of September 30, 2006, and as of December 31, 2005, the loan portfolio under management amounted to 45,405 and 47,764, respectively.

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

As of September 30, 2006, and as of December 31, 2005, the loan portfolio under management amounted to 85,692 and 86,691, respectively.

d) On August 19, 2002, ABN AMRO Bank N.V. Sucursal Argentina, as trustee, the former Scotiabank Quilmes S.A., as trustor, Banco Comafi S.A., as collecting agent and manager and the former Banco Bansud S.A.

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

entered into an agreement for the LAVERC financial trust’s collection administration and management, whereby former Banco Bansud S.A. will be in charge of the collection management, custody, performance and any other task related to the corpus assets booked in the branches of former Scotiabank Quilmes S.A. received.

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

As of September 30, 2006, and December 31, 2005, the portfolio managed by the Bank amounted to 160,600 and 195,130, respectively.

e) On June 7, 2005, a portfolio assignment agreement was executed between Banco de Valores S.A., as trustee, and the Bank, as trustor, whereby “Macro Personal V” trust was set up. To such end, class “A” and “B” certificates of participation were issued for a face value of 59,524 and 10,504, respectively. Such agreement stipulated that the Bank will act as agent for the collection of trust receivables.

As of December 31, 2005, the portfolio managed by the Bank amounted to 21,875.

On September 20, 2006, the Bank signed an agreement for the liquidation of the abovementioned trust and reimbursed the net book value of corpus assets.

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.

As of September 30, 2006, the portfolio managed by the Bank amounts to 71,166. Also, see note 4.n) to the consolidated financial statements.

g) In addition, as of September 30, 2006, and December 31, 2005, the Bank had under its management other portfolios for total amounts of 46,753 and 51,439, respectively.

As of September 30, 2006, the subsidiary Banco del Tucumán S.A. manages a loan portfolio assigned as part of the process for the transfer of Banco San Miguel de Tucumán S.A. for an amount of 14,157.

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

12. MUTUAL FUNDS

As of September 30, 2006, the Bank, in its capacity as depository company, held in custody the shares of interest subscribed by third parties and securities from, among others, the following mutual funds:


	Shares of		Shareholders’		Investments
Fund	Interest		Equity		(a)

Pionero Pesos		302,272,909		334,620		332,987
Pionero Renta		53,447,859		95,391		82,328
Pionero Renta Ahorro		34,519,947		34,914		33,333
Pionero Crecimiento		2,440,620		5,078		4,833
Pionero Global Dólares		2,255,369		2,514		2,479
Pionero Financiero Dólares(b)		17,635		55		11
Puente Hnos. Renta Fija		3,005,219		4,297		4,244
Puente Hnos. Renta Variable		2,529,370		3,666		3,667
Puente Hnos. Argentina Hedge Fund		1,456,116		1,910		194
Puente Hnos. Corporativos Latinoamericanos		460,482		1,607		1,542
Galileo Event Driven FCI		24,899,034		101,789		98,515


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

(b)		As of September 30, 2006, it is in liquidation process.


13.	BANK DEPOSIT GUARANTEE INSURANCE SYSTEM

Law No. 24,485, and Presidential Decree No. 540/95, provided for the organization of a Bank Deposit Guarantee Insurance System, characterized as being limited, mandatory and for valuable consideration, designed to provide coverage for risks inherent in bank deposits, subsidiary and supplementary to the bank deposit privileges and protection offered by the system created by Financial Institutions Law. Such law also provided for the organization of SEDESA to manage the Deposit Guarantee Fund. Such company was organized in August 1995. The Bank holds a 4.5518% equity interest therein, according to the percentages set forth in Central Bank Communiqué “B” 8,694 of March 30, 2006.

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


14.	TRUST ACTIVITIES

To date, Banco Macro S.A. acts either directly or through its subsidiaries as trust agent. In no case shall the Trustee be liable with its own assets or for an obligation deriving from the performance as trustee. Such obligations do not imply any type of indebtedness or commitment for the trustee and they will be fulfilled only through trust assets. In addition, the trustee will not encumber the corpus assets or dispose of them beyond the limits established

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

in the related trust agreements. The commissions earned by the Bank due to its performance as trust agent are calculated under the terms and conditions of the related agreements.

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

The effective trusts are:

Creation

Funds

Name

Trustor

Beneficiary

Date

Managed(1)

Banco Macro — Horizonte S.A. trust

Horizonte S.A.

Banco Macro S.A.

03/11/2004

91,839

Banco Macro — Horizonte S.A. trust

Horizonte S.A.

Banco Macro S.A.

12/30/2004

5,026

Banco Macro — Entretenimientos y Juegos de Azar S.A. trust

ENJASA

Banco Macro S.A. until settlement of the secured corporate bonds. Then, the ultimate beneficiary.

12/30/2003

44,377

Banco Macro — Entretenimientos y Juegos de Azar S.A. trust II

ENJASA

Banco Macro S.A. until settlement of the secured corporate bonds. Then, the ultimate beneficiary.

05/04/2004

63,288

Banco Macro Bansud S.A. — Entretenimientos y Juegos de Azar S.A. trust III

ENJASA

Banco Macro S.A. until settlement of the secured corporate bonds. Then, the ultimate beneficiary.

01/20/2005

65,644

Banco Macro Bansud — Entretenimientos y Juegos de Azar S.A. trust V

ENJASA

Banco Macro S.A. (1st beneficiary)

09/30/2005

123,944

Complejo Monumento Güemes — Entretenimientos y Juegos de Azar S.A. trust

ENJASA — Complejo Monumento Güemes

Banco de Inversión y Comercio Exterior

10/06/2004

253,605

Salta — Enjasa Riva trust

ENJASA

Riva S.A.

09/23/2004

283,059

Banco Macro Bansud — La Veloz del Norte S.A. trust

La Veloz del Norte S.A.

Banco Macro S.A. until settlement of the secured corporate bonds. Then, the ultimate beneficiary.

06/03/2005

467,688

Banco Macro Bansud — Sucesión Yeizel Katz trust

Sociedad de hecho sucesión de Yeizel Katz

Banco Macro S.A. until settlement of the secured corporate bonds. Then, the ultimate beneficiary.

03/20/2005

187,009

Cooperativa de Cerro Azul — IPRODHA guarantee trust

Cooperativa de Agua Potable y Otros Servicios

IPDH (Provincial Institute of Urban and Housing Development)

06/07/2005

14,632,947


(1)		Related to the monthly average on a straight-line basis of the funds managed during the three-month period from July through September 2006.

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

a) Managing the trust fund to guarantee in favor of the beneficiary the existence of the resources required to finance and/or pay the guaranteed obligations, such as the payment of amortization installments regarding work or service certificates, and the payment of invoices and fees stipulated in the related agreements.

b) Guaranteeing the existence of resources forming part of provincial institutes’ equity.

c) Promoting the production development of the private economic sector at a provincial level.

d) Public work concession agreement granting road exploitation, management, keeping and maintenance.

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

The effective trusts are:

Creation

Funds

Name

Trustor

Beneficiary

Date

Managed(1)

Los Castillos S.A. Provincia de Salta Banco Macro Bansud S.A. trust

Los Castillos S.A

Banco Macro S.A. (loan), Province of Salta (refinancing)

11/22/2004

23,411

IPSS trust

Ministry of Treasury and Public Works of Salta

Health Institute of the Province of Salta

03/28/2003

5,372,008

Decreto 331 Servicios Hidrocarburíferos trust

Province of Salta

Recovery Group S.A.

12/19/2002

2,946,448

Hospital El Milagro trust

Ministry of Treasury of the Province of Salta and Ministry of Public Health of Salta

UTE Nuevo Hospital El Milagro

03/01/2001

1,748,750

Obra Pública Decreto 106-01 Munic. trust

Municipality of the City of Salta

Sociedad Ingeniero Alonso Crespo S.A.

04/23/2001

211,710

Municipalidad de la Ciudad de Salta Acta Acuerdo 30.12.2004 trust

Municipality of the City of Salta

Province of Salta and/or the party appointed thereby

04/29/2005

385,000

Municipalidad de la Ciudad de Salta Obra Puente Gobernador Roberto Romero trust

Municipality of the City of Salta

Norobras Construcciones Civiles S.A.

05/17/2006

133,730

Municipalidad de la Ciudad de Salta Obra Accesos y Puentes sobre Río Arenales -Vinculación Calles Córdoba y Polonia trust

Municipality of the City of Salta

Ingeniero Medina S.A.

05/22/2006

77,134

Provincia de Salta Avenida de Circunvalación trust

Province of Salta

UTE (Ingeniero Medina S.A. — Moncho Construcciones)

05/2006

—

Provincia de Salta — La Casualidad S.A. trust

Province of Salta

Cía Minera la Casualidad S.A.

09/01/2005

2,178,805

Proyecto Barrio Autódromo trust

Municipality of the City of Salta

Parties hired for the natural gas installation

12/22/2005

140,301

Saeta — Banco Macro Bansud S.A. trust

Sociedad Anónima de Transporte Automotor (SAETA)

Employees from social security agencies, statutory health care organizations, tax authorities, among others.

10/06/2005

7,114,006

Decreto 2132/2000 trust

Province of Misiones

Concesionaria Enriquez Albano UTE

12/15/2000

409,232

Decreto 149/2002 trust

Province of Misiones

Aesa Misiones S.A.

02/26/2002

1,109,103

Banco Macro S.A. — Secretaría de Estado de Economía de la Provincia de Jujuy trust

Economy Department of the Province of Jujuy

05/11/2000

2,225,573

Banco Macro Bansud S.A. y Gobierno Provincial — Ley 5435 trust

Province of Jujuy

Municipalities and municipal commissions — Province

12/29/2004

27,800,655


(1)		Related to the monthly average on a straight-line basis of the funds managed during the three-month period from July through September 2006.

Also, see note 4 to the consolidated financial statements.


15.	INTEREST IN MACROAVAL SOCIEDAD DE GARANTIA RECIPROCA

On September 28, 1998, Macroaval S.G.R. (reciprocal guarantee corporation) was organized mainly in order to provide guarantees of any kind to its members by executing reciprocal guarantee agreements involving the production, trade and industrial sectors of any kind, exploited by small- and medium-sized companies defined as such under Law No. 24,467. The initial capital stock was set at 250. On December 27, 1998, the Department of Small- and Medium-sized Companies, subordinate to the Presidency of Argentina, authorized Macroaval S.G.R. to begin its operations.

The Bank became a sponsor partner of such company. In this respect, as of September 30, 2006, and December 31, 2005, the Bank held 30,500 shares of Macroaval S.G.R. of Ps. 1 each, that is, 12.20 % of the capital stock of such Company, which had been fully paid in.

As of September 30, 2006, and December 31, 2005, the Bank carried in assets contributions to Macroaval SGR’s Risk Fund amounting to 1,196 and 11,139, respectively.

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

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

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


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

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

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

The amount that the Bank has requested to settle under the installment plan system is 10,780, which will be paid in 120 monthly installments. The amount in question was charged to income for the fiscal year ended December 31, 2001. As of September 30, 2006, the outstanding amount is recognized in the “Other liabilities” account.

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

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

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

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


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

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

In early 2002, the Argentine Congress enacted Public Emergency and Foreign Exchange System Reform Law No. 25,561 (the effective term of which was extended through December 31, 2006). This law introduced significant changes to the economic model implemented until that date and amended Convertibility Law (the currency board that pegged the Argentine peso at parity with the US dollar) effective since March 1991. After a period of an official foreign exchange market, a single foreign exchange market was established, subject to Central Bank requirements and standards. Such law and subsequent presidential decrees established, among others, measures that affected the

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

financial system, primarily related to the conversion into pesos of its assets and liabilities in foreign currency at different exchange rates and the related compensatory measures.

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

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

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

Legal actions

The measures adopted by the Federal Executive in 2002 with respect to the public emergency in political, economic, financial and foreign exchange matters triggered a number of legal actions (known as recursos de amparo — constitutional rights protection actions), brought by individuals and companies against the Federal Government, the Central Bank and the financial institutions for considering that Public Emergency Law and its supplementary regulations are unconstitutional.

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

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

In one of the last decisions, the Supreme Court determined that the process was constitutional, although certain aspects are still pending resolution. In addition, Supreme Court decisions are limited to each case and, therefore, they may be modified in the future. However, trial and appellate courts usually consider and apply Supreme Court case law.

Should courts consider that the conversion into pesos is constitutional, the Bank will be entitled to claim the reimbursement of the amounts paid in excess of those required by current regulations. Conversely, should courts rule that deposits are to be settled in foreign currency, the Bank could receive additional claims. However, Bank Management considers that, in the end, those additional payments would be included in the mechanisms established to compensate financial institutions due to the effects of the asymmetric conversion into pesos.

The uncertainty regarding the final resolution of this issue in court remains, as well as regarding the possible effects thereof on: (i) the recoverability of the amounts capitalized (see note 5.1.b)), (ii) the amounts that the Bank could have to pay depositors in foreign currency based on judicial decisions, and (iii) the additional contingency due to possible judicial claims.

To date, courts have not issued a final resolution regarding those actions. Claims have decreased significantly and the rescheduling of deposits originally denominated in US dollars concluded.

NOTES TO THE FINANCIAL STATEMENTS — (Continued)

Considering the previous comments, Bank Management and its legal counsel consider that there will be no significant additional effect on Bank equity that could arise from the final resolution of those actions.

Under Communiqué “A” 3,916 dated April 3, 2003, the Bank and its subsidiaries carried in “Intangible Assets” as of September 30, 2006, and December 31, 2005, the amounts of 49,926 and 42,632, respectively (net of the related amortizations) reflecting the differences resulting from complying with the court orders in relation to the deposits involved and with the provisions of Presidential Decree No. 214/02, as supplemented.


19.	RESTRICTION ON EARNINGS DISTRIBUTION

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

b) As mentioned in note 10, under the agreements executed with the FFAEFyS, the Bank may not distribute as dividends in cash 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.

d) Finally, 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 credits from unappropriated retained earnings. As of September 30, 2006, the minimum presumed income tax credit amounts to 24,372 (see note 4).

e) On June 16, 2006, the Bank and Crédit Suisse First Boston International signed 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.


20.	FINANCIAL STATEMENTS PUBLICATION

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


21.	ACCOUNTING PRINCIPLES — EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

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

Jorge H. Brito

Chairperson

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2006

(Translation of financial statements originally issued in Spanish See note 21of the stand-alone financial statements)

(Figures stated in thousands of pesos, except otherwise indicated)


1.	SIGNIFICANT ACCOUNTING POLICIES AND SUBSIDIARIES

Under Central Bank Communiqué “A” 2,227, as supplemented, and FACPCE Technical Resolution No. 21, the Bank has made a line-by-line consolidation of its balance sheets as of September 30, 2006, and as of December 31, 2005, and the statements of income and cash flows for the nine-month periods ended September 30, 2006, and 2005, with those of Nuevo Banco Suquía S.A., Macro Securities S.A. Sociedad de Bolsa, Sud Inversiones & Análisis S.A. (consolidated with Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión S.A.), Sud Bank & Trust Company Limited (consolidated with Sud Asesores (ROU) S.A.) and Macro Valores S.A., related to the nine-month periods and fiscal years ended on such dates, as the case may be. In addition, as of September 30, 2006, the Bank consolidated its financial statements with those of Banco del Tucumán S.A., Nuevo Banco Bisel S.A. and Red Innova Administradora de Fondos de Inversión S.A. (see notes 2.6., 2.7. and 2.8 to the Bank’s stand-alone financial statements, respectively).

The receivables/payables and transactions between the institutions were eliminated in the consolidation process.

Furthermore, prior to consolidation, the financial statements of Sud Bank & Trust Company Limited (consolidated with Sud Asesores (ROU) S.A.) and Red Innova Administradora de Fondos de Inversión S.A. were adapted to the professional accounting standards effective in the City of Buenos Aires and the Central Bank’s accounting standards. Also, as they are originally stated in US dollars and Uruguayan pesos, respectively, they were translated into pesos following the procedures indicated below:

a) Assets and liabilities were converted at the reference exchange rate or the exchange rate reported by Central Bank trading room and effective for the foreign currency at the closing of transactions on the last business day of the nine-month period ended September 30, 2006, and the fiscal year ended December 31, 2005.

b) Figures related to the owners’ contributions (capital stock, additional paid-in capital and irrevocable capital contributions) were translated applying the effective exchange rates as of the date on which such contributions were paid in.

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

d) The amounts of the accounts in the statement of income for the nine-month periods ended September 30, 2006, and 2005, were switched into pesos, as described in (a) above. In both cases, the difference between the sum of the amounts thus obtained and lump-sum income (loss) for each period (difference between retained earnings at beginning of year and retained earnings at end of each period) was recorded in “Other income — Income from long-term investments” and “Financial income — Other” or “Financial expense — Other”, as the case may be, in the stand-alone and consolidated financial statements, respectively.

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2006 — (Continued)

The main figures included in the consolidated financial statements arising from the figures of Sud Bank and Trust Company Limited (consolidated with Sud Asesores R.O.U. S.A.) and Red Innova Administradora de Fondos de Inversión S.A. as of September 30, 2006, considering the translation process mentioned above are as follows:


	•	Sud Bank and Trust Company Limited (consolidated with Sud Asesores R.O.U. S.A.):


	In Thousands		In Thousands
	of USD		of Ps.

Assets		160,104		497,016
Liabilities		125,750		390,370

Shareholders’ equity		34,354		106,646


	•	Red Innova Administradora de Fondos de Inversión S.A.:


	In thousands		In thousands
	of UYU		of Ps.

Assets		4,292		562
Liabilities		72		9

Shareholders’ equity		4,220		553

As of September 30, 2006, the Bank’s equity interests in each of the companies mentioned is as follows:


												Value
												Estimated by
	Shares					Percentage of						the Equity
Company	Type		Number			Capital Stock			Possible Votes			Method

Nuevo Banco Suquía S.A.		Common		303,700,000			99.984	%		99.984	%		632,209	(a)
Nuevo Banco Bisel S.A.(b)		Common		650,650,000			71.400	%		77.000	%		619,870
Banco del Tucumán S.A.		Common		174,042	(c)		79.182	%		79.182	%		38,127
Sud Bank & Trust(d)		Common		9,816,899			99.999	%		99.999	%		106,646
Macro Securities S.A. Sociedad de Bolsa(e)		Common		940,500			99.000	%		99.000	%		12,449
Sud Inversiones & Análisis S.A.		Common		2,344,134	(f)		99.999	%		99.999	%		4,792
Macro Fondos S.G.F.C.I. S.A.(g)		Common		47,750			19.100	%		19.100	%		635
Macro Valores S.A.		Common		249,868	(h)		99.950	%		99.950	%		426
Red Innova Administradora de
Fondos de Inversión S.A.		Common		2,300			51.000	%		51.000	%		282


(a)		Net of negative goodwill for 483.

(b)		Banco Macro S.A. has an indirect equity interest of 21.33% in capital stock and 23% in voting rights in Nuevo Banco Bisel S.A. (through the subsidiary Nuevo Banco Suquía S.A.), in addition to the direct equity interest of 71.40% in capital stock and 77% in voting rights in such company.

(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 2.6. to the Bank’s stand-alone financial statements).

(d)		Sud Bank & Trust consolidates with Sud Asesores (ROU) S.A. (voting rights: 100%, equity interest: 334).

(e)		Banco Macro S.A. has an indirect equity interest of 1% in Macro Securities S.A. Sociedad de Bolsa (through its subsidiary Sud Inversiones & Análisis S.A.), in addition to the direct equity interest of 99% in such company.

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2006 — (Continued)

(f) Including 2,144,136 shares to be received from the increase of capital stock approved on July 5, 2005. As of the date of issuance of the accompanying financial statements, registration with the IGJ was still pending.

(g) Consolidated through S.I.A.S.A., its Parent Company (interest in capital stock and voting rights: 80.90%).

(h) 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 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 (a regulatory agency for Argentine business associations).

The table below shows the assets, liabilities, shareholders’ equity and income (loss) of Banco Macro S.A. and each one of its subsidiaries as of September 30, 2006:


									Sud Bank
			Nuevo		Nuevo				& Trust
	Banco		Banco		Banco		Banco del		Company		Other				Banco Macro
	Macro		Suquía		Bisel		Tucumán		Limited		Subsidiaries				S.A.
	S.A.		S.A.		S.A.		S.A.		(1)		(2)		Eliminations		(Consolidated)

Assets		8,128,889		3,385,711		2,633,353		958,219		497,016		66,755		2,091,934		13,578,009
Liabilities		5,960,972		2,752,915		1,761,594		910,066		390,370		48,409		414,234		11,410,092
Shareholders’ equity		2,167,917		632,796		871,759		48,153		106,646		18,346		1,677,700		2,167,917
Income (loss)		277,238		159,117		21,649		8,087		3,008		3,371		195,232		277,238


(1)		Figures related to Sud Bank & Trust consolidated with Sud Asesores (ROU) S.A.

(2)		Figures related to the subsidiaries Macro Securities S.A. Sociedad de Bolsa, Sud Inversiones & Análisis S.A. (consolidated with Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión S.A.), Macro Valores S.A. and Red Innova Administradora de Fondos de Inversión S.A.


2.	VALUATION METHODS

The financial statements of the Bank’s subsidiaries have been prepared based on methods similar to those applied by the Bank to prepare its own financial statements, with respect to assets and liabilities valuation and disclosure, income (loss) measurement and restatement procedures, as explained in note 3 to the Bank’s stand-alone financial statements.


3.	RESTRICTED ASSETS

Certain assets are restricted as follows:

a) As of September 30, 2006, and December 31, 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 Sociedad de Bolsa’s possible failure to comply with its obligations.

b) As of September 30, 2006, and December 31, 2005, Nuevo Banco Suquía S.A. had provided in guarantee 5,819 and 4,831, respectively, regarding credit card transactions, and 1,088 and 1,573 for other security deposits, respectively.

c) As of September 30, 2006, and December 31, 2005, Nuevo Banco Suquía S.A. carried in the “Other receivables from financial intermediation — Central Bank” account 32,851 and 28,370, respectively, related

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2006 — (Continued)

to the amounts in the special guarantee checking accounts with the Central Bank for transactions related to the electronic clearing houses and similar entities.

d) As of December 31, 2005, Nuevo Banco Suquía S.A. had provided the Class “A” Bond Certificate of Participation in the Suquía Trust as guarantee for the advance granted by the Central Bank to such bank to purchase “Government Bonds 2005, 2007 and 2012,” which would be used for the deposit exchange option exercised by the holders of deposits with Nuevo Banco Suquía S.A. This guarantee covered principal, adjustments and interest up to the maximum amount of 178,056.

The Central Bank accepted the exchange of this guarantee for Guaranteed Loans to guarantee the principal and registered Mortgage Bills to guarantee the adjustments and interest. As of September 30, 2006, these guarantees amounted to 202,157 in Guaranteed Loans and 27,515 in registered Mortgage Bills.

The balances of such advance as of September 30, 2006, and December 31, 2005, were 197,849 and 216,197, respectively.

e) As of September 30, 2006, Banco del Tucumán S.A. recorded 20,851 in the “Other receivables from financial intermediation — Central Bank” account related to the amounts in the special guarantee checking accounts with the Central Bank for transactions related to the electronic clearing houses and similar transactions.

f) As of September 30, 2006, Banco del Tucumán S.A. recorded 320 under “Other receivables — Other — Security deposits” to secure credit card transactions.

g) As of September 30, 2006, Nuevo Banco Bisel S.A. continued to keep as security the prepayments for the acquisition of Argentine Government bonds (section 14, Presidential Decree 905/02, “Canje I”) for an amount of 175,891. To secure the prepayments of the Boden exchange, Nuevo Banco Bisel S.A. transferred in favor of the Central Bank BODEN 2007 for a face value of Ps. 131,197,500 and Guaranteed Loans for a face value of Ps. 61,861,822, with a book value of 193,293 as of September 30, 2006.

h) As of September 30, 2006, Nuevo Banco Bisel S.A. recorded 8,853 in the “Other receivables from financial intermediation — Central Bank” account related to the amounts in the special guarantee checking accounts with the Central Bank for transactions related to the electronic clearing houses and similar transactions.

i) As of September 30, 2006, Nuevo Banco Bisel S.A. included under “Other receivables” the Credit Card Managers Guarantee Fund for an amount of 5,416, funds to guarantee expenses and financial trusts liquidity for 1,291. In addition, it included 200 which was withheld by the purchaser for the sale of Bisel Servicios S.A. and 133 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 as of such date was 498.

j) As of September 30, 2006, Nuevo Banco Bisel S.A. included under “Other receivables” receivables from foreign correspondents for 7,477, 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’s Board of Governors.

k) For further information see note 7 to the Bank’s stand-alone financial statements.

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2006 — (Continued)

4. TRUST ACTIVITIES

4.1. Sud Inversiones y Análisis S.A.

a) Transporte Automotor Plaza S.A. trust

On May 7, 1998, S.I.A.S.A., Transporte Automotor Plaza S.A. and the former Banco Bansud S.A., in their capacities as trustee, trustor and beneficiary, respectively, signed a trust agreement to secure the guarantee provided by the former Banco Bansud S.A. to the trustor on certain bills of exchange issued for acquiring passenger transportation buses from Scania Latinoamérica Ltda. and whereby the trustor assigned to the trustee:


	•	The rights over the amounts resulting from 15% of income generated per day as a result of the exploitation of public passenger transportation services, and

	•	A daily amount equivalent to the value of the bills to fall due in the six-month period divided by the number of working days of such period.

The Trustee deposits the funds collected as previously mentioned in a trust account. The funds previously mentioned are immediately reimbursed to the trustor provided there are no events of default or delay in the fulfillment of any obligation assumed towards the beneficiary.

Banco Macro S.A. recorded the payments made in relation to the guarantee granted under “Loans”.

Afterwards, on September 25, 2003, it was agreed to restructure such debt, keeping the trust as guarantee for the loan granted. However, the trust did not operate since such date; therefore, no assets or liabilities are recorded.

b) Luján trust

On May 20, 2003, a trust agreement was signed between Federalia S.A. de Finanzas, in its capacity as trustor, and Sud Inversiones y Análisis S.A., in its capacity as trustee, whereby a financial trust named “Luján” was created to sell the corpus assets (real property), and to pay off the certificates of participation issued with the proceeds. For such purpose, certificates of participation were issued in two classes: Class “A” in the amount of 34,800, and class “B”, whose redemption value is subordinate to the actual payment of the full amount of the class “A” certificate of participation, plus any interest and, consequently, will confer the right to the remaining proceeds of the sale.

On July 15, 2004, the parties agreed to split class “A” certificates of participation into two certificates of participation, the class “Nuevo A” certificate of participation for 26,542, with a priority right, and class “A Prima” certificate of participation in the amount of 8,258, subordinate to “Nuevo A” certificate of participation. Subsequently, on October 14 and November 24, 2004, the parties agreed to reduce the Certificate of Participation class “Nuevo A”, which was issued for a face value of 18,507, and increase the face value of the Certificate of Participation class “A PRIMA” to 16,293.

As of December 31, 2005, corpus assets amounted to about 49,400.

This trust will end with the settlement of the certificates of participation and/or the sale of corpus assets.

c) Mypes II trust (a)

On May 26, 2004, Sud Inversiones y Análisis S.A., in its capacity as trustee, entered into a trust agreement with the Federal Executive, through the Ministry of Economy and Production, hereinafter “Trustor-Beneficiary”, the Under-department of Small- and Medium-sized Enterprises belonging to the Ministry of Economy and Production, in its capacity as executor and organizer, whereby an ordinary trust called “Mypes II (a)” was created for the

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2006 — (Continued)

purpose of granting financial assistance to small- and medium-sized enterprises: In this regard, the Trustor-Beneficiary assigned the following assets to the trust:


	•	The funds contributed by the Trustor and Beneficiary.

	•	The loans granted by the intermediary financial institutions (IFI’s), which are assigned and discounted by the Trustee.

	•	The rights and privileges arising from the assignment of receivables as guarantee or pledge in favor of the trust.

The loans that the IFIs will discount with the Trustee will be granted to the Mypes (medium- and small-sized companies) eligible for such financing under the Loan Agreement BID 1,192/OC and the trust agreement.

On August 19, 2005, the trust agreement was amended through Resolution No. 389/2005 issued by the Ministry of Economy and Production to continue supporting through credit the increase in the production capacity of micro-, small- and medium-sized companies, for the purpose of improving their market competitiveness and help reduce unemployment.

The first trust will end three years after the date on which the trust was created (first disbursement on 09/26/05), unless the trustor extended the term.

d) Northia trust

On December 31, 2004, Sud Inversiones & Análisis S.A., in its capacity as trustee, Laboratorios Northia S.A.C.I.F.I.A., in its capacity as trustor and/or debtor and Banco Macro S.A., in its capacity as beneficiary, entered into a guarantee trust agreement called “Northia Trust”, the purpose of which was: (i) to ensure punctual compliance with the obligations assumed by the trustor under the loan for consumption agreement; and (ii) to establish a mechanism that would allow settling the trustor’s payment obligations under the loan for consumption agreement, according to the payment schedule and the corpus assets distribution system provided for in the trust agreement.

The Trustor assigns and transfers in trust the following to the Trustee:


	•	The collection rights derived from the sales of products made (but not yet paid) and those to be made by the trustor in the future.

	•	The amounts the trustor is entitled to collect by virtue of the manufacturing and/or pharmaceuticals supply agreements.

	•	The trustor’s collection of its present and future billing.

	•	The amounts that the Trustor is entitled to collect for any reason and for whatever items related to and/or directly or indirectly resulting from the Trustor’s products or business activities.

	•	The amounts that the trustor is entitled to collect for any reason whatsoever, either past and/or present and/or future (collectively referred to with the preceding items as the “Collection Rights”) related to the production and sale of its products.

This trust will end with the settlement of the trustor’s obligations mentioned above.

e) Fenoglio and Desarrollo PI trusts

On December 30, 2004, Desarrollo Pi S.A. and an individual subscribed a Shares of Stock Sale Agreement subject to a condition subsequent. The parties have agreed that, until the Court Ruling that is the subject matter of

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2006 — (Continued)

the condition subsequent is entered, the stock purchase price (USD 1,750,000) shall remain deposited in a trust account.

Therefore, on December 30, 2004, S.I.A.S.A., as trustee, the individual and Desarrollo PI S.A., as A and B beneficiaries, respectively, entered into an agreement to create the guarantee trust named Fenoglio trust.

Afterwards, on July 29, 2005, such judicial resolution was enacted and, therefore, on August 5, 2005, the parties signed an agreement to release funds. Such agreement set forth that, by releasing the residual fund, which occurred on March 13, 2006, the trust was definitely extinguished and liquidated.

Additionally, on December 30, 2004, Sud Inversiones & Análisis S.A., in its capacity as trustee, Desarrollo Pi S.A., in its capacity as trustor and Banco Macro S.A., in its capacity as beneficiary, entered into a guarantee trust agreement called “Desarrollo Pi trust” to guarantee the repayment of the obligations assumed by the trustor in favor of the beneficiary.

On May 29, 2006, Desarrollo PI S.A. settled all the obligations assumed with Banco Macro S.A., in guarantee of which the referred trust had been created.

On July 19, 2006, the trust was extinguished and liquidated.

f) Pulte trust

On January 6, 2005, Sud Inversiones y Análisis S.A., in its capacity as trustee, Pulte S.R.L., in its capacity as trustor and/or residual beneficiary and Banco Macro S.A., in its capacity as beneficiary, entered into a guarantee trust agreement called “Pulte Trust”, the purpose of which was: (i) to ensure punctual compliance with the obligations assumed by the trustor with the beneficiary; and (ii) to establish a mechanism that would allow settling the trustor’s payment obligations under the loan for consumption agreement, according to the payment schedule and the corpus assets distribution system provided for in the trust agreement.

The Trustor assigns and transfers in trust the following to the Trustee:


	•	real property and certain rights related thereto;

	•	the shares;

	•	the rights related to the work projects; and

	•	any other amount that the Trustor is entitled to collect for any item related to the corpus assets and/or deriving from its activities involving such assets.

On December 29, 2005, as early partial settlements were made to the loan agreement, the parties mutually agreed to reverse certain real property under the trust on an early basis, returning them to the trustor’s ownership.

On March 07, 2006, Pulte S.R.L. settled all the obligations assumed with Banco Macro S.A., under the loan for consumption agreement in guarantee of which the referred trust had been created. The related procedures are being carried out to end “Pulte trust” and release corpus assets.

g) San Isidro trust

On June 4, 2001, Banco Macro S.A. (replaced as from February 25, 2005, by Sud Inversiones y Análisis S.A.), as trustee, and the former Banco República S.A. de Finanzas, as trustor, entered into a trust agreement, whereby the “San Isidro” financial trust was set up. Under such agreement, the trustor assigned the trustee the fiduciary ownership of the property and plot of land located in the San Isidro district, Province of Buenos Aires, in order to realize them and use the proceeds to settle the certificates of participation: class “A”, amounting to USD 2,988,000;

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2006 — (Continued)

class “B” for USD 3,546,000, and class “C” for the remainder. Subsequently, such certificates were switched into pesos a provided by Presidential Decree No. 214/02, as amended and supplemented.

As of December 31, 2005, corpus assets amounted to about 25,650.

This trust will end with the settlement of the certificates of participation and/or the sale of corpus assets.

h) Onext financial trust

On May 19, 2005, Banco Macro S.A., Banco Credicoop Cooperativo Limitado, Dalvian House S.A. and Conjunto los Cerros S.A., in their capacities as trustors, Sud Inversiones y Análisis S.A., as trustee, and Dalvian S.A. and Tecan Austral S.A, entered into agreement whereby the “Onext Financial Trust” was set up, by virtue of which the trustors conveyed the fiduciary ownership of the following assets to the trustee:


	•	Banco Macro S.A., the amount of 16,060.

	•	Credicoop, the amount of 16,060.

	•	Dalvian House: the plots of land owned, including: a) the right to obtain and use the authorizations and any type of permissions in connection with such plots of land; and b) the price that might be obtained from any sale and/or any other way of legal divestiture of the plots of land, and

	•	Conjunto los Cerros: the plots of land owned, including: a) the right to obtain and use the authorizations and any type of permissions in connection with such plots of land; and b) the price that might be obtained from any sale and/or any other way of legal divestiture of the plots of land.

The purpose of such trust is to settle the debt securities issued by the trust and distribute the remaining corpus assets, if any, among the holders of the certificates of participations in their respective proportions. The Class “A” Debt Certificates were issued for a total face value of 32,120 and the Certificates of Participation were issued for a total face value of 48,947.

As of December 31, 2005, corpus assets amounted to about 62,708.

This trust will end with the full settlement of debt securities, unless the holders of certificates of participation decided to extend it.

i) Tucumán trust

On August 31, 2005, Sud Inversiones y Análisis, in its capacity as trustee, Federalia Sociedad Anónima de Finanzas, Maxifarm S.A. and Gabrinel S.A., in their capacity as trustors, and Banco Macro S.A., in its capacity as potential trustor, and the securities holders, in their capacity as beneficiaries, entered into a trust agreement that created the “Tucumán” financial trust, whereby the trustors assign to the trustee the fiduciary ownership of the following debt certificates issued by the República trust:


	•	Federalia assigned “A” debt securities for a face value of 48,402 (residual value of 45,558) and “C” debt securities for a face value of 1,754.

	•	Maxifarm assigned “A” debt securities for a face value of 39,285 (residual value of 36,987), “B” debt securities for a face value of 206, and “C” debt securities for a face value of 3,154.

	•	Gabrinel assigned “A” debt securities for a face value of 13,662 (residual value of 12,204).

The purpose of such trust is to guarantee the payment of the certificates of participation issued (class “A” certificate — Nos. 1, 2 and 3 — for a total face value of Ps. 61,000, and class “B” certificates).

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2006 — (Continued)

As of December 31, 2005, corpus assets amounted to about 12,370.

This trust will end with the full settlement of the certificates of participation.

j) Puerto Madero Siete trust

On September 27, 2005, Sud Inversiones y Análisis S.A., in its capacity as trustee, and certain Bank shareholders, among others, in their capacity of trustors, and the holders of securities as beneficiaries, executed a trust agreement to create Puerto Madero Siete financial trust, the purpose of which is to purchase certain real property (Dock 1, East Side of Puerto Madero) and, potentially, other real property to develop a business plan in the Puerto Madero area, City of Buenos Aires.

The trustors assign and transfer to the trustee the following corpus assets:


	•	Initial contributions.

	•	The additional funds in Argentine pesos and/or foreign currency the beneficiaries may potentially contribute to carry out the business plan.

	•	Any other assets and rights that may be incorporated to the Trust during its performance(the foreseen real property, other real property, buildings, facilities and fixtures and any other elements affixed to or planted in the land of the property originally foreseen or any other property, any other assets, rights or obligations incorporated into the Trust for any reason).

Following the initial and additional contributions, the Trustee issued Certificates of Participation for an equivalent nominal value, which were originally subscribed by the Trustors.

As of December 31, 2005, corpus assets amounted to about 202,894.

This trust end conclude 15 years after the creation thereof.

k) TST & AF trust

On November 29, 2005, to replace the Trustee of the TST&AF trust an agreement was entered into between Austral Financial LLC (formerly known as Tishman Speyer — Citigroup Alternative Investments and Austral Financial LLC), in its capacity as Trustor, First Trust of New York, National Association, Permanent Representation Office in Argentina, in its capacity as Trustee, Sud Inversiones & Análisis, in its capacity as Substitute Trustee and Austral Financial LLC, Proa del Puerto S.A. and Sud Bank and Trust Company Limited, in its capacity as Beneficiaries, whereby the Trustee ratifies its express and irrevocable resignation as trustee, the Beneficiaries ratify the acceptance of the Trustee’s resignation and appoint Sud Inversiones & Análisis S.A. as Substitute Trustee of the Trust.

Sud Inversiones & Análisis S.A., in its capacity as Substitute Trustee, will manage the following assets:


	•	The site located at Block 1, “I”, Dock IV, in Puerto Madero, City of Buenos Aires, intended for the construction of a real estate project; and the rights thereon.

	•	All other assets to be incorporated into the Trust through the subscription of Securities.

	•	All improvements, constructions and facilities incorporated to the Project.

	•	The rights deriving from the Project contracts.

	•	All financial assets held in fiduciary ownership by the Trustee.

	•	Such party’s rights and obligations regarding the documents enumerated in the agreement.

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2006 — (Continued)


	•	Name and title to the payments account.

The purpose of the trust is to develop a real estate project and the subsequent sale thereof to settle the debt securities issued.

As of December 31, 2005, corpus assets amounted to about 77,713.

This trust will end 30 years after the execution and/or full payment, sale or any other disposition related to the project in full.

l) CIYPSA trust

On January 26, 2006, Sud Inversiones y Análisis S.A., in its capacity as trustee, Compañía de Inversiones y Participaciones S.A. (CIYPSA)., in its capacity as trustor and/or ultimate beneficiary and Banco Macro S.A., in its capacity as beneficiary, entered into a guarantee trust agreement called “CIYPSA trust”, the purpose of which is to guarantee the repayment of the obligations assumed by the trustor towards the beneficiary by virtue of a loan granted.

The trustee assigned in trust to the trustee all the rights and actions to which the trustor is entitled as purchaser under the three bills of sale that the latter executed on November 18, 2005, whereby First Trust of NY, N.A., in its capacity as trustee of the “TST & AF financial trust” sold to the trustor the real property located at Manzana 1 I, Lado Este, Dique IV (Block 1, East Side, Dock IV) of the Puerto Madero District in the City of Buenos Aires.

This trust will conclude with the settlement of the trustor’s obligation mentioned above.

m) Edificio Torre Olmos trust

On February 1, 2006, Sud Inversiones y Análisis S.A., in its capacity as Trustee, Grunhaut Construcciones S.A., in its capacity as Trustor and Nuevo Banco Suquía S.A., in its capacity as Beneficiary, entered into a guarantee trust agreement called “Edificio Torre Olmos trust”, the purpose of which is to guarantee punctual compliance with the Guaranteed Obligations assumed by the Trustor with the beneficiary under the loan-for-consumption agreement and to establish a mechanism that will allow settling the Trustor’s payment obligations under the loan-granted, according to the payment schedule and the corpus assets distribution system stipulated in the trust agreement.

The Trustor assigns and transfers in trust to the Trustee the following assets:


	•	The real property including (without limitation): (i) the receivables and money resulting from the real property insurance; (ii) the right to obtain and use the authorizations and any type of permissions in connection with the real property; and (iii) any price that might be obtained from the sale and/or any other way of legal divestiture of the real property.

	•	The rights related to the work projects.

	•	Any other amount that the trustor is entitled to collect: (i) for any reason, item and/or description whatsoever related to and/or derived from, either directly or indirectly, the corpus assets, including commissions, charges and fees; and/or (ii) derived from any activity performed and/or to be performed in connection with the corpus assets.

This trust will end with the settlement of the trustor’s obligations mentioned above.

n) RETUC 1 trust

On March 31, 2006, Sud Inversiones y Análisis S.A., in its capacity as Trustee, and Banco Macro S.A., in its capacity as trustor and original beneficiary, entered into a Financial Trust Agreement called “RETUC 1”, the

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2006 — (Continued)

purpose of which is to perform and manage the collection of certain receivables transferred by the trustor. Pursuant to the execution of the agreement and the payment of the initial contribution, valued at 2,000, the Trustee issued, for the same nominal value, a Certificate of Participation No. 1, originally subscribed by the Trustor.

The Trustor assigns and transfers in trust the following to the Trustee:


	•	the receivables (to which it assigns a nominal value of 2,000);

	•	all rights, actions, claimable interest and expenses and guarantees over the receivables;

	•	the right to receive and collect any and all amounts due from or payable by any person related to the loans;

	•	the funds deposited in the collection account, the expenses account and other trust-fund accounts;

	•	the funds resulting from converting the abovementioned items into cash, other liquid assets and any other revenue or gain from the abovementioned items;

	•	the funds resulting from the investment of liquid funds;

	•	the additional contributions.

This trust will end with the full settlement of the trust securities or the depletion of corpus assets.

o) London trust

On May 23, 2006, Sud Inversiones y Análisis S.A., in its capacity as Trustee, London Supply S.A.C.I.F.I., in its capacity as trustor and/or ultimate beneficiary, and Banco Macro S.A. as beneficiary, entered into a trust agreement called “London guarantee trust” for the purpose of guaranteeing to the beneficiary the collection of principal, interest, expenses and any other amount due as a result of the loan granted by the beneficiary to the trustor.

The Trustor assigns and transfers in trust the following to the Trustee:


	•	100% of all current and future collection rights for the airport taxes that the trustor is and will be entitled to collect by virtue of the concession contract;

	•	all the amounts that the trustor was entitled to collect for any reason, account and/or item related to and/or deriving from airport taxes, either directly or indirectly, including any difference that the trustor may be entitled to collect as a result of an increase in airport taxes and/or any claim made to recognize a listed price difference, among others, for the conversion into pesos of the airport taxes that were originally denominated in US dollars;

	•	all the amounts that the trustor was entitled to collect before the concession grantor for an alleged early termination or concession redemption.

This trust will end with the settlement of the trustor’s obligations mentioned above.

p) San Vicente trust

On June 28, 2006, Sud Inversiones y Análisis S.A., trustee, Unider Internacional S.A., as trustor, and Banco Macro S.A., as beneficiary, entered into a guarantee trust agreement for the purpose of (a) guaranteeing the payment of obligations assumed by SAN VICENTE, which arise from the refinancing agreement signed between the Company and the Bank and (b) fixing the terms and conditions whereby the trustee will manage corpus assets to the benefit of the beneficiary.

The trustor assigns and transfers in trust to the trustee the rights related to Cometrans S.A.’s shares, which are owned by the trustor.

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2006 — (Continued)

This trust will end with the settlement of the trustor’s obligations mentioned above.

q) Tawer security agreement and trust assignment

On July 7, 2006, Sud Inversiones y Análisis S.A., as guarantee depository and trustee, Tawer Construcciones S.A., as grantor and assignor, Royal Group Technologies del Sur S.A., as the Company, and Banco Macro S.A., as beneficiary, entered into a security and trust assignment agreement to provide a guarantee to the beneficiary regarding the due compliance with the obligations assumed by Tawer.

Assignor transfers to the trust the shares, the additional shares, the proceeds from shares and the rights to which it is entitled with respect to the company as a result of future contributions, creating a guarantee in favor of the beneficiary.

On October 13, 2006, Tawer Construcciones S.A. settled all the obligations assumed with Banco Macro S.A., for the guarantee of which the referred trust had been created, and the trust assignment thereof were liquidated.

r) Tucumán I trust

On July 31, 2006, Sud Inversiones y Análisis S.A., as trustee, and Gasnor S.A., as trustor, entered into a trust agreement called “Tucumán I financial trust”. The purpose of the trust is to manage the corpus assets detailed below to settle the certificates to be issued:


	•	Receivables from the customer involved regarding the construction of a natural gas distribution network for new customers in the city of San Miguel de Tucumán.

	•	The funds resulting from converting the abovementioned items into cash, other liquid assets and other assets and any gain from the abovementioned items

	•	Any other asset acquired by the trust under the terms of the agreement.

In addition, Banco Macro S.A. granted a loan to Gasnor S.A. to finance the abovementioned construction works. According to such loan, Gasnor S.A. may settle its payable be delivering such certificates of deposit to Banco Macro S.A.

This trust will end with the full settlement of the certificates of participation.

s) Altos de la Calera I trust

On August 07, 2006, Sud Inversiones y Análisis S.A., in its capacity as Trustee, Altos de la Calera S.A., in its capacity as Trustor, Nuevo Banco Suquía S.A., in its capacity as Beneficiary, and certain parties as guarantors entered into a trust agreement called “Altos de la Calera I guarantee trust”, the purpose of which is to guarantee the timely compliance with the Guaranteed Obligations and to establish a mechanism that will allow settling the payment obligations assumed by the Trustor with the Beneficiary under the loan agreement, according to the payment schedule and the corpus assets distribution system stipulated in the trust agreement.

The Trustor assigns and transfers in trust to the Trustee the following assets:


	•	The trust ownership of all the rights and actions to which the trustor is entitled -and should collect-over the price of agreements of sale of real property, as detailed in the trust agreement.

This trust will conclude with the settlement of the guaranteed obligations.

t) Madcur Construcciones trust

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2006 — (Continued)

On September 7, 2006, an agreement was signed between Madcur Construcciones S.A., as trustor and ultimate beneficiary, Sud Inversiones y Análisis S.A., as trustee, and Hexagon Bank Argentina S.A., as beneficiary, whereby the trustor assigned to the trust:


	•	Three pieces of real property located in the Rivadavia district in the Province of San Juan.

	•	Five pieces of real property located in the Chimbas district in the Province of San Juan.

The purpose of such trust — for the maximum term of one year- is to manage and sale corpus assets to settle the “beneficiary’s right”. For such purpose, it was determined that the maximum limit of the beneficiary’s right regarding the corpus assets is 1,659. Once all expenses have been paid and the beneficiary’s right has been fully settled, the trustee will reimburse the remaining funds to the beneficiary and ultimate beneficiary in equal parts.

4.2. Nuevo Banco Suquía S.A.

a) Hospital Privado trust

On August 31, 1998, a trust assignment agreement was signed between Hospital Privado Centro Médico de Córdoba S.A. (trustor), International Finance Corporation (beneficiary) and Nuevo Banco Suquía S.A. (trustee). The purpose of such trust is to guarantee all the assignor’s payment obligations as a result of the corporate bond issued and delivered by the latter to International Finance Corporation:


	•	The parties involved entered into a “custody and payment agreement”, whereby the trustee shall manage and dispose of the funds deposited in trust accounts under the instructions and for the guarantee of the beneficiary.

	•	The rights to earn all the amounts that, for any reason, may be payable by enrollees and statutory health care organizations to Hospital Privado were transferred for tax purposes. It includes funds and the proceeds of all rights, securities and interest previously mentioned and income deriving from the funds deposited.

b) Sideco trust

On December 7, 2005, a security and trust assignment agreement was entered into among SOCMA and SIDECO (grantors and assignors), Nuevo Banco Suquía S.A. (guarantee trustee) and Banco Macro S.A. (beneficiary) to provide a guarantee regarding the compliance with the payment obligations related to the loan granted by the beneficiary. It was agreed as follows:


	•	Grantors created a secured first-degree security agreement over shares.

	•	Trustors assigned in favor of beneficiary the trust ownership of shares.

	•	SIDECO assigned as guarantee the rights over the agreement to sell of a real property acquired.

Trust activities will be extinguished with the settlement of secured obligations or the expiration of the statutory term, whichever occurred first.

4.3. Nuevo Banco Bisel S.A.

a) NBB Personales I financial trust

On March 17, 2005, a financial trust called “NBB Personales I” was created between Nuevo Banco Bisel S.A. (trustor) and Rosario Administradora Sociedad Fiduciaria S.A. (trustee), which consists of personal loans generated by the trustor. The trust issued securities for a total face value of Ps. 25,561,608, consisting of Class “A” trust debt securities for a face value of Ps. 20,449,286, Class “B” trust debt securities for a face value of Ps. 2,556,161 and

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2006 — (Continued)

certificate of participation for a face value of Ps. 2,556,161. Each class of trust securities will mature at one hundred eighty days as from the normal maturity of the loan with longer term. Taking into account the experience and knowledge of the portfolios transferred, Nuevo Banco Bisel S.A. was instructed to manage and collect the loans.

The trust follows the terms under Law No. 24,441, its public offering is authorized by the CNV and its listing is authorized by the Stock Exchange of Rosario.

On March 30, 2005, the subscription of trust securities was closed, and 100% of Class “A” trust debt securities and 37.84% of Class “B” trust debt securities were delivered to third parties. The remaining Class “B” securities and all the certificate of participation were subscribed by Nuevo Banco Bisel S.A.

b) NBB Personales II financial trust

The Board of Directors of Nuevo Banco Bisel S.A., as part of the bank’s participation in the capital market, authorized the issuance of a second series of a financial trust created with personal loans called NBB Personales II, through the creation of financial trusts.

The trust follows the terms under Law No. 24,441, its public offering is authorized by the CNV and its listing is authorized by the Stock Exchange of Rosario.

NBB Personales II financial trust was authorized by the CNV in December 2005 and, on February 28, 2006, the subscription of trust securities was closed and 100% of Class “A” trust debt securities was delivered to third parties.

c) Agroprendas I financial trust

Based on note 4.3.b) above, a financial trust called Agroprendas I was created with collateral loans for a total amount of 49,502 divided into Class “A” trust debt securities for an amount of 34,650, Class “B” trust debt securities for an amount of 7,425 and certificates of participation amounting to 7,427.

The trust follows the terms under Law No. 24,441, its public offering is authorized by the CNV and its listing is authorized by the Stock Exchange of Rosario.

On October 18, 2005, the subscription of trust securities belonging to Agroprendas I financial trust was closed, delivering 100% of Class “A” trust debt securities and 6.2% of Class “B” trust debt securities to third parties. Nuevo Banco Bisel S.A. subscribed the remaining Class “B” trust debt securities and all the certificates of participation. In November 2005, 59.44% of VDF B still remaining in the bank’s possession was replaced through the secondary market.

Jorge H. Brito

Chairperson


• Limited review report on interim-period financial statements
• Balance sheets			1
• Statements of income			6
• Statements of changes in shareholders’ equity			8
• Statements of cash flows			9
• Notes to the financial statements			42
• Exhibits A through L and N			10-30
• Consolidated balance sheets			31
• Consolidated statements of income			36
• Consolidated statements of cash flows			39
• Consolidated statements of debtors by situation			40
• Notes to the consolidated financial statements with subsidiaries			76


	09/30/2006				12/31/2005
	Outstanding		% of Total		Outstanding		% of Total
Number of Customers	Balance		Portfolio		Balance		Portfolio

10 largest customers		924,185		25.55		868,439		32.16
50 next largest customers		796,621		22.02		526,545		19.50
100 next largest customers		425,819		11.77		302,601		11.20
Other customers		1,470,992		40.66		1,003,101		37.14

Total		3,617,617		100.00		2,700,686		100.00


	09/30/2006				12/31/2005
	Outstanding		% of Total		Outstanding		% of Total
Number of Customers	Balance		Portfolio		Balance		Portfolio

10 largest customers		1,031,123		21.26		1,042,571		23.97
50 next largest customers		896,372		18.48		959,961		22.07
100 next largest customers		358,728		7.40		331,618		7.62
Other customers		2,564,444		52.86		2,015,054		46.34

Total		4,850,667		100.00		4,349,204		100.00


Shares					Capital Stock
			Votes per		Issued and
Class	Number		Share		Outstanding(1)		Paid In(1)

Registered common stock A		11,235,670		5		11,236		11,236
Registered common stock B		672,707,767		1		672,707		672,707

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


	09/30/2006			12/31/2005

D. OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina		77,813			69,812
Amounts receivable from spot and forward sales pending settlement		250,716			347,323
Securities and foreign currency receivable from spot and forward purchases pending settlement		381,057			236,609
Premiums on options taken					284
Unlisted corporate bonds (Exhibits B, C and D)		958			927
Receivable from forward transactions without delivery of underlying asset					258
Other receivables not covered by debtor classification standards (Note 6.2)		332,793			274,858
Other receivables covered by debtor classification standards (Exhibits B, C and D)		23,964			30,497
less: Allowances (Exhibit J)		(3,412	)		(3,735	)

		1,063,889			956,833

E. ASSETS SUBJECT TO FINANCIAL LEASES
Assets subject to financial leases (Exhibits B, C and D)		121,404			106,263
less: Allowances (Exhibit J)		(1,522	)		(1,070	)

		119,882			105,193

F. INVESTMENTS IN OTHER COMPANIES (Exhibit E)
In financial institutions		1,397,580			577,477
Other		28,369			28,690
less: Negative goodwill		(483	)		(483	)
less: Allowances (Exhibit J)		(1,006	)		(1,148	)

		1,424,460			604,536

G. OTHER RECEIVABLES
Receivables from sale of assets (Exhibits B, C and D)		14,617			7,966
Minimum presumed income tax — Tax Credit		24,372			42,723
Other (Note 6.3)		92,074			87,530
Accrued interest and adjustments receivable on receivables from sales of assets (Exhibits B, C and D)		21			11,627
Other accrued interest and adjustments receivable		66			48
less: Allowances (Exhibit J)		(14,462	)		(16,302	)

		116,688			133,592

H. BANK PREMISES & EQUIPMENT, NET (Exhibit F)		189,052			176,168

I. OTHER ASSETS (Exhibit F)		147,769			144,838


	09/30/2006		12/31/2005

J. INTANGIBLE ASSETS (Exhibit G)
Goodwill		68,456		1,646
Organization and development costs		62,767		67,126

		131,223		68,772

K. ITEMS PENDING ALLOCATION		231		433

TOTAL ASSETS		8,128,889		6,915,250


LIABILITIES
L. DEPOSITS (Exhibits H and I)
From the non-financial government sector		1,005,322		821,497
From the financial sector		2,735		3,541
From the non-financial private sector and foreign residents
Checking accounts		616,767		506,497
Savings accounts		805,641		690,732
Time deposits		2,241,396		2,129,788
Investment accounts		31,046		23,724
Other (Note 6.4)		133,161		127,213
Accrued interest, adjustments, foreign exchange and quoted price differences payable		14,599		46,212

		4,850,667		4,349,204

M. OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina (Exhibit I)
Other		821		562
Banks and international Institutions (Exhibit I)		173,857		153,485
Amounts payable for spot and forward purchases pending settlement		301,865		172,708
Securities and foreign currency to be delivered under spot and forward sales pending settlement		266,739		372,566
Financing received from Argentine financial Institutions (Exhibit I)		26,486		25,106
Payables for forward transactions without delivery of underlying asset				64
Other (Note 6.5. and Exhibit I)		129,904		103,564
Accrued interest, adjustments, foreign exchange and quoted price differences payable (Exhibit I)		21,885		21,651

		921,557		849,706


	09/30/2006		12/31/2005

N. OTHER LIABILITIES
Other (Note 6.6.)		82,811		71,883

		82,811		71,883

O. PROVISIONS (Exhibit J)		48,466		142,283

P. SUBORDINATED CORPORATE BONDS (Exhibit I)		56,802		12,047

Q. ITEMS PENDING ALLOCATION		669		553

TOTAL LIABILITIES		5,960,972		5,425,676

SHAREHOLDERS’ EQUITY (As per related statement)		2,167,917		1,489,574

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		8,128,889		6,915,250


MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS		4,733,895		4,057,524

Contingent		1,259,374		995,148
Guarantees received		898,124		845,397
Other not covered by debtor classification regulations		3,112
Contingent debit-balance contra accounts		358,138		149,751
Control		2,973,439		2,603,638
Receivables classified as irrecoverable		421,534		462,318
Other (Note 6.7.)		2,500,518		2,101,599
Control debit-balance contra accounts		51,387		39,721
Derivatives		501,082		458,738
Notional value of call options taken		119,345
Notional value of put options taken		61,724		133,456
Notional value of forward transactions without delivery of underlying asset		9,359		36,770
Derivatives debit-balance contra accounts		310,654		288,512
CREDIT-BALANCE ACCOUNTS		4,733,895		4,057,524

Contingent		1,259,374		995,148
Other guarantees provided covered by debtor classification regulations (Exhibits B, C and D)		232,849		87,184
Other guarantees provided not covered by debtor classification regulations		43,008		1,474
Other covered by debtor classification regulations (Exhibits B, C and D)		82,281		61,093
Contingent credit-balance contra accounts		901,236		845,397


	09/30/2006		09/30/2005

E. SERVICE-CHARGE EXPENSES
Fees		8,260		5,347
Other (Note 6.12)		24,670		16,377

		32,930		21,724

F. ADMINISTRATIVE EXPENSES
Personnel expenses		147,182		111,056
Directors’ and statutory auditors’ fees		9,083		11,059
Other professional fees		22,471		14,324
Advertising and publicity		16,964		9,759
Taxes		3,471		3,629
Other operating expenses (Note 6.13.)		64,534		55,770
Other		9,082		6,315

		272,787		211,912

NET INCOME FROM FINANCIAL INTERMEDIATION		112,960		42,555

G. OTHER INCOME
Income from long-term investments		188,455		102,165
Penalty interest		1,755		969
Recovered loans and allowances reversed		64,567		70,522
CER adjustments		246
Other (Note 6.14)		23,162		25,332

		278,185		198,988

H. OTHER EXPENSES
Punitive interest and charges payable to the Central Bank of Argentina		19		24
Charges for other receivables uncollectibility and other allowances		9,680		5,314
Amortization of differences from amparos		11,660		10,449
Other (Note 6.15)		47,548		28,451

		68,907		44,238

NET INCOME BEFORE INCOME TAX		322,238		197,305

I. INCOME TAX		45,000		10,000

NET INCOME FOR THE PERIOD		277,238		187,305


(1)		Net of a negative goodwill amounting to 483 as of September 30, 2006, and December 31, 2005.

(2)		Income disclosed has been generated from 5/5/2006 (date of Bank acquisition) through 9/30/2006.

(3)		Income disclosed has been generated from 8/11/2006 (date of Bank acquisition) through 9/30/2006.

(4)		See note 1 to the consolidated financial statements.

(5)		Income disclosed has been generated from 9/13/2006 (date of Bank acquisition) through 9/30/2006.

(6)		See Note 7(d).

(7)		As of September 30, 2006, and December 31, 2005, the Bank carried 1,006 and 1,148, respectively, as allowance for impairment in value (see Exhibit J).


	09/30/2006		12/31/2005

J. INTANGIBLE ASSETS
Goodwill		83,393		1,646
Organization and development costs		81,312		68,445

		164,705		70,091

K. ITEMS PENDING ALLOCATION		595		873

TOTAL ASSETS		13,578,009		9,487,822


LIABILITIES
L. DEPOSITS
From the nonfinancial government sector		1,452,101		822,687
From the financial sector		10,370		5,208
From the nonfinancial private sector and foreign residents
Checking accounts		1,667,601		1,036,175
Savings accounts		1,624,079		1,100,633
Time deposits		4,514,342		3,222,011
Investment accounts		31,168		29,826
Other		352,672		292,767
Accrued interest, adjustments, foreign exchange and quoted price differences payable		35,429		56,019

		9,687,762		6,565,326

M. OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina
Other		375,277		206,352
Banks and international Institutions		177,303		154,006
Amounts payable for spot and forward purchases pending settlement		148,734		108,682
Securities and foreign currency to be delivered under spot and forward sales pending		373,342		429,714
settlement
Premiums on options sold		327		18
Financing received from Argentine financial Institutions		27,718		25,154
Payables for forward transactions without delivery of underlying asset				64
Other		227,766		186,371
Accrued interest, adjustments, foreign exchange and quoted price differences payable		21,944		32,802

		1,352,411		1,143,163


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


	09/30/2006		12/31/2005

6.5) Other liabilities from financial intermediation — Other
Purchase financing payables		28,499		24,144
Collections and other transactions on account and behalf of others		23,647		19,068
Other withholdings and additional withholdings		19,956		15,603
Other payment orders pending settlement		16,004		21,194
Miscellaneous not subject to minimum cash requirements		14,960		10,406
Retirement pension payment orders pending settlement		9,860		4,395
Miscellaneous subject to minimum cash requirements		1,358		1,556
Miscellaneous		15,620		7,198

		129,904		103,564

6.6) Other liabilities — Other
Taxes payable		53,179		37,197
Miscellaneous payables		18,802		15,283
Salaries and payroll taxes payable		5,223		11,266
Prepayment for the sale of assets		3,839		5,297
Withholdings from salaries, to be paid over		1,768		2,840

		82,811		71,883

6.7) Memorandum accounts — Debit-balance accounts — Control — Other
Checks and securities in custody		1,897,882		1,633,884
Managed portfolio		424,678		355,135
Checks to be collected		52,885		58,150
Checks to be debited		42,044		28,930
Other items		83,029		25,500

		2,500,518		2,101,599

6.8) Financial income — Net income from government and private securities
Income from government securities		70,414		63,062
Income from certificates of participation in financial trusts		23,619		12,410
Other		13,103		3,483

		107,136		78,955

6.9) Financial income — Other
Foreign currency exchange difference		15,966		9,315
Income from assets subject to financial lease		14,316		9,375
Premiums from repurchase agreements with the financial sector		10,109		8,986
Interest on loans for export prefinancing and financing		6,483
Premiums from other reverse repurchase agreements		1,286		949
Income from other receivables from financial intermediation				5,698
Other		1,349		730

		49,509		35,053


	09/30/2006		09/30/2005

6.10) Financial expense — Other
Turnover tax		13,275		6,188
Premiums from repurchase agreements with the financial sector		8,493		6,118
Contribution to the guarantee fund		5,107		4,754
Valuation allowance of loans to the government sector — Central Bank Communiqué “A” 3,911		3,112		11,224
Other		746		166

		30,733		28,450

6.11) Service-charge income — Other
Debit and credit card income		27,843		20,199
Rental of safe deposit boxes		2,548		2,143
Other items		13,358		9,937

		43,749		32,279

6.12) Service-charge expenses — Other
Debit and credit card expense		13,121		7,862
Turnover tax		6,548		5,285
Other		5,001		3,230

		24,670		16,377

6.13) Administrative expenses — Other operating expenses
P&E depreciation		14,139		11,261
Maintenance, conservation and repair expenses		11,734		9,063
Security services		10,242		8,425
Electric power and communications		8,791		7,980
Organization and development expenses amortization		8,107		9,163
Leases and rentals		4,667		3,077
Stationery and office supplies		4,312		4,427
Insurance		2,542		2,374

		64,534		55,770


	09/30/2006		09/30/2005

6.14) Other income — Other
Gain on transactions or sale of bank premises and equipment and other assets		6,759		3,839
Sale of Guaranteed Loans		4,992		880
Other adjustments and interest on other receivables		1,421		935
Credit cards		1,114		804
Leases and rentals		321		634
Certifications		291		268
Checkbook and statement issuance fees		112		1,935
Tax deferral				1,413
Other		8,152		14,624

		23,162		25,332

6.15) Other expenses — Other
Commissions of the placing agent for the public offering of shares		12,167
Tax on bank account transactions		8,634		6,027
Non-computable VAT credit		6,599		4,870
Shareholders’ personal assets tax		5,507		4,958
Loss on transactions or impairment in value of bank premises and equipment and other assets		2,673		229
Goodwill amortization		2,200		629
Depreciation of miscellaneous assets		1,004		1,280
Donations		810		468
Turnover tax		627		979
Guarantee fund and credit card losses		66		159
Other		7,261		8,852

		47,548		28,451


	By:	/s/ Luis Cerolini


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


		an aggregate of USD 50,000,000, and it entrusted the Board of Directors with the task of setting the characteristics of the referred bonds (price, form, payment and placement conditions, among others).

		On July 20, 1998, the Bank received funds from a loan requested to FFCB for an amount of USD 5,000,000, whereby the Bank issued subordinated corporate bonds to finance the purchase of former Banco de Jujuy S.A. On July 20, 2005, the Bank paid the last installment of the Subordinated Corporate Bond, pursuant to the payment schedule established.

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

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

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

		Through September 30, 2006, the Bank had amortized an amount equivalent to USD 14,400,000 (original value), based on the schedule established.

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

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

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

		In that regard, as of September 30, 2006, the amount due was booked under “Subordinated corporate bonds” for an amount of 44,371 while, as of December 31, 2005, it was booked under “Provisions” for an amount of 42,310.

		Although the Bank accepted the re-dollarization of 50% of the payables to the FFRE as of December 31, 2001, on July 19, 2005, it reported to the Central Bank that the creditor still had to define several aspects, such as decrease in the interest rate to be applied to amounts in pesos and in US dollars and the treatment of compensatory and punitive interest, which is relevant to the final calculation of the amounts due and payable to date.

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


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


(f)		Including 2,144,136 shares to be received from the increase of capital stock approved on July 5, 2005. As of the date of issuance of the accompanying financial statements, registration with the IGJ was still pending.

(g)		Consolidated through S.I.A.S.A., its Parent Company (interest in capital stock and voting rights: 80.90%).

(h)		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 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 (a regulatory agency for Argentine business associations).