SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

June 2, 2009

Commission File Number: 333-130901

MACRO BANK INC.

(Exact name of registrant as specified in its Charter)

Sarmiento 447

Buenos Aires C1 1041

Tel: 54 11 5222 6500

(Address of registrant’s principal executive offices)

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

Form 20-F 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 March 31, 2009,

together with the limited review report

on interim-period financial statements

CONTENTS

· Limited review report on interim-period financial statements

· Cover

· Balance sheets

· Statements of income

· Statements of changes in shareholders’ equity

· Statements of cash flows

· Notes to the financial statements

· Exhibits A through L, N and O

· Consolidated balance sheets

· Consolidated statements of income

· Consolidated statements of cash flows

· Consolidated statements of debtors by situation

· Notes to the consolidated financial statements with subsidiaries

· Exhibit l to the consolidated financial statements with subsidiaries

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 March 31, 2009, and the related statements of income, changes in shareholders’ equity and cash flows for the three-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 March 31, 2009, and the related consolidated statements of income and cash flows for the three-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, 2008, 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 three-month period ended March 31, 2008, which were presented for comparative purposes, we report that:

a) On February 19, 2009, 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, 2008, 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. We have not audited any financial statements as of any date or for any period subsequent to December 31, 2008.

b) On May 8, 2008, 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 three-month period ended March 31, 2008, which included qualifications due to the differences between the accounting standards established by the BCRA and the professional accounting standards effective in Argentina.

The financial statements presented as comparative information are included after giving retroactive effect to the reclassifications mentioned in note 3.1. to the accompanying stand-alone financial statements.

7. 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 March 31, 2009, the liabilities accrued in employee and employer contributions to the National Social Security Administration, as recorded in the Bank’s books, amounted to Ps. 6,150,249, none of which was due as of that date.

City of Buenos Aires,

       May 11, 2009

PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.

C.P.C.E.C.A.B.A. Vol. 1 – Fo. 13

CARLOS M. SZPUNAR

Partner

Certified Public Accountant (U.B.A.)

C.P.C.E.C.A.B.A. Vol. 192 – Fo. 110

FINANCIAL STATEMENTS AS OF

MARCH 31, 2009

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.

Name of the auditor	Carlos M. Szpunar
Professional association	Pistrelli, Henry Martin y Asociados S.R.L.

BALANCE SHEETS

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	03/31/2009			12/31/2008
ASSETS
A.   CASH
Cash on hand		618,226			741,774
Due from banks and correspondents
Central Bank of Argentina		1,808,654			1,676,844
Local Other		6,096			8,985
Foreign		206,511			232,799
Other		232			216
		2,639,719			2,660,618
B.GOVERNMENT AND PRIVATE SECURITIES (Exhibit A)
Holdings in investment accounts		421,117			130,694
Holdings for trading or financial intermediation		236,522			219,135
Unlisted government securities		60,877			25,932
Instruments issued by the Central Bank of Argentina		4,386,366			3,223,995
less:  Allowances (Exhibit J)		(27	)		(27	)
		5,104,855			3,599,729
C.LOANS (Exhibits B, C and D)
To the non-financial government sector		211,812			568,459
To the financial sector
Interfinancing (granted call)		40,618			77,391
Other financing to Argentine Financial Institutions		32,569			37,836
Accrued interest, adjustments, foreign exchange and quoted price differences receivables		323			576
To the non-financial private sector and foreign residents
Overdrafts		1,117,098			1,255,299
Documents		838,992			878,379
Mortgage loans		610,875			593,451
Pledged loans		231,645			231,763
Personal loans		2,797,407			2,805,422
Credit cards		582,166			593,524
Other (Note 6.1.)		1,779,733			1,707,892
Accrued interest, adjustments, foreign exchange and quoted price differences receivables		159,797			148,245
less:  Unearned discount		(32,491	)		(24,335	)
less:  Allowances (Exhibit J)		(329,193	)		(332,730	)
		8,041,351			8,541,172

Jorge H. Brito

Chairperson

 

- 1 - -

BALANCE SHEETS

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	03/31/2009			12/31/2008
D.   OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina		330,608			293,097
Amounts receivable from spot and forward sales pending settlement		1,468,634			954,226
Securities and foreign currency receivable from spot and forward purchases pending settlement		54,008			30,799
Unlisted corporate bonds (Exhibits B, C and D)		62,436			13,621
Receivables from forward transactions without delivery of underlying asset		29			105
Other receivables not covered by debtors classification standards (Note 6.2.)		271,605			378,017
Other receivables covered by debtors classification standards (Exhibits B, C and D)		49,757			48,541
less:  Allowances (Exhibit J)		(53,540	)		(52,836	)
		2,183,537			1,665,570
E.   ASSETS SUBJECT TO FINANCIAL LEASES
Assets subject to financial leases (Exhibits B, C and D)		260,418			286,421
less: Allowances (Exhibit J)		(3,882	)		(4,392	)
		256,536			282,029
F.INVESTMENTS IN OTHER COMPANIES  (Exhibit E)
In financial institutions		1,678,770			1,622,256
Other		40,372			36,540
less: Allowances (Exhibit J)		(247	)		(247	)
		1,718,895			1,658,549
G.   OTHER RECEIVABLES
Receivables from sale of assets (Exhibits B, C and D)		37,146			35,044
Other (Note 6.3.)		175,626			154,539
Accrued interest and adjustments receivable on receivables from sales of assets (Exhibits B, C and D)		3,387			2,196
Other accrued interest and adjustments receivable		86
less:  Allowances  (Exhibit J)		(11,280	)		(11,575	)
		204,965			180,204
H.BANK PREMISES AND EQUIPMENT, NET (Exhibit F)		330,786			337,507
I.OTHER ASSETS   (Exhibit F)		143,734			122,102
J.INTANGIBLE ASSETS  (Exhibit G)
Goodwill		61,369			63,477
Organization and development costs		106,963			103,028
		168,332			166,505
K.   ITEMS PENDING ALLOCATION		1,519			2,512
TOTAL ASSETS		20,794,229			19,216,497

Jorge H. Brito

Chairperson

 

- 2 - -

BALANCE SHEETS

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	03/31/2009		12/31/2008
LIABILITIES
L.DEPOSITS (Exhibits H and I)
From the non-financial government sector		3,558,144		3,434,813
From the financial sector		12,788		18,780
From the non-financial private sector and foreign residents
Checking accounts		1,756,096		1,811,996
Savings accounts		2,186,081		2,249,962
Time deposits		5,585,710		4,698,444
Investment accounts		126,937		155,762
Other (Note 6.4.)		279,569		257,706
Accrued interest, adjustments, foreign exchange and quoted price differences payables		50,768		46,008
		13,556,093		12,673,471
M.   OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina (Exhibit I)
Other		1,643		160,758
Banks and International Institutions (Exhibit I)		201,848		213,095
Non-subordinated Corporate Bonds (Note 10. and Exhibit I)		680,269		708,354
Amounts payable for spot and forward purchases pending settlement		53,659		30,463
Securities and foreign currency to be delivered under spot and forward sales pending settlement		1,655,681		1,108,066
Financing received from Argentine financial institutions (Exhibit I)
Interfinancing - (received call)		40,000
Other financing received from Argentine Financial Institutions		21,138		24,139
Accrued interest payables		11
Forward transactions amounts pending settlement without delivery of underlying asset		7,503		5,949
Other (Note 6.5. and Exhibit I)		535,426		515,761
Accrued interest, adjustments, foreign exchange and quoted price differences payables (Exhibit I)		45,353		49,679
		3,242,531		2,816,264
N.   OTHER LIABILITIES
Fees		7,818
Other (Note 6.6.)		428,145		325,545
		435,963		325,545
O.PROVISIONS (Exhibit J)		64,147		61,266
P.SUBORDINATED CORPORATE BONDS (Note 10. and Exhibit I)		573,919		521,681
Q.   ITEMS PENDING ALLOCATION		1,582		1,673
TOTAL LIABILITIES		17,874,235		16,399,900
SHAREHOLDERS' EQUITY (As per related statement)		2,919,994		2,816,597
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		20,794,229		19,216,497

Jorge H. Brito

Chairperson

 

- 3 - -

BALANCE SHEETS

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	03/31/2009		12/31/2008
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS		9,830,501		10,112,946
Contingent		2,949,203		2,694,310
Guarantees received		2,632,184		2,476,416
Other not covered by debtors classification standards		324		346
Contingent debit-balance contra accounts		316,695		217,548
Control		3,771,515		4,157,114
Receivables classified as irrecoverable		655,503		637,686
Other (Note 6.7.)		2,973,227		3,333,968
Control debit-balance contra accounts		142,785		185,460
Derivatives		3,109,783		3,261,522
Notional value of put options taken (Note 11.d))				24,349
Notional value of forward transactions without delivery of underlying asset (Note 11.a))		1,878,489		1,853,588
Interest rate swap (Note 11.c))		34,115		31,970
Derivatives debit-balance contra accounts		1,197,179		1,351,615
CREDIT-BALANCE ACCOUNTS		9,830,501		10,112,946
Contingent		2,949,203		2,694,310
Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)		92,168		84,135
Other guarantees provided not covered by debtors classification standards		49,375		49,876
Other covered by debtors classification standards (Exhibits B, C and D)		175,152		83,537
Contingent credit-balance contra accounts		2,632,508		2,476,762
Control		3,771,515		4,157,114
Checks to be credited		142,785		185,460
Control credit-balance contra accounts		3,628,730		3,971,654
Derivatives		3,109,783		3,261,522
Notional value of put options sold (Note 11.b))		100,953		99,797
Notional value of forward transactions without delivery of underlying asset (Note 11.a))		1,096,226		1,251,818
Derivatives credit-balance contra account		1,912,604		1,909,907

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 THREE-MONTH PERIODS ENDED MARCH 31, 2009, AND 2008

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

(Figures stated in thousands of pesos)

	03/31/2009		03/31/2008
A.   FINANCIAL INCOME
Interest on cash and due from banks		36		1,161
Interest on loans to the financial sector		3,415		2,587
Interest on overdrafts		80,013		47,344
Interest on documents		37,947		19,948
Interest on mortgage loans		21,438		16,980
Interest on pledged loans		10,095		9,938
Interest on credit card loans		31,685		15,651
Interest on other loans		226,030		170,321
Interest on other receivables from financial intermediation		26		5,288
Income from government and private securities, net (Note 6.8.)		146,918		90,930
Income from guaranteed loans - Presidential Decree No. 1,387/01		2,290		6,676
CER (Benchmark Stabilization Coefficient) adjustment		3,218		16,627
CVS (Salary Variation Coefficient) adjustment		158		166
Difference in quoted prices of gold and foreign currency		22,624		9,190
Other (Note 6.9.)		89,115		36,131
		675,008		448,938
B.   FINANCIAL EXPENSE
Interest on checking accounts		4,052		3,119
Interest on savings accounts		3,388		2,719
Interest on time deposits		283,571		138,378
Interest on interfinancing  received loans (received call)		291		953
Interest on other financing from Financial Institutions		3		9
Interest on other liabilities from financial intermediation		21,892		23,785
Interest on subordinated bonds		13,148		11,839
Other interest		772		1,418
CER adjustment		1,196		6,692
Contribution to Deposit Guarantee Fund		5,745		4,721
Other (Note 6.10.)		29,596		13,331
		363,654		206,964
GROSS INTERMEDIATION MARGIN - GAIN		311,354		241,974
C.   PROVISION FOR LOAN LOSSES		16,636		18,242
D.   SERVICE-CHARGE INCOME
Related to lending transactions		10,217		8,936
Related to deposits		120,311		96,275
Other commissions		5,818		4,494
Other (Note 6.11.)		43,283		33,038
		179,629		142,743

Jorge H. Brito

Chairperson

 

- 5 - -

	03/31/2009		03/31/2008
E.   SERVICE-CHARGE EXPENSE
Commissions		10.386		8.972
Other (Note 6.12.)		31.264		24.768
		41.650		33.740
F.   ADMINISTRATIVE EXPENSES
Personnel expenses		164.051		148.305
Directors' and statutory auditors' fees		10.582		2.391
Other professional fees		12.518		7.820
Advertising and publicity		6.552		9.799
Taxes		12.701		1.671
Depreciation of equipment		11.037		10.131
Amortization of organization costs		6.063		5.144
Other operating expenses (Note 6.13.)		32.417		26.885
Other		3.856		2.557
		259.777		214.703
NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		172.920		118.032
G.   OTHER INCOME
Income from long-term investments		59.902		58.013
Penalty interest		4.591		2.321
Recovered loans and allowances reversed		5.276		18.773
CER adjustments		2		4
Other (Note 6.14.)		7.271		19.108
		77.042		98.219
H.   OTHER EXPENSE
Penalty interest and charges payable to the Central Bank of Argentina		4		9
Charges for other receivables uncollectibility and other allowances		4.788		10.344
Amortization of differences from deposits dollarization		3.653		5.460
Depreciation and loss of other assets		460		307
Goodwill amortization		2.108		2.115
Other (Note 6.15.)		4.143		13.447
		15.156		31.682
NET INCOME BEFORE INCOME TAX - GAIN		234.806		184.569
I.      INCOME TAX (Note 4.)		78.850		33.004
NET INCOME FOR THE PERIOD - GAIN		155.956		151.565

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 THREE-MONTH PERIODS ENDED MARCH 31, 2009, AND 2008

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

(Figures stated in thousands of pesos)

	03/31/2009																03/31/2008
							Earnings reserved
Changes	Capital stock		Stock issuance premium		Adjustments to Shareholders' equity		Legal		Voluntary		Unappropriated earnings			Total			Total
Balances at the beginning of the fiscal year		683,979		394,584		4,511		481,743		211		1,251,569			1,253,345			2,707,706
Own shares reacquired												(52,559	)		(52,559	)		(9,968	)
Net income for the fiscal period - Gain												155,956			155,956			151,565
Balances at the end of the period		683,979		394,584		4,511		481,743		314		1,354,966			1,356,742			2,849,303

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 - -

STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2009, AND 2008

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

(Figures stated in thousands of pesos)

	03/31/2009			03/31/2008
CHANGES IN CASH AND CASH EQUIVALENTS
Cash at beginning of the fiscal year		2,660,618			2,309,341
Cash at end of the period		2,639,719			1,812,141
Net decrease in cash		(20,899	)		(497,200	)
CAUSES OF CHANGES IN CASH
Operating activities
Net collections/ (payments):
Government and private securities		(681,210	)		(830,577	)
Loans
To the financial sector		45,708			(18,529	)
To the non-financial government sector		(39,777	)		4,329
To the non-financial private sector and foreign residents		501,038			367,781
Other receivables from financial intermediation		(289,475	)		(551,766	)
Assets subject to financial leases		39,405			(186	)
Deposits
From the financial sector		(5,994	)		(1,657	)
From the non-financial government sector		(6,060	)		206,846
From the non-financial private sector and foreign residents		609,700			466,904
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		39,709
Others (except liabilities included under financing activities)		17,304			21,560
Collections related to service-charge income		178,200			143,268
Payments related to service-charge expenses		(42,044	)		(34,909	)
Administrative expenses paid		(222,532	)		(164,277	)
Payment of organization and development costs		(8,194	)		(5,722	)
Net collections related to punitive interest		4,587			2,321
Differences from payments related to court orders		(5,457	)		(2,603	)
Collections of dividends from other companies		6			133
Other collections related to other income and losses		4,776			13,572
Net collections from other operating activities		5,793			4,344
Payment of income tax		(11,947	)		(9,806	)
Net cash flows generated in/(used in) operating activities		133,536			(388,974	)

Jorge H. Brito

Chairperson

 

- 8 - -

STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2009, AND 2008

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

(Figures stated in thousands of pesos)

	03/31/2009			03/31/2008
Investing activities
Net, payments for bank premises and equipment		(4,316	)		(10,747	)
Net payments, collections for other assets		(21,935	)		5,146
Payments from purchase of investments in other companies		(6	)		(280	)
Net payments for other investing activities		(446	)
Net cash flows used in investing activities		(26,703	)		(5,881	)
Financing activities
Net collections/ (payments):
Non-subordinated corporate bonds		(17,389	)		(50,292	)
Central Bank of Argentina
Other Other		(38,995	)
Banks and International Institutions		(15,351	)		4,442
Subordinated corporate bonds		(481	)		(432	)
Financing received from Argentine financial institutions		(2,993	)		(46,962	)
Other payments for financing activities
Own shares reacquired		(52,559	)		(9,968	)
Other payments					(294	)
Net cash flows used in financing activities		(127,768	)		(103,506	)
Financial income and holding gains on cash and cash equivalents		36			1,161
Net decrease in cash		(20,899	)		(497,200	)

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

 

- 9 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

(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 adopts 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 since March 24, 2006, it began listing its shares on the New York Stock Exchange (see also note 9).

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

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

Additionally, during the fiscal year ended 2006, Banco Macro S.A. acquired 79.84% of the capital stock of Banco del Tucumán S.A., totaling 89.93% of this capital stock during fiscal year 2007 and 100% of common shares of stock in Nuevo Banco Bisel S.A. (see note 2.6). Furthermore, on May 28, 2007, the Bank and Nuevo Banco Suquía S.A. acquired 100% of the preferred shares of Nuevo Banco Bisel S.A.

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

In addition, the Bank performs certain transactions through its subsidiaries, including mainly Banco del Tucumán S.A., Nuevo Banco Bisel 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 S.G.F.C.I.S.A.

2. BANK OPERATIONS

2.1. Agreement with the Misiones Provincial Government

The Bank and the Misiones Provincial Government entered into a special-relationship agreement whereby the Bank was appointed, for a term of five years 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 March 31, 2009, and December 31, 2008, the deposits of the Misiones Provincial Government amounted to 493,034 and 389,076 (including 56,797 and 52,889 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.

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

As of March 31, 2009, and December 31, 2008, the deposits of the Salta Provincial Government amounted to 406,206 and 453,723 (including 96,219 and 89,835 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.

- 10 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

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

As of March 31, 2009, and December 31, 2008, the deposits of the Jujuy Provincial Government amounted to 351,808 and 384,868 (including 50,661 and 49,201 related to court deposits), respectively.

2.4. Banco del Tucumán S.A.

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

As of March 31, 2009, and December 31, 2008, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel del Tucumán in Banco del Tucumán S.A. amounted to 521,238 and 405,577 (including 249,177 and 218,026 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.

As of March 31, 2009, and December 31, 2008, the net assets of such joint venture recorded in the Bank’s financial statements through the proportionate consolidation method amounted to 3,957 and 4,153 respectively.

Also, as of March 31, 2009, and 2008, the net income recorded through the method mentioned in the previous paragraph, amounted to 1,888 and 1,517, respectively.

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

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

As of March 31, 2009, and December 31, 2008, the net assets of such joint venture recorded in the Bank’s financial statements using the proportionate consolidation method amounted to 15 and 4, respectively.

Also, as of March 31, 2009, no net income was booked under the method mentioned in the previous paragraph, while as of March 31, 2008, the net loss amounted to 86.

2.6. Merger of Nuevo Banco Bisel S.A.

On March 19, 2009, the Boards of Directors of Banco Macro S.A. and Nuevo Banco Bisel S.A. entered into a “Preliminary merger agreement", whereby Nuevo Banco Bisel S.A. will merge with and into Banco Macro S.A. retroactively since January 1, 2009, on the basis of the financial statements of such banks as of December 31, 2008 (see also note 7.4). On April 24, 2009, such preliminary merger agreement was amended to include the resolution to reduce the capital stock approved by the general regular and special shareholders’ meeting of April 21, 2009 (see also note 9). Such preliminary merger agreement, as well as the consolidated special balance sheet for merger purposes as of December 31, 2008, and the exchange relationship are subject to approval by the respective shareholders’ meetings of both banks.  In this respect, the Board of Directors of Banco Macro S.A. and Nuevo Banco Bisel S.A. called those shareholders’ meetings for May 27, 2009.

The exchange relationship has been agreed in 0.337614 common shares of Banco Macro S.A. per common share of Nuevo Banco Bisel S.A. So, the minority shareholders of Nuevo Banco Bisel S.A. will be entitled to receive 0.337614 shares of Banco Macro S.A. for each share they hold in Nuevo Banco Bisel S.A.’s capital stock. Consequently, Banco Macro S.A. will issue 1,147,887 common shares subject to the approvals by the appropriate agencies and the respective shareholders’ meetings.

- 11 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

3. SIGNIFICANT ACCOUNTING POLICIES

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

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.

3.1. Comparative information

As required under Central Bank rules, the balance sheet as of March 31, 2009, 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 three-month period ended March 31, 2009, are presented comparatively with those of the same period in the prior fiscal year.

Furthermore, by virtue of what was mentioned in note 1.1. of the consolidated financial statements, the Bank made certain reclassifications in the financial statements as of March 31, 2008, so as to compare them with the current financial statements.

3.2. Restatement into constant pesos

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

The Bank’s financial statements recognize the changes in the peso purchasing power until February 28, 2003, under Presidential Decree No. 664/03, IGJ General Resolution No. 4/2003, CNV General Resolution No. 441, and Central Bank Communiqué “A” 3,921. Professional accounting standards provide that the restatement method established by Technical Resolution No. 6 should have been discontinued 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. Valuation methods

The main valuation methods used to prepare these financial statements as of March 31, 2009, and December 31, 2008, were:

a) Assets and liabilities denominated in foreign currency:

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

b) Government and private securities:

b.1) Listed:

i. Holdings in investment accounts: in accordance with BCRA Communiqué “A” 4,898 dated January 22, 2009, the Bank chose to classify Argentine Government Bonds in Argentine pesos maturing in 2014 (Bonar XIV) derived from the exchange mentioned in note 19 for a face value of 246,835 as “Holdings in investment accounts”. As of period-end, those bonds were valued at acquisition cost (book value of guaranteed loans used in the exchange) increased by the accrual of the internal rate of return as from the date of inclusion in this classification. The accruals of the internal rate of return mentioned above were charged to income for the period.

- 12 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

ii. Holdings in special investment accounts: in accordance with the provisions of BCRA Communiqués “A” 4,676 and 4,861 dated June 5, 2007, and October 30, 2008, the Bank chose to classify certain holdings as “Special investment accounts”. As of period- and year-end, as the case may be, those holdings were valued at the acquisition cost defined in such communiqués, increased by the accrual of the internal rate of return as from the date of inclusion in this classification, net of the offset account, as further described below.

When the market value of each security is lower than the book value, the accrual of the internal rate of return and the CER will be recorded in a contra offset balance sheet account created for this purpose, until the book value equals the market value. This offset account will be recognized in the income statement when the market value of the securities is above their book value.

In Exhibit A and Exhibit I to the consolidated financial statements, the market values of these holdings are disclosed at the stand-alone level and consolidated level, respectively.

iii. Holdings for trading or financial intermediation and instruments issued by BCRA: they were valued at the quoted price of each security effective at the last business day of the period or fiscal year, respectively.Differences in quoted market values were recorded in the statement of income for the period and fiscal year, respectively.

b.2) Unlisted:

i. Bonar XIV: in accordance with the provisions of BCRA Communiqué “A” 4,898 dated January 22, 2009, the Bank chose to classify Argentine Government Bonds in Argentine pesos maturing in 2014 for a face value of 93,237 as “Unlisted holdings”. As of period-end, such holding was valued at the higher of the present value disseminated by the Central Bank and the acquisition cost defined in point 1 of the abovementioned communiqué, increased by the accrual of the internal rate of return, net of the related offset account, as further described below (book value).

When the present value of this holding is lower than its book value, 50% of the accrual of the internal rate of return will be recorded -on an accumulated basis- in an offset account created to such end until the book value equals the present value, and such offset account will be reversed by allocating a charge to income as long as its amount exceeds the positive difference between the present value and the book value of that holding.

ii. Other unlisted government securities: in accordance with the provisions of BCRA Communiqué “A” 4,898 dated January 22, 2009, holdings of government securities without volatility published and included on the list of present values published by BCRA were valued, as of period-end, at the higher of the present value published by BCRA and the book value as of January 31, 2009, or at acquisition cost, net of financial services collected subsequently and the related offset account, as further described below (book value).

When the present value of these holdings is lower than their book value, the accrual of interest and, if applicable, of the adjustment resulting from applying CER will be recorded, on an accumulated basis, in an offset account created to such end until the book value equals the present value, and such offset account will be reversed by allocating a charge to income as long as its amount exceeds the positive difference between the present value and the book value of those holdings.

The present values published by BCRA arise from the curve of yields on securities related to the same type of instrument, with normal and usual quoted price and of similar duration, according to the methodology published by such institution.

As of December 31, 2008, holdings of government securities without volatility published (Bonar XIII) were valued under the method established by BCRA Communiqué “A” 3,911, as supplemented, as further explained in note 3.3.c).

iii. Instruments issued by BCRA: they were valued at their cost value increased exponentially by their internal rate of return, as provided by BCRA Communiqué “A” 4,414.

- 13 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

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

As of March 31, 2009, they were valued as set forth in BCRA Communiqué “A” 4,898, as further explained in note 3.3.b.2).i.

As of December 31, 2008, they were valued at the lower of their present value or technical value, as established by BCRA Communiqué “A” 3,911, as supplemented. If such lower value exceeded the notional value (as defined in point 4 of Communiqué “A” 3,911), the difference was debited from the asset account and the credit is recorded in an asset offset account. If, instead, such lower value was also lower than the notional value, the difference was recorded as a loss in the statement of income and the offsetting credit was recorded in the asset account.

The amounts booked in offset accounts were adjusted every month based on the values calculated according to BCRA Communiqué "A" 3,911, as supplemented.

For the purpose of determining the present value, in the case of instruments that include indexation clauses, the cash flows subject to contractual conditions were discounted at the interest rates that were established in the schedule included in point 2 of the abovementioned Communiqué “A” 3,911. Since August 2007, every month the BCRA establishes the discount rate to be used, as set forth by Communiqué “A” 4,704, as supplemented.

In the case of instruments that do not comprise adjustment clauses, Communiqué “A” 4,163 established the methodology to calculate such present values.

d) Interest accrual:

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

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

e) CER accrual:

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

e.1) Holdings in special investment accounts: as explained in note 3.3.b.1).ii.

e.2) Guaranteed loans: as explained in note 3.3.c).

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

e.4) Other unlisted government securities: as explained in note 3.3.b.2).ii.

e.5) 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” 2,950, 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 year, and in cases where the allowances set in prior years exceed what is considered necessary, the excess allowance is reversed with effects on income for the current period.

- 14 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

(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 - possible commitments are included under “Provisions”.

g) Loans and deposits of government securities:

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

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

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

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

ii) Unlisted: they were valued as provided by BCRA Communiqué “A” 4,414, 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” 4,414, at their cost value increased exponentially by their internal rate of return.

ii. Certificate of participation in the Fideicomiso Financiero Suquía financial trust: they were valuedbased on the value of incorporation to shareholders’ equity of former Nuevo Banco Suquía S.A., plus interest accrued, net of the redemptions made by the abovementioned bank, in its capacity as beneficiary of the certificate of participation.

iii. Other certificates of participation: they were stated at nominal value increased, as the case may be, by interest accrued and CER until the last business day of the period and fiscal year, respectively, converted into pesos pursuant to the method described in note 3.3.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 increasing the value of holdings based on their internal rate of return, as provided by BCRA Communiqué "A" 4,414 and supplementary regulations.

h.5) Nonsubordinated corporate bonds issued:

They were valued at the amount due for principal and interest accrued as of period-end and year-end, respectively, converted into pesos pursuant to the method described in note 3.3.a), as the case may be.

- 15 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

i) Assets subject to financial leases:

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

j) Investments in other companies:

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

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

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

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

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

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

k) Bank premises and equipment and other assets:

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

l) Intangible assets:

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

l.2) Differences due to court orders (amparos) – Nondeductible for the determination of the computable equity: represent the difference between the amount of the original foreign currency translated at the exchange rate applied upon payment of the recursos de amparo (constitutional rights protection actions) and the amount recorded under Central Bank rules effective (convert into Argentine pesos at the Ps. 1.4 to USD 1 exchange rate, or its equivalent in other currencies, plus CER). Additionally, and as disclosed in Central Bank Communiqué “A” 3,916, since April 2003 the sums related to the amounts paid are amortized straight line over 60 months.

The Central Bank informed the Bank through a notice dated August 4, 2008, that the permission established by Communiqué “A” 3,916 (allowing the difference between the amount of the “amparos” and the amounts recorded as liabilities to be capitalized as intangible assets) is applicable only to such differences which were actually paid. The Bank had also previously recorded intangible assets and an offsetting liability for the estimated amounts of “amparos” payable in the future pursuant to the application of the Argentine Supreme Court rulings dated December 27, 2006, and August 28, 2007. As a result of the August 4, 2008 notice, during fiscal year 2008, the Bank reversed the intangible assets and related liabilites related to the unpaid “amparos”.

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.

- 16 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

m.2) Interest rate swap: this included the equivalent in pesos of the notional value in relation to which the Bank agreed to pay a variable rate and charge 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 the period and fiscal year, respectively. Differences in quoted market values were recorded in the statement of income for the period and year.

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 income.

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 whenever 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 the period- and year-end, respectively, converted into pesos pursuant to the method described in note 3.3.a).

q) Shareholders’ equity accounts:

q.1) They are restated as explained in note 3.2., except for the Capital Stock account which has been kept at its original value. The adjustment resulting from its restatement as explained in note 3.2., was included in the Adjustments to Shareholders’ Equity account.

q.2) Own shares reacquired: the purchase cost of own shares reaquired was debited from the “Unappropriated earnings” account. Furthermore, the face value of such shares was reclassified from “Outstanding shares” to “Shares in treasury" (see also note 9 and Exhibit K).

r) Statement-of-income accounts:

r.1) The accounts comprising monetary transactions occurred in the periods ended March 31, 2009, and 2008 (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) Accounts reflecting the effects on income from the sale, retirement or consumption of nonmonetary assets were computed on the basis of the amounts of such assets, which were restated as mentioned in note 3.2.

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

3.4. Statement of cash flows

The Bank considers “cash flows” to include the following accounts: Cash and Government and private securities which mature less than 90 days as from their date of acquisition. As of March 31, 2009, and 2008, the Bank had no such securities.

4. INCOME TAX AND MINIMUM PRESUMED INCOME TAX

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

- 17 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

In fiscal year 1998, Law No. 25,063 established minimum presumed income tax for a ten-year term. On December 19, 2008, this tax was extended under Law No. 26,426 through December 30, 2009. This tax is supplementary to income tax because, while the latter is levied on taxable income for the year, minimum presumed income tax is a minimum levy determined by applying the current 1% rate on the potential income of certain productive assets.  Therefore, the Bank’s tax obligation will be equal to the higher of the two taxes. In the case of institutions governed by Financial Institutions Law, the above law provides that they shall consider as taxable income 20% of their assets subject to tax after deducting those assets defined as non-computable. However, if minimum presumed income tax exceeds income tax in a given tax year, such excess may be computed as a payment on account of any income tax in excess of minimum presumed income tax that may occur in any of the following ten years, once accumulated net operating losses (NOLs) have been used.

As of March 31, 2009, and 2008, the Bank estimated that accrued income tax amounted to 78,850 and 33,004 respectively; hence, no minimum presumed income tax should be assessed.

In addition, as of March 31, 2009, the Bank made income tax prepayments for 52,045 for the 2008 tax year, which were recorded in the Other receivables account.

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

Through Resolution CD No. 93/2005, the CPCECABA (Professional Council in Economic Sciences of the City of Buenos Aires) adopted technical resolutions and interpretations issued by FACPCE governing board through April 1, 2005. Subsequently, the CPCECABA, through Resolutions 42/2006, 34 and 85/2008, and 25/2009, approved technical resolutions Nos. 23 through 26, respectively.  In this regard, Technical Resolution No. 26 will be effective for the annual or interim-period financial statements for the fiscal years beginning January 1, 2011. In turn, the CNV adopted Technical Resolution No. 23 through General Resolution No. 494, which is applicable to fiscal years beginning April 1, 2007, and its early adoption is also permitted.

These professional accounting standards differ, in certain valuation and disclosure aspects, from BCRA rules. The differences between those standards, which the Bank identified and deemed significant to these financial statements, are as follows. The consolidated figures were adjusted by the Bank’s equity interest in each one of the consolidated entities, based on the percentage of equity interest mentioned in note 1 to the consolidated financial statements:

5.1. Valuation standards

a) Holdings recorded in special investment accounts of unlisted government securities, unlisted instruments issued by BCRA and guaranteed loans: they are valued in accordance with the regulations and standards issued by the Argentine Government and BCRA described in notes 3.3.b.1)ii, 3.3.b.2) and 3.3.c). Additionally, effective loan-loss provisioning regulations issued by BCRA establish that receivables from the nonfinancial government sector are not subject to loan-loss provisioning, whereas professional accounting standards require receivables to be compared with their recoverable value every time financial statements are prepared.

The Bank’s particular situation in connection with these holdings and financing is as follows:

a.1) Holdings in special investment accounts: as of March 31, 2009, and December 31, 2008, the Bank charged 182,598 and 130,694, at stand-alone level, and 473,079 and 448,305, at consolidated level, respectively, for certain own portfolio of Argentine government securities. According to the professional accounting standards, as the Bank does not show indications of keeping such holdings through their maturity, they should be valued at their market value. According to this valuation method, the shareholders’ equity for the period and year ended March 31, 2009, and December 31, 2008, would have decreased by 43,248 and 28,731, at stand-alone level, and 60,453 and 31,557, at consolidated level, respectively.

a.2) Holdings of unlisted government securities: as of March 31, 2009, and December 31, 2008, the Bank charged 60,877 and 25,932, at stand-alone, and 170,479 and 69,182, at consolidated levels, respectively. According to professional accounting standards, such assets should be stated at market value. According to this valuation method, the shareholders’ equity for the period and year ended March 31, 2009, and December 31, 2008, would have decreased by 2,576 and 7,649, at stand-alone level, and 24,576 and 21,639, at consolidated level, respectively.

a.3) Unlisted instruments issued by BCRA: as of March 31, 2009, and December 31, 2008, the Bank recorded unlisted own portfolio and used in repo transactions of BCRA internal bills and notes for 2,305,389 and 1,837,031, at stand-alone, and 3,031,762 and 2,636,437, at consolidated level, respectively. According to professional accounting standards, such assets should be stated at market value. According to this valuation method, the shareholders’ equity for the period and year ended March 31, 2009, and December 31, 2008, would have decreased by 23,528 and 29,250, at stand-alone level, and 27,459 and 33,776, at consolidated level, respectively.

- 18 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

a.4) Guaranteed loans Decree No. 1,387/01: as of March 31, 2009, and December 31, 2008, the Bank had 191,144 and 549,266, at stand-alone, and 267,959 and 722,757, at consolidated level, respectively. Considering the statements made in note 3.3.c) according to professional accounting standards, these assets should be valued at their present value. According to this valuation method, shareholders’ equity as of March 31, 2009, and December 31, 2008, would have decreased by 133,571 and 209,873, at stand-alone level, and 192,057 and 259,617, at consolidated level, respectively.

b) Intangible assets: as of March 31, 2009, and December 31, 2008, the Bank capitalized under intangible assets 27,250 and 25,447, at stand-alone level, and 40,597 and 40,090 at consolidated level, respectively, net of the related amortization amounts, regarding the foreign exchange differences related to the reimbursement in original currency of certain deposits switched into pesos and the effect of court deposits dollarization. Such accounting treatment differs from the valuation and disclosure methods established by professional accounting standards, which require charging to income the higher costs for court deposits dollarization and decreasing the book value of surpluses paid at their recoverable value. As of the date of issuance of the accompanying financial statements, the existing evidence does not support that the book value of such assets is fully or partially recoverable. According to this valuation method, shareholders’ equity as of, March 31, 2009 and December 31, 2008, would have decreased by 27,250 and 25,447, at stand-alone level, and 40,597 and 40,090, at consolidated level, respectively.

c) As of March 31, 2009, and December 31, 2008, as mentioned in note 3.3.l.2), the Bank recorded 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 the professional accounting standards, as of March 31, 2009, and December 31, 2008, the Bank should have recorded a liability of approximately 30,275 and 31,417, at the stand-alone level, and 45,186 and 46,923, at the consolidated level, respectively. According to this valuation method, shareholders’ equity as of March 31, 2009, and December 31, 2008, would have decreased by 30,275 and 31,417, at stand-alone level, and 45,186 and 46,923, at consolidated level, respectively.

d) As of December 31, 2008, the Bank recorded 29,105 under Other receivables from financial intermediation – nonsubordinated corporate bonds issued by the Bank itself, mentioned in note 10.b.2) and b.3), valued as mentioned in note 3.3.h.4), and 56,738 under Other liabilities from financial intermediation and recorded the liabilities generated by the issuance thereof, valued as mentioned in note 3.3.h.5). According to professional accounting standards, such repurchased corporate bonds should be considered settled. According to this valuation method, liabilities would have been decreased and income of 27,633 would have been recognised. Consequently, shareholders’ equity and income for the year ended December 31, 2008, would have increased by 27,633.

e) Income tax: the Bank and its subsidiaries record income tax by applying the effective rate to the estimated taxable income without considering the effect of temporary differences between book and taxable income. In accordance with professional accounting standards, income tax should be recognized through the deferred tax method, which consists in recognizing (as receivable or payable) the tax effect of temporary differences between the book and tax valuation of assets and liabilities, and in subsequently charging them to income for the years in which such differences are reversed, considering the possible effects of utilizing net operating losses in the future. If the deferred tax method had been applied, as of March 31, 2009, and December 31, 2008, the Bank would have recorded an additional asset of 47,199 and 47,985, at stand-alone level, and 109,058 and 78,009, at consolidated level, respectively.

f) 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” 3,984 establishes specific amortization methods; the maximum amortization allowed per annum is 20%.

According to 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 brought such negative goodwill.

- 19 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

The Bank's specific situation in relation to how business combinations are recorded is as follows:

f.1) Acquisition of Banco Bansud S.A.: under BCRA standards, the Bank’s acquisition of Banco Bansud S.A. generated an original negative goodwill in the amount of 365,560.  As of March 31, 2009, and December 31, 2008, such goodwill was fully amortized.

According to professional accounting standards, the abovementioned purchase would have generated an original negative goodwill in the amount of 39,722 and, therefore, as of March 31, 2009, and December 31, 2008, the residual value of such goodwill would have totaled 9,520 and 9,609, respectively. Consequently, shareholders’ equity as of March 31, 2009, and December 31, 2008, would have decreased by 9,520 and 9,609, respectively.

f.2) Acquisition of Nuevo Banco Suquía S.A.: under BCRA standards, the Bank’s acquisition of Nuevo Banco Suquia S.A. generated an original negative goodwill in the amount of 483. As of March 31, 2009, and December 31, 2008, such goodwill was recorded under Provisions (Liabilities).

According to professional accounting standards, the abovementioned acquisition would have led to an original negative goodwill in the amount of 72,445 and the recognition of 38,043 of profit from the purchase. Therefore, as of March 31, 2009, and December 31, 2008, the residual value as of such goodwill would have totaled 58,299 and 61,082, respectively. Consequently, shareholders’ equity as of March 31, 2009, and December 31, 2008, would have decreased by 57,816 and 60,599, respectively.

f.3) Acquisition of Banco del Tucumán S.A.: under BCRA standards, the Bank’s acquisition of Banco del Tucumán S.A. generated an original positive goodwill in the amount of 18,242. As of March 31, 2009, and December 31, 2008, the residual value of such goodwill totaled 12,938 and 13,395, respectively.

According to professional accounting standards, the abovementioned acquisition would not have generated goodwill. Consequently, shareholders’ equity as of March 31, 2009, and December 31, 2008, would have decreased, as a result of the reversing of positive goodwill recorded under BCRA standards, by 12,938 and 13,395, respectively.

Additionally, the valuation of identifiable net assets at market values generated adjustments, in addition to those specified in previous subsections, as of March 31, 2009, and December 31, 2008, would have increased shareholders’ equity by 19,427 and 21,160, respectively.

f.4) Acquisition of Nuevo Banco Bisel S.A.: under BCRA standards, the Bank’s acquisition of Nuevo Banco Bisel S.A. generated an original positive goodwill in the amount of 66,042. As of March 31, 2009, and December 31, 2008, the residual value of such goodwill totaled 48,431 and 50,082, respectively.

According to professional accounting standards, the abovementioned purchase would have generated the original negative goodwill in the amount of 107,745 and, therefore, as of March 31, 2009, and December 31, 2008, the residual value of such goodwill would have totaled 99,325 and 100,140, respectively.  Consequently, shareholders’ equity as of March 31, 2009, and December 31, 2008, would have decreased by 147,756 and 150,222, respectively.

Additionally, the valuation of identifiable net assets at market values generated adjustments, in addition to those specified in previous subsections, which as of March 31, 2009, and December 31, 2008, would have increased shareholders’ equity by 32,842 and 48,755, respectively.

g) As of March 31, 2009, and December 31, 2008, the Bank recorded an interest rate swap agreement in conformity with the BCRA accounting standards, as mentioned in note 3.3.m.2), in the amount of 34,115 and 31,970, at stand-alone level, and 42,067 and 39,422, at consolidated level, respectively. 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. If those standards had been applied, as of March 31, 2009, and December 31, 2008, the Bank should have recorded assets in the amount of 4,985 and 2,888, at stand-alone level, and 6,211 and 3,560, at consolidated level, respectively, which would have resulted in increases in the Bank’s shareholders’ equity by the same amounts.

- 20 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

h) Interests in other companies – financial institutions: as of March 31, 2009, and December 31, 2008, subsidiaries Banco del Tucumán S.A. and Nuevo Banco Bisel S.A. prepared their financial statements in conformity with BCRA standards, which differ from professional accounting standards. If professional accounting standards would have been applied, and as a result of the abovementioned adjustments, the equity interest recorded by the Bank in its stand-alone financial statements regarding such subsidiaries as of such dates would have decreased  by around 66,794 and 70,539, respectively.

If professional accounting standards would have been applied, the Bank’s shareholders' equity as of March 31, 2009, and December 31, 2008, would have decreased by around 450,821 and 488,310, respectively. Consequently, income for the year ended March 31, 2009, would have increased by 37,489.

5.2. Disclosure aspects

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

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

c) The Bank presents positive goodwill (related to Banco del Tucumán S.A. and Nuevo Banco Bisel S.A.) and negative goodwill (related to the merger of Nuevo Banco Suquía S.A. with and into the Bank) under Intangible assets and Provisions, respectively. According to professional accounting assets, considering the statements in note 5.2.f) such goodwill should be disclosed under Goodwill.

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

6. 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:

		03/31/2009		12/31/2008
6.1)	Loans - Other
	Other loans		978,895		1,012,340
	Export financing and prefinancing		800,838		692,969
	Government securities				2,583
			1,779,733		1,707,892

6.2)	Other receivables from financial intermediation - Other receivables not covered by debtor classification standards
	Debt securities in financial trusts	162,733	227,147
	Certificates of participation in financial trusts	108,662	121,560
	Other	210	29,310
		271,605	378,017

6.3)	Other receivables – Other
	Sundry receivables	74,463	68,864
	Tax prepayments	57,312	43,227
	Security deposits	25,498	23,286
	Advance payments	11,284	12,173
	Other	7,069	6,989
		175,626	154,539

- 21 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

		03/31/2009		12/31/2008
6.4)	Deposits - Other
	Balances of accounts without movements		175,094		156,701
	Unemployment fund for workers of the construction industry		60,672		57,124
	Attachments		17,899		15,800
	Special deposits related to inflows of foreign funds		4,365		3,507
	Security deposits		3,249		3,536
	Orders payable		298		322
	Other		17,992		20,716
			279,569		257,706

6.5)	Other liabilities from financial intermediation - Other
	Other payment orders pending settlement	161,275	130,220
	Amounts payable as financing	74,779	64,707
	Purchase of preferred shares of Nuevo Banco Bisel S.A.- SEDESA (see note 7.4)	71,653	71,653
	Other withholdings and additional withholdings	59,795	57,035
	Retirement pension payment orders pending settlement	54,575	21,772
	Collections and other transactions on account and behalf of others	50,696	43,949
	Miscellaneous subject to minimum cash requirements	24,259	10,157
	Miscellaneous not subject to minimum cash requirements	21,888	100,090
	Other	16,506	16,178
		535,426	515,761

6.6)	Other Liabilities - Other
	Taxes payable		323,174		244,708
	Miscellaneous payables		44,536		44,378
	Salaries and payroll taxes payable		42,970		19,093
	Prepayment for the sale of assets		9,490		6,978
	Withholdings on salaries		6,044		8,457
	Other		1,931		1,931
			428,145		325,545
		03/31/2009		12/31/2008

6.7)	Memorandum accounts – Debit-balance accounts – Control – Other
	Checks and securities in custody	2,104,983	2,377,305
	Managed portfolios (see note 12)	389,980	392,342
	Checks not yet collected	278,430	352,873
	Checks and securities to be debited	127,406	137,261
	Checks and securities to be collected	72,428	74,187
		2,973,227	3,333,968

6.8)	Financial income – Net income from government and private securities
	Income from government securities	96,743	78,453
	Income from participation in financial trusts	11,476	7,523
	Other	38,699	4,954
		146,918	90,930

- 22 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

		03/31/2009		03/31/2008
6.9)	Financial income – Other
	Premiums on reverse repurchase agreements with the financial sector		30,338		8,952
	Interest on loans for export prefinancing and financing		14,764		11,351
	Income from assets subject to financial lease		13,402		13,851
	Other		30,611		1,977
			89,115		36,131

6.10)	Financial expense – Other
	Turnover tax	25,511	12,184
	Valuation allowance of loans to the government sector – Communiqué “A” 3,911	3,808
	Premiums on repurchase agreements with the financial sector	277	656
	Other		491
		29,596	13,331

6.11)	Service-charge income - Other
	Debit and credit card income	29,020	23,775
	Service commissions - UTE (see note 2.5)	3,471	2,822
	Rental of safe deposit boxes	3,267	2,619
	Other	7,525	3,822
		43,283	33,038

6.12)	Service-charge expense - Other
	Debit and credit card expense	10,937	12,736
	Turnover tax	7,757	4,797
	Commissions on loan placements	1,619	2,708
	Other	10,951	4,527
		31,264	24,768

6.13)	Administrative expenses – Other operating expenses
	Maintenance, conservation and repair expenses	9,016	6,537
	Security services	7,410	6,710
	Electric power and communications	7,355	5,845
	Leases	5,680	3,632
	Stationery and office supplies	1,678	3,002
	Insurance	1,278	1,159
		32,417	26,885

6.14)	Other income – Other
	Other adjustments and interest on other receivables	2,221	427
	Services provided to Banco del Tucumán S.A.	1,351	990
	Gain on transactions or sale of bank premises and equipment, and other assets	625	3,824
	Credit cards	475	279
	Leases	140	91
	Certifications	2	370
	Other	2,457	13,127
		7,271	19,108

- 23 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

		03/31/2009		03/31/2008
6.15)	Other expense – Other
	Donations		915		853
	Turnover tax		452		863
	Other		2,776		11,731
			4,143		13,447

7. RESTRICTED ASSETS

As of March 31, 2009, and December 31, 2008, the following Bank’s assets are restricted:

7.1) Government and private securities:

a) Secured Bonds under Presidential Decree No. 1,579/02 for 21,348 and 22,211 (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.

b) BCRA notes (NOBACs) for 74,900 and 26,337 (for a face value of 73,200, and 25,051), 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 6,728 and 37,289 (for a face value of 6,600, and 35,600), 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 received from the Under-department of Small- and Medium-sized Enterprises and Regional Development (SSEPyMEyDR).

7.2) Loans:

a) Agreements for loans backed by pledges and unsecured loans for 16,543 and 20,367, respectively, provided as guarantee in favor of the Mypes II Trust Fund, in full compliance with the terms and conditions of the program called “Mypes II (a)” and under the Global Credit Program for Small-sized and Micro-enterprises (see note 13.3.) to the consolidated financial statements).

b) Guaranteed Loans for 188,060 and Mortgage Bills for 16,835 as of December 31, 2008, securing the loan granted by BCRA to former Nuevo Banco Suquía S.A. to purchase “Argentine Government Bonds 2005, 2007 and 2012”, used for the deposit exchange option exercised by the holders of deposits with such bank. As mentioned in note 19, during February 2009, the Bank decided to prepay the amount owed under such loan, delivering the guaranteed loans.

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 147,019 and 140,812, respectively.

b) Contribution to the Risk Fund of Garantizar S.G.R. (mutual guarantee association) for 9,653 and 9,961, respectively, resulting from a contribution amounting to 10,000 made by the Bank on December 13, 2007, in its capacity as contributory partner of such company. Such contribution may be fully or partially reimbursed once two years have elapsed from the date of contribution.

- 24 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

c) Contribution to the Risk Fund of Macroaval S.G.R. (mutual guarantee association) for 5,145 and 5,000, respectively, resulting from a contribution for 5,000, of the abovementioned amount 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 years have elapsed from the date of contribution.

7.4) Investments in other companies:

Preferred shares of Nuevo Banco Bisel S.A. amounting to 66,240 with a secured first-degree security agreement in   favor of SEDESA to guarantee to such Company the price payment and the compliance with all the obligations assumed in the purchase and sale agreement dated May 28, 2007, whereby preferred shares were acquired from SEDESA by the Bank by exercising a purchase option thereon. The price payable was set at 66,240, plus an annual nominal 4% interest capitalizable through its payment, which will be made in 15-year since the takeover date of Nuevo Banco Bisel S.A. (August 11, 2021).

As provided by the abovementioned agreement and for the purpose of voting in favor of the preliminary merger agreement mentioned in note 2.6, Banco Macro S.A. should have to SEDESA´s consent or grant new guaranty in replacement of the preferred shares or proceed to settle the guaranteed obligations.

In this regard, through note dated March 13, 2009, SEDESA´s, Board of Directors decided to consent to the terms and scope of clause 7.1.5. of the purchase agreement of the preferred shares issued by Nuevo Banco Bisel S.A. referred to above for the Bank’s Board of Directors to vote in favor of the decisions aimed at the merger process.

7.5) Other receivables:

a) Security deposits related to credit card transactions for 17,301 and 15,135, respectively.

b) Other security deposits for 8,197 and 8,151, respectively.

- 25 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

8. TRANSACTIONS WITH RELATED PARTIES

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

	Nuevo Banco Bisel S.A.		Banco del Tucumán  S.A.		Macro  Bank  Limited		Macro  Securities  S.A. Sociedad De Bolsa		Other subsidiaries  and related parties (1)			03/31/2009		12/31/2008
ASSETS
Cash						2,962							2,962		2,785
Loans										8,241			8,241		51,754
Other receivables from financial intermediation		141,358		35,104				27,172					203,634		525,762
Assets subject to financial leases										824			824		581
Other receivables		662		539									1,201		1,197
Items pending allocation				11									11		4
Total assets		142,020		35,654		2,962		27,172		9,065			216,873		582,083
LIABILITIES
Deposits						2,360		4,902		223,642			230,904		78,138
Other liabilities from financial intermediation		140,729		35,099				5,309					181,137		526,118
Other liabilities															241
Total liabilities		140,729		35,099		2,360		10,211		223,642			412,041		604,497
MEMORANDUM ACCOUNTS
Debit-balance accounts –Contingent										76,494			76,494
Debit-balance accounts – Control						241,645							241,645		317,920
Debit-balance accounts – Derivatives		314,402								237			314,639		614,685
Credit-balance accounts – Contingent								2,213					2,213		2,213
Credit-balance accounts – Derivatives		90,591								76,970	(2)		167,561		207,745

- 26 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

	Nuevo Banco Bisel S.A.		Banco del Tucumán  S.A.			Macro  Bank Limited	Macro  Securities  S.A. Sociedad De Bolsa		Other subsidiaries  and related parties (1)			03/31/2009			03/31/2008
INCOME (LOSS)
Financial income		13,493		1,169				1		126	(2)		14,789			3,388
Financial expense				(277	)					(834	)		(1,111	)		(109	)
Service-charge income		5		5				5		58			73			8
Other income				1,351									1,351			4,296
Total income (expense)		13,498		2,248				6		(650	)		15,102			7,583

(1) Related to receivables from and payables to other parties related 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 had recorded foreign currency trading transactions without delivery of the underlying asset and involving related parties, in its memorandum accounts, for a net (selling) position of 76,970. 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 March 31, 2009, the net intermediation income from such transaction generated earnings of around 20 for the Bank.

9. CAPITAL STOCK

The Bank’s subscribed and paid-in capital as of March 31, 2009, amounts to 683,979. In addition, since December 31, 2004, the Bank’s capital stock has changed as follows:

- As of December 31, 2004	608,943
- Capital stock increase approved by the shareholders’ meeting of September 26, 2005  (1)	75,000
- Capital stock increase approved by the shareholders’ meeting of June 4, 2007 (2)	36
As of March 31, 2009	683,979

(1) Relates to the capital increase of up to a face value of Ps. 75,000,000 (face value: seventy-five million Argentine pesos), through the issuance of up to 75,000,000 new common, registered, Class “B” shares with a face value of Ps. 1, each one entitled to one vote, and entitled to dividends under the same conditions as common, registered, Class “B” shares outstanding upon issuance, to be publicly subscribed in Argentina or abroad. On March 24, 2006, with prior approval of the US Security and Exchange Commission (SEC), the Bank’s stock began to be listed on the New York Stock Exchange. During the year ended December 31, 2006, such capital increase was fully subscribed and paid in. As required by CNV General Resolution No. 368/01, the Bank informs that has applied all funds resulting from the public subscription of shares to finance its general business operations, increasing its lending capacity and obtain funds for potential acquisitions.

(2) Relates to the capital increase of Ps. 35,536 for new book-entry Class B shares of common stock entitled to one vote and with a face value of Ps. 1 per share, delivered to the minority shareholders of Nuevo Banco Suquía S.A. in the merger process of that entity.

On the other hand, as a result of the international macroeconomic context and the fluctuations of the capital markets in general, among other effects, the prices of local shares have been affected, including those of the Bank. Therefore, considering the Bank’s financial strength and in line with its commitment to shareholders, as of January 8, 2008, the Board of Directors decided to authorize the repurchase of its own common registered Class B shares with a face value of Ps. 1, each entitled to 1 vote, whether as shares or as American Depositary Shares (ADS). Given the successive extensions and changes made by the Bank’s Board of Directors, as of the date of these financial statements, the maximum amount to be invested by virtue of this program is 495,000, without exceeding the amount of 102,000,000 shares, and the price payable should range between Ps. 0,01 to Ps. 4 per share. Such authorization is effective until April 30, 2009.

- 27 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

On April 29, 2008, the Bank’s general regular and special shareholders’ meeting approved the actions taken through that date and delegated to the Board of Directors the power to sell the shares mentioned in the previous paragraph during a three-year term from the acquisition thereof. After such term, capital stock shall be reduced by operation of law for an amount equal to the nominal value of shares held in portfolio, which will be cancelled.

On October 1, 2008, the Bank’s Board of Directors requested the Buenos Aires Stock Exchange’s prior authorization to reduce the subscribed and paid in capital stock by an amount of up to 60,000 representing 60,000,000 Class B shares with a face value of Ps. 1, each entitled to 1 vote, which is treasury stock and which was purchased under section 68, Law No. 17,811. On November 21, 2008, the BCBA authorized the capital stock reduction in the abovementioned amount. The Bank’s general regular and special shareholders’ meeting held on April 21, 2009, approved the capital reduction mentioned above. Such reduction is pending registration with the CNV.  In addition, on May 7, 2009, the Bank’s Board of Directors requested BCBA’s prior authorization for the reduction of the subscribed and paid-in capital stock for an amount of up to 30,642, representing 30,641,692 Class B shares with face value of Ps. 1 each and entitled to one vote. As of the date of issuance of these financial statements, the BCBA has not issued its decision in this respect.

Finally, as of March 31, 2009, the Bank had acquired 89,572,873 common class B shares with a face value of Ps. 1 and entitled to 1 vote each for a total of 432,722.  After period-end and through April 29, 2009, such repurchases totaled 90,641,692 common shares, amounting to 436,829.

10. CORPORATE BONDS ISSUANCE

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

Corporate Bonds	Original value		Residual value as of 12/31/2008	03/31/2009	12/31/2008
Subordinated	USD 4,000,000	a)	U$S 600,000	1,355	1,802
Subordinated – Class 1	USD 150,000,000	b.1)	U$S 150,000,000	572,564	519,879
Non-subordinated – Class 2	USD 150,000,000	b.2)	U$S 107,445,000	404,649	419,378
Non-subordinated – Class 3	USD 100,000,000	b.3)	U$S 91,340,000	290,847	305,495
Total				1,269,415	1,246,554

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

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

Through March 31, 2009, the Bank had amortized the equivalent of USD 3,400,000 (original value). The installments of the corporate bonds were settled by the Bank in the original currency until February 3, 2002, the day on which the amounts payable were switched into pesos at Ps. 1-to-USD 1, adjusted by CER.

- 28 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

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

On June 4, 2007, the general regular and special shareholders’ meeting approved the increase of the USD 400,000,000 cap (four hundred million US dollars) of the Global Program for the Issuance of Corporate Bonds to USD 700,000,000 (seven hundred million US dollars), or an equal amount in other currencies, as set forth in the original program.

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

- Computable to the Bank’s required minimum capital (computable equity), as established by Communiqué “A” 4,576.

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

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

- During the first 10 years, the interest rate will be a fixed one (9.75%), and a variable one for the remaining years (six-month LIBOR, plus 7.11%). As established by Communiqué “A” 4,576 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 Central Bank; (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 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” 4,576 (see also note 20).

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

b.2)   On January 29, 2007, the Bank issued the 1st series of Class 2 nonsubordinated corporate bonds at a fixed rate of 8.5% p.a., simple, not convertible into shares, 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, starting on August 1, 2007. Additionally, the Bank has the option to redeem such issuance, either fully or partially, at any time and periodically. The Bank used the funds derived from such issuance to grant loans.

- 29 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

For the same reasons regarding the macroeconomic context summarized in note 9 above, as of March 31, 2009, the Bank repurchased nonsubordinated corporate bonds of this class for a face value amount of USD 42,555,000, having settled a face value amount of USD 42,555,000. Therefore, as of March 31, 2009, the residual capital totals a face value of USD 107,445,000. As of April 29, 2009, the repurchase and settlement amounts mentioned remained constant.

b.3) On June 7, 2007, the Bank issued 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, starting on December 7, 2007. Additionally, the Bank will only be able to redeem such issuance for tax purposes. The Bank used the funds derived from such issuance to grant loans.

For the same reasons regarding the macroeconomic context summarized in note 9 above, as of March 31, 2009, the Bank repurchased nonsubordinated corporate bonds of this class for a face value amount in pesos equivalent to USD 8,660,000 having settled a face value amount of USD 8,660,000. Therefore, the residual capital totals a face value amount in pesos equivalent to USD 91,340,000. As of April 29, 2009, such repurchases of this class of nonsubordinated corporate bonds totals a face value amount in pesos equivalent to USD 13,160,000, and the amount of the settlements remained constant.

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

11. 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.

- Call and put options.

- Interest rate swap.

Such transactions were valued as explained in notes 3.3.h.1), 3.3.h.2) and 3.3.m).

Positions of transactions effective as of March 31, 2009, and December 31, 2008, are as follows:

Transaction	03/31/2009			12/31/2008
Net liability position of repurchase agreements		(1,572,614	)		(1,073,826	)
Net asset position of forward foreign-currency transactions without delivery of underlying asset (a)		782,263			601,770
Position of put options sold on BODEN 2012 and 2013 coupons (b)		100,953			99,797
Interest rate swap (c)		34,115			31,970
Position of put options purchased (d)					24,349

- 30 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

Net income (loss) resulting from these transactions for the period ended March 31, 2009 and 2008, amount to income (loss):

Transaction	03/31/2009			03/31/2008
Premiums on reverse repurchase agreements		30,353			9,340
Premiums on repurchase agreements		(277	)		(656	)
Interest rate swap		482			202
Forward foreign-currency transactions offset		30,114			(491	)
Transactions with options		364
Total		61,036			8,395

(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.

(b) 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.

(c) Relates to an interest rate swap agreement whereby on a quarterly basis the Bank shall be entitled to receive the positive difference between 10.25% nominal interest 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 recorded under the Bank’s memorandum accounts and disclosed previously, is related to the residual principal of the loan (notional value of the transaction).

(d) Related to put options purchased regarding Class “A” and “B" trust debt securities of financial trust Fideicomiso Financiero Consubond Series LXV and Class “B” trust debt securities of financial trust Fideicomiso Financiero Consubono Serie XXXIV, both unlisted and with fixed rates that may be renegotiated every month. These agreements expired in January and February 2009. The Bank has not exercised such option.

12. PORTFOLIO MANAGEMENT

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

As of March 31, 2009, and December 31, 2008, the loans portfolio managed for principal and interest, after application adjustments, amounted to 14,434.

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

As of March 31, 2009, and December 31, 2008, the loans portfolio managed amounts to 43,348 and 43,388, respectively.

- 31 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

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

As of March 31, 2009, and December 31, 2008, the loans portfolio managed amounts to 83,898 and 84,508, 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 March 31, 2009, and December 31, 2008, the portfolio managed by the Bank amounted to 123,333 and 124,982, 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 March 31, 2009, and December 31, 2008, the portfolio managed by the Bank for principal and accrued interest amounted to 59,526 and 62,397, respectively. See also note 15.2 to the stand-alone financial statements.

f) In addition, as of March 31, 2009, and December 31, 2008, the Bank had under its management other portfolios for total amounts of 65,441 and 62,633, respectively.

13. MUTUAL FUNDS

As of March 31, 2009, the Bank, in its capacity as Depository Company, held in custody the shares of interest subscribed by third parties and securities from the following mutual funds:

Fund	Shares of interest		Shareholders’ equity		Investments (a)
Pionero Pesos		423,982,445		550,745		345,741
Pionero Renta Ahorro		25,295,243		33,798		31,900
Pionero Latam		1,227,822		2,504		2,575
Pionero F.F. – Fideicomiso Financieros		19,481,355		23,364		21,669
Pionero Renta		4,076,189		6,221		5,875
Pionero Acciones		1,258,269		1,566		1,521
Pionero Global		829,611		870		858
Galileo Event Driven F.C.I.		5,200,678		28,170		19,951
Galileo Argentina F.C.I.		2,142,564		7,511		6,312

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

- 32 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

14. BANK DEPOSIT GUARANTEE INSURANCE SYSTEM

Law No. 24,485, and Presidential Decree No. 540/95, provided for the organization of a Bank Deposit Guarantee Insurance System, characterized as being limited, mandatory and for valuable consideration, designed to provide coverage for risks inherent in bank deposits, subsidiary and supplementary to the bank deposit privileges and protection offered by the system created by Financial Institutions Law. Such law also provided for the organization of SEDESA to manage the Deposit Guarantee Fund. Such company was organized in August 1995.  The Bank holds a 8.8779% equity interest therein, according to the percentages set forth in BCRA Communiqué “B” 9,229 of March 12, 2009.

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, would be excluded from the deposit guarantee system.

15. 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 March 31, 2009, and December 31, 2008, the amounts recorded in the Bank’s financial statements for holdings of certificates of certification (net of allowances for 48,903 and 48,773, respectively) and debt securities in financial trusts under “Other receivables from financial intermediation - Other not covered by debtor classification standards” were as follows:

Financial trust	03/31/2009		12/31/2008
Certificates of participation:
Tucumán  (a)		35,164		35,164
Godoy Cruz  (b)		15,294		14,642
Fideicomiso Financiero Tucumán I  (c)		9,103		12,191
Other		198		10,790
Subtotal certificates of participation		59,759		72,787

- 33 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

Debt securities:
San Isidro  (d)	57,589	41,766
Megabono  (e)	21,728	11,287
Consubono  (e)	20,881	21,677
Confibono  (e)	17,261	6,886
Consubond  (e)	7,565	33,510
Tarjeta Shopping  (e)	6,998	12,244
Secubono  (e)	5,194	10,617
Sociedad Militar Seguro de Vida  (e)	975	41,762
Metroshop  (e)		9,995
Garbarino  (e)		7,849
Otros	24,542	29,554
Subtotal debt securities	162,733	227,147
Total	222,492	299,934

(a) Fideicomiso Tucumán

On August 31, 2005, Federalia Sociedad Anónima 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 trustors assigned to the trust debt securities issued by the trust “Fideicomiso República”, the purpose of which is the recoverability of certain assets, mainly loans and real property of former Banco República.

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 45,621.

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

(b) Fideicomiso Godoy Cruz

On August 29, 2006, Banco Finansur S.A., as trustee, and Corporación de los Andes S.A., as trustor, entered into an agreement to create the trust called “Fideicomiso Financiero Godoy Cruz”.

The trustor assigned to the trust “Fideicomiso Godoy Cruz” buildings and plots of land located in the Godoy Cruz department, San Francisco del Monte district, Province of Mendoza.

In addition, Class “A”, Class “B” (subordinated to the Class “A” certificates of participation) and Class “C” (subordinated to Class “A” and Class “B”) certificates of participation were issued.

The purpose of the trust is to sell the assets mentioned above and to use the proceeds to settle the certificates of participation issued.

As of the date of these financial statements, Banco Macro S.A. is beneficiary of 100% of the Class “A” certificates of participation.

As per the latest accounting information available to date, corpus assets amounted to about 22,528.

- 34 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

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

(c) Fideicomiso Financiero GAS Tucumán I

On July 31, 2006, Sud Inversiones & Análisis S.A., as Trustee, and Gasnor S.A., as Trustor, entered into a trust agreement called “Fideicomiso Financiero Tucumán I”. The purpose of this trust is to manage the corpus assets, made up mainly of receivables accrued against customers who joined the plan related to the construction of the natural gas distribution network for new clients in the city of San Miguel de Tucumán, to settle the certificates to be issued.

In addition, Banco Macro S.A. granted a loan to Gasnor S.A. to finance the abovementioned construction works. Such loan provides that Gasnor S.A. may settle its payable by delivering such certificates of deposit to Banco Macro S.A.

As of the date of issuance of these financial statements, certificates of participation were issued for a face value amount of 14,941, which were assigned to Banco Macro S.A.; the residual value of which amounted to 9,236.

According to the accounting information available as of the date of issuance of these financial statements, the corpus assets totaled 14,798.

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

(d) Fideicomiso San Isidro

On June 4, 2001, “Fideicomiso San Isidro” was created, the purpose of which was to sell the real property received in trust and to use the proceeds to settle the certificates issued by the trust.

The certificates of participation were delivered to Banco Macro S.A. to settle a loan granted previously to República S.A. de Finanzas.

On May 10, 2007, a real estate development agreement was signed to carry out a real estate project.

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, offering a security thereon.

Subsequently, on December 26, 2008, the Bank subscribed debt securities in US dollars for face value amounts totaling USD 11,687,366.

According to the accounting information available as of the date of issuance of these financial statements, the corpus assets amounted to about 102,544.

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

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.

As of March 31, 2009, and December 31, 2008, the trusts’ assets managed amount to 6,148 and 4,106, respectively.

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.

- 35 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

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.

Under this kind of trust, the Bank grants loans to trustors and creates a trust, where the trustor transfers an asset or right it owns to ensure compliance with the loan received.

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

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 March 31, 2009, and December 31, 2008, the trusts’ assets managed amount to 268,736 and 321,239, 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. On the last day of each month, the trust’s assets are not material because they are transferred periodically by the trustee (the Bank) to the beneficiary according to the trust agreement. To such end, the Bank enters into administration trust agreements for the following main purposes:

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

(b) 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 guarantee trusts manage specific assets, mainly real property.

As of March 31, 2009, and December 31, 2008, the trusts’ assets managed amount to 213,862 and 199,929, respectively.

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

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

- 36 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

17. ACCOUNTS IDENTIFYING COMPLIANCE OF THE MINIMUM CASH REQUIREMENT

The items computed by the Bank to constitute the minimum cash requirement for March 2009 are listed below, indicating the balances as of month-end of the related accounts:

Item	Balance as of  03/31/2009
Cash
Cash on hand		618,226
Amounts in Central Bank accounts		1,808,654
Other receivables from financial intermediation
Special guarantee accounts with the Central Bank		147,019
Total		2,573,899

18. CLAIMS FROM THE AFIP (FEDERAL PUBLIC REVENUE AGENCY) – DGI (FEDERAL TAX BUREAU) – DGR CABA (BUENOS AIRES CITY TAX AUTHORITIES)

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

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

The amount that the Bank has requested to settle under the installment plan system is 10,780, which will be paid in 120 monthly installments. The amount in question was charged to income for the fiscal year ended December 31, 2001.  As of March 31, 2009, the outstanding amount of 3,894 was recognized in the “Other liabilities” account.

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

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

The issues under discussion and on which the regulatory agency bases its position are 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.

c) The DGR CABA attributed turnover tax differences to Banco Macro S.A. for tax period 2002, in relation to the treatment of foreign exchange differences and the compensation bond. On April 22, 2008, the Bank filed a request for reconsideration. Subsequently, on September 11, 2008, the DGR CABA partly admitted the request, reducing its tax claim. However, on October 2, 2008, the Bank filed an administrative appeal, that was dismissed.  On December 29, 2008, the Bank filed a complaint challenging this with the Federal Administrative Tax Court in and for the City of Buenos Aires. It also requested that the precautionary measure established in section 189, Administrative Tax Code, be ordered, which involves the stay of execution of the administrative act that was challenged in the abovementioned complaint.

- 37 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

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

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

The financial and capital markets

Since the second half of 2008 the financial markets of the world's leading countries have been rocked by volatility, lack of liquidity and credit. Consequently, there was a significant drop in stock indices on international markets and an economic deceleration on a worldwide scale. In spite of the actions taken by the main countries, the future development of international markets remains uncertain.

In Argentina, stock markets had marked decreases in the prices of government and private securities, as well as increases in interest rates, the country risk and in foreign exchange rates, and the effects of the abovementioned economic deceleration began to show. Additionally, Law No. 26,425 was passed, which put an end to the private management of pensions (AFJP – private pension fund managers). The only system remaining in place is the government-managed pension system. Since December 2008, the ANSeS.(national social security administration) began issuing auction programs of certificates of deposit for the FGS (state-managed pension fund) to promote production and create employment.

On February 2, 2009, Joint Resolutions 08/2009 and 05/2009 issued by the Treasury and Finance Departments, established a debt exchange transaction of certain guaranteed loans with banks and other companies of a new bond or promissory note referred to as “Argentine Bond or Promissory Note in Argentine pesos at the Badlar interest rate + 275 basis points maturing in 2014”, issued on January 30, 2009, and full amortization by its maturity date of January 30, 2014, which allowed the original maturity date of the abovementioned guaranteed loans to be extended through such year. The interest rate paid on a quarterly basis shall be 15.4% for the first year and for the rest of the period, the Badlar rate plus 275 basis points will apply.

In this regard, on January 29, 2009, and February 10, 2009, the Bank subscribed an exchange agreement whereby it exchanged the guaranteed loans for a technical value of 109,331 and received Argentina bonds (Bonar) at the Badlar interest rate + 275 basis points, in Argentine pesos maturing in 2014 for a face value amount of 340,162, which were classified as holdings in investment accounts (see note 3.b.1)i.) for a face value of 246,835 and unlisted government securities (see note 3.b.2)ii.) for a face value of 93,327.

Additionally, during January and February 2009, as set forth by Central Bank Resolution No. 06/2009 the Bank and its subsidiary Nuevo Banco Bisel S.A. have decided to prepay the payable amounts resulting from loans received to acquire Argentine Government bonds intended for the depositors of former Nuevo Banco Suquía S.A (see note 7.2.b)) and Nuevo Banco Bisel S.A. (see note 2.2.a.1) to the consolidated financial statements), respectively.

The Bank’s Management permanently monitors the change of the abovementioned situations, to determine the possible actions to adopt and to identify the possible impacts on its financial situation that may need to be reflected in the financial statements for future periods.

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

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

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

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

- 38 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

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

Subsequently, on August 28, 2007, within the framework of another case filed by a depositor against the Argentine Government, the Argentine Supreme Court of Justice clarified the treatment to be applied to the payments that had already been made by the banks to the depositors under lower court orders. In this regard, the amounts paid that should be charged as payment on account of the amount owed to the depositors should be considered according to the proportion that such amounts represent in relation to the original amount deposited, thus computing the values in US dollars, in regard to both the deposit as well as the payment on account.

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

As mentioned in notes 3.3.l.2), under BCRA Communiqués “A” 3,916 and “A” 4,686, as of March 31, 2009, and December 31, 2008, the Bank continued capitalizing in “Intangible assets” the amounts of 27,250 and 25,447 at stand-alone level, respectively, and a total of 41,164 and 40,657 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 dated March 20, 2007, and the provisions of Presidential Decree No. 214/02, as supplemented.

Additionally, as of March 31, 2009, and December 31, 2008, the Bank recorded the additional payables related to such regulation under the “Provisions” account in the amount of 9,208 and 8,606 at the stand-alone level, respectively, and a total of 19,548 and 18,233 at consolidated level, respectively. Considering what has been mentioned in note 3.3.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.

20. RESTRICTION ON EARNINGS DISTRIBUTION

a) The general regular and special shareholders’ meeting held on April 21, 2009, resolved to adjourn the consideration of item 4 on the agenda “Consideration of the distribution of cash dividends, subject to BCRA authorization – Allocation of unappropriated retained earnings for fiscal year 2008”. Therefore, the general regular and special shareholders’ meeting called for May 12, 2009, shall:

a.1) Apply 132,010 out of unappropriated retained earnings to set the legal reserve related to 20% of income for the year ended December 31, 2008, according to BCRA standards.

a.2) Apply 50,510 out of unappropriated retained earnings to set a special reserve for interest to be paid upon the maturities taking place in June and December 2009, as established in the issuance conditions for the 1st series of Class 1 Corporate Bonds mentioned in note 10.b.1), and as established by BCRA Communiqué "A" 4,576.

a.3) Consider the distribution of earnings, according to the procedure established in BCRA Communiqué “A” 4,589, as supplemented. In this regard, the banks that will be distributing earnings will have to request express authorization from BCRA and show compliance with the requirements established in the abovementioned communiqués regarding information for the month prior to the date on which the request is made. Consequently, to distribute earnings the following items must be deducted from unappropriated retained earnings as of the year ended December 31, 2008:

- Capitalized amounts for differences resulting from compliance with court orders related to the dedollarization of deposits and differences resulting from dollarization of court deposits for 25,447 (net of amortizations).

- 39 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

- The positive difference between the book value and the market value of government securities and guaranteed loans in portfolio amounting to 342,252.

Under BCRA standards, the Bank should consider the distributable amount to be either (i) the income obtained after deducting the items mentioned in the above paragraphs from unappropriated retained earnings, and (ii) the resulting amount from calculating the excess of computable capital over required minimum capital as of December 31, 2008 as regards the requirement as of such date, whichever lower, also considering the restrictions listed in the abovementioned paragraphs.

Through note dated February 20, 2009, the Bank requested the BCRA’s authorization to distribute earnings in cash in the amount of 149,870.

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). This is also applied to the years ended as from December 31, 1998; thus, the dividends to be distributed based on retained earnings as of December 31, 1997, will not be subject to the abovementioned withholding.

c) On June 16, 2006, the Bank and Crédit Suisse First Boston International entered into a loan agreement for USD 50,000,000, maturing on January 21, 2008, at LIBOR plus 1.95%. Such agreement includes restrictions mainly related to the compliance with the payments established. In the event of noncompliance with the agreement, the Bank will be unable to distribute dividends either directly or indirectly through its subsidiaries. On January 18, 2008, an addendum was signed changing the expiration date to January 21, 2010, and establishing a nominal interest rate of 8.55% p.a.

21. FINANCIAL STATEMENTS PUBLICATION

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

22. 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.

- 40 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

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

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

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	03/31/2009				12/31/2008		03/31/2009
Name	Market value		Book balance		Book balance		Position without options (1)			Options		Final position
GOVERNMENT AND PRIVATE SECURITIES
GOVERNMENT SECURITIES
Holdings in investment accounts (2)
- Local
Federal government bonds in pesos at BADLAR Private  – Maturity: 2014 (Bonar XIV)		111,076		238,519				238,519					238,519
Federal government bonds in US dollars at 7% - Maturity: 2015		48,311		48,311		14,034		48,311					48,311
Secured bonds under Presidential Decree No. 1,579/02		13,878		27,926		23,769		27,926					27,926
Consolidation bonds of social security payables in pesos – Third Series at 2%		23,163		23,543				23,543					23,543
Federal government bonds in US dollars at 7% - Maturity: 2017		19,008		23,092		23,252		23,092					23,092
Discount bonds denominated in pesos - Maturity: 2033		9,120		22,202		22,201		22,202					22,202
Consolidation bonds of social security payables in pesos – Fourth Series		15,056		21,045		7,447		21,045					21,045
Federal government bonds in US dollars at LIBOR - Maturity: 2012		5,707		6,506		29,891		6,506					6,506
Consolidation bonds in pesos – Sixth series		1,495		4,122		4,122		4,122					4,122
Federal government bonds in pesos – Maturity: 2014		1,711		3,521		3,582		3,521					3,521
Par bonds denominated in US dollars - Maturity: 2038 (governed by Argentine legislation)		1,054		1,402		1,450		1,402					1,402
Federal government bonds in US dollars at LIBOR - Maturity: 2013		537		560		564		560					560
Par bonds denominated in US dollars - Maturity: 2038 (governed by New York State legislation)		309		368		382		368					368
Subtotal holdings in investment accounts				421,117		130,694		421,117					421,117
Holdings for trading or financial intermediation
- Local
Discount bonds denominated in pesos - Maturity: 2033		187,564		187,564		154,382		1,734					1,734
Federal government bonds in US dollars at LIBOR - Maturity: 2012		41,715		41,715		48,966		241			62,143		62,384
Federal government bonds in US dollars at 7% - Maturity: 2015		1,825		1,825		114		826					826
Consolidation bonds of social security payables in pesos – Fourth Series		1,420		1,420		1,315		1,499					1,499
Consolidation bonds in pesos – Fourth series		1,373		1,373		1,457		1,373					1,373
Secured bonds under Presidential Decree No. 1,579/02		770		770		643		1,131					1,131
Argentine Government bonds in US dollars at 7% - Maturity: 2011		606		606		103		591					591
Consolidation bonds of social security payables in pesos – Third series at 2%		388		388		2,254		(149	)				(149	)
Federal government bonds in US dollars at LIBOR - Maturity: 2013		23		23		2,287		14			38,810		38,824
Consolidation bonds in pesos – Second series						6,944
Other		838		838		670		836					836
Subtotal holdings for trading or financial intermediation				236,522		219,135		8,096			100,953		109,049
Unlisted government securities
- Local
Federal government bonds in pesos at BADLAR Private  – Maturity: 2014 (Bonar XIV)				38,598				38,599					38,599
Federal government bonds in pesos – Maturity: 2014				21,233				10,685					10,685
Consolidation bonds in pesos – Second series				1,046				1,046					1,046
Argentine Government bonds in Argentine pesos at private Badlar + 3,50 (Bonar XIII) - Maturity: 2013						25,932
Subtotal unlisted government securities				60,877		25,932		50,330					50,330

- 41 - -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	03/31/2009				12/31/2008		03/31/2009
Name	Market value		Book balance		Book balance		Position without options (1)		Options	Final position
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA
Central Bank of Argentina Bills – Under repo transactions
Central Bank of Argentina Internal bills in pesos – Maturity: 09-23-09				1,280,893		401,535
Subtotal Central Bank of Argentina Bills – Under repo transactions				1,280,893		401,535
Central Bank of Argentina Internal Bills – Unlisted – Own Portfolio
Central Bank of Argentina Internal bills in pesos – Maturity: 06-03-09				9,772				9,772			9,772
Subtotal Central Bank of Argentina Internal Bills – Unlisted – Own Portfolio				9,772				9,772			9,772
Central Bank of Argentina notes - Listed - Own portfolio
Central Bank of Argentina internal notes in pesos with variable coupon (BADLAR rate) – Maturity: 04-08-09		363,300		363,300				343,370			343,370
Central Bank of Argentina internal notes in pesos with variable coupon (BADLAR rate) – Maturity: 07-01-09		235,739		235,739				235,739			235,739
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 02-10-10		50,802		50,802		53,423		53,972			53,972
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 03-25-10		33,748		33,748		34,011		33,748			33,748
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-06-10		7,800		7,800		7,823		7,800			7,800
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-20-10		3,454		3,454		3,442		3,454			3,454
Central Bank of Argentina internal notes in pesos with variable coupon (BADLAR rate) – Maturity: 02-25-09						308,070
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-21-09						39,327
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 02-11-09						24,894
Subtotal Central Bank of Argentina notes - Listed - Own portfolio				694,843		470,990		678,083			678,083
Subtotal Instruments issued by the Central Bank of Argentina				1,985,508		872,525		687,855			687,855

- 42 - -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	03/31/2009			12/31/2008		03/31/2009
Name	Market value	Book balance		Book balance		Position without options (1)		Options		Final position
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)			1,985,508		872,525		687,855				687,855
Central Bank of Argentina Notes – Under repo transactions
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 05-06-09			140,445		155,180
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-21-09					120,578
Central Bank of Argentina internal notes in pesos with variable coupon (BADLAR rate) – Maturity: 03-11-09					100,220
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate + 2,5) – Maturity: 02-11-09					72,905
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 03-25-09					39,884
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 02-25-09					25,672
Subtotal Central Bank of Argentina Notes – Under repo transactions			140,445		514,439
Central Bank of Argentina Notes - Unlisted - Own portfolio
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 09-30-09			650,420				650,420				650,420
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 08-05-09			573,415				573,415				573,415
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 05-27-09			305,787		311,579		305,787				305,787
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 01-20-10			204,644		214,860		204,644				204,644
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 05-06-09			118,303		157,782		153,507				153,507
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 07-22-09			114,795				114,795				114,795
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 07-15-09			111,244		106,215		111,244				111,244
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 06-24-09			80,023		81,002		80,023				80,023
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 07-29-09			50,972		52,563		50,972				50,972
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 05-13-09			50,810		52,332		50,810				50,810
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 03-25-09					378,401
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 01-07-09					224,980
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 02-11-09					155,073
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 03-04-09					102,244
Subtotal Central Bank of Argentina notes - Unlisted - Own portfolio			2,260,413		1,837,031		2,295,617				2,295,617
Total Instruments issued by the Central Bank of Argentina			4,386,366		3,223,995		2,983,472				2,983,472
Total Government securities			5,104,882		3,599,756		3,463,015		100,953		3,563,968
Total government and private Securities (3)			5,104,882		3,599,756		3,463,015		100,953		3,563,968

(1) The position without options as of  March 31, 2009, results from the following disclosure:

Holdings as of March 31, 2009	5,104,882
Plus:   Spot and forward purchases pending settlement	53,800
Less:   Deposits of government securities	40,906
Less:   Spot and forward sales pending settlement	1,654,761
	3,463,015

(2)  Related to holdings in special investment accounts, except  Bonar XIV (see notes 3.3.b.1) i. y ii.).

(3)  As of March 31, 2009, and December 31, 2008 the Bank booked allowances for impairment in value amounting to 27 (see Exhibit J).

- 43 - -

EXHIBIT B

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	03/31/2009		12/31/2008
COMMERCIAL
In normal situation		4,503,244		4,864,650
With Senior “A” guarantees and counter-guarantees		77,665		101,576
With Senior “B” guarantees and counter-guarantees		593,260		493,591
Without Senior guarantees or counter-guarantees		3,832,319		4,269,483
Subject to special monitoring		13,460		7,357
In observation
With Senior “B” guarantees and counter-guarantees		3,240		1,956
Without Senior guarantees or counter-guarantees		10,220		5,401
Troubled		13,048		12,440
With Senior “B” guarantees and counter-guarantees		9,235		9,020
Without Senior guarantees or counter-guarantees		3,813		3,420
With high risk of insolvency		66,814		63,686
Con garantías y contragarantías preferidas "A"		561
With Senior “B” guarantees and counter-guarantees		4,378		4,874
Without Senior guarantees or counter-guarantees		61,875		58,812
Irrecoverable		10,807		11,270
With Senior “B” guarantees and counter-guarantees		3,927		4,715
Without Senior guarantees or counter-guarantees		6,880		6,555
Subtotal Commercial		4,607,373		4,959,403

- 44 - -

EXHIBIT B

(Continued)

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	03/31/2009		12/31/2008
CONSUMER
Performing		4,144,379		4,221,888
With Senior “A” guarantees and counter-guarantees		15,234		16,958
With Senior “B” guarantees and counter-guarantees		514,659		547,993
Without Senior guarantees or counter-guarantees		3,614,486		3,656,937
Low risk		112,928		82,760
With Senior “A” guarantees and counter-guarantees		19		93
With Senior “B” guarantees and counter-guarantees		16,670		8,963
Without Senior guarantees or counter-guarantees		96,239		73,704
Medium risk		71,488		61,876
With Senior “A” guarantees and counter-guarantees		62		37
With Senior “B” guarantees and counter-guarantees		8,109		4,531
Without Senior guarantees or counter-guarantees		63,317		57,308
High risk		85,760		76,395
With Senior “A” guarantees and counter-guarantees		37
With Senior “B” guarantees and counter-guarantees		4,681		3,921
Without Senior guarantees or counter-guarantees		81,042		72,474
Irrecoverable		28,526		24,112
With Senior “B” guarantees and counter-guarantees		4,720		4,258
Without Senior guarantees or counter-guarantees		23,806		19,854
Irrecoverable according to Central Bank's rules		554		963
With Senior “A” guarantees and counter-guarantees		1		1
With Senior “B” guarantees and counter-guarantees		11		134
Without Senior guarantees or counter-guarantees		542		828
Subtotal Consumer		4,443,635		4,467,994
Total		9,051,008		9,427,397

- 45 - -

EXHIBIT C

FINANCING-FACILITIES CONCENTRATION

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	03/31/2009				12/31/2008
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		1,413,697		15.62		1,785,878		18.94
50 next largest customers		1,601,669		17.70		1,505,711		15.97
100 next largest customers		806,535		8.91		831,769		8.82
Other customers		5,229,107		57.77		5,304,039		56.27
Total		9,051,008		100.00		9,427,397		100.00

- 46 - -

EXHIBIT D

BREAKDOWN BY FINANCING TERMS

AS OF MARCH 31, 2009

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

(Figures stated in thousands of pesos)

	Terms remaining to maturity
Item	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		3		6,079		5,700				4,260		37,781		189,799		243,622
Financial sector				58,962		613		2,646		13,401		1,411		6,479		83,512
Non-financial private sector and foreign residents		241,344		2,194,165		1,097,257		992,204		954,955		1,227,280		2,016,669		8,723,874
Total		241,347		2,259,206		1,103,570		994,850		972,616		1,266,472		2,212,947		9,051,008

- 47 - -

EXHIBIT E

DETAIL OF INVESTMENTS IN OTHER COMPANIES

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

												Information on the issuer
	03/31/2009									12/31/2008		Datafromlatestfinancialstatements
Name	Class	Unit face value		Votes per share		Number		Amount		Amount		Mainbusinessactivity	Period/ year-end date	Capital stock		Shareholders' equity		Income (loss) for theperiod / year
In financial institutions, supplementary and authorized activities
- Subsidiaries
In Argentina
Nuevo Banco Bisel S.A.	Common		1		1		841,682,603		1,366,734		1,315,459	Financial institution	03/31/09		845,082		1,441,019		51,646
Nuevo Banco Bisel S.A. (1)	Preferred		1				66,604,774		68,764		68,600	Financial institution	03/31/09		66,605		1,441,019		51,646
Banco del Tucumán S.A.	Common		100		1		395,341		144,140		137,741	Financial institution	03/31/09		43,960		160,277		7,116
Macro Securities S.A. Sociedad de Bolsa	Common		1		1		12,776,680		20,673		17,477	Brokerage house	03/31/09		12,886		20,339		2,898
Sud Inversiones & Análisis S.A.	Common		1		1		6,475,143		12,683		12,376	Services	03/31/09		6,567		11,892		128
Macro Fondos S.G.F.C.I.S.A.	Common		1		1		327,183		1,502		1,180	Mutual funds management	03/31/09		1,713		7,882		1,631
Foreign
Macro Bank Limited	Common		1		1		9,816,899		98,612		99,973	Financial institution	03/31/09		9,817		98,612		(1,361	)
Subtotal subsidiaries									1,713,108		1,652,806
- Non-subsidiaries
In Argentina
Banelco S.A.	Common		1		1		1,071,716		2,500		2,500	Network administration	12/31/07		23,599		56,536		16,682
Provincanje S.A.	Common		1		1		600,000		603		603	Swap of securities	12/31/08		7,200		8,147		(407	)
Visa Argentina S.A.	Common		1		1		951,018		854		854	Business services	05/31/08		1		454,782		429,039
C.O.E.L.S.A.	Common		1		1		70,650		105		105	Financial Services	12/31/07		1,000		1,760		72
A.C.H. S.A.	Common		1		1		52,000		52		52	Electronic information services	12/31/07		650		1,824		109
Mercado Abierto Electrónico  S.A.	Common		1,200		1		5		47		47	Electronic information services	12/31/08		242		12,041		1,229
Macroaval S.G.R.	Common		1		1		30,500		31		31	Reciprocal guarantee corporation	12/31/08		250		5,877		(372	)
Argentina Clearing S.A.	Common		1,380		1		30		31		31	Services	07/31/08		5,658		9,618		2,209
Garantizar S.G.R.	Common		1		1		10,000		10		10	Reciprocal guarantee corporation	12/31/07		4,801		213,186		(919	)
Foreign
Banco Latinoamericano de Exportaciones S.A.	Common		10		1		7,303		293		272	Financial institution	12/31/08		966,967		1,983,543		190,364
Banco Latinoamericano de Exportaciones S.A.	Com "E"		1		1		3,729		215		200	Financial institution	12/31/08		966,967		1,983,543		190,364
Banco Latinoamericano de Exportaciones S.A.	Preferred		10				259		12		11	Financial institution	12/31/08		966,967		1,983,543		190,364
Subtotal non-subsidiaries									4,753		4,716
Total in financial institutions, supplementary  and authorized activities									1,717,861		1,657,522
In other companies
- Non-subsidiaries
In Argentina
Proin S.A.	Common		1		1		244,457		293		293	Juice production	09/30/07		4,604		7,538		421
El Taura  S.A.									185		185	Hotel construction and explotation	12/31/07		420		2,894		(297	)
Tunas del Chaco S.A.									150		150	Agriculture	12/31/07		12		982		31
Emporio del Chaco S.A.									150		150	Agriculture	12/31/07		12		942		5
Prosopis S.A.									150		150	Agriculture	12/31/07		12		738		(20	)
Other									335		329
Foreign
SWIFT S.A.	Common		1		1		3		18		17	Services	12/31/07		567,556		1,169,248		105,710
Total in other companies									1,281		1,274
Total (2)									1,719,142		1,658,796

(1) See Note 7.4.

(2) As of March 31, 2009, and December 31, 2008, the Bank carried 247 as allowance for impairment in value (see Exhibit J).

- 48 - -

EXHIBIT F

MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS

AS OF MARCH 31, 2009

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

(Figures stated in thousands of pesos)

	Net book value at						Depreciationforthe period				Net book value at end
Item	beginning of  fiscal year		Additions		Retirements		Years of useful life		Amount		of the period
Bank premises and equipment
Buildings		210,627		853				50		2,031		209,449
Furniture and facilities		23,516		1,452				10		1,052		23,916
Machinery and equipment		80,945		1,638				5		6,352		76,231
Vehicles		22,419		438		65		5		1,602		21,190
Total		337,507		4,381		65				11,037		330,786
Other assets
Works in progress		22,330		2,277								24,607
Works of art		1,189										1,189
Prepayments for the purchase of assets		365		970								1,335
Foreclosed assets		17,615		392		436		50		87		17,484
Leased buildings		3,648				1,001		50		9		2,638
Stationery and office supplies		3,028		3,545		2,347						4,226
Other assets		73,927		19,043		508		50		207		92,255
Total		122,102		26,227		4,292				303		143,734

- 49 - -

EXHIBIT G

DETAIL OF INTANGIBLE ASSETS

AS OF MARCH 31, 2009

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

(Figures stated in thousands of pesos)

	Net book value at						Amortization for  the period				Net book
Item	beginning of  fiscal year		Additions		Retirements		useful  life		Amount		value at end of the period
Goodwill (1)		63,477						10		2,108		61,369
Organization and development costs (2)		103,028		13,708		57		5		9,716		106,963
Total		166,505		13,708		57				11,824		168,332

(1) Related to the difference between the total price of the transaction and the value by the equity method of Banco del Tucuman S.A. IS and Nuevo Banco Bisel S.A. IS acquisitions.

(2) This 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.

- 50 - -

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	03/31/2009				12/31/2008
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		3,552,384		26.21		3,444,670		27.18
50 next largest customers		1,600,072		11.80		1,524,329		12.03
100 next largest customers		768,514		5.67		688,171		5.43
Other customers		7,635,123		56.32		7,016,301		55.36
Total		13,556,093		100.00		12,673,471		100.00

- 51 - -

EXHIBIT I

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND

SUBORDINATED CORPORATE BONDS

AS OF MARCH 31, 2009

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

(Figures stated in thousands of pesos)

	Terms remaining to maturity
Item	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		9,973,877		2,202,813		563,993		805,669		9,147		594		13,556,093
Other liabilities from financial intermediation
Central Bank of Argentina		1,109										534		1,643
Banks and International Institutions		11,090		5,971		2,560				185,675				205,296
Non-subordinated corporate bonds				9,575		5,652						680,269		695,496
Financing received from Argentine financial institutions		41,716		443		664		1,439		3,984		37,737		85,983
Other		459,688		282		431		917		1,730		74,222		537,270
		513,603		16,271		9,307		2,356		191,389		792,762		1,525,688
Subordinated corporate bonds				15,539		457		449		449		557,025		573,919
Total		10,487,480		2,234,623		573,757		808,474		200,985		1,350,381		15,655,700

- 52 - -

EXHIBIT J

CHANGES IN ALLOWANCES AND PROVISIONS

AS OF MARCH 31, 2009

(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)		Write off		Reversals		period
ALLOWANCES
Government and private securities
For impairment in value		27								27
Loans
For uncollectibility risk and impairment in value		332,730		18,748		22,285				329,193
Other receivables from financial intermediation
For uncollectibility risk and impairment in value		52,836		899		195				53,540
Assets subject to financial leases
For uncollectibility risk		4,392						510		3,882
Investments in other companies
For impairment in value		247								247
Other receivables
For uncollectibility risk		11,575		56		6		345		11,280
Total allowances		401,807		19,703		22,486		855		398,169
PROVISIONS
Contingent commitments		1,523		4				2		1,525
For negative goodwill		483								483
For other contingencies		50,654		4,169		1,892				52,931
Difference from court deposits dollarization		8,606		602						9,208
Total liabilities		61,266		4,775		1,892		2		64,147

(1)    See note 3.3.f). and 3.3.o).

- 53 - -

EXHIBIT K

CAPITAL STRUCTURE

AS OF MARCH 31, 2009

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

(Figures stated in thousands of pesos)

Shares					Capital stock
			Votes per		Issued
Class	Number		share		Outstanding		In treasury (1)		Paid in
Registered common stock A		11,235,670		5		11,236				11,236
Registered common stock B		672,743,303		1		583,170		89,573		672,743
Total		683,978,973				594,406		89,573		683,979

(1) See also note 9.

- 54 - -

EXHIBIT L

FOREIGN CURRENCY BALANCES

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	03/31/2009																				12/31/2008
	Total Parent company and Argentine branches		Total per currency
					Pound		Swiss		Danish		Canadian				Swedish		Norwegian
Items			US dollar		sterling		franc		krone		dollar		Yen		krone		krone		Euro		Total
ASSETS
Cash		1,155,254		1,140,519		210		387		87		91		207		15		14		13,724		853,404
Government and private securities		124,720		124,720																		121,359
Loans		1,813,282		1,811,202																2,080		1,721,835
Other receivables from financial intermediation		452,596		452,596																		407,012
Assets subject to financial leases		69,181		69,181																		66,097
Investments in other companies		99,150		99,150																		100,473
Other receivables		54,145		54,145																		48,686
Items pending allocation		572		572																		571
Total		3,768,900		3,752,085		210		387		87		91		207		15		14		15,804		3,319,437
LIABILITIES
Deposits		2,191,127		2,191,127																		1,753,692
Other liabilities from financial intermediation		809,376		803,605		5		70												5,696		836,719
Other liabilities		2,404		2,404																		2,863
Subordinated corporate bonds		572,564		572,564																		519,879
Items pending allocation																						3
Total		3,575,471		3,569,700		5		70												5,696		3,113,156
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS
(except contra debit-balance accounts)
Contingent		693,444		677,732																15,712		506,422
Control		751,391		747,548		85		2												3,756		869,387
Derivatives		34,115		34,115																		31,970
CREDIT-BALANCE ACCOUNTS
(except contra credit-balance accounts)
Contingent		247,985		225,896																22,089		141,944

- 55 - -

EXHIBIT N

CREDIT ASSISTANCE TO RELATED PARTIES

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	03/31/2009				12/31/2008
Item	In normal situation		Total		Total
Loans
Overdrafts		3,056		3,056		1,433
Without Senior guarantees or counter-guarantees		3,056		3,056		1,433
Documents		777		777		634
Without Senior guarantees or counter-guarantees		777		777		634
Personal loans		419		419		425
Without Senior guarantees or counter-guarantees		419		419		425
Credit cards		3,662		3,662		7,732
Without Senior guarantees or counter-guarantees		3,662		3,662		7,732
Other		2,080		2,080		37,410
Without Senior guarantees or counter-guarantees		2,080		2,080		37,410
Total loans		9,994		9,994		47,634
Other receivables from financial intermediation		5,633		5,633		273
Assets subject to financial leases and other		477		477		510
Contingent Commitments		4,338		4,338		2,707
Investments in other companies		1,713,695		1,713,695		1,653,362
Total		1,734,137		1,734,137		1,704,486
Allowances / Provisions		286		286		235

- 56 - -

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF MARCH 31, 2009

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

(Figures stated in thousands of pesos)

					Originally				Weighted monthly
	Purpose of the				agreed		Residual		average term of
Type of	transactions	Underlying	Type of	Negotiation environment	weighted monthly		weighted monthly		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		43			100,953
	Intermediation	Argentine	With delivery of	MAE (over-the-counter
Futures	- own account	government securities	underlying asset	electronic market)		1		1			1,552,285
	Intermediation	Argentine	With delivery of	Over The Counter  - Residents
Futures	- own account	government securities	underlying asset	in Argentina - Non-financial sector		1		1			90,737
	Intermediation	Foreign	Daily settlement of	Rosario Futures
Futures	- own account	currency	differences	Exchange (ROFEX)		6		5			81,837
	Intermediation	Foreign	Daily settlement of	MAE (over-the-counter
Futures	- own account	currency	differences	electronic market)		5		4			2,530,735
	Intermediation	Foreign	Maturity settlement	Over The Counter  - Residents
Forward	- own account	currency	of differences	in Argentina - Non-financial sector		8		5	8		362,143
	Intermediation		Maturity settlement	Over The Counter  - Residents
Swaps	- own account	Other	of differences	in Argentina - Non-financial sector		132		114	3		34,115

- 57 - -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		03/31/2009			12/31/2008
ASSETS
A.	CASH
	Cash on hand		848,957			1,008,136
	Due from banks and correspondents
	Central Bank of Argentina		2,246,892			2,059,057
	Local Other		5,902			9,225
	Foreign		611,110			447,263
	Other		232			216
			3,713,093			3,523,897
B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit I)
	Holdings in investment accounts		711,599			448,305
	Holdings for trading or financial intermediation		394,711			344,467
	Unlisted government securities		171,163			69,958
	Instruments issued by the Central Bank of Argentina		5,158,853			3,838,911
	Investments in listed private securities		88,894			77,685
	less:  Allowances (Note 7.)		(27	)		(27	)
			6,525,193			4,779,299
C.	LOANS (Notes 3. and 4.)
	To the non-financial government sector		291,244			744,507
	To the financial sector
	Interfinancing - (granted call)		40,618			42,030
	Other financing to Argentine financial institutions		32,569			37,836
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		323			557
	To the non-financial private sector and foreign residents
	Overdrafts		1,482,111			1,556,433
	Documents		1,285,756			1,348,585
	Mortgage loans		752,044			738,592
	Pledged loans		337,843			339,895
	Personal loans		3,806,693			3,806,442
	Credit cards		859,058			869,101
	Other (Note 11.1.)		2,222,605			2,071,927
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		216,036			195,026
	less:  Unposted payments		(29	)		(29	)
	less:  Unearned discount		(39,181	)		(32,596	)
	less:  Allowances (Note 7.)		(437,028	)		(438,348	)
			10,850,662			11,279,958

Jorge H. Brito

Chairperson

- 58 - -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		03/31/2009			12/31/2008
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		398,364			412,305
	Amounts receivable from spot and forward sales pending settlement		1,383,689			494,737
	Securities and foreign currency receivable from spot and forward purchases pending settlement		24,875			54,282
	Unlisted corporate bonds (Notes 3. and 4.)		102,608			53,389
	Receivables from forward transactions without delivery of underlying asset		37			109
	Other receivables not covered by debtors classification standards (Note 11.2.)		504,915			597,319
	Other receivables covered by debtors classification standards (Notes 3. and 4.)		67,894			70,512
	less:  Allowances (Note 7.)		(229,176	)		(228,588	)
			2,253,206			1,454,065
E.	ASSETS SUBJECT TO FINANCIAL LEASES
	Assets subject to financial leases (Notes 3. and 4.)		332,180			360,781
	less:  Allowances (Note 7.)		(4,896	)		(5,391	)
			327,284			355,390
F.	INVESTMENTS IN OTHER COMPANIES
	In financial institutions		520			483
	Other		10,283			10,286
	less:  Allowances (Note 7.)		(247	)		(247	)
			10,556			10,522
G.	OTHER RECEIVABLES
	Receivables from sale of assets (Notes 3. and 4.)		45,108			43,358
	Minimum presumed income tax - Tax Credit		25,884			25,767
	Other (Note 11.3.)		238,910			196,000
	Accrued interest and adjustments receivable on receivables from sale of assets (Notes 3. and 4.)		3,748			2,502
	Other accrued interest and adjustments receivable		86
	less:  Allowances (Note 7.)		(13,901	)		(15,838	)
			299,835			251,789
H.	BANK PREMISES AND EQUIPMENT, NET		420,843			430,842
I.	OTHER ASSETS		161,540			137,357
J.	INTANGIBLE ASSETS
	Goodwill		61,369			63,477
	Organization and development costs		136,023			135,069
			197,392			198,546
K.	ITEMS PENDING ALLOCATION		2,237			3,332
TOTAL ASSETS			24,761,841			22,424,997

Jorge H. Brito

Chairperson

- 59 - -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		03/31/2009		12/31/2008
LIABILITIES
L.	DEPOSITS (Notes 5. and 6.)
	From the non-financial government sector		4,247,547		3,937,961
	From the financial sector		16,112		22,438
	From the non-financial private sector and foreign residents
	Checking accounts		2,548,969		2,581,060
	Savings accounts		2,642,445		2,716,913
	Time deposits		7,293,872		6,031,882
	Investment accounts		127,842		155,936
	Other (Note 11.4.)		342,933		321,020
	Accrued interest, adjustments, foreign exchange and quoted price differences payables		66,626		61,147
			17,286,346		15,828,357
M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina (Note 6.)
	Other		2,024		302,760
	Banks and International Institutions (Note 6.)		211,116		224,968
	Non-subordinated Corporate Bonds (Note 6.)		680,269		708,354
	Amounts payable for spot and forward purchases pending settlement		27,804		68,499
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		1,572,246		679,495
	Financing received from Argentine financial institutions (Note 6.)
	Interfinancing - (received call)		40,000		25,000
	Other financing received from Argentine financial Institutions		21,138		24,139
	Accrued interest payables		11		16
	Receivables from forward transactions without delivery of underlying asset		7,504		5,949
	Other (Notes 6. and 11.5.)		631,230		625,981
	Accrued interest, adjustments, foreign exchange and quoted price differences payables (Note 6.)		45,506		49,783
			3,238,848		2,714,944
N.	OTHER LIABILITIES
	Fees		8,750		676
	Other (Note 11.6.)		628,153		442,026
			636,903		442,702
O.	PROVISIONS (Note 7.)		87,233		83,004
P.	SUBORDINATED CORPORATE BONDS (Note 6.)		573,919		521,681
Q.	ITEMS PENDING ALLOCATION		2,268		2,105
	MINORITY INTERESTS IN SUBSIDIARIES		16,330		15,607
	TOTAL LIABILITIES		21,841,847		19,608,400
	SHAREHOLDERS' EQUITY		2,919,994		2,816,597
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			24,761,841		22,424,997

Jorge H. Brito

Chairperson

- 60 - -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2009		12/31/2008
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS		13.134.715		13.368.350
Contingent		3.762.186		3.669.663
Guarantees received		3.434.428		3.295.985
Other not covered by debtors classification standards		324		346
Contingent debit-balance contra accounts		327.434		373.332
Control		4.926.362		5.435.013
Receivables classified as irrecoverable		793.856		774.299
Other (Note 11.7.)		3.937.534		4.401.411
Control debit-balance contra accounts		194.972		259.303
Derivatives		3.768.960		3.598.362
Notional value of put options taken				24.349
Notional value of forward transactions without delivery of underlying asset		2.620.110		2.219.777
Interest rate swap		42.067		39.422
Derivatives debit-balance contra accounts		1.106.783		1.314.814
Trust activity		677.207		665.312
Trust funds		677.207		665.312
CREDIT-BALANCE ACCOUNTS		13.134.715		13.368.350
Contingent		3.762.186		3.669.663
Guarantees provided to the Central Bank of Argentina				141.353
Other guarantees provided covered by debtors classification standards (Notes 3. and 4.)		92.326		84.136
Other guarantees provided not covered by debtors classification standards		56.688		57.758
Other covered by debtors classification standards (Notes 3. and 4.)		178.420		90.085
Contingent credit-balance contra accounts		3.434.752		3.296.331
Control		4.926.362		5.435.013
Checks to be credited		194.972		259.303
Control credit-balance contra accounts		4.731.390		5.175.710
Derivatives		3.768.960		3.598.362
Notional value of put options sold		101.148		99.826
Notional value of forward transactions without delivery of underlying asset		1.005.635		1.214.988
Derivatives credit-balance contra account		2.662.177		2.283.548
Trust activity		677.207		665.312
Trust activity credit-balance contra accounts		677.207		665.312

The accompanying notes 1 through 13 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

- 61 - -

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2009, AND 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		03/31/2009		03/31/2008 (1)
A.	FINANCIAL INCOME
	Interest on cash and due from banks		90		2,483
	Interest on loans to the financial sector		3,288		2,587
	Interest on overdrafts		99,330		56,554
	Interest on documents		57,065		36,728
	Interest on mortgage loans		26,912		21,280
	Interest on pledged loans		16,411		15,180
	Interest on credit card loans		47,149		20,615
	Interest on other loans		300,075		220,345
	Interest on other receivables from financial intermediation		30		6,257
	Income from government and private securities, net (Note 11.8.)		184,230		139,570
	Income from guaranteed loans - Presidential Decree No. 1,387/01		3,160		9,071
	CER (Benchmark Stabilization Coefficient) adjustment		5,030		22,422
	CVS (Salary Variation Coefficient) adjustment		158		166
	Difference in quoted prices of gold and foreign currency		46,351		12,028
	Other (Note 11.9.)		135,959		38,410
			925,238		603,696
B.	FINANCIAL EXPENSE
	Interest on checking accounts		4,751		3,989
	Interest on savings accounts		4,048		3,422
	Interest on time deposits		334,296		165,736
	Interest on interfinancing received loans (received call)		467		951
	Interest on other financing from Financial Institutions		3		29
	Interest on other liabilities from financial intermediation		22,100		23,863
	Interest on subordinated bonds		13,148		11,839
	Other interest		1,097		2,280
	Net income from options				299
	CER adjustment		1,879		11,436
	Contribution to Deposit Guarantee Fund		7,083		5,986
	Other (Note 11.10.)		39,700		18,961
			428,572		248,791
	GROSS INTERMEDIATION MARGIN - GAIN		496,666		354,905
C.	PROVISION FOR LOAN LOSSES		25,746		28,705
D.	SERVICE-CHARGE INCOME
	Related to lending transactions		13,538		14,271
	Related to deposits		168,934		126,625
	Other commissions		6,573		5,299
	Other (Note 11.11.)		63,006		50,625
			252,051		196,820

Jorge H. Brito

Chairperson

- 62 - -

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2009, AND 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		03/31/2009			03/31/2008 (1)
E.	SERVICE-CHARGE EXPENSE
	Commissions		14,273			15,211
	Other (Note 11.12.)		40,069			28,343
			54,342			43,554
F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		232,028			213,941
	Directors' and statutory auditors' fees		12,568			3,849
	Other professional fees		16,501			10,241
	Advertising and publicity		6,887			10,188
	Taxes		17,765			2,708
	Depreciation of equipment		13,082			12,875
	Amortization of organization costs		7,803			5,974
	Other operating expenses (Note 11.13.)		48,008			39,058
	Other		4,504			2,985
			359,146			301,819
	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		309,483			177,647
G.	OTHER INCOME
	Penalty interest		5,538			2,619
	Recovered loans and allowances reversed		9,951			29,768
	CER adjustments		15			29
	Other (Note 11.14.)		7,698			21,050
			23,202			53,466
H.	OTHER EXPENSE
	Income (loss) from long-term investments		149			338
	Penalty interest and charges payable to the Central Bank ok Argentina		12			9
	Charges for other receivables uncollectibility and other allowances		6,711			11,365
	Amortization of differences from deposits dollarization		6,441			8,978
	Depreciation and loss of other assets		538			375
	Goodwill amortization		2,108			2,115
	Other (Note 11.15.)		4,867			17,462
			20,826			40,642
	MINORITY INTEREST IN SUBSIDIARIES		(722	)		(570	)
	NET INCOME BEFORE INCOME TAX - GAIN		311,137			189,901
I.	INCOME TAX (Note 10.)		155,181			38,336
	NET INCOME FOR THE PERIOD - GAIN		155,956			151,565

(1) See Note 3.1. to the stand-alone financial statements.

The accompanying notes 1 through 13 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 - -

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2009, AND 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2009			03/31/2008 (1)
CHANGES IN CASH AND CASH EQUIVALENTS
Cash at beginning of fiscal year		3,523,897			3,117,426
Cash at end of the period		3,713,093			2,462,111
Net increase / (decrease) in cash		189,196			(655,315	)
CAUSES OF CHANGES IN CASH
Operating activities
Net collections/ (payments):
Government and private securities		(567,763	)		(844,848	)
Loans
to the financial sector		10,362			(21,760	)
to the non-financial government sector		(37,865	)		7,236
to the non-financial private sector and foreign residents		504,824			387,187
Other receivables from financial intermediation		(824,142	)		(778,597	)
Assets subject to financial leases		44,790			1,665
Deposits
From the financial sector		(6,327	)		(3,598	)
From the non-financial government sector		179,081			343,259
From the non-financial private sector and foreign residents		947,451			450,296
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		(10,669	)		3,327
Others (except liabilities included under financing activities)		310,252			3,223
Collections related to service-charge income		250,970			196,944
Payments related to service-charge expenses		(53,174	)		(44,004	)
Administrative expenses paid		(317,508	)		(239,043	)
Payment of organization and development costs		(8,813	)		(7,934	)
Net collections from penalty interest		5,532			2,619
Differences from payments related to court orders		(6,382	)		(3,625	)
Collections of dividends from other companies		6			133
Other collections related to other income and losses		3,253			14,094
Net payments from other operating activities		(29,032	)		(987	)
Payment of income tax / minimum presumed income tax		(15,228	)		(12,053	)
Net cash flows generated in/(used in) operating activities		379,618			(546,466	)

(1) See Note 3.1. to the stand-alone financial statements.

Jorge H. Brito

Chairperson

- 64 - -

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2009, AND 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2009			03/31/2008 (1)
Investing activities
Net payments for bank premises and equipment		(5,211	)		(14,997	)
Net (payments)/ collections for other assets		(21,782	)		5,392
Payments from purchases of investments in other companies		(6	)
Other payments for investing activities		(7,634	)		(1,436	)
Net cash flows used in investing activities		(34,633	)		(11,041	)
Financing activities
Net collections/ (payments):
Non-subordinated corporate bonds		(17,389	)		(50,292	)
Central Bank of Argentina:
Other		(77,675	)		(1,604	)
Banks and International Institutions		(18,045	)		6,904
Subordinated corporate bonds		(481	)		(432	)
Financing received from Argentine financial institutions		(2,993	)		(46,962	)
Other payments from financing activities
Own shares reacquired		(52,559	)		(9,968	)
Other payments					(293	)
Net cash flows used in financing activities		(169,142	)		(102,647	)
Financial income and holding gains on cash and cash equivalents		13,353			4,839
Net increase / (decrease) in cash		189,196			(655,315	)

(1) See Note 3.1. to the stand-alone financial statements.

Notes 1 through 13 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

- 65 - -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2009		12/31/2008
COMMERCIAL
In normal situation		5,647,732		5,989,222
With Senior “A” guarantees and counter-guarantees		107,897		149,011
With Senior “B” guarantees and counter-guarantees		722,979		620,553
Without Senior guarantees or counter-guarantees		4,816,856		5,219,658
Subject to special monitoring		23,413		11,637
In observation
With Senior “B” guarantees and counter-guarantees		10,475		4,555
Without Senior guarantees or counter-guarantees		12,938		7,082
Troubled		19,626		13,022
With Senior “B” guarantees and counter-guarantees		14,157		9,452
Without Senior guarantees or counter-guarantees		5,469		3,570
With high risk of insolvency		73,719		70,955
With Senior “A” guarantees and counter-guarantees		561
With Senior “B” guarantees and counter-guarantees		6,119		5,844
Without Senior guarantees or counter-guarantees		67,039		65,111
Irrecoverable		22,235		23,027
With Senior “B” guarantees and counter-guarantees		4,820		5,608
Without Senior guarantees or counter-guarantees		17,415		17,419
Subtotal Commercial		5,786,725		6,107,863

Jorge H. Brito

Chairperson

- 66 - -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2009		12/31/2008
CONSUMER
Performing		5.913.386		5.983.813
With Senior “A” guarantees and counter-guarantees		18.346		21.426
With Senior “B” guarantees and counter-guarantees		763.792		811.788
Without Senior guarantees or counter-guarantees		5.131.248		5.150.599
Low risk		154.501		112.347
With Senior “A” guarantees and counter-guarantees		19		93
With Senior “B” guarantees and counter-guarantees		20.569		11.151
Without Senior guarantees or counter-guarantees		133.913		101.103
Medium risk		96.963		83.053
With Senior “A” guarantees and counter-guarantees		62		37
With Senior “B” guarantees and counter-guarantees		10.503		6.338
Without Senior guarantees or counter-guarantees		86.398		76.678
High risk		122.045		105.485
With Senior “A” guarantees and counter-guarantees		37
With Senior “B” guarantees and counter-guarantees		9.622		7.633
Without Senior guarantees or counter-guarantees		112.386		97.852
Irrecoverable		35.387		29.073
With Senior “B” guarantees and counter-guarantees		6.499		5.486
Without Senior guarantees or counter-guarantees		28.888		23.587
Irrecoverable according to Central Bank's rules		967		1.435
With Senior “A” guarantees and counter-guarantees		1		1
With Senior “B” guarantees and counter-guarantees		186		309
Without Senior guarantees or counter-guarantees		780		1.125
Subtotal Consumer		6.323.249		6.315.206
Total		12.109.974		12.423.069

The accompanying notes 1 through 13 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

- 67 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

(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” 2,227, as supplemented, and FACPCE Technical Resolution No. 21, the Bank has consolidated line-by-line (i) its balance sheets as of March 31, 2009, and December 31, 2008, and (ii) the statements of income and cash flows for the three—month periods ended March 31, 2009, and 2008, with the financial statements of the subsidiaries listed in point 1.2. as of each respective date.

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 March 31, 2008, 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 March 31, 2009):

	Banco Macro S.A.’s direct equity interest									Banco Macro S.A.’s direct and indirect equity interest
	Shares			Percentage of						Percentage of
Company	Type	Number		Capital stock			Possible votes			Capital stock			Possible votes
Nuevo Banco Bisel S.A.	Common Preferred		841,682,603 66,604,774		99.627	%		99.598	%		99.997	%		99.997	%
Banco del Tucumán S.A.	Common		395,341		89.932	%		89.932	%		89.932	%		89.932	%
Macro Bank Limited (a)	Common		9,816,899		99.999	%		99.999	%		99.999	%		99.999	%
Macro Securities S.A. Sociedad de Bolsa (b)	Common		12,776,680		99.154	%		99.154	%		99.921	%		99.921	%
Sud Inversiones & Análisis S.A. (b)	Common		6,475,143		98.605	%		98.605	%		98.605	%		98.605	%
Macro Fondos S.G.F.C.I. S.A. (b)	Common		327,183		19.100	%		19.100	%		99.936	%		99.936	%

(a)  Consolidated with Sud Asesores (ROU) S.A. (voting rights: 100%, equity interest: 685).

(b) Until March 31, 2008, Macro Fondos SGFCI S.A. was consolidated into Sud Inversiones & Análisis S.A. As from such date it is consolidated into Macro Securities S.A. Sociedad de Bolsa.

Jorge H. Brito

Chairperson

- 68 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

(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)

In addition, the Bank consolidated its balance sheets and statements of income and cash flows as of March 31, 2008, with Red Innova Administradora de Fondos de Inversión S.A.

As of December 31, 2008, Red Innova Administradora de Fondos de Inversión settled the full amount of its liabilities and subsequently, in accordance with the decision approved by the shareholders’ meeting held December 19, 2008, it distributed all of its assets proportionately among its shareholders.

1.3.  Methods of incorporating foreign subsidiaries:

The financial statements of the foreign subsidiaries were adapted to BCRA rules. Also, as they are originally stated in US dollars and Uruguayan pesos, respectively, they were translated into pesos following the procedures indicated below:

(a) Assets and liabilities were converted at the reference exchange rate or the exchange rate reported by the BCRA trading room and effective for the foreign currency at the closing of transactions on the last business day of the three-month period ended the March 31, 2009, and the year ended December 31, 2008.

(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 three-month periods ended March 31, 2009, and 2008, 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 year (difference between retained earnings at beginning of period and retained earnings at year-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 March 31, 2009, considering the translation process mentioned above are as follows:

	Macro Bank Limited
	In thousands of USD		In thousands of Ps.
Assets		167,979		623,790
Liabilities		141,424		525,178
Shareholders’ equity		26,555		98,612

Jorge H. Brito

Chairperson

- 69 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

(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 March 31, 2009:

	Banco Macro S.A.		Nuevo Banco Bisel S.A.		Banco del Tucumán S.A.		Macro Bank Limited			Other subsidiaries		Eliminations		Banco Macro S.A. consolidated
								(1)			(2)
Assets		20,794,229		3,923,383		1,456,156		623,790			79,695		2,115,412		24,761,841
Liabilities		17,874,235		2,482,364		1,295,879		525,178			45,983		381,792		21,841,847
Shareholders’ equity		2,919,994		1,441,019		160,277		98,612			33,712		1,733,620		2,919,994
Income (loss)		155,956		51,646		7,116		(1,361	)		3,535		60,936		155,956

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

(1)  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.

2. RESTRICTED ASSETS

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

2.1. Banco del Tucumán S.A.:

Other receivables from financial intermediation

As of March 31, 2009, and December 31, 2008, 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 24,310 and 24,235, respectively.

2.2. Nuevo Banco Bisel S.A.:

a) Government securities and loans

a.1) As of December 31, 2008, Nuevo Banco Bisel S.A. continues to keep as security Book-entry mortgage bills and Guaranteed loans for 151,232, assigned to BCRA of Argentina to secure the loans for the acquisition of the Argentine Government Bonds (section 14, Presidential Decree No. 905/2002 “Canje I”), which amounted to 141,354. As mentioned in note 19 to the stand-alone financial statements, during February 2009, Nuevo Banco Bisel S.A. decided to prepay the amount owed under such loan, by delivering the guaranteed loans.

a.2)  As of March 31, 2009, and December 31, 2008, Central Bank listed notes (NOBAC) for a book value of 10,193 and 12,498, were delivered to BCRA to guarantee the credit transaction granted according to the IADB line for the global credit program for micro-, small- and medium-sized enterprise in the amount of 7,313 and 7,882 respectively.

a.3)  As of March 31, 2009, and December 31, 2008, Central Bank listed notes (NOBAC) were recorded in accounts for 91,327 and 92,243 (face value of 89,463 and 87,230), used to perform forward foreign currency trading transactions through Rosario Futures Exchange (Rofex) and Mercado Abierto Electrónico S.A. (MAE).

Jorge H. Brito

Chairperson

- 70 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

(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)

b) Other receivables from financial intermediation

As of March 31, 2009, and December 31, 2008, it continued to keep as security 43,446 and 43,435, related to the amounts of the special guarantee checking accounts opened in BCRA for transactions related to the electronic clearing houses and similar ones.

c) Other receivables

As of March 31, 2009, and December 31, 2008, this includes guarantee funds of credit card managers in the amount of 4,603 and 4,170, respectively.

2.3. Macro Securities S.A. Sociedad de Bolsa:

a)  Government securities

As of December 31, 2008, the investment in Mercado de Valores de Buenos Aires S.A. includes an amount of 2,087 resulting from a stock exchange-regulated repurchase agreement executed on December 26, 2008, expiring on January 2, 2009, whereby Argentine government bonds in US dollars maturing in 2012 were paid, for a residual value of 1,250, which as of December 31, 2008, were secured on such market.

b)  Interests in other companies

As of March 31, 2009, and December 31, 2008, investments in Tunas del Chaco S.A., Emporio del Chaco S.A. and Proposis S.A. in the amount of 2,226, and 2,235, respectively, under the deferment of federal taxes, subscribed in accordance with the promotion system established by Law No. 22,021, as amended by Law No. 22,702, which provides that the investment must be kept in assets for a term not shorter than five years starting on January 1 of the year subsequent to that when the investment was made (investment year: 2003).

2.4. Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión S.A.

Other receivables from financial intermediation

As of March 31, 2009, and December 31, 2008, it has equity interests in the Risk Fund of Puente Hnos. S.G.R. for 4,194 and 3,986, respectively, resulting from a 4,000 contribution made by Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión S.A. on October 19, 2007.  Such contribution may be fully or partially reimbursed after two years as from the contribution date.

Jorge H. Brito

Chairperson

- 71 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

(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. FINANCING FACILITIES CONCENTRATION

The following is the Bank’s consolidated financing facilities concentration with its subsidiaries as of March 31, 2009, and December 31, 2008:

	03/31/2009				12/31/2008
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		1,807,059		14.92		2,257,747		18.17
50 next largest customers		1,691,284		13.97		1,587,015		12.77
100 next largest customers		933,386		7.71		895,668		7.21
Other customers		7,678,245		63.40		7,682,639		61.85
Total		12,109,974		100.00		12,423,069		100.00

4. FINANCING BREAKDOWN BY TERM

The following is the breakdown by term of the Bank's financing consolidated with its subsidiaries as of March 31, 2009:

	Maturity
Item	Up to 12 months		Over 12 months		Total
Non-financial government sector		21,377		306,108		327,485
Financial sector		75,634		8,009		83,643
Non-financial private sector and foreign residents		7,377,524		4,321,322		11,698,846
Total		7,474,535		4,635,439		12,109,974

Jorge H. Brito

Chairperson

- 72 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

(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)

5. DEPOSIT CONCENTRATION

The following is the Bank’s consolidated deposit concentration with its subsidiaries as of March 31, 2009, and December 31, 2008:

	03/31/2009				12/31/2008
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		3,755,292		21.73		3,511,064		22.18
50 next largest customers		2,047,199		11.84		1,763,591		11.14
100 next largest customers		1,048,212		6.06		877,262		5.54
Other customers		10,435,643		60.37		9,676,440		61.14
Total		17,286,346		100.00		15,828,357		100.00

6. BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND SUBORDINATED CORPORATE BONDS BY TERM

The following is the due date breakdown by term of the Bank’s deposits, other liabilities from financial intermediation and subordinated corporate bonds consolidated with its subsidiaries by term as of March 31, 2009:

	Maturity
Item	Up to 12 months		Over 12 months		Total
Deposits		17,276,504		9,842		17,286,346
Other liabilities from financial intermediation
Central Bank of Argentina		1,490		534		2,024
Banks and International Institutions		29,021		185,675		214,696
Non-subordinated corporate bonds		15,227		680,269		695,496
Financing received from Argentine financial institutions		44,262		41,721		85,983
Other		551,498		81,597		633,095
		641,498		989,796		1,631,294
Subordinated corporate bonds		16,445		557,474		573,919
Total		17,934,447		1,557,112		19,491,559

Jorge H. Brito

Chairperson

- 73 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

(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)

7. CHANGES IN ALLOWANCES AND PROVISIONS

The following are the changes in the Bank’s allowances and provisions consolidated with its subsidiaries as of March 31, 2009:

	Balances at
	beginning of				Decreases				Balances at
Item	year		Increases		Write off		Reversals		period-end
Allowances
For government and private securities		27								27
For loans		438,348		28,859		28,565		1,614		437,028
For other receivables from financial intermediation		228,588		1,047		456		3		229,176
For assets subject to financial lease		5,391		41				536		4,896
For investments in other companies		247								247
For other receivables		15,838		235		1,817		355		13,901
Total		688,439		30,182		30,838		2,508		685,275
Provisions
For contingent commitments		1,523		4				2		1,525
For negative goodwill		483								483
For other contingencies		62,765		5,214		2,302				65,677
Difference from court deposits dollarization		18,233		1,315						19,548
Total		83,004		6,533		2,302		2		87,233

Jorge H. Brito

Chairperson

- 74 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

(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)

8. FOREIGN CURRENCY BALANCES

The following are the Bank's amounts in foreign currency consolidated with its subsidiaries as of March 31, 2009, and December 31, 2008:

	03/31/2009												12/31/2008
			Total per currency
Items	Total		US dollar		Pound sterling		Swiss franc		Euro		Other		Total
Assets
Cash		1,845,978		1,826,527		297		387		18,351		416		1,289,351
Government and private securities		581,444		581,444										510,061
Loans		2,322,535		2,320,455						2,080				2,128,481
Other receivables from financial intermediation		408,206		408,206										413,169
Assets under financial lease		77,208		77,208										69,188
Interests in other companies		538		538										500
Other receivables		79,490		79,490										57,613
Items pending allocation		730		730										803
Total		5,316,129		5,294,598		297		387		20,431		416		4,469,166
Liabilities
Deposits		3,332,891		3,332,645		16				230				2,521,198
Other liabilities from financial intermediation		851,655		845,669		5		70		5,911				901,277
Other liabilities		20,393		20,393										8,360
Subordinated corporate bonds		572,564		572,564										519,879
Items pending allocation														3
Total		4,777,503		4,771,271		21		70		6,141				3,950,717

Jorge H. Brito

Chairperson

- 75 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

(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)

	03/31/2009												12/31/2008
			Total per currency
Items	Total		US dollar		Pound sterling		Swiss franc		Yen		Euro	Other	Total
Memorandum accounts
Debit-balance accounts
(except contra debit-balance accounts)
Contingent		792,023		776,311						15,712				579,621
Control		1,276,260		1,272,368		85		2		3,805				1,147,727
Derivatives		42,067		42,067										39,422
Credit-balance accounts
(except contra credit-balance accounts)
Contingent		251,371		229,282						22,089				148,526

9. DERIVATIVE FINANCIAL INSTRUMENTS

The following is the breakdown of the volumes in gross absolute values of transactions effective as of March 31, 2009, and December 31, 2008, according to the type of derivative financial instrument involved in transactions performed by the Bank and its subsidiaries (see note 11 to the Bank’s stand-alone financial statements):

Type of contract / underlying asset	03/31/2009		12/31/2008
Futures / Foreign currency		3,263,602		3,184,624
Futures / Government securities		1,514,991		629,543
Forwards / Foreign currency		362,143		250,141
Options / BODEN coupons		101,148		99,826
Swap / Other		42,067		39,422
Options / Private securities				24,349

Jorge H. Brito

Chairperson

- 76 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

(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)

In addition, positions of transactions effective as of March 31, 2009, and December 31, 2008, are as follows:

Transaction	03/31/2009			12/31/2008
Net liability position of repurchase agreements		(1,514,991	)		(629,543	)
Net asset position of forward foreign-currency transactions without delivery of underlying asset		1,614,475			1,004,789
Position of put options sold on BODEN 2012 and 2013 coupons		101,148			99,826
Interest rate swap		42,067			39,422
Position of put options purchased of private securities					24,349

10. INCOME TAX AND MINIMUM PRESUMED INCOME TAX

Apart from what was mentioned in note 4 to the Bank’s stand-alone financial statements, the following shows the situation of the main subsidiaries.

As of March 31, 2009, and 2008, Banco del Tucumán S.A. estimated income tax in the amount of 8,300 and 4,500, respectively; hence, no minimum presumed income tax should be assessed.  In addition, as of March 31, 2009, it capitalized income tax prepayments in the amount of 9,409 for fiscal 2008.

Also, as of March 31, 2009, Nuevo Banco Bisel S.A. estimated income tax in the amount of 66,500, and that no minimum presumed income tax should be assessed, while, as of March 31, 2008, it did not accrue income tax because as of such date it carried NOLs.

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

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

		03/31/2009		12/31/2008
11.1)	Loans - Other
	Other loans		1,240,722		1,224,555
	Export financing and prefinancing		981,711		844,629
	Government securities				2,583
	Documentary credits		172		160
			2,222,605		2,071,927

Jorge H. Brito

Chairperson

- 77 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

(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)

		03/31/2009		12/31/2008
11.2)	Other receivables from financial intermediation – Other receivables not covered by debtor classification standards
	Certificates of participation in financial trusts		333,222		337,809
	Debt securities in financial trusts		162,733		227,147
	Other		8,960		32,363
			504,915		597,319

11.3) Other receivables - Other

Sundry receivables	108,720	89,848
Tax prepayments	74,807	57,140
Security deposits	32,469	28,797
Advance payments	14,474	14,436
Other	8,440	5,779
	238,910	196,000

11.4) Deposits -  Other

Balances of accounts without movements	224,674	203,607
Unemployment fund for workers of the construction industry	63,106	60,163
Attachments	17,986	15,885
Special deposits related to inflows of foreign funds	4,365	4,029
Security deposits	3,459	3,741
Orders payable	301	478
Other	29,042	33,117
	342,933	321,020

11.5) Other liabilities from financial intermediation - Other

Other payment orders pending settlement	173,126	143,340
Amounts payable as financing	86,818	76,230
Other withholdings and additional withholdings	81,840	83,064
SEDESA – Purchase of preferred shares of Nuevo Banco Bisel S.A. (see note 7.4. to the stand-alone financial statements)	71,653	71,653
Collections and other transactions on account and behalf of others	68,151	61,583
Retirement pension payment orders pending settlement	65,923	29,426
Miscellaneous subject to minimum cash requirements	26,814	11,033
Miscellaneous not subject to minimum cash requirements	26,259	124,832
Miscellaneous	30,646	24,820
	631,230	625,981

Jorge H. Brito

Chairperson

- 78 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

(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)

		03/31/2009		12/31/2008
11.6)	Other liabilities – Other
	Taxes payable		468,327		319,533
	Miscellaneous payables		78,642		68,116
	Salaries and payroll taxes payable		57,887		30,750
	Withholdings on salaries		8,860		12,280
	Prepayment for the sale of assets		12,376		9,272
	Other		2,061		2,075
			628,153		442,026

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

Checks and securities in custody	2,849,596	3,198,991
Managed portfolios	418,557	420,424
Checks not yet collected	393,414	479,286
Checks and securities to be debited	184,314	202,336
Checks and securities to be collected	91,653	100,374
	3,937,534	4,401,411

		03/31/2009		03/31/2008
11.8)	Financial income – Net income from government and private securities
	Income from government securities		133,180		126,350
	Income from participation in financial trusts		11,897		8,005
	Other		39,153		5,215
			184,230		139,570

11.9) Financial income – Other

Premiums on reverse repurchase agreements with the financial sector	27,033	5,520
Interest on loans for export prefinancing and financing	17,831	13,654
Income from assets subject to financial lease	15,228	16,998
Other	75,867	2,238
	135,959	38,410

11.10) Financial expense – Other

Turnover tax	35,695	17,911
Valuation allowance of loans to the government sector – Communiqué “A” 3,911	3,996	2
Premiums on repurchase agreements with the financial sector		556
Other	9	492
	39,700	18,961

- 79 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

(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)

		03/31/2009		03/31/2008
11.11)	Service-charge income - Other
	Debit and credit card income		39,377		33,393
	Rental of safe deposit boxes		4,585		3,775
	Service commissions-UTE (see note 2.5. to the stand-alone financial statements)		3,471		2,822
	Other		15,573		10,635
			63,006		50,625

11.12) Service-charge expense - Other

Debit and credit card expense	13,570	13,504
Turnover tax	11,502	6,976
Commissions on loan placements	1,859	2,708
Other	13,138	5,155
	40,069	28,343

11.13) Administrative expenses – Other operating expenses

Maintenance, conservation and repair expenses	13,555	10,082
Security services	11,124	9,652
Electric power and communications	10,948	8,764
Leases	8,182	4,932
Stationery and office supplies	2,527	4,149
Insurance	1,672	1,479
	48,008	39,058

11.14) Other income – Other

Other adjustments and interest on other receivables	2,794	668
Gain on transactions or sale of bank premises and equipment, and other assets	1,395	4,177
Credit cards	515	290
Leases	162	108
Certifications	5	370
Other	2,827	15,437
	7,698	21,050

11.15) Other expense – Other

Donations	952	876
Turnover tax	571	1,011
Non-computable VAT credit	304	4,365
Tax on bank account transactions	18	7,798
Other	3,022	3,412
	4,867	17,462

- 80 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

(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)

12. PORTFOLIO MANAGEMENT

In addition to the disclosures in note 12 to the Bank’s stand alone financial statements, as of March 31, 2009, and December 31, 2008, Banco del Tucumán S.A. manages:

12.1. The trust agreement Fideicomiso Financiero Gas Tucumán I for a total amount of 10,218 and 9,627, respectively.

12.2. The trust agreement Fideicomiso Financiero BATUC I for a total of 18,359 and 18,455, respectively.

13. TRUST AGREEMENTS

In addition to the statements mentioned in note 15 to the Bank’s stand-alone financial statements, the subsidiaries are related to different types of trusts.  The different types of trust agreements, according to the Bank’s business purpose, are disclosed below.

13.1. 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 174,930 and 175,120) recorded in their financial statements as of March 31, 2009, and December 31, 2008, respectively:

Financial trust	03/31/2009		12/31/2008
Certificates of participation:
TST & AF  (a)		42,325		33,148
Other		7,305		7,981
Total certificates of participation		49,630		41,129

(a) Fideicomiso TST & AF

On November 29, 2005, an agreement was executed to replace the trustee of Fideicomiso Financiero TST & AF between Austral Financial LLC (formerly known as Tishman Speyer – Citigroup Alternative Investments and Austral Financial LLC), in its capacity as trustor, First Trust of New York, National Association, permanent representation office in Argentina, in its capacity as trustee, Sud Inversiones y Análisis S.A., in its capacity as substitute trustee, and Austral Financial LLC, Proa del Puerto S.A. and Sud Bank and Trust CL (subsidiary of Banco Macro S.A.), in their capacity as beneficiaries, whereby the beneficiaries ratify the acceptance of the trustee’s resignation and appoint Sud Inversiones y Análisis S.A. as substitute trustee of the trust.

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.

As of the date of issuance these financial statements, Banco Macro S.A. is beneficiary of 33% of certificates of participation, issued by Fideicomiso TST & AF.

As per the latest accounting information available to date, corpus assets amounted to about 199,549.

This trust will terminate 30 years after the execution and/or full payment, sale or any other disposition related to the project in full.

In addition, 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, Fideicomiso Bisel was created with assets transferred by former Banco Bisel S.A., being Banco de la Nación Argentina appointed as trustee (replaced by Sud Inversiones y Análisis S.A. since May 20, 2008). The purpose of the trust is to realize the managed assets and settle the certificates of participation issued.

- 81 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2009

(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 March 31, 2009, and December 31, 2008, Banco Macro S.A., through its subsidiary Nuevo Banco Bisel S.A., owns 100% of the certificates issued by the trust.

As of March 31, 2009, and December 31, 2008, the amounts receivable recorded were fully provisioned, since they were deemed unrecoverable.

13.2. Trusts created using financial assets transferred by the Bank

Banco del Tucuman 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 Bank's lending capacity.

As of March 31, 2009, and December 31, 2008, the trusts’ assets managed amount to 190.

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

In these trusts, the Bank only performs administration tasks in relation to the corpus assets, in conformity with the agreements.

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 Bank’s subsidiaries entered into administration trust agreements for the following main purposes:

(a) Managing the trust’s corpus assets to guarantee in favor of the beneficiary the existence of the resources required to finance and/or pay certain obligations, and pay invoices and fees established in the respective agreements.

(b) To promote the productive development of micro-, small- and medium-sized companies.

As of March 31, 2009, and December 31, 2008, the trusts’ assets managed amount to 204,673 and 205,436, respectively.

- 82 - -

EXHIBIT I

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2009				12/31/2008
Name	Market value		Book balance		Book balance
GOVERNMENT AND PRIVATE SECURITIES
GOVERNMENT SECURITIES
Holdings in investment accounts
-  Local
Federal government bonds in pesos at BADLAR Private + 2,75 (Bonar XIV)  – Maturity: 2014		111,076		238,519
Federal government bonds in US dollars at LIBOR - Maturity: 2012		181,601		198,818		235,546
Argentine Government bonds in US dollars at 7% - Maturity: 2015		106,316		106,389		49,590
Consolidation bonds of social security payables in pesos – Third series at 2%		62,540		63,635		76,400
Secured bonds under Presidential Decree No. 1,579/02		13,878		27,926		23,769
Argentine Government bonds in US dollars at 7% - Maturity: 2017		19,008		23,092		23,252
Discount bonds denominated in pesos - Maturity: 2033		9,120		22,202		22,201
Consolidation bonds of social security payables in pesos – Fourth Series		15,056		21,045		7,447
Consolidation bonds in pesos – Sixth series		1,495		4,122		4,122
Federal government bonds in pesos – Maturity: 2014		1,711		3,521		3,582
Par bonds denominated in US dollars - Maturity: 2038 (governed by Argentine legislation)		1,054		1,402		1,450
Federal government bonds in US dollars at LIBOR - Maturity: 2013		537		560		564
Par bonds denominated in US dollars - Maturity: 2038 (governed by New York State legislation)		309		368		382
Subtotal holdings in investment accounts				711,599		448,305
Holdings for trading or financial intermediation
- Local
Discount bonds denominated in pesos - Maturity: 2033		213,287		213,287		209,277
Federal government bonds in US dollars at LIBOR - Maturity: 2012		54,276		54,276		96,415
Argentine Government bonds in US dollars at 7% - Maturity: 2015		31,760		31,760		9,627
Discount bonds denominated in US dollars - Maturity: 2033 (governed by New York State legislation)		9,292		9,292		9,975
Federal government bonds in pesos – Maturity: 2014		2,954		2,954
Argentine Government bonds in US dollars at 7% - Maturity: 2011		2,941		2,941		1,565
Consolidation bonds of social security payables in pesos – Fourth Series		1,435		1,435		1,324
Consolidation bonds in pesos – Fourth series		1,430		1,430		1,523
Secured bonds under Presidential Decree No. 1,579/02		778		778		652
Consolidation bonds of social security payables in pesos – Third series at 2%		409		409		2,280
Par bonds denominated in US dollars - Maturity: 2038 (governed by Argentine legislation)		245		245		255
Federal government bonds in US dollars at LIBOR - Maturity: 2013		42		42		2,304
Consolidation bonds in pesos – Second series						6,944
Argentine Government bonds in US dollars at 7% - Maturity: 2017						1,633
Other		856		856		693
Subtotal local holdings for trading or financial intermediation				319,705		344,467
- Foreign
Treasury Bill - Maturity: 04-30-09		74,260		74,260
Treasury Bill - Maturity: 06-04-09		746		746
Subtotal foreign holdings for trading or financial intermediation				75,006
Subtotal holdings for trading or financial intermediation				394,711		344,467
Unlisted government securities
- Local
Federal government bonds in pesos – Maturity: 2014				57,225
Argentine Government bonds in Argentine pesos at private Badlar + 3,50 (Bonar XIII) - Maturity: 2013				50,829		51,864
Federal government bonds in pesos at BADLAR Private + 2,75 (Bonar XIV)  – Maturity: 2014				38,598
Federal government bonds in pesos at  variable rate - Maturity: 2013				10,686		10,385
Consolidation bonds in pesos – Second series				7,026
Province of Tucumán bonds - Second series in dollars at 9,45% - Maturity: 2015				4,575		5,419
Province of Tucumán bonds - First series in pesos - Maturity: 2018				2,224		2,290
Subtotal unlisted government securities				171,163		69,958

Jorge H. Brito

Chairperson

- 83 - -

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2009				12/31/2008
Name	Market value		Book balance		Book balance
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA
Central Bank of Argentina Bills – Under repo transactions
Central Bank of Argentina Internal bills in pesos – Maturity: 09-23-09				1,328,512		425,963
Subtotal Central Bank of Argentina Bills – Under repo transactions				1,328,512		425,963
Central Bank of Argentina Internal Bills – Unlisted – Own Portfolio
Central Bank of Argentina Internal bills in pesos – Maturity: 06-03-09				9,772
Subtotal Central Bank of Argentina Internal Bills – Unlisted – Own Portfolio				9,772
Central Bank of Argentina notes - Listed - Own portfolio
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 04-08-09		467,100		467,100
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 07-01-09		235,739		235,739
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 02-10-10		50,802		50,802		53,423
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 03-25-10		34,556		34,556		34,540
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-06-10		7,800		7,800		7,823
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-20-10		3,454		3,454		3,442
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 02-25-09						333,742
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 02-11-09						166,538
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-21-09						162,736
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 03-11-09						10,252
Subtotal Central Bank of Argentina notes - Listed - Own portfolio				799,451		772,496
Subotal instruments issued by the Central Bank of Argentina				2,137,735		1,198,459

Jorge H. Brito

Chairperson

- 84 - -

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2009				12/31/2008
Name	Market value		Book balance		Book balance
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)				2,137,735		1,198,459
Central Bank of Argentina internal notes - Unlisted - Own portfolio
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 09-30-09				812,974
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 08-05-09				573,415
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 05-06-09				306,134		312,962
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 05-27-09				305,787		311,579
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 07-22-09				218,308
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 07-15-09				214,107		212,251
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 01-20-10				204,644		214,860
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 07-29-09				152,901		157,657
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 05-13-09				152,825		156,981
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 06-24-09				80,023		81,002
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 03-25-09						425,842
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 01-07-09						257,567
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 02-11-09						155,073
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 03-11-09						151,060
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 03-04-09						102,244
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 03-18-09						101,374
Subtotal Central Bank of Argentina internal notes - Unlisted - Own portfolio				3,021,118		2,640,452
Total Instruments issued by the Central Bank of Argentina				5,158,853		3,838,911
Total Government securities				6,436,326		4,701,641
INVESTMENTS IN LISTED PRIVATE  SECURITIES
Corporate Bonds- Telefónica		32,378		32,378		25,702
Corporate Bonds - Panamerican Energy		32,129		32,129		29,279
Mutual Fund - Pionero FF		7,433		7,433		3,127
Mutual Funds - Pionero Pesos		6,578		6,578		2,460
Geometric fund		6,300		6,300		5,954
Mutual Funds - Pionero Renta Ahorro		2,517		2,517
Credit Suisse M.M. Fund		756		756		702
Mutual Funds - Pionero Renta Dólares		601		601		554
Mutual Funds - Pionero Latam		202		202		880
Corporate Bonds - YPF						6,487
Corporate Bonds - Pesaar						2,161
Shares - Solvay Indupa						378
Others						1
Total Investments in listed private securities				88,894		77,685
Total government and private securities (1)				6,525,220		4,779,326

(1)  As of March 31, 2009, and December 31, 2008, the Bank booked allowances for impairment in value amounting to 27.

Jorge H. Brito

Chairperson

- 85 - -

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: June 2, 2009

MACRO BANK INC.

By: /s/ 

Name:   Juan Pablo Brito Devoto

Title:     Director