Macro Bank Inc. — Regulatory Filings 2011

Aug 18, 2011

6-K 1 v232576_6k.htm FORM 6-K Unassociated Document Licensed to: Vintage Filings Document Created using EDGARizerAgent 5.3.1.0 Copyright 1995 - 2009 Thomson Reuters. All rights reserved.

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

August 16, 2011

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 of Form 20-F or Form 40-F.

Form 20-F x 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 x

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 x

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 x

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

BANCO MACRO S.A.

Financial Statements as of June 30, 2011,

together with the limited review report

on interim-period financial statements

CONTENTS

·	Limited review report on interim-period financial statements
·	Cover
·	Balance sheets	1
·	Statements of income	5
·	Statements of changes in shareholders’ equity	7
·	Statements of cash flows	8
·	Notes to the financial statements	10
·	Exhibits A through L, N and O	43
·	Consolidated balance sheets	60
·	Consolidated statements of income	64
·	Consolidated statements of cash flows	66
·	Consolidated statements of debtors by situation	68
·	Notes to the consolidated financial statements with subsidiaries	70
·	Exhibit l to the consolidated financial statements with subsidiaries	77

LIMITED REVIEW REPORT ON INTERIM-PERIOD FINANCIAL STATEMENTS

Translation into English – Originally issued in Spanish

See Note 22 to the Financial Statements

To the Directors of

BANCO MACRO S.A.

Registered office: Sarmiento 447

City of Buenos Aires

1. We have performed a limited review of the accompanying balance sheet of BANCO MACRO S.A. as of June 30, 2011, and the related statements of income, changes in shareholders’ equity and cash flows for the six-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 June 30, 2011, and the related consolidated statements of income and cash flows for the six-month period then ended, which are disclosed as supplementary information. These financial statements are the responsibility of the Bank Management.

2. 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 the interim-period financial statements and with the “Minimum external auditing standards” issued by the BCRA (Central Bank of Argentina) applicable to the review of quarterly financial statements. Under such standards, a limited review consists primarily of 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. 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 BCRA, which differ from the professional accounting standards effective in Argentina in certain valuation and disclosure aspects described and quantified in such note.

4. As further explained in Note 22, certain accounting practices used by the Bank to prepare the accompanying financial statements conform with the accounting standards set forth by the BCRA but may not conform with the accounting principles generally accepted in other countries.

5. Based on our review, we have not become aware of any facts or circumstances that would require making significant changes to the financial statements mentioned in the first paragraph above in order for them to be presented in accordance with accounting standards established by the BCRA and, except for the effect of what is mentioned in the third paragraph, with professional accounting standards effective in Argentina.

6. With respect to the balance sheet of BANCO MACRO S.A. and BANCO MACRO S.A. and its subsidiaries as of December 31, 2010, 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 six-month period ended June 30, 2010, which were presented for comparative purposes, we report that :

a) On February 10, 2011, 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, 2010, which included a qualified opinion due to differences between the application of the accounting standards established by the BCRA and the professional accounting standards effective in Argentina, which are described and quantified in note 5 to the accompanying financial statements. We have not audited any financial statements as of any date or for any period subsequent to December 31, 2010.

• 2 -

b) On August 4, 2010, 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 six-month period ended June 30, 2010, which included a qualification due to the differences between the accounting standards established by the BCRA and the professional accounting standards effective in Argentina, which are described and quantified in note 5 to the accompanying financial statements.

1. In compliance with current legal requirements, we 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. were derived from books kept, in their formal aspects, pursuant to current legal requirements and BCRA regulations.

c) As of June 30, 2011, the liabilities accrued in employee and employer contributions to the National Social Security Administration, as recorded in the Bank’s books, amounted to Ps. 25,756,525, none of which was due as of that date.

City of Buenos Aires,

August 4, 2011

PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.
C.P.C.E.C.A.B.A. Vol. 1 – Fo. 13
CLAUDIO N. NOGUEIRAS
Partner
Certified Public Accountant (U.B.A.)
C.P.C.E.C.A.B.A. Vol. 197 – Fo. 64

• 3 -

FINANCIAL STATEMENTS AS OF

JUNE 30, 2011

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,

Folio 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, July 14, 2009.

Name of the auditor	Claudio N. Nogueiras
Professional association	Pistrelli, Henry Martin y Asociados S.R.L.

BALANCE SHEETS

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

ASSETS
A. CASH
Cash on hand	1,788,394		1,206,489
Due from banks and correspondents
Central Bank of Argentina	2,606,803		2,805,679
Local Other	16,593		11,763
Foreign	320,955		271,702
Other	257		249
	4,733,002		4,295,882
B. GOVERNMENT AND PRIVATE SECURITIES (Exhibit A)
Holdings booked at market value	390,817		377,865
Government securities under repo transactions with Central Bank of Argentina	1,661,750		2,299,088
Holdings booked at amortized cost	100,419		99,659
Instruments issued by the Central Bank of Argentina	2,319,967		3,409,433
	4,472,953		6,186,045
C. LOANS (Exhibits B, C and D)
To the non-financial government sector	332,397		335,970
To the financial sector
Interfinancing (granted call)	28,900		33,100
Other financing to Argentine Financial Institutions	82,445		45,100
Accrued interest, adjustments, foreign exchange and quoted price differences receivables	1,234		443
To the non-financial private sector and foreign residents
Overdrafts	2,715,087		1,984,571
Documents	2,225,742		1,766,933
Mortgage loans	986,401		873,671
Pledge loans	498,395		345,269
Personal loans	6,176,670		4,926,060
Credit cards	1,934,183		1,470,396
Other (Note 6.1.)	3,552,859		3,207,787
Accrued interest, adjustments, foreign exchange and quoted price differences receivables	243,457		209,665
less: Unearned discount	(31,714	)	(28,644	)
less: Allowances (Exhibit J)	(466,494	)	(470,730	)
	18,279,562		14,699,591

Jorge H. Brito
Chairperson

• 1 -

BALANCE SHEETS

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

D. OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina	1,960,821		2,519,076
Amounts receivable from spot and forward sales pending settlement	575,301		111,229
Securities and foreign currency receivable from spot and forward purchases pending settlement	524,712		164,731
Unlisted corporate bonds (Exhibits B, C and D)	259,721		220,554
Receivables from forward transactions without delivery of underlying asset	369		2,840
Other receivables not covered by debtors classification standards (Note 6.2)	506,813		548,262
Other receivables covered by debtors classification standards (Exhibits B, C and D)	39,730		36,897
less: Allowances (Exhibit J)	(229,318	)	(229,504	)
	3,638,149		3,374,085
E. RECEIVABLES FROM FINANCIAL LEASES
Receivables from financial leases (Exhibits B, C and D)	279,838		244,186
Accrued interest and adjustments (Exhibits B, C and D)	3,840		4,112
less: Allowances (Exhibit J)	(5,337	)	(5,968	)
	278,341		242,330
F. INVESTMENTS IN OTHER COMPANIES (Exhibit E)
In financial institutions	556,457		512,881
Other	50,856		47,495
less: Allowances (Exhibit J)	(544	)	(659	)
	606,769		559,717
G. OTHER RECEIVABLES
Receivables from sale of assets (Exhibits B, C and D)	6,853		7,229
Other (Note 6.3.)	323,576		544,465
Accrued interest and adjustments on receivables from sales of assets (Exhibits B, C and D)	235		330
Other accrued interest and adjustments receivable	441		290
less: Allowances (Exhibit J)	(8,401	)	(12,858	)
	322,704		539,456
H. BANK PREMISES AND EQUIPMENT, NET (Exhibit F)	478,792		403,169
I. OTHER ASSETS (Exhibit F)	212,946		179,295
J. INTANGIBLE ASSETS (Exhibit G)
Goodwill	93,919		100,945
Organization and development costs	203,382		186,700
	297,301		287,645
K. ITEMS PENDING ALLOCATION	1,462		3,907
TOTAL ASSETS	33,321,981		30,771,122

Jorge H. Brito
Chairperson

• 2 -

BALANCE SHEETS

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

LIABILITIES
L. DEPOSITS (Exhibits H and I)
From the non-financial government sector	5,128,792	4,225,266
From the financial sector	15,123	15,610
From the non-financial private sector and foreign residents
Checking accounts	4,376,226	3,869,485
Savings accounts	5,270,403	4,093,226
Time deposits	7,845,819	7,989,567
Investment accounts	203,938	177,135
Other (Note 6.4.)	541,267	483,298
Accrued interest, adjustments, foreign exchange and quoted price differences payables	57,675	54,457
	23,439,243	20,908,044
M. OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina (Exhibit I)
Other	1,673	1,798
Banks and International Institutions (Exhibit I)	103,647	45,506
Non-subordinated Corporate Bonds (Note 10. and Exhibit I)	634,456	620,071
Amounts payable for spot and forward purchases pending settlement	511,154	164,391
Securities and foreign currency to be delivered under spot and forward sales pending settlement	2,238,718	2,412,928
Financing received from Argentine financial institutions (Exhibit I)
Interfinancing - (received call)	3,714	30,068
Other financing received from Argentine financial institutions	46,389	17,278
Accrued interest payables	1	25
Receivables from forward transactions without delivery of underlying asset		755
Other (Note 6.5. and Exhibit I)	959,187	1,125,211
Accrued interest, adjustments, foreign exchange and quoted price differences payables (Exhibit I)	48,678	46,083
	4,547,617	4,464,114
N. OTHER LIABILITIES
Other (Note 6.6.)	481,404	552,124
	481,404	552,124
O. PROVISIONS (Exhibit J)	78,716	88,865
P. SUBORDINATED CORPORATE BONDS (Note 10. and Exhibit I)	618,654	598,470
Q. ITEMS PENDING ALLOCATION	4,488	6,663
TOTAL LIABILITIES	29,170,122	26,618,280
SHAREHOLDERS' EQUITY (As per related statement)	4,151,859	4,152,842
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	33,321,981	30,771,122

Jorge H. Brito
Chairperson

• 3 -

BALANCE SHEETS

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS	13,717,949	12,003,089
Contingent	7,255,306	5,281,603
Credit lines obtained (unused portion)	18,000
Guarantees received	6,593,309	4,935,898
Other not covered by debtors classification standards	180	229
Contingent debit-balance contra accounts	643,817	345,476
Control	6,194,523	5,717,197
Receivables classified as irrecoverable	859,147	787,863
Other (Note 6.7.)	4,976,320	4,685,026
Control debit-balance contra accounts	359,056	244,308
Derivatives	268,120	1,004,289
Notional value of put options taken (Note 11.d))	41,218
Notional value of forward transactions without delivery of underlying asset (Note 11.a))	12,495	555,897
Interest rate swap (Note 11.b))	157,551	157,066
Derivatives debit-balance contra accounts	56,856	291,326
CREDIT-BALANCE ACCOUNTS	13,717,949	12,003,089
Contingent	7,255,306	5,281,603
Credit lines granted (unused portion) covered by debtors classification standards (Exhibits B, C and D)	56,999	55,782
Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)	197,901	68,839
Other guarantees provided not covered by debtors classification standards	130,180	130,684
Other covered by debtors classification standards (Exhibits B, C and D)	258,737	90,171
Contingent credit-balance contra accounts	6,611,489	4,936,127
Control	6,194,523	5,717,197
Checks to be credited	359,056	244,308
Control credit-balance contra accounts	5,835,467	5,472,889
Derivatives	268,120	1,004,289
Notional value of put options sold (Note 11.c))	44,361	54,475
Notional value of forward transactions without delivery of underlying asset (Note 11.a))	12,495	236,851
Derivatives credit-balance contra account	211,264	712,963

The accompanying notes 1 through 22 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito
Chairperson

• 4 -

STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2011 AND 2010

(Translation on financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

A. FINANCIAL INCOME
Interest on cash and due from banks	73	18
Interest on loans to the financial sector	4,298	4,777
Interest on overdrafts	173,170	115,716
Interest on documents	89,081	68,945
Interest on mortgage loans	66,934	51,844
Interest on pledge loans	34,108	24,155
Interest on credit card loans	141,779	89,619
Interest on financial leases	24,171	20,864
Interest on other loans	894,628	616,504
Net income from government and private securities (Note 6.8.)	272,524	527,019
Interest on other receivables from financial intermediation	123	420
Income from guaranteed loans - Presidential Decree No. 1,387/01	4,876	589
CER (Benchmark Stabilization Coefficient) adjustment	3,783	2,787
CVS (Salary Variation Coefficient) adjustment	179	324
Difference in quoted prices of gold and foreign currency	113,011	85,078
Other (Note 6.9.)	22,484	35,291
	1,845,222	1,643,950
B. FINANCIAL EXPENSE
Interest on checking accounts		3,449
Interest on savings accounts	10,289	9,049
Interest on time deposits	478,655	436,666
Interest on interfinancing received loans (received call)	2,472	2,174
Interest on other financing from Financial Institutions	4	3
Interest on other liabilities from financial intermediation	31,478	31,395
Interest on subordinated bonds	29,518	28,254
Other interest	801	966
CER adjustment	2,129	2,800
Contribution to Deposit Guarantee Fund	19,076	15,033
Other (Note 6.10.)	112,737	72,248
	687,159	602,037
GROSS INTERMEDIATION MARGIN - GAIN	1,158,063	1,041,913
C. PROVISION FOR LOAN LOSSES	98,442	56,130
D. SERVICE-CHARGE INCOME
Related to lending transactions	50,014	33,229
Related to deposits	503,226	345,335
Other commissions	19,778	16,009
Other (Note 6.11.)	247,297	146,772
	820,315	541,345

Jorge H. Brito
Chairperson

• 5 -

STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2011 AND 2010

(Translation on financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

E. SERVICE-CHARGE EXPENSE
Commissions	47,080	32,186
Other (Note 6.12.)	126,335	89,171
	173,415	121,357
F. ADMINISTRATIVE EXPENSES
Personnel expenses	681,485	513,981
Directors' and statutory auditors' fees	17,672	17,564
Other professional fees	37,081	34,565
Advertising and publicity	33,413	21,139
Taxes	58,976	45,741
Depreciation of equipment	33,577	26,733
Amortization of organization costs	25,685	18,463
Other operating expenses (Note 6.13.)	135,351	105,884
Other	10,508	9,014
	1,033,748	793,084
NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN	672,773	612,687
G. OTHER INCOME
Income from long-term investments	52,025	42,591
Penalty interest	13,012	14,886
Recovered loans and allowances reversed	32,831	32,414
CER adjustments	43	63
Other (Note 6.14.)	52,990	38,517
	150,901	128,471
H. OTHER EXPENSE
Penalty interest and charges payable to the Central Bank of Argentina	7	8
Charges for other receivables uncollectibility and other allowances	11,413	9,792
Amortization of differences related to court orders	8,782	8,160
Depreciation and loss of other assets	819	1,433
Goodwill amortization	7,026	4,216
Other (Note 6.15.)	10,542	9,978
	38,589	33,587
NET INCOME BEFORE INCOME TAX - GAIN	785,085	707,571
I. INCOME TAX (Note 4.)	269,600	239,500
NET INCOME FOR THE PERIOD - GAIN	515,485	468,071

The accompanying notes 1 through 22 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito
Chairperson

• 6 -

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2011 AND 2010

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

	06/30/2011
				Earnings reserved
Changes	Capital stock	Stock issuance premium	Adjustments to Shareholders' equity	Legal	Subordinated Debt Instruments	Voluntary	Unappropriated earnings	Total		Total
Balances at the beginning of the fiscal year	594,485	398,750	4,511	764,140		211	2,390,745		4,152,842		3,358,801
Distribution of unappropriated earnings, as approved by the Shareholders’ Meeting held on April 26, 2011 and April 6, 2010, respectively:
-Legal Earning Reserved				202,086			(202,086	)
-Cash Dividends							(505,312	)	(505,312	)	(208,070	)
-Normative Earning Reserved					58,146		(58,146	)
-Tax on Personal Assets							(11,156	)	(11,156	)	(8,319	)
Reversal of special reserve from Subordinated debt instruments					(31,617	)	31,617
Net income for the period - Gain							515,485		515,485		468,071
Balances at the end of the period	594,485	398,750	4,511	966,226	26,529	211	2,161,147		4,151,859		3,610,483

The accompanying notes 1 through 22 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito
Chairperson

• 7 -

V

STATEMENTS OF CASH FLOWS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2011 AND 2010

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

CHANGES IN CASH AND CASH EQUIVALENTS (Note 3.5.)
Cash at beginning of the fiscal year	4,548,311		4,139,611
Cash at end of the period	4,809,785		3,895,235
Net increase / (decrease) in cash	261,474		(244,376	)
CAUSES OF CHANGES IN CASH
Operating activities
Net collections / (payments):
Government and private securities	1,257,575		1,585,204
Loans
To the financial sector	(29,640	)	1,302
To the non-financial government sector	10,844		(23,874	)
To the non-financial private sector and foreign residents	(2,228,617	)	(493,237	)
Other receivables from financial intermediation	(141,506	)	(1,558,580	)
Receivables from financial leases	(11,209	)	62,839
Deposits
From the financial sector	(475	)	(28	)
From the non-financial government sector	852,815		959,322
From the non-financial private sector and foreign residents	1,167,131		913,213
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)	(29,496	)	(92,396	)
Others (except liabilities included under financing activities)	432,994		(256,243	)
Collections related to service-charge income	817,947		539,100
Payments related to service-charge expenses	(172,502	)	(120,840	)
Administrative expenses paid	(1,008,697	)	(775,532	)
Payment of organization and development costs	(44,272	)	(31,375	)
Net collections from penalty interest	13,005		14,878
Differences from payments related to court orders	(6,878	)	(10,966	)
Collections of dividends from other companies	603		15,766
Other collections related to other income and losses	37,340		36,929
Net payments from other operating activities	(33,365	)	(42,368	)
Payment of income tax	(64,092	)	(566,879	)
Net cash flows generated in operating activities	819,505		156,235

Jorge H. Brito
Chairperson

• 8 -

STATEMENTS OF CASH FLOWS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2011 AND 2010

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

Investing activities
Net payments for bank premises and equipment	(20,187	)	(17,008	)
Net payments for other assets	(110,262	)	(7,919	)
Other payments for other investing activities			(132	)
Net cash flows used in investing activities	(130,449	)	(25,059	)
Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds	(28,693	)	(27,959	)
Central Bank of Argentina
Other	(124	)	(139	)
Banks and International Institutions	57,629		(189,237	)
Subordinated corporate bonds	(29,945	)	(29,214	)
Financing received from Argentine financial institutions	29,107		(858	)
Payment of dividends	(505,312	)	(208,070	)
Net cash flows used in financing activities	(477,338	)	(455,477	)
Financial income and holding gains on cash and cash equivalents	49,756		79,925
Net increase / (decrease) in cash	261,474		(244,376	)

The accompanying notes 1 through 22 and exhibits A through L, N, O and the consolidated financial statements are an integral part of theses financial statements

Jorge H. Brito
Chairperson

• 9 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

1. OVERVIEW 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. Subsequently, as a result of the merger process with other entities, it adopted other names (among them, Banco Macro Bansud S.A.) and since August 2006, Banco Macro S.A. (hereinafter, the Bank).

Banco Macro S.A.’s shares have been publicly listed on the BCBA (Buenos Aires Stock Exchange) since November 1994, and in March 24, 2006, it listed its shares on the New York Stock Exchange.

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

In 2001, 2004 and 2006, the Bank acquired control of Banco Bansud S.A., Nuevo Banco Suquía S.A. and Nuevo Banco Bisel S.A., respectively. Such entities merged with and into Banco Macro S.A. on December 2003, October 2007 and August 2009, respectively.

During fiscal year 2006, Banco Macro S.A. acquired control over Banco del Tucumán S.A. Additionally, during fiscal year 2010, the Bank acquired control over Banco Privado de Inversiones S.A. (see Note 2.6).

The Bank currently offers traditional bank products and services to companies, including those operating in regional economies, as well as to individuals, thus reinforcing the Bank's objective to be a multi-services bank.

In addition, the Bank performs certain transactions through its subsidiaries, including mainly Banco del Tucumán S.A., Banco Privado de Inversiones S.A., Macro Bank Limited (an entity organized under the laws of Bahamas), Macro Securities S.A. Sociedad de Bolsa, Sud Inversiones & Análisis S.A. and Macro Fondos SGFCISA.

1. BANK OPERATIONS

2.1. Agreement with the Misiones Provincial Government

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

In addition, on November 25, 1999, and on December 28, 2006, extensions to such agreement were agreed upon, making it currently effective through December 31, 2019.

As of June 30, 2011, and December 31, 2010, the deposits of the Misiones Provincial Government amounted to 1,134,382 and 900,550 (including 75,375 and 67,177 related to court deposits), respectively.

2.2. Agreement with the Salta Provincial Government

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

• 10 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

In addition, on February 22, 2005, such agreement was extended through March 1, 2016.

As of June 30, 2011, and December 31, 2010, the deposits of the Salta Provincial Government amounted to 1,007,948 and 719,785 (including 125,067 and 108,853 related to court deposits), respectively.

2.3. Agreement with the Jujuy Provincial Government

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

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

As of June 30, 2011, and December 31, 2010, the deposits of the Jujuy Provincial Government amounted to 849,860 and 516,077 (including 66,021 and 61,182 related to court deposits), respectively.

2.4. Banco del Tucumán S.A.

Banco del Tucumán S. A. executed special-relationship agreements with the Tucumán Provincial Government and with the Municipality of San Miguel de Tucumán, appointing it their exclusive financial agent, as well as revenue collection and obligation payment agent, through 2011 and 2013, respectively.

In addition, on June 30, 2010, the services agreement with the Tucumán Provincial Government was extended through July 8, 2021.

As of June 30, 2011, and December 31, 2010, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel del Tucumán in Banco del Tucumán S.A. amounted to 1,189,171 and 874,498 (including 340,817 and 298,841 related to court deposits), respectively.

2.5. Uniones Transitorias de Empresas (joint ventures)

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

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

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

On October 22, 2004, the Bank entered into a 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.

• 11 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

c) Banco Macro S.A. – Gestiva S.A.

On May 4, 2010, the creation of a joint venture between the Bank and Gestiva S.A. was approved under the name “Banco Macro S.A. – Gestiva S.A. – Unión Transitoria de Empresas” in which each hold 50% equity interest. The purpose of such joint venture is to provide a comprehensive tax processing and management system for the province of Misiones, its administration and collection of taxes thereof.

As of June 30, 2011, and December 31, 2010, the net assets of such joint ventures recorded in the Bank’s financial statements through the proportionate consolidation method amounted to 10,187 and 7,797, respectively.

Also, as of June 30, 2011, and 2010, the net income recorded through the method mentioned in the previous paragraph, amounted to 16,372 and 8,912, respectively.

2.6. Banco Privado de Inversiones S.A

On March 30, 2010, the Bank entered into an agreement to purchase 100% of the shares of Banco Privado de Inversiones S.A. The BCRA issued Resolution 198/2010 whereby it stated that there are no objections for the entity to acquire this capital stock and, additionally, to transfer 1% to Sud Inversiones y Análisis S.A. and 1% to Macro Securities S.A. Sociedad de Bolsa. This transfer was carried out during December 2010.

On September 20, 2010, 100% of the capital stock of Banco Privado de Inversiones S.A. was transferred to the Bank, which paid USD 23.3 million, out of which, USD 10.4 million is related to a guaranteed amount, as provided in the purchase agreement mentioned above.

As of such date, Banco Privado de Inversiones S.A’s assets and liabilities amounted to 403,686 and 368,034, respectively; consequently, shareholders' equity amounted to 35,652. Therefore, the Bank booked a positive goodwill amounting to 56,205, which will be amortized in ten years pursuant to BCRA rules.

On September 22, 2010, the Bank made an irrevocable capital contribution of 50,000 to Banco Privado de Inversiones S.A. as provided in Resolution No. 443 of the SEFyC (Financial Institutions and Foreign Exchange Regulatory Agency) dated September 15, 2010, which was subsequently capitalized by the Banco Privado de Inversiones S.A. shareholders’ meeting.

During December 2010, Banco Privado de Inversiones S.A. transferred loans (mainly credit cards) to Banco Macro S.A. in the amount of 230,468.

At the date of issuance of these financial statements, the National Commission of Competition Defense has not issued in this respect; however, Bank Management estimates that the situation will be resolved favorably.

• 12 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

1. SIGNIFICANT ACCOUNTING POLICIES

These financial statements, which are taken from the Bank’s books of account, are stated in thousands of pesos and have been prepared in accordance with BCRA rules and Argentine professional accounting standards (see Note 5.).

3.1. Comparative information

As required under BCRA rules, the balance sheet as of June 30, 2011, and supplementary information are presented comparatively with those of the prior fiscal year, while the statements of income, changes in shareholders’ equity and cash flows for the six-month period ended June 30, 2011, are presented comparatively with those of the same period in the prior fiscal year.

By means of Communiqués “A” 5180, as supplemented, the BCRA introduced amendments to the accounting criteria of nonfinancial government sector securities and instruments issued by the BCRA from March 1, 2011. As a result, certain accounts and items on the balance sheet as of December 31, 2010, and on the statements of income and cash flows for the six-month period ended June 30, 2010, as well as the certain supplementary information, were reclassified due to the application of such communiqués solely for comparative purposes with these financial Statements.

3.2. Restatement into constant pesos

Professional accounting standards in Argentina establish that the financial statements should be stated in constant pesos. In 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 latest balance sheet 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 Argentine Federation of Professional Councils in Economic Sciences (FACPCE) Technical Resolution No. 6.

The Bank’s financial statements reflect the changes in the peso purchasing power through February 28, 2003, under Presidential Decree No. 664/2003, IGJ General Resolution No. 4/2003, CNV General Resolution No. 441, and BCRA Communiqué “A” 3921. Professional accounting standards provide that the restatement method established by Technical Resolution No. 6 should have been discontinued since October 1, 2003. The effects of not having recognized the changes in the peso purchasing power through such date have not been material to the financial statements taken as a whole.

3.3. Use of estimates

The preparation of financial Statements requires the Bank to make, in certain cases, estimates to determine the book values of assets and liabilities, income, expenses and contingencies, as well as the disclosure thereof, as of each date of accounting information filing. The Bank´s records are based on the best estimate regarding the probability of occurrence of different future events and, therefore, the final amount may differ from such estimates, which may have a positive or negative impact on future periods.

3.4. Valuation methods

The main valuation methods used to prepare these financial statements were as follows:

• 13 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

a) Assets and liabilities denominated in foreign currency:

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

b) Government and private securities:

b.1) Government securities – Holdings booked at market value and under repurchase agreements:

As of June 30, 2011, and December 31, 2010, they were valued at the quoted prices or present values reported by the BCRA, as the case may be. Differences in quoted prices and present values were recorded in the statement of income for the period and fiscal year, respectively.

Additionally, as of December 31, 2010, the holding that the BCRA reported at present value —which were booked, as of that date, under “Unlisted government securities”— were valued following the guidelines in BCRA Communiqué “A” 4898, as amended, considering the present values reported by the BCRA, book values and the use of the relevant offset accounts.

b.2) Government securities - Holdings booked at amortized cost:

As of June 30, 2011, as set forth in BCRA Communiqué “A” 5180, as supplemented, they were valued at acquisition cost increased by the accrued internal rate of return, net of the related offset account, also compared with the present values calculated by the Bank. The acquisition value previously mentioned is related to the present value of each security as of March 1, 2011, or the subsequent acquisition date, as the case may be.

As of December 31, 2010, as set forth in BCRA Communiqué “A” 4898, as amended, those holdings were recorded at book value as of January 31, 2009, or the subsequent acquisition cost, net of the financial interest collected after that date and the related offset account. Accrued interest and, as the case may be, the adjustment resulting from applying the CER (benchmark stabilization coefficient) were booked in such offset account. As of December 31, 2010, these holdings were booked under “Unlisted government securities”.

As of June 30, 2011, the present value calculated by the Bank for these securities amounts to 100,434.

b.3) Listed instruments issued by the BCRA– Holdings booked at market value:

Holdings in the proprietary portfolio and those received from repurchase agreements were valued according to the effective quoted market value for each instrument on the last business day of each period and year, respectively. Differences in quoted market values were recorded in the statement of income for the period and fiscal year, respectively.

• 14 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

b.4) Instruments issued by the BCRA – Holdings booked at amortized cost:

Holdings in the proprietary portfolio and those received from repurchase agreements with no volatility published by the BCRA, were valued at acquisition cost plus accrued interest, exponentially applying the internal rate of return as per their issuance terms and conditions. The accruals of the internal rate of return mentioned above were charged to income for the period and year, respectively.

c) Guaranteed loans – Presidential Decree No. 1,387/01:

As of June 30, 2011, and December 31, 2010, as set forth in BCRA Communiqués “A” 4898, “A” 5180 and as supplemented, the guaranteed loans issued by the Argentine Government under Presidential Decree No. 1387/2001 were valued at the specific acquisition value of each security, increased by accrued income, net of the related offset account, compared in turn with the present values reported by the BCRA.

As of June 30, 2011, and December 31, 2010, the present value reported by the BCRA for these securities amounted to 236,890 and 280,316, respectively.

d) Interest accrual:

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

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

e) CER accrual:

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

e.1) Government securities - Holdings booked at amortized cost: as explained in Note 3.4.b.2).

e.2) Guaranteed loans: as explained in Note 3.4.c).

e.3) Deposits and other assets and liabilities: they were adjusted by CER as of the last business day of the period and year, respectively.

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

These provisions have been calculated based on the estimated uncollectibility risk of the Bank's credit portfolio, which, among other factors, results from the evaluation of the degree of debtors compliance and the guarantee/security supporting the respective transactions, considering BCRA Communiqué “A” 2950, as supplemented, and the Bank’s provisioning policies. When loans covered by specific allowances are settled or generate a reversal of the allowances recorded in the current period, and in cases where the allowances set in prior years exceed what is considered necessary, the excess allowance is reversed with effects on income for the current period.

• 15 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

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

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

g) Loans and deposits of government securities:

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

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

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

They were valued based on the prices agreed upon for each transaction, plus related premiums accrued through the end of each period and fiscal year, respectively.

h.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:

i. Listed: they were valued at the effective quoted prices for each of them on the last business day of each period and year, respectively. Differences in quoted market values were recorded in the statement of income for the period and fiscal year, respectively.

ii. Unlisted: they were valued at their cost value increased exponentially by their internal rate of return.

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

i. Debt securities: they were valued as provided by BCRA Communiqué “A” 4414, at their cost value increased exponentially by their internal rate of return, translated into pesos pursuant to the method described in Note 3.4.a), as the case may be.

ii. Debt securities in Galtrust financial trust: they were valued as provided by BCRA Communiqué “A” 5180, as amended, at the quoted price effective at the last business day of the period, in the appropriate proportion.

iii. Certificates of participation in the Fideicomiso Financiero Suquía and Fideicomiso Financiero Bisel financial trust: they were valued based on the cost paid by of former Nuevo Banco Suquía S.A. and former Nuevo Banco Bisel S.A., respectively, plus interest accrued, net of the redemptions made by the abovementioned banks, in its capacity as beneficiary of the certificates of participation. As of June 30, 2011, and December 31, 2010, an allowance was booked for the full amounts receivable booked on account of such certificates, as they were deemed unrecoverable.

• 16 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

iv. Other certificates of participation: they were stated at amortized value increased, as the case may be, by interest accrued until the last business day of each period and year, respectively, translated into Argentine pesos according to the method described in Note 3.4.a), as the case may be.

The values recorded, net of allowances recorded, do not exceed the recoverable values from the respective trusts.

h.4) Unlisted corporate bonds purchased:

They were valued by the accrual method based on their internal rate of return, as provided by BCRA Communiqué "A" 4414 and supplementary regulations.

h.5) Non-subordinated corporate bonds issued:

They were valued at the amount due for principal and interest accrued as period-end and year-end, respectively, translated into pesos pursuant to the method described in Note 3.4.a), as the case may be.

i) Receivables from financial leases:

In accordance with BCRA Communiqué “A” 5047, as supplemented, they were valued according to the discounted value of the sum of minimum installments pending collection (excluding any contingent installments), from the previously agreed residual value and the purchase options, for the financial lease agreements in which the Bank acts as lessor. The discounted value is calculated by applying the imputed interest rate of each lease agreement.

As of June 30, 2011, and December 31, 2010, the effective financial lease agreements do not represent significant amounts with respect to the total financing granted by the Bank. Additionally, their characteristics are among the usual ones for this kind of transactions, and there are no differentiating issues of any kind compared with the transactions agreed on the Argentina financial market. These transactions are distributed among the Bank’s customers and there are no pre-established contingent installments or automatic renewal clauses.

j) Investments in other companies:

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

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

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

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

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

• 17 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

j.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.

k) Bank premises and equipment and other assets:

They were valued at their acquisition cost, restated as explained in Note 3.2., less the related accumulated depreciation calculated based on their estimated useful life using the straight line method.

l) Intangible assets:

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

l.2) Differences due to court orders (amparos) – Nondeductible for the determination of the computable equity: represent the difference between the amount of the original foreign currency translated at the exchange rate applied upon payment of the recursos de amparos (constitutional rights protection actions) and the amount recorded under BCRA rules (converted 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 BCRA Communiqué “A” 3916, since April 2003 the sums related to the amounts paid are amortized straight line over 60 months.

m) Valuation of derivatives:

m.1) Put options sold on BODEN 2012 and 2013 coupons: such options were valued at the exchange value of the bonds plus interest and the CER adjustment accrued on the last business day of each period-end and year-end, respectively.

m.2) Interest rate swap: this included the equivalent in pesos of the notional value in relation to which the Bank agreed to pay / charge a variable rate and charge / pay a fixed rate.

m.3) Forward transactions without delivery of underlying asset: they were valued at the quoted price of the underlying assets upon maturity, effective on the last business day of each period-end and year-end, respectively. Differences in quoted market values were recorded in the statement of income as of the period and fiscal year, respectively.

m.4) Put options purchased: valued at the agreed-upon exercise price.

See also Note 11.

n) Severance payments:

The Bank charges these payments directly to expenses.

• 18 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

o) Provisions included in liabilities:

The Bank carries certain contingent liabilities related to current or future claims, lawsuits and other proceedings, including those related to labor and other obligations. Liabilities are recorded when it is probable that future costs will be incurred and whenever such costs may be reasonably estimated.

p) Subordinated corporate bonds:

They were valued at the amount due for principal and interest accrued as of each period-end and year-end, respectively, converted into pesos pursuant to the method described in Note 3.4.a).

q) 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.

r) Statement-of-income accounts:

r.1) The accounts comprising monetary transactions occurred in the period ended June 30, 2011, and 2010 (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.

r.2) The accounts reflecting the effects on income from 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.

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

3.5. Statement of cash flows and cash equivalents

The Bank considers “cash and cash equivalents” to include the following accounts: Cash and Government and private securities which mature less than 90 days as from their date of acquisition. Below is a breakdown of the reconciliation of the “Cash” item on the Statement of cash flows with the related balance sheet accounts as of June 30, 2011, December 31, and June 30, 2010:

Cash	4,733,002	4,295,882	3,715,780
Government and private securities
Instruments issued by Central Bank of Argentina	76,783	252,429	179.455
Cash and cash equivalents	4,809,785	4,548,311	3,895,235

• 19 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

1. 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 1998, Law No. 25,063 established minimum presumed income tax for a ten-year term. At present, after subsequent extensions, such tax is effective through December 30, 2019. This tax is supplementary to income tax, while the latter is levied on the taxable income for the year, minimum presumed income tax is a minimum levy assessment by applying the 1% over the 20% of certain assets as provided by the law for financial institutions. Therefore, the Bank’s tax obligation for each year will be equal to the higher of these taxes. However, if minimum presumed income tax exceeds income tax in a given tax year, such excess may be computed as a payment on account of any income tax in excess of minimum presumed income tax that may occur in any of the following ten years, once accumulated net operating losses (NOLs) have been used.

As of June 30, 2011, and 2010, the Bank estimated an income tax charge of 269,600 and 239,500, respectively; hence, no minimum presumed income tax should be assessed for the years ended on such date.

Additionally, as of June 30, 2011, the Bank made income tax prepayments for 75,648 for the 2011 fiscal year, which were recorded in the Other receivables account.

1. DIFFERENCES BETWEEN BCRA RULES AND THE APPLICABLE ARGENTINE PROFESSIONAL ACCOUNTING STANDARDS

Argentine current professional accounting standards differ, in certain valuation and disclosure aspects, from BCRA accounting standards. The differences between those standards, which the Bank identified and deemed material to these financial statements, are as follows.

5.1. Valuation standards

The main items with differences in valuation matters as of June 30, 2011, and December 31, 2010, are as follows:

• 20 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

	Adjustments under professional accounting standards
	Stand-alone financial statements					Consolidated financial statements
	to equity			to income		to equity				to income
Item	06/30/2011	12/31/2010		06/30/2011		06/30/2011		12/31/2010		06/30/2011
Government securities and assistance to the government sector (a)
Holdings of government securities booked at amortized cost	(660	)	11,658		(12,318	)	(675	)	17,279		(17,954	)
Instruments issued by the BCRA booked at amortized cost	(4,643	)	(17,750	)	13,107		(5,422	)	(18,427	)	13,005
Guaranteed loans – Presidential Decree No. 1,387/01	(34,964	)	(14,797	)	(20,167	)	(34,969	)	(14,806	)	(20,163	)
Business combinations (b)
Acquisition of Nuevo Banco Bisel S.A.	(114,750	)	(119,165	)	4,415		(114,750	)	(119,165	)	4,415
Other	(69,249	)	(71,453	)	2,204		(69,249	)	(71,453	)	2,204
Interests in other companies (c)	4,850		8,600		(3,750	)
Intangible assets – Organization and development expenses (d)	(50,369	)	(52,273	)	1,904		(51,504	)	(53,544	)	2,040
Deferred assets – Income tax (e)	42,552		35,195		7,357		49,336		40,131		9,205
Other assets (f)	(3,459	)	1,680		(5,139	)	(3,459	)	1,680		(5,139	)
Liabilities – Provisions (g)	(52,799	)	(51,362	)	(1,437	)	(52,799	)	(51,362	)	(1,437	)
Total	(283,491	)	(269,667	)	(13,824	)	(283,491	)	(269,667	)	(13,824	)

(a) Holdings of government securities, instruments issued by the BCRA and credit assistance to the nonfinancial government sector: these holdings and financing are valued based on the specific regulations and standards issued by the Argentine government and the BCRA, which set forth, among other issues, the use of present values, technical values and offset accounts, as explained in notes 3.4.b.2), 3.4.b.4) and 3.4.c). Pursuant to professional accounting standards, the securities, instruments and assistance mentioned in those notes should be stated at their market and/or present values, as the case may be. In addition, BCRA current regulations establish that receivables from the nonfinancial government sector are not subject to loan-loss provisioning, although they do allow booking provisions to cover fluctuations in the valuation of certain instruments. Professional accounting standards require that assets in general be compared with their recoverable value every time financial statements are prepared.

• 21 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

(b) Business combinations: under the standards set forth by BCRA, business acquisitions are recorded according to the book values of the acquired company. Consequently, the difference between the purchase price and its interest valued by the equity method in the books of the acquirer, is recorded as positive goodwill (when the purchase price is higher than the interest valued by the equity method) or negative goodwill (when the purchase price is lower than the interest valued by the equity method), as the case may be. If goodwill is positive, BCRA standards establish that such goodwill should be amortized under the straight-line method based on an estimated useful life of ten years. If goodwill is negative, BCRA Communiqué “A” 3984 establishes specific amortization methods; the maximum amortization allowed per annum is 20%.

According to current professional accounting standards effective in Argentina, business combinations are recorded based on the market values of the acquired company’s identifiable net assets. Consequently, the difference between the purchase price and the identifiable net asset measurement value is recorded as positive or negative goodwill, as the case may be. If goodwill is positive, such goodwill (i) will depreciate systematically throughout the estimated useful life and (ii) will be compared with its recoverable value as of each year-end. If goodwill is negative, such goodwill will be allocated to income (loss) in accordance with the changes in the specific circumstances that created such negative goodwill.

(c) Subsidiaries Banco del Tucumán S.A. and Banco Privado de Inversiones S.A., prepare its financial statements in conformity with BCRA rules, which differ from professional accounting standards.

(d) Intangible assets: the Bank and its subsidiaries capitalized under “Intangible Assets” net of the related amortization amounts, the foreign exchange differences related to the reimbursement of certain deposits in foreign currency converted to pesos and the effect of court deposits dollarization. According to current professional accounting standards, the Bank should reduce the book value of surpluses at the recoverable value.

(e) Income tax: The Bank and its subsidiaries determine income tax applying the effective rate to the estimated taxable income, without considering the effect of the temporary differences between book and taxable income. According to professional accounting standards, income tax should be booked following deferred tax method, recognizing (as a receivable or payable) the tax effect of temporary differences between book and tax valuation of assets and liabilities, and 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.

(f) The Bank recorded interest rate swap agreements in conformity with the BCRA accounting standards under memorandum accounts. According to professional accounting standards effective in Argentina, the measurement of derivative financial instruments should be made at their net realizable value if they have quoted prices, or lacking this, using mathematical models that are appropriate in relation to the instrument’s characteristics and which use data that can be verified.

(g) The Bank books the effects of the Argentine Supreme Court rulings dated December 27, 2006, and August 28, 2007, upon payment of such precautionary measures, in conformity with BCRA indications in the notice dated August 4, 2008. According to professional accounting standards, the Bank should have recorded a liability related to this item.

• 22 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

If professional accounting standards would have been applied, the Bank’s shareholders' equity as of June 30, 2011, and December 31, 2010, would have decreased by around 283,491 and 269,667, respectively. Consequently, income for the periods ended June 30, 2011, and 2010, would have decreased by 13,824 and 210,906, respectively.

5.2. Disclosure standards

a) The Bank did not classify its assets and liabilities as current or noncurrent based on the time they are expected to be turned into cash or cash equivalents or on the time when the latter become due and payable, as required by professional accounting standards.

b) The Bank did not disclose the income tax accrual offset by income tax prepayments. As required by professional accounting standards, the related items should be disclosed net when offsetting them in the future is legally possible and the entity is either intending or under an obligation to do so.

c) The Bank keeps under Intangible assets, positive goodwills (related to Banco del Tucumán S.A., Banco Privado de inversions S.A. and the merger of Nuevo Banco Bisel S.A.). According to professional accounting standards, considering the statements in Note 5.1.b), such goodwills should be disclosed under Goodwill.

d) There are differences between the cash flows information disclosed and the requirements established by the professional accounting standards.

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

1. BREAKDOWN OF THE ITEMS INCLUDED IN “OTHERS” AND MAIN SUBACCOUNTS

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

6.1) Loans - Other

Other loans	2,434,957	2,136,452
Export financing and prefinancing	1,117,902	1,071,335
	3,552,859	3,207,787

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

Certificates of participation in financial trusts	287,019	287,524
Debt securities in financial trusts	219,794	260,459
Other		279
	506,813	548,262

• 23 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

6.3) Other receivables – Other

Sundry receivables	137,202	149,049
Tax prepayments	77,392	311,012
Security deposits	50,802	44,280
Advanced payments	48,291	30,855
Other	9,889	9,269
	323,576	544,465

6.4) Deposits - Other

Expired time deposits	344,681	313,094
Unemployment fund for workers of the construction industry	108,441	92,238
Attachments	50,668	38,981
Special deposits related to inflows of foreign funds	1,804	1,981
Security deposits	1,761	1,956
Other	33,912	35,048
	541,267	483,298

6.5) Other liabilities from financial intermediation - Other

Purchase financing payables	238,081	231,345
Other payment orders pending settlement	176,800	401,481
Other withholdings and additional withholdings	144,837	134,163
Collections and other transactions on account and behalf of others	98,648	106,222
Sociedad Seguro de Depósitos (SEDESA) – Purchase of preferred shares of former Nuevo Banco Bisel S.A. (see Note 7.1.e))	77,500	77,500
Miscellaneous not subject to minimum cash requirements	74,460	67,503
Miscellaneous subject to minimum cash requirements	62,983	60,589
Retirement pension payment orders pending settlement	59,493	28,825
Other	26,385	17,583
	959,187	1,125,211

6.6) Other Liabilities - Other

Taxes payable	353,159	384,304
Miscellaneous payables	53,661	58,868
Salaries and payroll taxes payable	39,639	77,318
Withholdings on salaries	22,666	18,929
Prepayment for the sale of assets	12,279	12,705
	481,404	552,124

• 24 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

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

Checks and securities in custody	2,960,661	3,018,156
Checks not yet collected	1,049,664	916,897
Checks and securities to be debited	460,801	296,668
Managed portfolios (see Note 12.)	316,834	336,034
Checks and securities to be collected	188,360	117,271
	4,976,320	4,685,026

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

Net income from government securities	253,875	508,977
Net income from participation in financial trusts	9,981	9,118
Other	8,668	8,924
	272,524	527,019

6.9) Financial income – Other

Interest on loans for export prefinancing and financing	11,688	14,225
Premiums on reverse repurchase agreements with the financial sector	8,319	13,038
Other	2,477	8,028
	22,484	35,291

6.10) Financial expense – Other

Turnover tax	102,509	66,569
Premiums on repurchase agreements with the financial sector	7,630	2,195
Other	2,598	3,484
	112,737	72,248

6.11) Service-charge income - Other

Debit and credit card income	148,041	91,965
Service commissions – joint ventures (see Note 2.5)	31,109	14,978
Rental of safe deposit boxes	23,659	11,782
Other	44,488	28,047
	247,297	146,772

• 25 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

6.12) Service-charge expense - Other

Debit and credit card expense	56,356	35,146
Turnover tax	30,256	17,155
Commissions paid to lending agents	16,711	10,889
Other	23,012	25,981
	126,335	89,171

6.13) Administrative expenses – Other operating expenses

Maintenance, conservation and repair expenses	41,858	34,370
Security services	35,779	24,919
Electric power and communications	25,495	20,988
Leases	21,644	17,129
Stationery and office supplies	5,371	4,501
Insurance	5,204	3,977
	135,351	105,884

6.14) Other income - Other

Gain on transactions or sale of bank premises and equipment, and other assets	13,267	3,556
Services provided to Banco del Tucumán S.A.	3,666	2,899
Other adjustments and interest on other receivables	2,362	5,083
Other	33,695	26,979
	52,990	38,517

6.15) Other expense – Other

Donations	4,720	3,888
Turnover tax	1,391	1,228
Other	4,431	4,862
	10,542	9,978

1. RESTRICTED ASSETS

As of June 30, 2011, and December 31, 2010, the following Bank’s assets are restricted:

7.1) Government and private securities:

a) Secured Bonds under Presidential Decree No. 1,579/02 for 34,238 and 40,598 (face value of 24,400), respectively, provided as security for the loan received from Banco de Inversión y Comercio Exterior S.A. (BICE) to finance the "Paso San Francisco" public work, in accordance with the Note sent by the Bank on November 5, 2002, BICE's reply dated November 18, 2002, and the security agreement covering the abovementioned securities dated January 29, 2004.

• 26 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

b) BCRA Notes (NOBACs) for 5,082 and 22,097 (for a face value of 4,920 and 21,410), respectively, used to perform forward foreign currency trading transactions through Rosario Futures Exchange (ROFEX) and Mercado Abierto Electrónico S.A. (MAE).

c) NOBACs for an amount of 7,386 and 7,844 (for a face value of 7,150 and 7,600), respectively used to guarantee the repayment of the loan in pesos agreed upon under the Global Credit Program for Micro-, Small- and Medium-sized Enterprises (Mipymes) received from the Under-department of Small- and Medium-sized Enterprises and Regional Development (SSEPyMEyDR).

d) NOBACs for 6,229 and 5,501 (for a face value of 6,030 and 5,330), respectively, used to perform interest rate swap transactions, through MAE.

e) Argentine Government Bonds in Argentine pesos at private Badlar + 275 basis points, maturing in 2014, for an amount of 79,280 and 79,200 (face value of 80,000), respectively, used as security in favor of SEDESA, in replacement of former Nuevo Banco Bisel S.A.’s preferred shares to secure payment of the price to that company and fulfillment of all obligations undertaken in the sales agreement executed on May 28, 2007. The price payable was set at 66,240, plus 4% nominal interest rate p.a., to be compounded through its settlement, which will be made before the expiration of the 15-year term as from the takeover date of former Nuevo Banco Bisel S.A. (August 11, 2021).

f) Other government and private securities for 1,143 and 1,462, respectively.

7.2) Loans:

Agreements for loans backed by pledges and unsecured loans for 554 and 2,599, 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.

7.3) Other receivables from financial intermediation:

a) Special guarantee checking accounts opened in BCRA for transactions related to the electronic clearing houses and similar entities, for an amount of 314,466 and 260,331, respectively.

b) Contributions to the Risk Fund of Garantizar SGR (mutual guarantee association) for 10,473 and 10,170, respectively, resulting from a contribution made by the Bank on December 21, 2009, in its capacity as contributory partner of that company. Such contribution may be fully or partially reimbursed once two and three years have elapsed from the date of contribution.

c) Contribution to the Risk Fund of Macroaval SGR for 5,606 and 5,622, respectively, resulting from a contribution made by the Bank on December 31, 2008, in its capacity as contributory partner of such company. Such contribution may be fully or partially reimbursed once two and three years have elapsed from the date of contribution.

7.4) Other receivables:

a) Security deposits related to credit card transactions for 42,824 and 36,319, respectively.

b) Other security deposits for 7,978 and 7,961, respectively.

• 27 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

1. TRANSACTIONS WITH RELATED PARTIES

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

ASSETS
Cash			3,143			3,143	3,090
Loans		500			48,382	48,882	51,676
Other receivables from financial intermediation	101,410	20,488		28,068		149,966	125,451
Receivables from financial leases				6,044	2,700	8,744	2,124
Other receivables	204	39			1,872	2,115	1,276
Items pending allocation	7					7	83
Total assets	101,621	21,027	3,143	34,112	52,954	212,857	183,700
LIABILITIES
Deposits		138	16	11,756	496,105	508,015	205,651
Other liabilities from financial intermediation	101,378	20,488		8,469		130,335	128,779
Total liabilities	101,378	20,626	16	20,225	496,105	638,350	334,430

MEMORANDUM ACCOUNTS — Debit-balance accounts –Contingent				1,162
Debit-balance accounts –Control	818	146,096	146,914	382,288
Credit-balance accounts – Contingent	923	2,213	3,136	3,136
Credit-balance accounts – Derivates				99,413

• 28 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

INCOME / (LOSS)
Financial income		1			152	106		259		222
Financial expense	(2,800	)				(4,821	)	(7,621	)	(2,002	)
Service-charge income	14			7	42	424		487		413
Administrative expenses		(325	)					(325	)
Other income	3,906							3,906		3,139
Total income / (loss)	1,120	(324	)	7	194	(4,291	)	(3,294	)	1,772

(1) Related to receivables from and payables to other related parties to the Bank for transactions performed in the normal course of business, under normal market conditions, in terms of interest rates and prices, as well as guarantees required.

(2) The Bank has recorded foreign currency trading transactions without delivery of the underlying asset and involving related parties, in its memorandum accounts. According to the Bank’s policy, they are matched in terms of amounts and maturity with transactions carried out with third parties who are not related parties. As of June 30, 2011, and 2010, the net intermediation income from such transaction generated earnings for the Bank of around 98 and 32, respectively.

1. CAPITAL STOCK

The Bank’s subscribed and paid-in capital as of June 30, 2011, amounts to 594,485. Since December 31, 2007, the Bank’s capital stock has changed as follows:

As of December 31, 2007	683,979
- Capital stock decrease approved by the Shareholders’ Meeting of April 21, 2009 (a)	(60,000	)
- Capital stock increase approved by the Shareholders’ Meeting of May 27, 2009 (b)	1,148
- Capital stock decrease approved by the Shareholders’ Meeting of September 10, 2009 (c)	(30,642	)
As of June 30, 2011	594,485

(a) Related to the capital stock reduction by 60,000,000 registered Class B shares, entitled to 1 vote each, with a face value of Ps. 1 per share. These shares formed part of the Bank’s portfolio and were acquired under Law No. 17,811, section 68, as a result of the international macroeconomic context and fluctuations that the capital market went through in general. On April 21, 2009, and after BCBA authorization, the Bank’s General Regular and Special Shareholders’ Meeting approved the abovementioned capital reduction. During July 2009, the CNV authorized, the IGJ registered, and the BCRA consented to the capital stock reduction.

• 29 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

(b) Related to the capital stock increase through the issuance of 1,147,887 of new common, registered Class B shares, each one entitled to one vote, with a face value of Ps. 1 per share, delivered to the minority shareholders of former Nuevo Banco Bisel S.A., in the merger process with such bank.

(c) Related to the capital stock reduction by 30,641,692 registered Class B shares, entitled to 1 vote each, with a face value of Ps. 1 per share. Such shares formed part of the Bank’s portfolio and were acquired under Law No. 17,811, section 68 for the same reasons mentioned in paragraph (a) above. On September 10, 2009, the Bank’s General Special Shareholders’ Meeting approved such capital stock reduction, subject to the BCBA's consent. On November 23 and December 29, 2009, and January 15 and March 25, 2010, the BCBA, consented to such capital stock reduction, the CNV approved it, the IGJ registered it, and the BCRA was made aware thereof.

1. CORPORATE BONDS ISSUANCE

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

Corporate Bonds — Subordinated – Class 1	Original value — USD	150,000,000	(a.1)	Residual value as of 06/30/2011 — USD	150,000,000	618,654	598,470
Non Subordinated – Class 2	USD	150,000,000	(a.2)	USD	106,395,000	452,778	437,986
Non Subordinated – Class 3	USD	100,000,000	(a.3)	USD	63,995,000	198,419	198,478
Total						1,269,851	1,234,934

On September 1, 2006 and June 4, 2007, the general regular shareholders’ meeting approved the creation, and subsequent extension, of a Global Program for the Issuance of simple Corporate Bonds in a short, medium or long term, either subordinated or non-subordinated, with or without guarantee, in accordance with the provisions of Law No. 23,576, as amended by Law No. 23,962, and further applicable regulations, up to a maximum amount outstanding at any time during the term of the program of USD 700,000,000 (seven 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.

a.1) On December 18, 2006, under the abovementioned Global Program, Banco Macro S.A. issued the 1 st series of Class 1 subordinated Notes for a face value of USD 150,000,000 (US dollars one hundred and fifty million). The main characteristics of this issuance are:

• Computable to the Bank’s required minimum capital (computable equity), as established by Communiqué “A” 4576.

• The Notes fall due within a 30-year term, with full amortization upon maturity (December 18, 2036), with a full redemption option in 10 years as from the issuance date.

• Interest payments will be made with a semiannual frequency (June 18 and December 18, every year).

• 30 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

• During the first 10 years, the interest rate will be a fixed one (9.75%), and a variable one for the remaining years (six-month LIBOR, plus 7.11%). As established by Communiqué “A” 4576 the interest rate payable can be increased only once over the life of the instrument and subsequent to the 10-year term as from their issuance.

• They do not include covenants that change the subordination order.

• No interest on the Notes will be neither fall due and payable if: (i) payments of such interest exceed the distributable amount, as defined in the pricing supplement dated November 23, 2006; (ii) there is a general prohibition by the BCRA; (iii) the Bank is subject to the provisions of sections 34 or 35 bis, Financial Institutions Law; (iv) the Bank is receiving financial assistance from BCRA under Article 17 of BCRA Charter; (v) the Bank is not in compliance with or have failed to comply in a timely basis with reporting obligations to the BCRA; and/or (vi) the Bank is not in compliance with minimum capital requirements (both on an individual and consolidated basis) or with minimum cash reserves (on average).

• The unpaid interest is not cumulative.

• They have authorizations both for their public offering and their listing on domestic or foreign stock exchanges or markets.

• In no case, the payment of financial services may exceed net unappropriated retained earnings as per the financial statements for the last fiscal year, with an external auditor’s report, which should be appropriated to a reserve created to such end, as established by Communiqué “A” 4576.

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

a.2) On January 29, 2007, the 1st series of Class 2 nonsubordinated corporate bonds at a fixed rate of 8.5% p.a., simple, not convertible into shares, fully amortizable upon maturity (February 1, 2017), for a face value of USD 150,000,000 (one hundred and fifty million US dollars), under the terms and conditions set forth in the price supplement dated January 10, 2007. Interest will be paid semiannually on February 1 and August 1 of every year.

Additionally, the Bank has the option to redeem such issuance, either fully or partially, at any time and periodically. The Bank used the funds derived from such issuance to grant loans.

a.3) On June 7, 2007, the 1st series of Class 3 nonsubordinated corporate bonds (peso-linked Notes) at a fixed rate over principal in pesos of 10.75% p.a., simple, not convertible into shares, fully amortizable upon maturity (June 7, 2012), for a face value of USD 100,000,000 (one hundred million US dollars), under the terms and conditions set forth in the price supplement dated May 18, 2007. Interest will be paid semiannually on June 7 and December 7 of every year.

Additionally, the Bank may fully redeem the issuance for tax purposes. The Bank used the funds derived from such issuance to grant loans.

On August 16, 2007, the SEC authorized the abovementioned exchange offers mentioned in a.1) through a.3).

• 31 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

In addition, on April 26, 2011, the General Regular Shareholder´s Meeting approved increase of the maximum amount of the Global Program for the Issuance of Simple Corporate Bonds, as mentioned in section (b), from USD 700,000,000 (seven hundred million U.S. dollars) to USD 1,000,000,000 (one billion U.S. dollars), or its equivalent amount in other currencies, as stipulated in the original Program or any lower amount, as determined in due time by Bank´s Management.

1. DERIVATIVE FINANCIAL INSTRUMENTS

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

• Repurchase agreements of securities and foreign currency.

• Forward transactions without delivery of the underlying asset.

• Put options.

• Interest rate swaps.

Such transactions were valued as explained in Notes 3.4.h.1), 3.4.h.2) and 3.4.m).

Positions of transactions effective as of June 30, 2011, and December 31, 2010, are as follows:

Transaction — Net liability position of repurchase agreements	(1,729,933	(2,248,852
Net asset position of forward transactions without delivery of the underlying asset (a)		319,046
Interest rate swaps (b)	157,551	157,066
Position of put options sold on BODEN 2012 and 2013 coupons (c)	44,361	54,475
Position of put options taken (d)	41,218

Net income (loss) resulting from these transactions for the periods ended June 30, 2011, and 2010, amount to (loss) / income:

Transaction — Premiums on reverse repurchase agreements	8,344		13,144
Premiums on repurchase agreements	(7,630	)	(2,195	)
Interest rate swaps	(1,107	)	(1,988	)
Forward foreign-currency transactions offset	962		6,426
Transactions with options	1,325		908
Total	1,894		16,295

(a) It is related mainly to negotiation transactions of forward foreign currency exchange rates, carried out through ROFEX and MAE. The differences of such trading transactions are settled on a daily basis based on the prices agreed upon and their quoted price upon maturity; the underlying asset is not delivered or received.

• 32 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

Additionally, as of December 31, 2010, the Bank had forward Badlar rate trading transactions (offsetting sales and purchases) which are agreed through MAE. The differences of such trading transactions are settled on a daily basis based on the prices agreed upon and their listed price upon maturity; the underlying asset is not delivered or received.

(b) Related to the following interest rate swap transactions:

b.1) The Bank and the BCRA agreed swap agreements entitling the Bank to collect, an a monthly basis, the positive difference between the Badlar interest rate in Argentine pesos and interest rates ranging from 15%, to 16.50% nominal interest rate p.a., applied on a total of notional values of thousands of 115,000. In the event that the difference between the rates is negative, the Bank shall be required to pay the difference. The agreement will expire between April 30, 2012 and October 31, 2014. The objective of the transactions is placement on medium- and long-term loans set forth in BCRA Communiqué “A” 4776, as supplemented.

b.2) Relates to interest rate swap agreements whereby on a quarterly basis the Bank shall be entitled to receive the positive difference between 10.25% nominal interest rate p.a. and the variable rate agreed-upon in relation to a loan granted by the Bank (Libor at 90 days plus 2.9%), applied to the residual principal of such loan. In the event that the differences between both rates were negative, the Bank shall be required to pay the difference. This agreement expires September 27, 2018. The amount booked in the Bank’s memorandum accounts is related to the residual principal amount of the loan of notional values of thousands of 42,551 and 42,066, respectively.

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

(d) This is related to a put option taken of trust securities to be issued by financial trust Fideicomiso Financiero Best Consumer Finance Series XVII and which may be received by the Bank as payment of the assignment value established in the assignment of rights agreement executed on April 28, 2011, with Banco de Servicios y Transacciones S.A. The initial price was set at 40,000, which will accrue a minimum applicable rate of 17.5%, compounded on a monthly basis. The option may be exercised within 180 days as from issuance, delivery and registration of the transacted securities under Banco Macro S.A.’s name.

1. PORTFOLIO MANAGEMENT

a) On March 1, 1996, former Banco de Salta S.A. (which was absorbed by the Bank) and the Salta Provincial Government entered into an “Agreement to Manage the Loan Portfolio of Banco Provincial de Salta (in liquidation)” related to the nonfinancial private sector, whereby the Bank undertakes to perform all acts necessary to manage such portfolio. In consideration thereof, the Province of Salta recognizes to the Bank a percentage of the amounts effectively recovered.

As of June 30, 2011, and December 31, 2010, the loans portfolio managed for principal and interest, after application adjustments, amounted to 14,198 and 14,214, respectively.

• 33 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

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 Jujuy Provincial Government, 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 June 30, 2011, and December 31, 2010, the loans portfolio managed amounts to 42,579 and 42,603, 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 June 30, 2011, and December 31, 2010, the loans portfolio managed amounts to 64,007 and 62,885, 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. (currently Banco Macro S.A.), entered into an agreement for the LAVERC financial trust’s collection administration and management, whereby former Banco Bansud S.A. will be in charge of the collection management, custody, performance and any other task related to the corpus assets recorded in the branches of former Scotiabank Quilmes S.A. received.

Through Resolution No. 523 of August 20, 2002, BCRA Board of Directors –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 June 30, 2011, and December 31, 2010, the portfolio managed by the Bank amounted to 81,627 and 99,833, respectively.

e) On June 30, 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 June 30, 2011, and December 31, 2010, the portfolio managed by the Bank for principal and accrued interest amounted to 58,439 and 58,467, respectively.

f) As of June 30, 2011 and December 31, 2010, the Bank had under its management other portfolios for total amounts of 55,984 and 58,032, respectively.

• 34 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

1. MUTUAL FUNDS

As of June 30, 2011, the Bank, in its capacity as Depository Company, held in custody the interest in Mutual Funds subscribed by third parties and securities from the following mutual funds:

Fund — Pionero Pesos	385,320,751	565,968	380,300
Pionero Renta Ahorro	62,015,728	107,633	106,561
Pionero Latam	1,915,308	9,634	8,610
Pionero F.F. – Fideicomiso Financieros	67,484,756	102,553	98,429
Pionero Renta	36,404,475	129,884	129,993
Pionero Acciones	1,363,924	4,350	4,126
Pionero Renta Dólares	7,064,053	15,080	12,594
Pionero América	357,565	1,790	1,651

(1) These amounts reflect the mutual funds’ assets and are recorded under the “Checks and securities in custody” memorandum account.

1. 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 9.9891% equity interest therein, according to the percentages set forth in BCRA Communiqué “B” 10060 of April 4, 2011.

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 BCRA, as long as fulfilling the requirements under Presidential Decree No. 540/95 and any others established by the enforcement agency. On the other hand, BCRA established that the deposits made by other financial institutions, those made by persons related to the Bank, deposits of securities, among others, must be excluded from the deposit guarantee system.

1. TRUST ACTIVITIES

The Bank is related to different types of trusts. Below the different trust agreements are disclosed, according to the Bank’s business purpose:

15.1. Financial trusts for investment purposes

As of June 30, 2011, and December 31, 2010, the amounts recorded in the Bank’s financial statements for holdings of certificates of certification (net of allowances for 223,832, as of both dates) and debt securities in financial trusts under “Other receivables from financial intermediation - Other not covered by debtor classification standards” were as follows:

• 35 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

Financial Trust
Certificates of participation:
TST & AF (a)	56,640	54,777
Tucumán (b)	63	63
Other (c)	6,484	8,852
Subtotal certificates of participation	63,187	63,692
Debt securities:
Underwriting agreements (d)	74,104	54,566
Created by Decree 976-01 (e)	52,251	51,763
San Isidro (f)	35,917	87,920
Chubut oil & gas royalties (g)	25,276	24,313
Galtrust (h)	23,340	32,874
Other	8,906	9,023
Subtotal debt securities	219,794	260,459
Total	282,981	324,151

(a) TST & AF Trust

On July 14, 1999, Austral Financial LLC, in its capacity as trustor, and First Trust of New York National Association, in its capacity as trustee, entered into a trust agreement known as TST & AF Financial Trust. On November 29, 2005, the trustor, the trustee and the beneficiaries (Austral Financial LLC, Proa del Puerto S.A. and Macro Bank Limited) agreed to replace the trustee by Sud Inversiones y Análisis S.A.

The purpose of the trust is to develop a real estate project in Puerto Madero and the subsequent sale thereof to settle the certificates of participation. Therefore, it will terminate 30 years after its execution date and/or the date in which the project is paid in full, sold or otherwise fully dispose of.

As of June 30, 2011 and December 31, 2010, the Bank is a direct beneficiary of 53.34% of the certificates of participation issued by the TST & AF Trust. (see also Note 7.1.(a) to the consolidated financial statements).

On January 20, 2011, TST & AF Trust acquired 100% of certificates of participation of San Isidro Trust.

As per the latest accounting information available to date, corpus assets amounted to about 134,497.

(b) Tucumán Trust

On August 31, 2005, Federalia S.A. de Finanzas, Maxifarm S.A. and Gabrinel S.A., in their capacity as trustors, entered into a trust agreement that created the financial trust “Fideicomiso Financiero Tucumán”. The purpose of the trust was to collect debt securities issued by the trust “Fideicomiso República” and settle the certificates of participation issued.

• 36 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

On June 6, 2008, partial settlements were made and part of the certificates were sold among the trust participants. Consequently, since that date, Banco Macro S.A. owns 100% of the trust certificates.

As per the latest accounting information available to date, corpus assets amounted to about 8,744.

This trust will end with the full settlement of the certificates of participation.

(c) Other

Including Bisel Trust, which was created within the framework of the reorganization process of former Banco Bisel S.A., as established by section 35 bis, Law No. 21,526, on May 21, 2002, with assets transferred by former Banco Bisel S.A., and with Banco de la Nación Argentina being appointed as trustee (replaced by Sud Inversiones y Análisis S.A. as from May 20, 2008). The purpose of the trust is to realize the managed assets and settle the certificates of participation issued.

As of June 30, 2011, and December 31, 2010, Banco Macro S.A., is beneficiary of 100% of the certificates issued by such trust. Additionally, an allowance was booked for the full amounts receivable booked on account of such certificates, since they were deemed unrecoverable.

(d) It relates to prepayments towards the placement price of trust securities of the financial trusts under public offerings, made by the Bank through underwriting agreements (Consubond, Tarjeta Shopping and Consumax). The assets managed for these trusts are mainly related to securitizations of consumer loans. Trust securities are placed once public offering is authorized by the CNV. Upon expiry of the placement period, once all trust securities have been placed on the market, the Bank recovers the disbursements made plus an agreed-upon contribution (“underwriting Price”). If after making the best efforts, such trust securities cannot be placed, the Bank (“Underwriter”) will retain the securities subject to underwriting.

(e) Created by Decree 976-01 Trust

On September 13, 2001, the Argentine Government (trustor) and Banco de la Nación Argentina (trustee) entered into a trust agreement that created the financial trust “Fideicomiso Creado por Decreto 976-01”.

The purpose thereof is the development of projects, works, services and maintenance on road and railway infrastructure in rural and semirural areas, among others. The trust revenues (corpus assets) arise, mainly, from collecting tax on gas oil, equivalent to 22% of the price per liter. Such tax was created by Law No. 26,028 and its effective term was subsequently extended until 2024 by Law 26,422.L

As of the date of issuance of these financial statements, the debt securities acquired by the Bank account for less than 2% of the trust issues.

(f) San Isidro Trust

On June 4, 2001, San Isidro Trust was created for the purpose of securing loans that Banco Macro S.A. had previously granted to the trustor.

• 37 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

Thus, the trust was required to sell the corpus assets in the same condition they were when received and use their proceeds to settle the certificates of participation in order of priority assigned to each. Subsequently, a real estate urbanization project was undertaken prior to the sale of the real property.

On November 7, 2008, the Bank proceeded to sell on credit all of the certificates of participation issued by the trust to an unrelated company.

Subsequently, the trust issued debt securities, which were subscribed by the Bank.

According to the accounting information available as of the date of issuance of these financial statements, the corpus assets amounted to about 102,384.

(g) Fideicomiso Chubut oil & gas royalties

On July 6, 2010, the Province of Chubut (trustor) and Banco de Valores S.A. (trustee) entered into a trust agreement that created the financial trust “Fideicomiso Chubut regalías hidrocarburíferas” (Fideicomiso Chubut oil & gas royalties).

The purpose of such trust is to finance production projects, infrastructure works in the province of Chubut and financial investments aimed at increasing the state’s interest in the energy sector. Trust revenues (corpus assets) arise mainly from credits resulting from the assignment, by the Province in favor of the trustee, of the rights on such oil & gas royalties collected by the appointed concessionaire (Pan American Energy LLC., Argentine Branch).

As of the date of issuance of these financial statements, the debt securities acquired by the Bank account for 4% of the trust issues.

(h) Galtrust Financial Trust

On October 13, 2000, Banco de Galicia y Buenos Aires S.A. (trustor) and First Trust of New York N.A., permanent representation in Argentina (financial trustee), organized Galtrust I financial trust. The purpose of the trust is to collect the corpus assets (BOGAR 2018) and settle the debt securities and certificates of participation issued.

BOGAR 2018 arise from the exchange of loans in US dollars granted by the trustor to several provincial governments in Argentina, secured with Federal Tax Revenue Sharing System, under Presidential Decree No. 1,579 issued on August 27, 2002.

As of the date of issuance of these financial statements, the Bank is the beneficiary of the 13% of the debt securities in force.

15.2 Trusts created using financial assets transferred by the Bank

The Bank transferred financial assets (loans) to trusts for the purpose of issuing and selling securities the collection of which is guaranteed by the cash flow resulting from such assets or group of assets. This way, the funds originally used to finance loans are recovered early, increasing the Bank's lending capacity.

According to the latest accounting information available as of the date of issue of these financial statements, the corpus assets managed totaled 6,219 as of both dates.

15.3. Trusts guaranteeing loans granted by the Bank

As it is common in the Argentine banking market, the Bank requires, in some cases, that the debtors present certain assets or entitlements to receiving assets in a trust as a guarantee for the loans granted. This way, the risk of losses is minimized and access to the security is guaranteed in case of the debtor´s noncompliance.

Trusts usually act as conduits to collect cash from the debtor’s flow of operations and send it to the bank for the payment of the debtor’s loans and thus ensure compliance with the obligations assumed by the trustor and guaranteed through the trust.

Additionally, other guarantee trusts manage specific assets, mainly real property.

• 38 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

Provided there is no noncompliance or delays by debtor in the obligations assumed with the beneficiary, the Trustee shall not execute the guaranty and all excess amounts as to the value of the obligations are reimbursed by the Trustee to the debtor.

As of June 30, 2011, and December 31, 2010, the trusts’ assets managed amount to 251,828 and 273,508, respectively.

15.4. Trusts in which the Bank acts as trustee (administration)

The Bank performs management duties in relation to the corpus assets according to the agreements and only performs trustee duties and has no other interests in the trust.

In no case shall the Trustee be liable with its own assets or for any obligation deriving from the performance as trustee. Such obligations do not imply any type of indebtedness or commitment for the trustee and they will be fulfilled only through trust assets. In addition, the trustee will not encumber the corpus assets or dispose of them beyond the limits established in the related trust agreements. The fees earned by the Bank from its role as trustee are calculated according to the terms and conditions of the agreements.

Trusts usually manage funds derived from the activities performed by trustors for the following main purposes:

(a) Guaranteeing in favor of the beneficiary the existence of the resources required to finance and/or pay certain obligations, such as the payment of installments regarding work or service certificates, and the payment of invoices and fees stipulated in the related agreements.

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

(c) Being a party to public work concession agreements granting road exploitation, management, keeping and maintenance.

Additionally, other trusts manage specific assets, mainly real property.

As of June 30, 2011, and December 31, 2010, the trusts’ assets managed amount to 300,358 and 254,567, respectively.

1. 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.

1. ACCOUNTS IDENTIFYING COMPLIANCE OF THE MINIMUM CASH REQUIREMENT

The items computed by the Bank to constitute the minimum cash requirement for June 2011 are listed below, indicating the balances as of month-end of the related accounts:

Item
Cash
Cash on hand	1,788,394
Amounts in BCRA accounts	2,606,803
Other receivables from financial intermediation
Special guarantee accounts with the BCRA	314,466
Total	4,709,663

• 39 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

1. TAX CLAIMS

AFIP (Federal Public Revenue Agency) has reviewed the tax returns filed by the Bank related to income tax and minimum presumed income tax for fiscal years prior to 2005.

Additionally, provincial tax authorities have reviewed other taxes (mainly turnover tax) for prior fiscal years.

The most significant claims arising from the previous paragraphs are detailed below:

a) AFIP challenged the income tax returns filed by the former Banco Bansud S.A. (for the fiscal years since June 30, 1995, through June 30, 1999, and of the irregular six-month period ended December 31, 1999) and by the former Banco Macro S.A. (for the fiscal years ended since December 31, 1998, through December 31, 2000).

The issues under discussion and on which the regulatory agency bases its position are the impossibility to deduct the credits with collateral security and the requirement to begin judicial collection proceedings for outstanding receivables to be deducted for tax purposes. Both issues were analyzed by the Federal Administrative Tax Court in similar cases, which issued a resolution in favor of the position assumed by the Bank.

On June 29 and August 26, 2009, the Bank partly joined the system under Law No. 26,476 Title I regularizing the credits in question that lack collateral security.

b) The Buenos Aires City Tax Authorities (DGR CABA) attributed turnover a tax difference to Banco Macro S.A. for tax period 2002, in relation to the treatment of the compensation bond, over which a precautionary measure was issued in 2009 in favor of the Bank.

c) The Buenos Aires Province Tax Authorities (DGR ARBA) attributed a turnover tax difference to Banco Macro S.A. in relation to period 2002 and 2006. On May 5, and October 14, 2008, the Bank filed its defense brief which was dismissed. Subsequently, two appeals were filed with the Province of Buenos Aires Tax Appeal Court, which are still pending judgment.

In August 2010, the Bank partially joined the program under Law 12,914, Regulatory Resolution No. 35/2010. Thus, during June 2011, the Federal Administrative Tax Court considered resolved the tax claim.

Additionally, there are other appeals which are not relevant with Tax Court.

The Bank’s Management and its legal and tax advisors believe there are no additional significant effects to those already recognized in the books that may result from the final outcome of such claims.

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

The financial and capital markets

Based on volatility conditions in international financial markets during the last few years, Bank Management permanently monitors the changes in international market circumstances and at a local level in order to determine the possible actions to be taken and identify the potential effects over its equity and financial situation that may need to be reflected in the financial statements for future periods.

• 40 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

Legal actions

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.

The measures adopted by the Federal Executive Government 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 BCRA and the financial institutions for considering that Public Emergency Law and its supplementary regulations are unconstitutional.

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

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

On December 27, 2006, the Argentine Supreme Court revoked prior instance judgments that ordered the reimbursement of deposits in US dollars and decided that depositors are entitled to reimbursement of their deposits switched to pesos at the Ps. 1.40-to-USD 1 exchange rate, adjusted by the CER through the payment date, and interest should be applied to such amount at a 4% rate p.a., which may not be compounded through the payment date.

As regards courts deposit in US dollars, on March 20, 2007, the Argentine Supreme Court ruled that principal should be reimbursed with no deterioration in value whatsoever, and that the sums should be kept in their original currency.

As mentioned in Notes 3.4.l.2), under BCRA Communiqués “A” 3916 and “A” 4686, as of June 30, 2011, and December 31, 2010, the Bank continued capitalizing in “Intangible assets” the amounts of 50,369 and 52,273 at stand-alone level, respectively, and a total of 52,473 and 54,680 at consolidated level, respectively, net of related amortizations, with respect to the differences resulting from the payments of deposit-related court orders and the estimates of the additional effects of the abovementioned Supreme Court decision.

Additionally, as of June 30, 2011, and December 31, 2010, the Bank recorded the additional payables related to such regulation under the “Provisions” account in the amount of 9,062 and 9,818 at the stand-alone level, respectively, and a total of 13,983 and 14,473 at consolidated level, respectively. Considering what has been mentioned in Note 3.4.l.2),the Bank’s Management believes that there would be no significant effects, other than those recognized in accounts, that could derive from the final outcome of such actions.

1. RESTRICTION ON EARNINGS DISTRIBUTION

a) According to Central Bank provisions, 20% of income for the year plus/minus prior-year adjustments and less accumulated losses as of the prior year-end, if any, should be allocated to the legal reserve.

b) Under Law No. 25,063, dividends to be distributed in cash or in kind in excess of taxable income accumulated as of the end of the fiscal year immediately preceding the payment or distribution date shall be subject to a 35% income tax withholding as single and definitive payment. Income to be considered in each year will result from deducting the tax paid for the tax period(s) in which income was distributed or the related proportional amount from taxable income, and adding dividends or income from other corporations not computed upon determining such income in the same tax period(s).

c) Through Communiqué “A” 5072, the BCRA established the general procedure to admit the distribution of earnings. According to that procedure, earnings may only be distributed upon express authorization by the BCRA, provided there are no records of the Bank having received financial aid from the BCRA due to illiquidity or shortages in payments of minimum capital, among other previous conditions listed in the communiqué.

Therefore, earnings may only be distributed as long as the Bank has income after deducting, on a nonaccounting basis, Unappropriated retained earnings, the amounts of the legal and statutory reserves which are mandatory, the positive net difference between the book value and market value or present value reported by the BCRA, as the case may be, of government debt securities and/or instruments issued by the BCRA not valued at market price, amounts capitalized due to legal proceedings related to deposits, among other items.

• 41 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

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

Lastly, the maximum amount to be distributed cannot exceed the excess payments of required capital minimum considering, for this purpose only, an increasing adjustment of 30% the required amount and deducting the abovementioned adjustments, the capitalized amount for minimum presumed income tax and the reserves used to compensate instruments representing long-term debt liable to forming part of the Bank’s computable equity.

1. FINANCIAL STATEMENTS PUBLICATION

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

1. ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

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

• 42 -

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2011 AND DECEMBER, 31 2010

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

Name	06/30/2011 — Market value or Present Value	Book balance	12/31/2010 — Book balance	06/30/2011 — Position without options (1)	Options	Final position
GOVERNMENT AND PRIVATE SECURITIES
GOVERNMENT SECURITIES
Holdings booked at market value
- Local
Federal government bonds in pesos at Badlar Private + 2,75% - Maturity: 2014		199,677	201,915	199,529		199,529
Federal government bonds in pesos at Badlar Private + 3.50% - Maturity: 2013		46,256	46,350	46,256		46,256
Federal government bonds in US dollars at Libor - Maturity: 2012		37,181	34,427	1,179	18,743	19,922
Secured bonds under Presidential Decree No. 1,579/02		35,112	40,724	33,585		33,585
Debt Securities at 12% in US dollars Córdoba Province - Maturity: 2017		18,204	17,498	18,204		18,204
Federal government bonds in US dollars at 7% - Maturity: 2015		8,669	792	1,181		1,181
Federal government bonds in US dollars at 7% - Maturity: 2017		8,113	1,026	4,087		4,087
Federal government bonds in pesos at variable rate - Maturity: 2013		6,297	7,523	6,297		6,297
Discount bonds denominated in pesos - Maturity: 2033		5,900	889	2,156		2,156
Federal government bonds in US dollars at 7% - Maturity: 2013		5,746		1,326		1,326
Other		19,662	26,721	10,031	25,258	35,289
Subtotal holdings booked at market value		390,817	377,865	323,831	44,001	367,832
Government securities under repo transactions with Central Bank of Argentina
- Local
Federal government bonds in US dollars at 7% - Maturity: 2017		1,661,750
Federal government bonds in US dollars at 7% - Maturity: 2013			2,299,088
Subtotal government securities under repo transactiones with Central Bank of Argentina		1,661,750	2,299,088
Holdings booked at amortized cost
- Local
Province of Buenos Aires Treasury Bills in pesos - Maturity: 11-24-2011	51,017	51,002		51,002		51,002
Province of Buenos Aires Treasury Bills in pesos - Maturity: 08-11-2011	49,417	49,417		49,417		49,417
Province of Buenos Aires Treasury Bills in pesos - Maturity: 03-31-2011			50,084
Province of Buenos Aires Treasury Bills in pesos - Maturity: 01-27-2011			49,575
Others
Subtotal Holdings booked at amortized cost		100,419	99,659	100,419		100,419

Jorge H. Brito

Chairperson

• 43 -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2011 AND DECEMBER, 31 2010

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

Name	Book balance	12/31/2010 — Book balance	06/30/2011 — Position without options (1)	Final position
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA
Central Bank of Argentina Internal Bills - Under Repo Transactions
Central Bank of Argentina Internal Bills in pesos – Maturity: 05-02-12	252,047
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-20-11		12,212
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-30-11		7,027
Subtotal Central Bank of Argentina Internal Bills - Under repo Transactions	252,047	19,239
Central Bank of Argentina Internal Bills at market value – Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-02-11	626		626	626
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-17-11	493		493	493
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-02-11		176,545
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-12-11		105,591
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-23-11		48,467
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-16-11		19,708
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-19-11		5,476
Subtotal Central Bank of Argentina Internal Bills at market value – Own Portfolio	1,119	355,787	1,119	1,119
Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-06-11	998		998	998
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-09-11	476		476	476
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-04-12	465		465	465
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-02-11		147,361
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-09-11		2,016
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-16-11		1,951
Subtotal Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio	1,939	151,328	1,939	1,939
Central Bank of Argentina notes at market value - Own portfolio
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) – Maturity: 11-23-11	267,591		265,529	265,529
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) – Maturity: 07-20-11	191,410		285,563	285,563
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) – Maturity: 12-14-11	146,606		136,425	136,425
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) – Maturity: 03-14-12	507		507	507
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) – Maturity: 05-18-11		3,048
Subtotal Central Bank of Argentina Notes at market value - Own portfolio	606,114	3,048	688,024	688,024
Subtotal Instruments issued by the Central Bank of Argentina	861,219	529,402	691,082	691,082

Jorge H. Brito

Chairperson

• 44 -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2011 AND DECEMBER, 31 2010

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

Name	Book balance	12/31/2010 — Book balance	06/30/2011 — Position without options (1)	Options	Final position
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)	861,219	529,402	691,082		691,082
Central Bank of Argentina Notes - Under Repo Transactions
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 08-03-11	7,438
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 06-08-11		18,313
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 07-13-11		9,083
Subtotal Central Bank of Argentina Notes - Under repo Transactions	7,438	27,396
Central Bank of Argentina Notes at amortized cost - Own portfolio
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 11-09-11	401,535		443,889		443,889
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 07-13-11	257,020		326,738		326,738
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 08-17-11	230,646		230,646		230,646
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 10-05-11	206,894		206,894		206,894
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 08-24-11	204,357		204,357		204,357
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 08-03-11	149,820		149,820		149,820
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 04-04-12	520		520		520
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 09-28-11	518		517		517
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 05-26-11		610,879
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 01-05-11		502,915
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 01-26-11		472,384
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 05-11-11		409,140
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 04-13-11		309,625
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 07-13-11		303,436
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 02-16-11		203,937
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 03-30-11		40,319
Subtotal Central Bank of Argentina Notes at amortized cost - Own portfolio	1,451,310	2,852,635	1,563,381		1,563,381
Total Instruments issued by the Central Bank of Argentina	2,319,967	3,409,433	2,254,463		2,254,463
Total Government securities	4,472,953	6,186,045	2,678,713	44,001	2,722,714
Total government and private Securities	4,472,953	6,186,045	2,678,713	44,001	2,722,714

(1) Position without options as of June 30, 2011, includes “Holdings” plus: “loans” and “spot and forward purchases pending settlement", less “deposits” and "spot and forward sales pending settlement". For the securities the book values of which differ from the market values, the latter is considered for the purposes of the calculation described above.

Jorge H. Brito

Chairperson

• 45 -

EXHIBIT B

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

COMMERCIAL
In normal situation	9,645,465	7,495,345
With Senior “A” guarantees and counter-guarantees	271,655	314,659
With Senior “B” guarantees and counter-guarantees	1,394,553	971,097
Without Senior guarantees or counter-guarantees	7,979,257	6,209,589
Subject to special monitoring	33,293	36,240
In observation
With Senior “B” guarantees and counter-guarantees	4,353	5,690
Without Senior guarantees or counter-guarantees	9,928	10,745
In negociation or with rollover agreement
With Senior “B” guarantees and counter-guarantees		547
Without Senior guarantees or counter-guarantees	19,012	19,258
Troubled	8,753	2,799
With Senior “B” guarantees and counter-guarantees	4,423	1,791
Without Senior guarantees or counter-guarantees	4,330	1,008
With high risk of insolvency	31,227	23,104
With Senior “B” guarantees and counter-guarantees	18,268	15,990
Without Senior guarantees or counter-guarantees	12,959	7,114
Irrecoverable	19,071	63,400
With Senior “B” guarantees and counter-guarantees	7,032	3,890
Without Senior guarantees or counter-guarantees	12,039	59,510
Subtotal Commercial	9,737,809	7,620,888

Jorge H. Brito

Chairperson

• 46 -

EXHIBIT B

(Continued)

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

CONSUMER
Performing	9,760,380	7,952,155
With Senior “A” guarantees and counter-guarantees	28,015	26,962
With Senior “B” guarantees and counter-guarantees	751,909	678,048
Without Senior guarantees or counter-guarantees	8,980,456	7,247,145
Low risk	110,344	94,445
With Senior “A” guarantees and counter-guarantees	10	75
With Senior “B” guarantees and counter-guarantees	7,397	8,794
Without Senior guarantees or counter-guarantees	102,937	85,576
Medium risk	75,609	64,009
With Senior “A” guarantees and counter-guarantees	49
With Senior “B” guarantees and counter-guarantees	4,738	6,876
Without Senior guarantees or counter-guarantees	70,822	57,133
High risk	115,017	116,223
With Senior “A” guarantees and counter-guarantees		6
With Senior “B” guarantees and counter-guarantees	4,215	8,532
Without Senior guarantees or counter-guarantees	110,802	107,685
Irrecoverable	50,375	50,318
With Senior “B” guarantees and counter-guarantees	11,653	12,469
Without Senior guarantees or counter-guarantees	38,722	37,849
Irrecoverable according to Central Bank's rules	376	383
With Senior “B” guarantees and counter-guarantees	38	38
Without Senior guarantees or counter-guarantees	338	345
Subtotal Consumer	10,112,101	8,277,533
Total	19,849,910	15,898,421

Jorge H. Brito

Chairperson

• 47 -

EXHIBIT C

FINANCING-FACILITIES CONCENTRATION

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

Number of customers	06/30/2011 — Outstanding balance	% of total portfolio	12/31/2010 — Outstanding balance	% of total portfolio
10 largest customers	2,409,855	12.14	2,003,779	12.60
50 next largest customers	2,763,185	13.92	2,127,600	13.38
100 next largest customers	1,597,041	8.05	1,216,861	7.65
Other customers	13,079,829	65.89	10,550,181	66.37
Total	19,849,910	100.00	15,898,421	100.00

Jorge H. Brito

Chairperson

• 48 -

EXHIBIT D

BREAKDOWN BY FINANCING TERMS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

Item	Terms remaining to maturity — Matured	Up to 1 month	Over 1 month and up to 3 months	Over 3 months and up to 6 months	Over 6 months and up to 12 months	Over 12 months and up to 24 months	Over 24 months	Total
Non-financial government sector	4	9,797	19,006	16,096	19,556	1,224	278,288	343,971
Financial sector		76,507	13,006	47,266	10,692	25,332	6,516	179,319
Non-financial private sector and foreign residents	304,607	4,805,822	2,599,879	2,344,658	2,438,038	2,507,881	4,325,735	19,326,620
Total	304,611	4,892,126	2,631,891	2,408,020	2,468,286	2,534,437	4,610,539	19,849,910

Jorge H. Brito

Chairperson

• 49 -

EXHIBIT E

DETAIL OF INVESTMENTS IN OTHER COMPANIES

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

							Information on the issuer
	06/30/2011					12/31/2010	Data from latest financial statements
Name	Class	Unit face value	Votes per share	Number	Amount	Amount	Main business activity	Period / year- end date	Capital stock	Shareholders' equity	Income (loss) for the period / year
In financial institutions, supplementary and authorized activities
- Subsidiaries
In Argentina
Banco del Tucumán S.A.	Common	100	1	395,341	287,327	243,810	Financial institution	06-30-11	43,960	319,493	48,388
Banco Privado de Inversiones S.A.	Common	1	1	85,925,820	79,541	84,454	Financial institution	06-30-11	86,659	80,144	(5,013	)
Macro Securities S.A. Sociedad de Bolsa	Common	1	1	12,776,680	31,302	26,914	Brokerage house	06-30-11	12,886	30,481	3,547
Sud Inversiones & Análisis S.A.	Common	1	1	6,475,143	11,497	13,155	Services	06-30-11	6,567	11,386	320
Macro Fondos S.G.F.C.I.S.A.	Common	1	1	327,183	2,273	1,765	Mutual funds management	06-30-11	1,713	11,543	2,408
Foreign
Macro Bank Limited	Common	1	1	9,816,899	189,014	184,060	Financial institution	06-30-11	9,817	189,014	4,954
Subtotal subsidiaries					600,954	554,158
- Non-subsidiaries
In Argentina
Banelco S.A.	Common	1	1	1,071,716	2,500	2,500	Network administration	12-31-10	23,599	66,210	19,034
Provincanje S.A.	Common	1	1	600,000	603	603	Swap of securities	12-31-10	7,200	8,715	500
Visa Argentina S.A.	Common	1	1	910,503	625	625	Business services	05-31-10	15,000	151,461	91,332
C.O.E.L.S.A.	Common	1	1	77,942	119	119	Financial Services	12-31-10	1,000	2,078	45
A.C.H. S.A.	Common	1	1	110,500	196	196	Electronic information services	12-31-10	650	219	(1,939	)
Mercado Abierto Electrónico S.A.	Common	1,200	1	7	113	119	Electronic market	12-31-10	242	14,431	1,856
Macroaval S.G.R.	Common	1	1	30,500	31	31	Mutual guarantee association	12-31-10	250	6,060	101
Argentina Clearing S.A.	Common	2,500	1	30	31	31	Services	07-31-10	10,250	21,738	7,447
Garantizar S.G.R.	Common	1	1	10,000	10	10	Mutual guarantee association	12-31-10	8,480	278,680	2,615
Foreign
Banco Latinoamericano de Exportaciones S.A.	Common	10	1	7,303	324	314	Financial institution	12-31-10	1,113,144	2,771,331	167,954
Banco Latinoamericano de Exportaciones S.A.	Com "E"	1	1	3,729	238	231	Financial institution	12-31-10	1,113,144	2,771,331	167,954
Banco Latinoamericano de Exportaciones S.A.	Preferred	10		259	13	12	Financial institution	12-31-10	1,113,144	2,771,331	167,954
Subtotal non-subsidiaries					4,803	4,791
Total in financial institutions, supplementary and authorized activities					605,757	558,949
In other companies
- Non-subsidiaries
In Argentina
Other					1,536	1,407
Foreign
SWIFT S.A.	Common	1	1	3	20	20	Services	12-31-10	724,852	1,574,289	78,734
Total in other companies					1,556	1,427
Total (1)					607,313	560,376

(1) As of June 30, 2011 and December 31, 2010, the Bank booked allowances for impairment in value amounting for 544 and 659, respectively (see Exhibit J).

Jorge H. Brito

Chairperson

• 50 -

EXHIBIT F

MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

Item	Net book value at — beginning of fiscal year	Increases	Transfers	Decreases	Years of useful life	Amount	value at end of the period
Bank premises and equipment
Buildings	267,290	1,956	40,346		615	50	5,492	303,485
Furniture and facilities	38,432	13,771			57	10	3,368	48,778
Machinery and equipment	83,153	22,868			28	5	17,875	88,118
Vehicles	14,294	1,486	36,490		7,017	5	6,842	38,411
Total	403,169	40,081	76,836		7,717		33,577	478,792
Other assets
Works in progress	35,785	9,615	(40,346	)				5,054
Works of art	1,218							1,218
Prepayments for the purchase of assets	57,862	111,437	(163,186	)	1,779			4,334
Foreclosed assets	11,704	41			1,095	50	130	10,520
Leased buildings	2,445					50	36	2,409
Stationery and office supplies	3,537	18,963			15,558			6,942
Other assets	66,744		126,696		10,336	50	635	182,469
Total	179,295	140,056	(76,836	)	28,768		801	212,946

Jorge H. Brito

Chairperson

• 51 -

EXHIBIT G

DETAIL OF INTANGIBLE ASSETS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

Item	Net book value at — beginning of fiscal year	Increases	Amortization for the period — Years of useful life	Amount	Net book — value at end of the period
Goodwill (a)	100,945		10	7,026	93,919
Organization and development costs (b)	186,700	51,149	5	34,467	203,382
Total	287,645	51,149		41,493	297,301

(a) Related to the difference between the total price of the transaction and the value by the equity method of Banco del Tucumán S.A., former Nuevo Banco Bisel S.A. and Banco Privado de Inversiones S.A. acquisitions.

(b) Includes the cost of information technology projects hired from independent parties, leasehold improvements and foreign exchange differences capitalized in relation to constitutional rights protection actions and court orders.

Jorge H. Brito

Chairperson

• 52 -

EXHIBIT H

DEPOSIT CONCENTRATION
AS OF JUNE 30, 2011 AND DECEMBER 31, 2010
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

Number of customers	06/30/2011 — Outstanding balance	% of total portfolio	12/31/2010 — Outstanding balance	% of total portfolio
10 largest customers	5,159,312	22.01	4,130,232	19.75
50 next largest customers	1,612,156	6.88	1,804,474	8.63
100 next largest customers	989,079	4.22	1,044,370	5.00
Other customers	15,678,696	66.89	13,928,968	66.62
Total	23,439,243	100.00	20,908,044	100.00

Jorge H. Brito

Chairperson

• 53 -

EXHIBIT I

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND

SUBORDINATED CORPORATE BONDS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

Item	Terms remaining to maturity — Up to 1 month	Over 1 month and up to 3 months	Over 3 months and up to 6 months	Over 6 months and up to 12 months	Over 12 months and up to 24 months	Over 24 months	Total
Deposits	17,876,628	3,698,802	862,258	700,664	300,275	616	23,439,243
Other liabilities from financial intermediation
Central Bank of Argentina	1,248					425	1,673
Banks and International Institutions	26,233	18,826	51,823	7,015			103,897
Non-subordinated corporate bonds			16,741	197,066		437,390	651,197
Financing received from Argentine financial institutions	4,262	30,850	1,224	2,448	4,896	38,111	81,791
Other	877,743	533	327	1,103	1,173	78,308	959,187
	909,486	50,209	70,115	207,632	6,069	554,234	1,797,745
Subordinated corporate bonds			2,004			616,650	618,654
Total	18,786,114	3,749,011	934,377	908,296	306,344	1,171,500	25,855,642

Jorge H. Brito

Chairperson

• 54 -

EXHIBIT J

CHANGES IN ALLOWANCES AND PROVISIONS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See note 22)

(Figures stated in thousands of pesos)

	Balances at beginning of	Increases	Decreases		Balances at end of the
Breakdown	fiscal year	(1)	Charge off	Reversals	period
ALLOWANCES
Loans
For uncollectibility risk and impairment in value	470,730	105,429	96,288	13,377	466,494
Other receivables from financial intermediation
For uncollectibility risk and impairment in value	229,504	900	875	211	229,318
Receivables from financial leases
For uncollectibility risk	5,968	331		962	5,337
Investments in other companies
For impairment in value	659	159		274	544
Other receivables
For uncollectibility risk	12,858	960	5,259	158	8,401
Total allowances	719,719	107,779	102,422	14,982	710,094
PROVISIONS
Contingent commitments	784			52	732
For other contingencies	78,263	10,222	15,149	4,414	68,922
Difference from court deposits dollarization	9,818	334	1,090		9,062
Total Provisions	88,865	10,556	16,239	4,466	78,716

(1) See note 3.4.f). and 3.4.o).

Jorge H. Brito

Chairperson

• 55 -

EXHIBIT K

CAPITAL STRUCTURE

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

Shares		Votes per	Capital stock — Issued
Class	Number	share	Outstanding	Paid in
Registered common stock A	11,235,670	5	11,236	11,236
Registered common stock B	583,249,498	1	583,249	583,249
Total	594,485,168		594,485	594,485

Jorge H. Brito

Chairperson

• 56 -

EXHIBIT L

FOREIGN CURRENCY BALANCES

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

	06/30/2011											12/31/2010
	Total Parent company and	Total per currency
	Argentine	US dollar	Pound	Swiss	Danish	Canadian	Australian		Swedish	Norwegian
Items	branches		sterling	franc	krone	dollar	dollar	Yen	krone	krone	Euro	Total
ASSETS
Cash	1,987,032	1,973,518	978	1,013	66	334	199	629	55	77	10,163	1,569,057
Government and private securities	1,740,461	1,740,461										2,353,322
Loans	2,679,543	2,675,102									4,441	2,358,553
Other receivables from financial intermediation	2,303,677	2,235,036									68,641	2,684,059
Receivables from financial leases	57,975	57,975										59,958
Investments in other companies	189,609	189,609										184,637
Other receivables	36,318	36,318										41,673
Items pending allocation	335	335										302
Total	8,994,950	8,908,354	978	1,013	66	334	199	629	55	77	83,245	9,251,561
LIABILITIES
Deposits	3,887,918	3,887,918										3,176,390
Other liabilities from financial intermediation	2,695,137	2,532,981	148	529		35					161,444	3,252,703
Other liabilities	3,043	3,043										3,267
Subordinated corporate bonds	618,654	618,654										598,470
Items pending allocation	1	1										3
Total	7,204,753	7,042,597	148	529		35					161,444	7,030,833
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS
(except contra debit-balance accounts)
Contingent	1,089,309	1,040,617									48,692	766,576
Control	959,799	941,813	255	97			27				17,607	1,175,862
Derivatives	42,551	42,551										42,066
CREDIT-BALANCE ACCOUNTS
(except contra credit-balance accounts)
Contingent	308,994	197,617									111,377	137,901
Control	4	4										199

Jorge H. Brito

Chairperson

• 57 -

EXHIBIT N

CREDIT ASSISTANCE TO RELATED PARTIES

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

Item
Loans
Overdrafts	2	252
Without Senior guarantees or counter-guarantees	2	252
Documents	19,702	18,747
Without Senior guarantees or counter-guarantees	19,702	18,747
Mortgage and pledge	1,306	2,205
With Senior “B” guarantees and counter-guarantees	1,306	1,889
Without Senior guarantees or counter-guarantees		316
Personal	218	41
Without Senior guarantees or counter-guarantees	218	41
Credit cards	3,756	9,887
Without Senior guarantees or counter-guarantees	3,756	9,887
Other	16,047	2,480
Without Senior guarantees or counter-guarantees	16,047	2,480
Total loans	41,031	33,612
Other receivables from financial intermediation	8,941	8,806
Receivables from financial leases	8,748	2,125
Contingent Commitments	6,102	12,733
Investments in other companies	601,647	554,742
Total	666,469	612,018
Allowances / Provisions	651	557

(1) As of June 30, 2011 and December 31, 2010 all debtors are classified in performing situation.

Jorge H. Brito

Chairperson

• 58 -

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos)

					Originally
					agreed	Residual	Weighted daily
Type of	Purpose of the transactions	Underlying	Type of	Negotiation environment	weighted monthly	weighted monthly	average term of settlement of
contract	performed	asset	settlement	or counter-party	average term	average term	differences	Amount
	Intermediation	Argentine		Over The Counter - Residents
Options	- own account	government securities	Other	in Argentina - Non-financial sector	126	18		44,361
	Intermediation		With delivery of	Over The Counter - Residents
Options	- own account	Other	underlying asset	in Argentina - Non-financial sector	7	7		41,218
	Intermediation	Argentine	With delivery of	MAE (over-the-counter
Repo transactions	- own account	government securities	underlying asset	electronic market)	1	1		1,877,566
	Intermediation	Argentine	With delivery of	Buenos Aires stock
Repo transactions	- own account	government securities	underlying asset	exchange (BCBA)	1	1		252,047
	Intermediation	Foreign	Daily settlement of	MAE (over-the-counter
Futures	- own account	currency	differences	electronic market)	2	2	1	8,299
	Intermediation	Foreign	Daily settlement of	Rosario Futures
Futures	- own account	currency	differences	Exchange (ROFEX)	4	3	1	4,196
	Intermediation	Foreign	Maturity settlement	Over The Counter - Residents
Forward	- own account	currency	of differences	in Argentina - Non-financial sector	3	2	30	12,495
	Intermediation		Maturity settlement	Over The Counter - Residents
Swaps	- own account	Other	of differences	in Argentina - Non-financial sector	132	87	90	42,551
	Intermediation			MAE (over-the-counter
Swaps	- own account	Other	Other	electronic market)	50	31	30	115,000

Jorge H. Brito

Chairperson

• 59 -

EFPlaceholder

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

ASSETS
A. CASH
Cash on hand	2,028,638		1,406,971
Due from banks and correspondents
Central Bank of Argentina	2,965,600		3,089,851
Local Other	16,872		17,446
Foreign	785,406		687,487
Other	257		249
	5,796,773		5,202,004
B. GOVERNMENT AND PRIVATE SECURITIES (Exhibit I)
Holdings booked at market value	651,780		603,953
Government securities under repo transactions with Central Bank of Argentina	1,661,750		2,299,088
Holdings booked at amortized cost	110,181		103,682
Instruments issued by the Central Bank of Argentina	2,762,293		4,005,766
Investments in listed private securities	16,274		17,588
less: Allowances (Note 4.)			(3	)
	5,202,278		7,030,074
C. LOANS
To the non-financial government sector	332,605		336,430
To the financial sector
Interfinancing - (granted call)	79,400		110,100
Other financing to Argentine financial institutions	99,492		45,100
Accrued interest, adjustments, foreign exchange and quoted price differences receivables	1,257		501
To the non-financial private sector and foreign residents
Overdrafts	2,740,625		2,032,986
Documents	2,269,440		1,805,226
Mortgage loans	1,017,492		902,734
Pledge loans	500,118		347,321
Personal loans	7,401,117		5,802,442
Credit cards	2,055,393		1,553,183
Other	3,598,601		3,302,223
Accrued interest, adjustments, foreign exchange and quoted price differences receivables	266,491		216,888
less: Unposted payments
less: Unearned discount	(33,847	)	(30,121	)
less: Allowances (Note 4.)	(504,664	)	(514,910	)
	19,823,520		15,910,103

Jorge H. Brito

Chairperson

• 60 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

D. OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina	1,996,887		2,545,880
Amounts receivable from spot and forward sales pending settlement	704,066		248,714
Securities and foreign currency receivable from spot and forward purchases pending settlement	447,685		77,567
Unlisted corporate bonds	299,712		279,306
Receivables from forward transactions without delivery of underlying asset	369		2,840
Other receivables not covered by debtors classification standards	596,270		642,223
Other receivables covered by debtors classification standards	230,849		40,280
less: Allowances (Note 4.)	(238,318	)	(237,513	)
	4,037,520		3,599,297
E. RECEIVABLES FROM FINANCIAL LEASES
Receivables from financial leases	276,877		249,081
Accrued interest and adjustments	3,983		4,339
less: Allowances (Note 4.)	(5,378	)	(6,021	)
	275,482		247,399
F. INVESTMENTS IN OTHER COMPANIES
In financial institutions	575		557
Other	10,911		10,789
less: Allowances (Note 4.)	(1,579	)	(1,676	)
	9,907		9,670
G. OTHER RECEIVABLES
Receivables from sale of assets	6,853		7,229
Minimum presumed income tax - Tax Credit	568
Other	359,947		605,691
Accrued interest and adjustments receivable on from sale of assets	235		330
Other accrued interest and adjustments receivables	441		290
less: Allowances (Note 4.)	(12,313	)	(16,529	)
	355,731		597,011
H. BANK PREMISES AND EQUIPMENT, NET	521,604		445,531
I. OTHER ASSETS	223,074		181,256
J. INTANGIBLE ASSETS
Goodwill	93,919		100,945
Organization and development costs	212,956		196,352
	306,875		297,297
K. ITEMS PENDING ALLOCATION	2,367		4,765
TOTAL ASSETS	36,555,131		33,524,407

Jorge H. Brito

Chairperson

• 61 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

LIABILITIES
L. DEPOSITS
From the non-financial government sector	6,448,922	5,216,109
From the financial sector	15,301	15,776
From the non-financial private sector and foreign residents
Checking accounts	4,949,603	4,178,758
Savings accounts	5,589,846	4,526,697
Time deposits	8,621,009	8,714,101
Investment accounts	204,718	178,010
Other	571,021	518,807
Accrued interest, adjustments, foreign exchange and quoted price differences payables	60,472	59,135
	26,460,892	23,407,393
M. OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina
Other	1,790	1,877
Banks and International Institutions	103,647	45,506
Non-subordinated Corporate Bonds	634,456	620,071
Amounts payable for spot and forward purchases pending settlement	500,348	93,609
Securities and foreign currency to be delivered under spot and forward sales pending settlement	2,306,230	2,561,740
Put options sold premiums	12	398
Financing received from Argentine financial institutions
Interfinancing (received call)	3,714	30,068
Other financing received from Argentine financial institutions	46,389	17,278
Accrued interest payables	2	25
Receivables from forward transactions without delivery of underlying asset		755
Other	1,002,520	1,173,873
Accrued interest, adjustments, foreign exchange and quoted price differences payables	48,678	46,083
	4,647,786	4,591,283
N. OTHER LIABILITIES
Dividends payables	27
Fees	94	447
Other	539,331	633,244
	539,452	633,691
O. PROVISIONS (Note 4.)	99,333	105,830
P. SUBORDINATED CORPORATE BONDS	618,654	598,470
Q. ITEMS PENDING ALLOCATION	4,804	7,399
MINORITY INTERESTS IN SUBSIDIARIES	32,351	27,499
TOTAL LIABILITIES	32,403,272	29,371,565
SHAREHOLDERS' EQUITY	4,151,859	4,152,842
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	36,555,131	33,524,407

Jorge H. Brito

Chairperson

• 62 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS	16,905,501	15,219,447
Contingent	7,469,608	5,542,009
Credit lines obtained (unused portion)	18,000
Guarantees received	6,808,703	5,197,200
Other not covered by debtors classification standards	180	229
Contingent debit-balance contra accounts	642,725	344,580
Control	8,312,912	7,835,246
Receivables classified as irrecoverable	926,074	845,119
Other	7,027,782	6,745,666
Control debit-balance contra accounts	359,056	244,461
Derivatives	281,927	1,022,181
Notional value of put options taken	41,218
Notional value of forward transactions without delivery of underlying asset	12,495	555,897
Interest rate swap	157,551	157,066
Derivatives debit-balance contra accounts	70,663	309,218
Trust activity	841,054	820,011
Trust funds	841,054	820,011
CREDIT-BALANCE ACCOUNTS	16,905,501	15,219,447
Contingent	7,469,608	5,542,009
Credit lines granted (unused portion) covered by debtors classification standards	58,484	57,533
Other guarantees provided covered by debtors classification standards	195,324	66,192
Other guarantees provided not covered by debtors classification standards	130,180	130,684
Other covered by debtors classification standards	258,737	90,171
Contingent credit-balance contra accounts	6,826,883	5,197,429
Control	8,312,912	7,835,246
Checks to be credited	359,056	244,461
Control credit-balance contra accounts	7,953,856	7,590,785
Derivatives	281,927	1,022,181
Notional value of call options sold	13,488	17,587
Notional value of put options sold	44,680	54,780
Notional value of forward transactions without delivery of underlying asset	12,495	236,851
Derivatives credit-balance contra account	211,264	712,963
Trust activity	841,054	820,011
Trust activity credit-balance contra accounts	841,054	820,011

The accompanying notes 1 through 7 to the consolidated financial statements and Exhibit I are an integral part of these statements,which are part of the stand-alone financial statements of Banco Macro S.A. and should be read together with them.

Jorge H. Brito

Chairperson

• 63 -

EFPlaceholder

CONSOLIDATED STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2011 AND 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

A. FINANCIAL INCOME
Interest on cash and due from banks	73	18
Interest on loans to the financial sector	6,680	4,951
Interest on overdrafts	176,699	122,952
Interest on documents	92,267	70,441
Interest on mortgage loans	68,800	53,286
Interest on pledge loans	34,283	24,276
Interest on credit card loans	151,162	97,075
Interest on financial leases	24,388	21,404
Interest on other loans	1,027,387	709,893
Net income from government and private securities	309,904	541,388
Net income from options	568	609
Interest on other receivables from financial intermediation	326	609
Income from guaranteed loans - Presidential Decree No. 1,387/01	4,886	633
CER (Benchmark Stabilization Coefficient) adjustment	3,793	2,810
CVS (Salary Variation Coefficient) adjustment	179	324
Difference in quoted prices of gold and foreign currency	122,935	91,953
Other	26,912	45,022
	2,051,242	1,787,644
B. FINANCIAL EXPENSE
Interest on checking accounts	86	4,002
Interest on savings accounts	10,913	9,546
Interest on time deposits	516,368	459,847
Interest on interfinancing received loans (received call)	2,473	2,174
Interest on other financing from financial institutions	4	3
Interest on other liabilities from financial intermediation	31,478	31,395
Interest on subordinated bonds	29,518	28,254
Other interest	897	966
CER adjustment	2,129	2,800
Contribution to Deposit Guarantee Fund	20,985	16,271
Other	125,219	81,654
	740,070	636,912
GROSS INTERMEDIATION MARGIN - GAIN	1,311,172	1,150,732
C. PROVISION FOR LOAN LOSSES	106,580	60,961
D. SERVICE-CHARGE INCOME
Related to lending transactions	57,817	38,007
Related to deposits	536,818	373,124
Other commissions	19,863	16,009
Other	272,525	165,648
	887,023	592,788

Jorge H. Brito

Chairperson

• 64 -

EFPlaceholder CONSOLIDATED STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2011 AND 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

E. SERVICE-CHARGE EXPENSE
Commissions	50,749		36,164
Other	136,953		94,677
	187,702		130,841
F. ADMINISTRATIVE EXPENSES
Personnel expenses	751,974		562,748
Directors' and statutory auditors' fees	22,134		21,160
Other professional fees	43,278		37,840
Advertising and publicity	34,712		21,769
Taxes	66,550		50,645
Depreciation of equipment	35,571		28,285
Amortization of organization costs	27,538		19,781
Other operating expenses	149,110		116,075
Other	12,108		10,076
	1,142,975		868,379
NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN	760,938		683,339
G. OTHER INCOME
Income from long-term investments	1,016		334
Penalty interest	13,226		15,179
Recovered loans and allowances reversed	36,508		33,650
CER adjustments	43		63
Others	50,866		37,687
	101,659		86,913
H. OTHER EXPENSE
Penalty interest and charges payable to the Central Bank of Argentina	36		12
Charges for other receivables uncollectibility and other allowances	17,240		11,773
Amortization of differences related to court orders	9,251		8,523
Depreciation and loss of other assets	886		1,433
Goodwill amortization	7,026		4,216
Other	10,372		10,822
	44,811		36,779
MINORITY INTEREST IN SUBSIDIARIES	(4,878	)	(3,268	)
NET INCOME BEFORE INCOME TAX - GAIN	812,908		730,205
I. INCOME TAX	297,423		262,134
NET INCOME FOR THE PERIOD - GAIN	515,485		468,071

The accompanying notes 1 through 7 to the consolidated financial statements and Exhibit I are an integral part of these financial 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

• 65 -

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2011 AND 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

CHANGES IN CASH AND CASH EQUIVALENTS (Note 1.5.)
Cash at beginning of fiscal year	5,990,480		5,396,063
Cash at end of the period	6,110,142		5,085,898
Net increase / (decrease) in cash	119,662		(310,165	)
CAUSES OF CHANGES IN CASH
Operating activities
Net collections / (payments) for:
Government and private securities	992,821		1,566,111
Loans
To the financial sector	(31,680	)	(24,531	)
To the non-financial government sector	11,116		(23,677	)
To the non-financial private sector and foreign residents	(2,427,918	)	(420,194	)
Other receivables from financial intermediation	(260,019	)	(1,920,739	)
Receivables from financial leases	(3,064	)	65,308
Deposits
From the financial sector	(462	)	152
From the non-financial government sector	1,182,103		1,468,681
From the non-financial private sector and foreign residents	1,329,558		752,025
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)	(15,586	)	(92,396	)
Others (except liabilities included under financing activities)	444,853		(269,530	)
Collections related to service-charge income	879,017		587,270
Payments related to service-charge expenses	(182,501	)	(127,192	)
Administrative expenses paid	(1,116,306	)	(850,098	)
Payment of organization and development costs	(46,373	)	(32,780	)
Net collections from penalty interest	13,195		15,171
Differences from payments related to court orders	(7,044	)	(10,982	)
Collections of dividends from other companies	603		691
Other collections related to other income and losses	35,934		33,843
Net payments from other operating activities	(42,900	)	(55,003	)
Payment of income tax / minimum presumed income tax	(90,586	)	(595,633	)
Net cash flows generated in operating activities	664,761		66,497

Jorge H. Brito

Chairperson

• 66 -

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2011 AND 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

Investing activities
Net payments for bank premises and equipment	(22,258	)	(19,528	)
Net payments for other assets	(118,819	)	(7,620	)
Other collections for investing activities	3,889		18,938
Net cash flows used in investing activities	(137,188	)	(8,210	)
Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds	(28,693	)	(27,959	)
Central Bank of Argentina:
Other	(86	)	(155	)
Banks and International Institutions	57,629		(189,237	)
Subordinated corporate bonds	(29,945	)	(29,961	)
Financing received from Argentine financial institutions	29,107		(858	)
Payment of dividends	(505,312	)	(208,124	)
Net cash flows used in financing activities	(477,300	)	(456,294	)
Financial income and holding gains on cash and cash equivalents	69,389		87,842
Net increase / (decrease) in cash	119,662		(310,165	)

The accompanying notes 1 through 7 to the consolidated financial statements and Exhibit I are an integral part of these financial statments, 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

• 67 -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

COMMERCIAL
In normal situation	10,007,521	7,762,398
With Senior “A” guarantees and counter-guarantees	273,743	322,597
With Senior “B” guarantees and counter-guarantees	1,408,882	1,001,760
Without Senior guarantees or counter-guarantees	8,324,896	6,438,041
Subject to special monitoring	33,293	36,240
In observation
With Senior “B” guarantees and counter-guarantees	4,353	5,690
Without Senior guarantees or counter-guarantees	9,928	10,745
In negociation or with rollover agreement
With Senior “B” guarantees and counter-guarantees		547
Without Senior guarantees or counter-guarantees	19,012	19,258
Troubled	8,754	2,799
With Senior “B” guarantees and counter-guarantees	4,423	1,791
Without Senior guarantees or counter-guarantees	4,331	1,008
With high risk of insolvency	31,227	23,104
With Senior “B” guarantees and counter-guarantees	18,268	15,990
Without Senior guarantees or counter-guarantees	12,959	7,114
Irrecoverable	19,071	63,400
With Senior “B” guarantees and counter-guarantees	7,032	3,890
Without Senior guarantees or counter-guarantees	12,039	59,510
Subtotal Commercial	10,099,866	7,887,941

Jorge H. Brito

Chairperson

• 68 -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

CONSUMER
Performing	11,171,613	8,959,435
With Senior “A” guarantees and counter-guarantees	29,223	29,291
With Senior “B” guarantees and counter-guarantees	781,648	707,689
Without Senior guarantees or counter-guarantees	10,360,742	8,222,455
Low risk	118,727	101,963
With Senior “A” guarantees and counter-guarantees	10	76
With Senior “B” guarantees and counter-guarantees	7,576	8,995
Without Senior guarantees or counter-guarantees	111,141	92,892
Medium risk	81,954	72,172
With Senior “A” guarantees and counter-guarantees	49	1
With Senior “B” guarantees and counter-guarantees	4,821	6,928
Without Senior guarantees or counter-guarantees	77,084	65,243
High risk	132,650	143,096
With Senior “A” guarantees and counter-guarantees		8
With Senior “B” guarantees and counter-guarantees	4,227	8,532
Without Senior guarantees or counter-guarantees	128,423	134,556
Irrecoverable	54,042	54,455
With Senior “B” guarantees and counter-guarantees	11,668	12,750
Without Senior guarantees or counter-guarantees	42,374	41,705
Irrecoverable according to Central Bank's rules	386	412
With Senior “B” guarantees and counter-guarantees	38	38
Without Senior guarantees or counter-guarantees	348	374
Subtotal Consumer	11,559,372	9,331,533
Total	21,659,238	17,219,474

The accompanying notes 1 through 7 to the consolidated financial statements and Exhibit I are an integral part of these statements, which are part of the stand-alone financial statements of Banco Macro S.A. and should be read together with them.

Jorge H. Brito

Chairperson

• 69 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See Note 22

of the stand-alone financial statements)

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

1. SIGNIFICANT ACCOUNTING POLICIES AND SUBSIDIARIES

1.1. Valuation and disclosure criteria:

According to the procedures provided in BCRA standards - Communiqué “A” 2227, as supplemented, and FACPCE Technical Resolution No. 21, the Bank has consolidated line-by-line (i) its balance sheets as of June 30, 2011, and December 31, 2010 and (ii) the statements of income and cash flows for the six-month periods ended June 30, 2011, and 2010, with the financial Statements of Banco del Tucumán S.A., Macro Bank Limited (consolidated with Sud Asesores (R.O.U.) S.A.), Macro Securities S.A. Sociedad de Bolsa (consolidated with Macro Fondos Comunes de Inversión S.A.) and Sud Inversiones y Análisis S.A., as of those dates. Additionally, as from September 20, 2010, the Bank consolidated its financial Statements with those of Banco Privado de Inversiones S.A. (see Note 2.6. to the Bank’s stand-alone financial Statements).

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. In addition, the Bank made certain reclassifications of the financial statements as of June 30, 2010, for the sole purpose of comparing them with these financial Statements.

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

1.2. List of subsidiaries:

The table below shows the treatment given to the equity interests that Banco Macro S.A. holds in subsidiaries (percentage of equity interest and votes held directly or indirectly as of June 30, 2011):

	Banco Macro S.A.’s direct equity interest — Shares		Percentage of		Banco Macro S.A.’s direct and indirect equity interest — Percentage of
Company	Type	Number	Capital stock	Possible votes	Capital stock	Possible votes
Banco del Tucumán S.A.	Common	395,341	89.932 %	89.932 %	89.932 %	89.932 %
Banco Privado de Inversiones S.A. (a)	Common	85,925,820	99.154 %	99.154 %	99.994 %	99.994 %
Macro Bank Limited (b)	Common	9,816,899	99.999 %	99.999 %	99.999 %	99.999 %
Macro Securities S.A. Sociedad de Bolsa (c) and (d)	Common	12,776,680	99.154 %	99.154 %	99.921 %	99.921 %
Sud Inversiones & Análisis S.A.	Common	6,475,143	98.605 %	98.605 %	98.605 %	98.605 %
Macro Fondos S.G.FCI S.A.	Common	327,183	19.100 %	19.100 %	99.936 %	99.936 %

• 70 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See Note 22

of the stand-alone financial statements)

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

(a) Banco Macro S.A.’s indirect equity interest derives from Sud Inversiones y Análisis S.A. and Macro Securities S.A. Sociedad de Bolsa.

(b) Consolidated with Sud Asesores (ROU) S.A. (voting rights: 100%, equity interest: 521).

(c) Consolidated with Macro Fondos SGFCI S.A. (percentage of capital stock and votes 80.90%).

(d) The indirect equity interest of Banco Macro S.A comes from Sud Inversiones & Análisis S.A.

1.3. Methods of incorporating foreign subsidiaries:

The financial statements of Macro Bank Limited were adapted to BCRA rules. Also, as they are originally stated in US dollars, they were translated into pesos following the procedures indicated below:

a) Assets and liabilities were converted at the reference exchange rate at the closing of transactions on the last business day of the six-month period ended June 30, 2011, and the year ended December 31, 2010.

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 six-month periods ended June 30, 2011, and 2010, were converted into pesos, as of such dates according to the method 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 fiscal year and retained earnings at period-end) was recorded in “Other income – Income from long-term investments” and “Financial income – Difference in quoted prices of gold and foreign currency” or “Financial expense – Difference in quoted prices of gold and foreign currency”, as the case may be, in the stand-alone and consolidated financial statements, respectively.

The main figures included in the consolidated financial statements arising from the figures of Macro Bank Limited (consolidated with Sud Asesores (ROU) S.A.) as of June 30, 2011, considering the translation process mentioned above are as follows:

In thousands of USD	In thousands of Ps.
Assets	245,950	1,011,102
Liabilities	199,973	822,088
Shareholders’ equity	45,977	189,014

• 71 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See Note 22

of the stand-alone financial statements)

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

1.4. The table below shows total assets, liabilities, shareholders’ equity and income of Banco Macro S.A. and each one of its subsidiaries as of June 30, 2011:

Assets	33,321,981	2,852,686	126,344		1,011,102	154,430	911,412	36,555,131
Liabilities	29,170,122	2,533,193	46,200		822,088	111,201	279,532	32,403,272
Shareholders’ equity	4,151,859	319,493	80,144		189,014	43,229	631,880	4,151,859
Income (loss)	515,485	48,388	(5,013	)	4,954	4,644	52,973	515,485

(1) Figures related to Macro Bank Limited consolidated with Sud Asesores (ROU) S.A.

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

1.5. Statement of cash flows and cash equivalents

The Bank and its subsidiaries consider “Cash and cash equivalents” to be the Cash account and Government and private securities which mature less than 90 days as from their date of acquisition. Below is a breakdown of the reconciliation of the “Cash” item in the statement of cash flows with the related balance sheets accounts as of June 30, 2011, December 31, and June 30, 2010:

Cash	5,796,773	5,202,004	4,507,642
Government and private securities
Holdings booked at market value	205,546	198,790	275,226
Instruments issued by Central Bank of Argentina	107,823	589,686	303,030
Cash and cash equivalents	6,110,142	5,990,480	5,085,898

1. INCOME TAX AND MINIMUM PRESUMED INCOME TAX

In addition to what was mentioned in Note 4 to the Bank’s stand-alone financial statements, the following shows the situation of the main subsidiaries.

• 72 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See Note 22

of the stand-alone financial statements)

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

As of June 30, 2011, and 2010, subsidiary Banco del Tucumán S.A. estimated income tax in the amount of 26,400 and 20,700, respectively; hence, no minimum presumed income tax should be assessed. In addition, as of June 30, 2011, the Bank capitalized income tax prepayments for 10,163 for 2011 tax year, which were recorded in the Other receivables account.

As of June 30, 2011, and 2010, subsidiary Banco Privado de Inversiones S.A. did not set an income tax accrual as it estimated NOLs as of that date, and, therefore, booked accrued minimum presumed income tax totaling 153 and 441, respectively. Additionally, as of June 30, 2011, and December 31, 2010, the subsidiary booked a minimum presumed income tax credit of 3,715 and 3,762, respectively, which were fully accrued, a tax credit in the amount of 465 for fiscal year 2010 and prepayments totaling 41 for tax year 2011, which were booked under Other receivables.

1. RESTRICTED ASSETS

In addition to the assets broken down in Note 7 to the stand-alone financial statements, certain assets are restricted as follows:

3.1 Banco del Tucumán S.A.:

a) Other receivables from financial intermediation

As of June 30, 2011, and December 31, 2010, Banco del Tucumán S.A. continued to keep as security the amounts related to the special guarantee checking accounts opened in BCRA for transactions related to the electronic clearing houses and similar ones for an amount of 34,782 and 25,254, respectively.

b) Other receivables

As of June 30, 2011, and December 31, 2010, this includes other receivables in the amount of 4,885 and 4,984, respectively.

3.2 Banco Privado de Inversiones S.A.:

a) Other receivables from financial intermediation

As of June 30, 2011, and December 31, 2010, Banco Privado de Inversiones S.A. continued to keep as security the amounts related to the special guarantee checking accounts opened in BCRA for transactions related to the electronic clearing houses and similar ones and credit card customers consumptions abroad as securities for an amount of 1,284 and 2,807, respectively.

b) Other receivables

b.1) As of June 30, 2011, and December 31, 2010, it holds security deposits related to credit card transactions for 2,838 and 7,537, respectively.

b.2) As of June 30, 2011, and December 31, 2010 include other receivables of 965 and 1,014, respectively.

• 73 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See Note 22

of the stand-alone financial statements)

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

3.3 Macro Securities S.A. Sociedad de Bolsa:

Investments in other companies

As of June 30, 2011, and December 31, 2010, this includes other investments in other companies in the amount of 1,453.

1. CHANGES IN ALLOWANCES AND PROVISIONS

The following are the changes in the Bank’s allowances and provisions consolidated with its subsidiaries as of June 30, 2011:

	Balances at — beginning of		Decreases		Balances at
Item	year	Increases	Charge off	Reversals	end of period
Allowances
For government and private securities	3		3
For loans	514,910	112,564	108,495	14,315	504,664
For other receivables from financial intermediation	237,513	1,998	925	268	238,318
For receivables from financial leases	6,021	338		981	5,378
For investments in other companies	1,676	177		274	1,579
For other receivables	16,529	1,201	5,259	158	12,313
Total	776,652	116,278	114,682	15,996	762,252
Provisions
For contingent commitments	784			52	732
For other contingencies	90,573	15,618	17,106	4,467	84,618
Difference from court deposits dollarization	14,473	600	1,090		13,983
Total	105,830	16,218	18,196	4,519	99,333

1. DERIVATIVE FINANCIAL INSTRUMENTS

In addition to what was mentioned in Note 11 to the stand-alone financial statements, below is a breakdown of the volumes, in absolute values, by type of derivative financial instrument involved in the transactions between the Bank and its subsidiaries, which are effective as of June 30, 2011, and December 31, 2010:

• 74 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See Note 22

of the stand-alone financial statements)

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

Type of contract / underlying asset — Futures / Foreign currency	12,495	708,037
Repo transactions	2,124,610	2,481,016
Forwards / Foreign currency	12,495	74,712
Options / BODEN coupons	44,680	54,780
Swap / Other	157,551	157,066
Options / Other	54,706	17,587
Futures / Rate		10,000

In addition, positions of transactions effective as of June 30, 2011, and December 31, 2010, are as follows:

Transaction — Net liability position of repurchase agreements	(1,863,720	(2,479,037
Net asset position of forward transactions without delivery of the underlying asset		319,046
Interest rate swap	157,551	157,066
Position of put options sold on BODEN 2012 and 2013 coupons	44,680	54,780
Position of call options sold	13,488	17,587
Position of put options taken	41,218

1. PORTFOLIO MANAGEMENT

In addition to what was mentioned in Note 12 to the Bank’s stand-alone financial Statements, as of June 30, 2011, and December 31, 2010, Banco del Tucumán S.A., manages the following portfolios:

a) The trust agreement Fideicomiso Financiero Gas Tucumán I for a total amount of 8,778 and 9,651, respectively.

b) The trust agreement Fideicomiso Financiero BATUC I for a total amount of 17,056 and 17,253, respectively.

• 75 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2011

(Translation of financial statements originally issued in Spanish – See Note 22

of the stand-alone financial statements)

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

1. TRUST AGREEMENTS

7.1. Financial trusts for investment purposes:

In addition to the disclosures made in Note 15 to the Bank’s stand-alone financial Statements, the subsidiaries had the following certificates of participation (net of provisions for 7,404 and 7,161) recorded in their financial statements as of June 30, 2011, and December 31, 2010:

Financial trust
Certificates of participation:
TST & AF (a)	43,846	42,404
Other	12,277	14,403
Total certificates of participation	56,123	56,807

(a) TST & AF Trust

As of June 30, 2011 and December 31, 2010, Macro Bank Limited is the beneficiary of 46.66% of the certificates of participation issued by TST & AF Trust, therefore, at consolidated level, Banco Macro S.A. is the beneficiary of 100% of them.

7.2. Trusts created using financial assets transferred by the Bank

The subsidiaries, Banco del Tucuman S.A. and Banco Privado de Inversiones S.A., transferred financial assets (loans) to trusts for the purpose of issuing and selling securities, the collection of which is guaranteed by the cash flow resulting from such assets or group of assets. This way, the funds originally used to finance loans are recovered early, increasing the entities´ lending capacity.

As of June 30, 2011, and December 31, 2010, the trust´s assets managed amount to about 1,177.

7.3. Trusts in which the Bank’s subsidiaries act as trustees (administration)

As mentioned in Note 15.4. to the stand-alone financial statements, in these trusts the Bank only carries out administrative duties regarding the corpus assets, in accordance with the agreements.

As of June 30, 2011, and December 2010, the trusts’ assets managed amount to 641,549 and 631,296, respectively.

Jorge H. Brito

Chairperson

• 76 -

EXHIBIT I

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

Name	06/30/2011 — Market value or Present Value	Book balance	12/31/2010 — Book balance
GOVERNMENT AND PRIVATE SECURITIES
GOVERNMENT SECURITIES
Government securities at market value
- Local
Federal government bonds in pesos at Badlar Private + 2.75% - Maturity: 2014		199,677	201,915
Federal government bonds in US dollars at Libor - Maturity: 2012		65,515	42,466
Federal government bonds in pesos at Badlar Private + 3.50 % - Maturity: 2013		46,256	46,350
Secured bonds under Presidential Decree No. 1,579/02		35,388	40,988
Debt Securities at 12% in US dollars Córdoba Province - Maturity: 2017		18,204	17,498
Consolidation bonds of social security payables in pesos – Fourth Series		9,145	7,029
Federal government bonds in US dollars at 7% - Maturity: 2015		9,001	1,640
Federal government bonds in US dollars at 7% - Maturity: 2017		8,113	1,026
Federal government bonds in pesos at Badlar Private + 3.00 % - Maturity: 2015		6,766	901
Federal government bonds in pesos at variable rate - Maturity: 2013		6,297	7,523
Others		25,435	37,827
Subtotal holdings booked at market value - Local		429,797	405,163
- Foreign
Treasury Bill - Maturity 08-25-11		205,546
Treasury Bill - Maturity 12-22-11		16,437
Treasury Bill - Maturity 01-06-11			198,790
Subtotal holdings booked at market value - Foreign		221,983	198,790
Subtotal holdings booked at market value		651,780	603,953
Government securities under repo transactions with Central Bank of Argentina
- Local
Federal government bonds in US dollars at 7% - Maturity: 2017		1,661,750
Federal government bonds in US dollars at 7% - Maturity: 2013			2,299,088
Subtotal government securities under repo transactions with Central Bank of Argentina		1,661,750	2,299,088
Government securities at amortized cost
- Local
Province of Buenos Aires Treasury Bills in pesos - Maturity: 11-24-2011	51,017	51,002
Province of Buenos Aires Treasury Bills in pesos - Maturity: 08-11-2011	49,417	49,417
Province of Tucumán bonds - Second series in dollars at 9,45% - Maturity: 2015	6,876	6,721	2,455
Province of Tucumán bonds - First series in pesos - Maturity: 2018	2,868	3,041	1,565
Province of Buenos Aires Treasury Bills in pesos - Maturity: 03-31-2011			50,084
Province of Buenos Aires Treasury Bills in pesos - Maturity: 01-27-2011			49,575
Other			3
Subtotal government securities at amortized cost		110,181	103,682

Jorge H. Brito

Chairperson

• 77 -

EFPlaceholder

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

Name	06/30/2011 — Market value or Present Value	Book balance	12/31/2010 — Book balance
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA
Central Bank of Argentina Internal Bills - Under Repo Transactions
Central Bank of Argentina Internal Bills in pesos - Maturity 05-02-12		271,212
Central Bank of Argentina Internal Bills in pesos - Maturity 02-08-12		45,227	83,923
Central Bank of Argentina Internal Bills in pesos - Maturity 04-20-11			12,212
Central Bank of Argentina Internal Bills in pesos - Maturity 03-30-11			7,027
Central Bank of Argentina Internal Bills in pesos - Maturity 04-27-11			7,514
Subtotal Central Bank of Argentina Internal Bills - Under repo Transactions		316,439	110,676
Central Bank of Argentina Internal Bills at market value – Own Portfolio
Central Bank of Argentina Internal Bills in pesos - Maturity 11-02-11	626	626
Central Bank of Argentina Internal Bills in pesos - Maturity 08-17-11	493	493
Central Bank of Argentina Internal Bills in pesos - Maturity 02-02-11			310,016
Central Bank of Argentina Internal Bills in pesos - Maturity 01-12-11			229,455
Central Bank of Argentina Internal Bills in pesos - Maturity 01-05-11			54,888
Central Bank of Argentina Internal Bills in pesos - Maturity 03-23-11			48,467
Central Bank of Argentina Internal Bills in pesos - Maturity 02-16-11			19,708
Central Bank of Argentina Internal Bills in pesos - Maturity 01-19-11			19,415
Subtotal Central Bank of Argentina Internal Bills at market value – Own Portfolio		1,119	681,949
Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio
Central Bank of Argentina Internal Bills in pesos - Maturity 07-06-11		998
Central Bank of Argentina Internal Bills in pesos - Maturity 11-09-11		476
Central Bank of Argentina Internal Bills in pesos - Maturity 01-04-12		465
Central Bank of Argentina Internal Bills in pesos - Maturity 03-02-11			147,361
Central Bank of Argentina Internal Bills in pesos - Maturity 01-26-11			35,897
Central Bank of Argentina Internal Bills in pesos - Maturity 02-09-11			20,801
Central Bank of Argentina Internal Bills in pesos - Maturity 03-16-11			1,951
Subtotal Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio		1,939	206,010
Central Bank of Argentina notes at market value - Own portfolio
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) - Maturity 07-20-11	305,222	305,222
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) - Maturity 11-23-11	288,205	288,205
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) - Maturity 12-14-11	152,715	152,715
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) - Maturity 03-14-12	507	507
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) - Maturity 05-18-11			3,048
Subtotal Central Bank of Argentina notes at market value - Own portfolio		746,649	3,048
Subtotal instruments issued by the Central Bank of Argentina		1,066,146	1,001,683

Jorge H. Brito

Chairperson

• 78 -

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

Name	06/30/2011 — Market value or Present Value	Book balance	12/31/2010 — Book balance
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)		1,066,146	1,001,683
Central Bank of Argentina Notes - Under Repo Transactions
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 08-03-11		7,438
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 07-13-11			18,401
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 06-08-11			18,313
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 07-13-11			9,083
Subtotal Central Bank of Argentina Notes - Under repo Transactions		7,438	45,797
Central Bank of Argentina internal notes at amortized cost - Own portfolio
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 11-09-11		451,306
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 07-13-11		347,232	303,436
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 08-17-11		312,665
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 10-05-11		206,894
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 08-24-11		204,357
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 08-03-11		149,820
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 08-10-11		15,397
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 04-04-12		520
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 09-28-11		518
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 01-05-11			567,409
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 01-26-11			513,541
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 02-16-11			203,937
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 03-30-11			40,319
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 05-26-11			610,879
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 05-11-11			409,140
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 04-13-11			309,625
Subtotal Central Bank of Argentina internal notes at amortized cost - Own portfolio		1,688,709	2,958,286
Total Instruments issued by the Central Bank of Argentina		2,762,293	4,005,766
Total Government securities		5,186,004	7,012,489
INVESTMENTS IN LISTED PRIVATE SECURITIES
Petroleo Brasileiro S.A. - Petrobras	16,274	16,274	17,588
Total investment in listed private securities		16,274	17,588
Total government and private securities (1)		5,202,278	7,030,077

(1) As of December 31, 2010 the Bank booked allowances for impairment in value amounting for 3 .

Jorge H. Brito

Chairperson

• 79 -

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

Date: August 16, 2011

MACRO BANK INC.
By:	/s/ Luis Cerolini
Name: Luis Cerolini
Title: Director