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

May 19, 2010

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, 2010, 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, 2010, 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, 2010, 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, 2009, 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 30, 2009, which were presented for comparative purposes, we report that:

a) On February 11, 2010, 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, 2009, which included a qualified opinion due to differences between the application of the accounting standards established by the BCRA and the professional accounting standards effective in Argentina, which are described and quantified in note 5 to the accompanying financial statements. We have not audited any financial statements as of any date or for any period subsequent to December 31, 2009.

- 2 - -

b) On May 11, 2009, 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, 2009, which included qualifications due to the differences between the accounting standards established by the BCRA and the professional accounting standards effective in Argentina, which are described and quantified in note 5 to the accompanying financial statements.

The financial statements as of March 31, 2009 originally issued were adjusted to give retroactive effect to the merger with Nuevo Banco Bisel S.A., as mentioned in note 3.1. the accompanying 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, 2010, the liabilities accrued in employee and employer contributions to the National Social Security Administration, as recorded in the Bank’s books, amounted to Ps. 12,533,270, none of which was due as of that date.

City of Buenos Aires,

May 7, 2010

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

- 3 - -

FINANCIAL STATEMENTS AS OF

MARCH 31, 2010

BUSINESS NAME: Banco Macro S.A.

REGISTERED OFFICE:  Sarmiento 447 – City of Buenos Aires

CORPORATE PURPOSE AND MAIN BUSINESS:  Commercial bank

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

REGISTRATION WITH THE PUBLIC REGISTRY OF COMMERCE:  Under No. 1,154 - By-laws book No. 2, Folio 75

dated March 8, 1967

EXPIRATION OF ARTICLES OF INCORPORATION:  March 8, 2066

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

SINGLE TAX IDENTIFICATION NUMBER:  30-50001008-4

REGISTRATION DATES OF AMENDMENTS TO BY-LAWS:

August 18, 1972, August 10, 1973, July 15, 1975, May 30, 1985, September 3, 1992, May 10, 1993, November 8, 1995, October 8, 1996, March 23, 1999, September 6, 1999, June 10, 2003, December 17, 2003, September 14, 2005, February 8, 2006, July 11, 2006, July 14, 2009.

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

BALANCE SHEETS

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

		03/31/2010			12/31/2009
ASSETS
A.	CASH
	Cash on hand		1,075,640			1,110,141
	Due from banks and correspondents
	Central Bank of Argentina		2,761,352			2,693,319
	Local Other		14,430			11,299
	Foreign		481,079			324,410
	Other		242			237
			4,332,743			4,139,406
B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit A)
	Holdings in investment accounts		212,011			659,371
	Holdings for trading or financial intermediation		1,357,738			1,114,043
	Unlisted government securities		73,531			73,645
	Instruments issued by the Central Bank of Argentina		4,890,855			4,565,724
	less:  Allowances (Exhibit J)		(47	)		(44	)
			6,534,088			6,412,739
C.	LOANS (Exhibits B, C and D)
	To the non-financial government sector		338,310			205,817
	To the financial sector
	Interbank financing		4,579			50,000
	Other financing to Argentine Financial Institutions		48,595			40,442
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		272			474
	To the non-financial private sector and foreign residents
	Overdrafts		1,176,199			1,348,982
	Documents		1,323,802			1,396,939
	Mortgage loans		777,704			716,390
	Pledged loans		280,982			261,251
	Personal loans		3,588,006			3,400,982
	Credit cards		899,836			893,450
	Other (Note 6.1.)		2,301,071			2,075,770
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		171,984			172,589
	less:  Unearned discount		(19,257	)		(20,466	)
	less:  Allowances (Exhibit J)		(402,417	)		(416,233	)
			10,489,666			10,126,387

Jorge H. Brito

Chairperson

- 1 - -

BALANCE SHEETS

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

		03/31/2010			12/31/2009
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		1,528,476			1,259,703
	Amounts receivable from spot and forward sales pending settlement		67,144			1,343
	Securities and foreign currency receivable from spot and forward purchases pending settlement		59,721			592,941
	Unlisted corporate bonds (Exhibits B, C and D)		156,263			30,104
	Receivables from forward transactions without delivery of underlying asset		3,188			5,295
	Other receivables not covered by debtors classification standards (Note 6.2)		635,828			547,927
	Other receivables covered by debtors classification standards (Exhibits B, C and D)		72,130			65,461
	less:  Allowances (Exhibit J)		(231,229	)		(230,655	)
			2,291,521			2,272,119
E.	ASSETS SUBJECT TO FINANCIAL LEASES
	Assets subject to financial leases (Exhibits B, C and D)		218,541			242,550
	less: Allowances (Exhibit J)		(2,975	)		(3,314	)
			215,566			239,236
F.	INVESTMENTS IN OTHER COMPANIES  (Exhibit E)
	In financial institutions		366,298			347,862
	Other		53,028			50,192
	less: Allowances (Exhibit J)		(747	)		(747	)
			418,579			397,307
G.	OTHER RECEIVABLES
	Receivables from sale of assets (Exhibits B, C and D)		10,743			12,231
	Minimum presumed income tax - Tax Credit		10,170			10,170
	Other (Note 6.3.)		369,339			319,837
	Accrued interest and adjustments receivable on receivables from sales of assets (Exhibits B, C and D)		559			481
	less:  Allowances  (Exhibit J)		(13,952	)		(13,949	)
			376,859			328,770
H.	BANK PREMISES AND EQUIPMENT, NET (Exhibit F)		392,681			396,645
I.	OTHER ASSETS  (Exhibit F)		118,255			112,874
J.	INTANGIBLE ASSETS  (Exhibit G)
	Goodwill		52,937			55,045
	Organization and development costs		155,205			147,568
			208,142			202,613
K.	ITEMS PENDING ALLOCATION		2,115			2,637
TOTAL ASSETS			25,380,215			24,630,733

Jorge H. Brito

Chairperson

- 2 - -

BALANCE SHEETS

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

		03/31/2010		12/31/2009
LIABILITIES
L.	DEPOSITS (Exhibits H and I)
	From the non-financial government sector		3,437,682		3,046,958
	From the financial sector		10,938		14,046
	From the non-financial private sector and foreign residents
	Checking accounts		2,664,069		2,649,706
	Savings accounts		3,096,942		3,177,739
	Time deposits		7,515,310		7,138,604
	Investment accounts		54,122		52,286
	Other (Note 6.4.)		428,416		396,100
	Accrued interest, adjustments, foreign exchange and quoted price differences payables		53,220		61,213
			17,260,699		16,536,652
M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina (Exhibit I)
	Other		1,877		1,849
	Banks and International Institutions (Exhibit I)		30,041		219,743
	Non-subordinated Corporate Bonds (Note 10. and Exhibit I)		609,485		601,016
	Amounts payable for spot and forward purchases pending settlement		59,541		540,290
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		1,365,662		1,047,557
	Financing received from Argentine financial institutions (Exhibit I)
	Interbank financing		62,182		145,000
	Other financing received from Argentine Financial Institutions		18,611		18,957
	Accrued interest payables		15		78
	Other (Note 6.5. and Exhibit I)		638,825		645,582
	Accrued interest, adjustments, foreign exchange and quoted price differences payables (Exhibit I)		41,535		50,383
			2,827,774		3,270,455
N.	OTHER LIABILITIES
	Other (Note 6.6.)		1,007,613		814,251
			1,007,613		814,251
O.	PROVISIONS (Exhibit J)		79,061		74,411
P.	SUBORDINATED CORPORATE BONDS (Note 10. and Exhibit I)		598,156		572,473
Q.	ITEMS PENDING ALLOCATION		2,071		3,690
TOTAL LIABILITIES			21,775,374		21,271,932
SHAREHOLDERS' EQUITY (As per related statement)			3,604,841		3,358,801
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			25,380,215		24,630,733

Jorge H. Brito

Chairperson

- 3 - -

BALANCE SHEETS

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	03/31/2010		12/31/2009
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS		10,334,601		10,311,074
Contingent		4,288,300		4,162,339
Guarantees received		3,817,839		3,656,155
Other not covered by debtors classification standards		322		359
Contingent debit-balance contra accounts		470,139		505,825
Control		4,915,418		5,126,009
Receivables classified as irrecoverable		807,126		784,046
Other (Note 6.7.)		3,895,952		4,080,777
Control debit-balance contra accounts		212,340		261,186
Derivatives		1,130,883		1,022,726
Notional value of put options taken (Note 11.d))				25,229
Notional value of forward transactions without delivery of underlying asset (Note 11.a))		719,970		461,234
Interest rate swap (Note 11.b))		158,350		157,917
Derivatives debit-balance contra accounts		252,563		378,346
CREDIT-BALANCE ACCOUNTS		10,334,601		10,311,074
Contingent		4,288,300		4,162,339
Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)		120,891		124,324
Other guarantees provided not covered by debtors classification standards		130,966		130,826
Other covered by debtors classification standards (Exhibits B, C and D)		218,282		250,675
Contingent credit-balance contra accounts		3,818,161		3,656,514
Control		4,915,418		5,126,009
Checks to be credited		212,340		261,186
Control credit-balance contra accounts		4,703,078		4,864,823
Derivatives		1,130,883		1,022,726
Notional value of call option sold (Note 11.e))		23,238		22,030
Notional value of put options sold (Note 11.c))		71,845		69,900
Notional value of forward transactions without delivery of underlying asset (Note 11.a))		157,480		286,416
Derivatives credit-balance contra account		878,320		644,380

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

AS OF MARCH 31, 2010 AND 2009

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

(Figures stated in thousands of pesos)

		03/31/2010		03/31/2009 (1)
A.	FINANCIAL INCOME
	Interest on cash and due from banks		3		36
	Interest on loans to the financial sector		2,044		3,382
	Interest on overdrafts		55,691		95,947
	Interest on documents		34,074		56,072
	Interest on mortgage loans		24,927		25,728
	Interest on pledged loans		11,479		16,325
	Interest on credit card loans		43,741		43,931
	Interest on other loans		300,736		258,928
	Interest on other receivables from financial intermediation		18		29
	Income from government and private securities, net (Note 6.8.)		363,026		188,292
	Income from guaranteed loans - Presidential Decree No. 1,387/01		20		3,138
	CER (Benchmark Stabilization Coefficient) adjustment		950		4,949
	CVS (Salary Variation Coefficient) adjustment		176		158
	Difference in quoted prices of gold and foreign currency		39,913		36,985
	Other (Note 6.9.)		26,336		135,762
			903,134		869,662
B.	FINANCIAL EXPENSE
	Interest on checking accounts		2,641		4,361
	Interest on savings accounts		4,379		4,018
	Interest on time deposits		218,721		318,892
	Interest on interfinancing  received loans		1,143		318
	Interest on other financing from Financial Institutions		2		3
	Interest on other liabilities from financial intermediation		16,168		22,093
	Interest on subordinated bonds		14,097		13,148
	Other interest		489		1,097
	CER adjustment		1,412		1,878
	Contribution to Deposit Guarantee Fund		7,336		6,606
	Other (Note 6.10.)		35,338		35,586
			301,726		408,000
	GROSS INTERMEDIATION MARGIN - GAIN		601,408		461,662
C.	PROVISION FOR LOAN LOSSES		35,198		22,680
D.	SERVICE-CHARGE INCOME
	Related to lending transactions		17,872		11,841
	Related to deposits		165,323		154,794
	Other commissions		5,767		6,573
	Other (Note 6.11.)		69,450		53,571
			258,412		226,779

(1) See Note 3.1.

Jorge H. Brito

Chairperson

- 5 - -

STATEMENTS OF INCOME

AS OF MARCH 31, 2010 AND 2009

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

(Figures stated in thousands of pesos)

		03/31/2010		03/31/2009 (1)
E.	SERVICE-CHARGE EXPENSE
	Commissions		14,700		12,657
	Other (Note 6.12.)		43,523		37,977
			58,223		50,634
F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		256,290		213,298
	Directors' and statutory auditors' fees		2,750		10,933
	Other professional fees		15,718		14,662
	Advertising and publicity		8,253		6,723
	Taxes		18,006		16,070
	Depreciation of bank premises and equipment		13,291		12,328
	Amortization of organization and development costs		8,940		7,240
	Other operating expenses (Note 6.13.)		50,945		43,557
	Other		4,350		4,129
			378,543		328,940
	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		387,856		286,187
G.	OTHER INCOME
	Income from long-term investments		21,508		8,256
	Penalty interest		6,275		5,273
	Recovered loans and allowances reversed		22,502		9,788
	CER adjustments		34		15
	Other (Note 6.14.)		6,775		8,870
			57,094		32,202
H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		8		6
	Charges for other receivables uncollectibility and other allowances		6,966		5,670
	Amortization of differences related to court orders		3,984		4,377
	Depreciation and loss of other assets		551		525
	Goodwill amortization		2,108		2,108
	Other (Note 6.15.)		5,793		4,397
			19,410		17,083
	NET INCOME BEFORE INCOME TAX - GAIN		425,540		301,306
I.	INCOME TAX (Note 4.)		179,500		145,350
	NET INCOME FOR THE PERIOD - GAIN		246,040		155,956

(1) See Note 3.1.

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

AS OF MARCH 31, 2010 AND 2009

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

(Figures stated in thousands of pesos)

	03/31/2010															03/31/2009 (1)
							Earningsreserved
Changes	Capital stock		Stock issuance premium		Adjustments to Shareholders' equity		Legal		Subordinated Debt Instruments	Voluntary		Unappropriated earnings		Total		Total
Balances at the beginning of the fiscal year		594,485		398,750		4,511		613,753			211		1,747,091		3,358,801		2,821,911
Own shares reacquired																	(52,559	)
Net income for the period- Gain													246,040		246,040		155,956
Balances at the end of the period		594,485		398,750		4,511		613,753			211		1,993,131		3,604,841		2,925,308

(1) See Note 3.1.

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

AS OF MARCH 31, 2010 AND 2009

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

(Figures stated in thousands of pesos)

	03/31/2010			03/31/2009 (1)
CHANGES IN CASH AND CASH EQUIVALENTS
Cash at beginning of the fiscal year		4,139,611			3,083,272
Cash at end of the period		4,448,526			3,132,906
Net increase in cash		308,915			49,634
CAUSES OF CHANGES IN CASH
Operating activities
Net collections/ (payments):
Government and private securities		1,192,037			(470,202	)
Loans
To the financial sector		39,513			35,344
To the non-financial government sector		(132,455	)		(37,908	)
To the non-financial private sector and foreign residents		176,147			542,034
Other receivables from financial intermediation		(594,665	)		(803,843	)
Assets subject to financial leases		36,510			43,911
Deposits
From the financial sector		(3,108	)		(6,341	)
From the non-financial government sector		327,009			7,460
From the non-financial private sector and foreign residents		188,234			729,698
Other liabilities from financial intermediation
Financing facilities from the financial sector		(83,961	)		15,459
Others (except liabilities included under financing activities)		(443,681	)		313,805
Collections related to service-charge income		258,360			225,350
Payments related to service-charge expenses		(57,450	)		(50,749	)
Administrative expenses paid		(345,308	)		(289,378	)
Payment of organization and development costs		(16,370	)		(8,524	)
Net collections related to punitive interest		6,267			5,267
Differences from payments related to court orders		(4,191	)		(6,377	)
Collections of dividends from other companies					6
Other collections related to other income and losses		7,413			7,652
Net payments for other operating activities		(21,994	)		(8,632	)
Payment of income tax		(44,176	)		(12,614	)
Net cash flows generated in operating activities		484,131			231,418

(1) See Note 3.1.

Jorge H. Brito

Chairperson

- 8 - -

STATEMENTS OF CASH FLOWS

AS OF MARCH 31, 2010 AND 2009

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

(Figures stated in thousands of pesos)

	03/31/2010			03/31/2009 (1)
Investing activities
Net payments for bank premises and equipment		(8,657	)		(4,703	)
Net payments for other assets		(6,569	)		(20,605	)
Payments for purchase of investments in other companies					(6	)
Other collections / (payments) for other investing activities		235			(446	)
Net cash flows used in investing activities		(14,991	)		(25,760	)
Financing activities
Net collections/ (payments):
Non-subordinated corporate bonds		(17,367	)		(17,389	)
Central Bank of Argentina
Other Other		28			(77,652	)
Banks and International Institutions		(190,820	)		(18,045	)
Subordinated corporate bonds					(481	)
Financing received from Argentine financial institutions		(595	)		(2,993	)
Other payments for financing activities
Own shares reacquired					(52,559	)
Net cash flows used in financing activities		(208,754	)		(169,119	)
Financial income and holding gains on cash and cash equivalents		48,529			13,095
Net increase in cash		308,915			49,634

(1) See Note 3.1.

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, 2010

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

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

1. OVERVIEW OF THE BANK

Macro Compañía Financiera S.A. was created in 1977 as a non-banking financial institution. In May 1988, it received the authorization to operate as a commercial bank and it was incorporated as Banco Macro S.A. Subsequently, as a result of the merger process with other entities, it adopted other names (among them, Banco Macro Bansud S.A.) and since August 2006, Banco Macro S.A. (hereinafter, the Bank).

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

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

In December 2001, 2004 and 2006, the Bank acquired control of Banco Bansud S.A., Nuevo Banco Suquía S.A. and Nuevo Banco Bisel S.A. (see note 2.6), respectively. Such entities merged with and into Banco Macro S.A. on December 2003, October 2007 and August 2009, 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 in 2007.

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

In addition, the Bank performs certain transactions through its subsidiaries, including mainly Banco del Tucumán S.A., 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, 2010 and December 31, 2009, the deposits of the Misiones Provincial Government amounted to 531,424 and 458,678 (including 61,486 and 61,159 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, 2010 and December 31, 2009, the deposits of the Salta Provincial Government amounted to 309,994 and 259,912 (including 110,563 and 111,370 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, 2010

(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, 2010 and December 31, 2009, the deposits of the Jujuy Provincial Government amounted to 301,822 and 347,028 (including 58,371 and 54,815 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 Tucumán Provincial Government until 2011. It also acts as the exclusive financial agent of the Municipality of San Miguel del Tucumán.

As of March 31, 2010 and December 31, 2009, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel del Tucumán in Banco del Tucumán S.A. amounted to 749,325 and 426,832 (including 283,123 and 271,381 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 March 31, 2010 and December 31, 2009, the net assets of such joint venture recorded in the Bank’s financial statements through the proportionate consolidation method amounted to 4,783 and 3,986 respectively.

Also, as of March 31, 2010 and 2009, the net income recorded through the method mentioned in the previous paragraph, amounted to 2,385 and 1,888, 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, 2010 and December 31, 2009, the net assets of such joint venture recorded in the Bank’s financial statements using the proportionate consolidation method amounted to 10.

Also, as of March 31, 2010 and 2009, no income or losses were recorded under the method mentioned in the previous paragraph.

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", which established the incorporation of the latter to Banco Macro S.A. retroactively as from January 1, 2009, on the basis of the financial statements of such banks as of December 31, 2008 (see also note 7.1.e)).

On May 27, 2009, the General Regular and Special Shareholders’ Meetings of Banco Macro S.A. and Nuevo Banco Bisel S.A., respectively, approved such preliminary merger agreement, as well as the consolidated special balance sheet for merger purposes as of December 31, 2008, and the exchange ratio. Furthermore, Banco Macro S.A.’s Shareholders’ Meeting, mentioned above, approved the capital stock increase through the issuance of 1,147,887 common registered Class B shares with a face value of Ps. 1, each entitled to one vote, to be delivered to the minority shareholders of the absorbed bank (Sud Inversiones & Análisis S.A. and Macro Securities S.A. Sociedades de Bolsa).

Subsequently, the BCBA, the Central Bank of Argentina (BCRA) and the CNV (Argentine securities commission), authorized the abovementioned merger, which was registered with the IGJ (Business Associations Regulatory Agency). Additionally, the CNV and the BCBA authorized the public offering of shares to be delivered to the minority shareholders of former Nuevo Banco Bisel S.A.

- 11 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

Finally, on August 18, 2009, the BCRA reported Nuevo Banco Bisel S.A.’s merger with and into Banco Macro S.A.

In September 2009, the shares issued were accredited to the minority shareholders of the bank merged with and into the Bank. Additionally, during October 2009, Sud Inversiones & Análisis S.A. and Macro Securities S.A. Sociedad de Bolsa sold those shares. (see also note 3.1.)

2.7. Banco Privado de Inversiones S.A

After a period of negotiations, the Bank signed a share purchase agreement, under which, subject to satisfaction of certain conditions, including the approval of the operation by the BCRA, will acquire shares representing 100% of share capital and votes of Banco Privado de Inversiones S.A. At the date of issuance of these financial statements, the BCRA has not issued in this respect.

It is noteworthy that, based on the financial information provided by Banco Privado de Inversiones S.A. (unaudited information), as of December 31, 2009, such bank has assets amounting to 442,620, liabilities amounting to 418,762 and shareholders’ equity amounting to 23,858.

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 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 BCRA rules, the balance sheet as of March 31, 2010, 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, 2010, are presented comparatively with those of the same period in the prior fiscal year.

Additionally, and mainly as a result of the merger described in note 2.6., the Bank’s financial statements and supplementary information as of March 31, 2009, were restated for comparative purposes and, as a result, we consolidated the statements of income, changes in shareholders’ equity, and cash flows of Banco Macro S.A. and former Nuevo Banco Bisel S.A. as of March 31, 2009, eliminating the receivables and payables between both banks, considering the sale of the minority shareholders’ shares mentioned in note 2.6 and generating:

i) Increase in Banco Macro S.A.’s capital stock, as a result of the merger according to the exchange relationship established in the merger agreement between both banks.

ii) The difference between the face value of minority shares of former Nuevo Banco Bisel S.A. and the value of such shares valued by the equity method was recorded in stock issuance premium.

3.2. Restatement into constant pesos

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

The Bank’s financial statements reflect the changes in the peso purchasing power through February 28, 2003, under Presidential Decree No. 664/03, IGJ General Resolution No. 4/2003, CNV General Resolution No. 441, and BCRA 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.

- 12 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

3.3. Valuation methods

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

a) Assets and liabilities denominated in foreign currency:

The assets and liabilities denominated in US dollars were valued at BCRA benchmark US dollar exchange rate effective as of the closing date of transactions on the last business day of the period and the year, respectively. Additionally, assets and liabilities denominated in other foreign currencies were translated at the exchange rate communicated by the 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 special investment accounts: in accordance with the provisions of BCRA Communiqués “A” 4,676, 4,861 of June 5, 2007, and October 30, 2008, as supplemented, the Bank chose to classify certain holdings as “Special investment accounts”. As of period-end 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 contra 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 balance sheet account created for this purpose, until the book value equals the market value. This contra 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.

In accordance with BCRA Communiqué “A” 5,024, the position of Argentine government securities and BCRA monetary regulation instruments recorded under this valuation system should be reversed and booked at market value, by at least 25% at the end of each calendar quarter in 2010. Therefore, the offset account should be reversed proportionately in due time. In addition, on December 31, 2010, such system should be fully canceled. Therefore, as from January 1, 2010, no new debt securities can be included in this valuation system. As of March 31, 2010, at least 25% of the holdings were reversed.

ii. 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 and the 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. Unlisted government securities: they were valued in accordance with BCRA Communiqué “A” 4,898. Such communiqué, that specifically develops valuation method for certain assistance to the non-financial government sector, sets comparisons of market, present and book values, as the case may be, as well as the potential use of contra accounts.

In particular, in the case of holdings of government securities without volatility published and included on the list of present values published by BCRA, Communiqué “A” 4,898 provides that they should be valued at the higher of the present value published by the BCRA and the book value as of January 31, 2009, net of interest collected after such date and the related contra 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 contra account created to such end until the book value equals the present value, and such contra account is reversed into income when the present value exceeds the book value of those holdings.

- 13 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

The present values published by BCRA are based on the yield curve for 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.

ii. 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.

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

As of March 31, 2010 and December 31, 2009, they were valued in accordance with BCRA Communiqué “A” 4,898. Such communiqué, that specifically develops valuation method for certain loans to the non-financial government sector, sets comparisons of market, present and book values, as the case may be, as well as the potential use of contra accounts.

Particularly, in the case of guaranteed loans issued by the Argentine Government under Decree No. 1387/01, Communiqué “A” 4,898, establishes that they should be valued at the higher of the present value published by the BCRA and the book value as of January 31, 2009, net of interest collected after such date and the related offset account (book value) as further explained in note 3.3.b.2).i.

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 and unlisted government securities: as explained in note 3.3.b.1).i and 3.3.b.2)i, respectively.

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) Deposits and other assets and liabilities: they were adjusted by CER as 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 period, and in cases where the allowances set in prior years exceed what is considered necessary, the excess allowance is reversed with effects on income for the current period.

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

- 14 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

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

g) Loans and deposits of government securities:

They were valued at the quoted price of each security effective 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 as of 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, translated into pesos pursuant to the method described in note 3.3.a), as the case may be.

ii. Certificates of participation in the Fideicomiso Financiero Suquía and Fideicomiso Financiero Bisel financial trust: they were valued based on the cost paid by of former Nuevo Banco Suquía S.A. and former Nuevo Banco Bisel S.A., respectively, plus interest accrued, net of the redemptions made by the abovementioned bank, in its capacity as beneficiary of the certificates of participation. As of March 31, 2010 and December 31, 2009, an allowance was booked for the full amounts receivable booked on account of such certificates, as they were deemed unrecoverable.

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

h.5) Non-subordinated corporate bonds issued:

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

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.

- 15 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

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 based on their estimated useful life using the straight line method.

l) Intangible assets:

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

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

In addition, the BCRA 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.

m) Valuation of derivatives:

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

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

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

- 16 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

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

See also note 11.

n) Severance payments:

The Bank charges these payments directly to expenses.

o) Provisions included in liabilities:

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

p) Subordinated corporate bonds:

They were valued at the amount due for principal and interest accrued as of each period-end and year-end, respectively, translated 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) The purchase cost of own shares reaquired was debited to the “Unappropriated earnings” account. Furthermore, the face value of such shares was reclassified from “Outstanding shares” to “Shares in treasury". The decrease in own shares reacquired as a result of the capital decrease was credited against unappropriated retained earnings (see also note 9).

r) Statement-of-income accounts:

r.1) The accounts comprising monetary transactions occurred in the period ended March 31, 2010, and 2009 (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 non-monetary assets were computed on the basis of the amounts of such assets, which were restated as mentioned in note 3.2.

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

3.4. Statement of cash flows

The Bank considers “cash and cash equivalents” to include the following accounts: Cash and Government and private securities which mature less than 90 days as from their date of acquisition. As of March 31, 2010 and December 31, 2009, such securities total 115,783 and 205, while as of March 31, 2009 and December 31, 2008, the Bank did not record securities under this condition.

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, 2010

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

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

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

As of March 31, 2010, and 2009, the Bank accrued an income tax expense of 179,500 and 145,350, respectively; hence, no minimum presumed income tax should be assessed for such periods (see also note 6.6.).

Additionally, as of March 31, 2010, the Bank made income tax prepayments for 201,853 for the 2009 tax year, which were recorded in the Other receivables account.

Furthermore, as of March 31, 2010, and 2009, subsidiary Banco del Tucumán S.A. estimated income tax in the amount of 9,700 and 8,300, respectively; hence, no minimum presumed income tax should be assessed. In addition, as of March 31, 2010, it capitalized income tax prepayments in the amount of 30,043 for the 2009 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 and 52/2009, approved Technical Resolutions Nos. 23 through 27, respectively.  In this regard, Technical Resolutions No. 26 and 27 will be effective for the annual or interim-period financial statements for the fiscal years beginning January 1, 2012.

These professional accounting standards differ, in certain valuation and disclosure aspects, from BCRA rules. The differences between those standards, which the Bank 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 and taking into account notes 2.6. y 3.1.:

5.1. Valuation standards

a) Holdings recorded in special investment accounts, 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)i, 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, 2010 and December 31, 2009, the Bank recorded 212,011 and 659,371, at stand-alone level and at consolidated level, respectively, for certain 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, assets as of March 31, 2010 and December 31, 2009, would have increased by 5,640 and 237,913 at stand-alone and consolidated levels, respectively.

a.2) Holdings of unlisted government securities: as of March 31, 2010 and December 31, 2009, the Bank charged 73,531 and 73,645, at stand-alone level, and 77,923 and 78,865, at consolidated level, respectively. According to professional accounting standards, such assets should be stated at market value. According to this valuation method, assets as of March 31, 2010 and December 31, 2009, would have increased by 6,045 and 6,446 at stand-alone level, respectively, and by 9,256 and 9,160, at consolidated level, respectively.

- 18 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

a.3) Unlisted instruments issued by BCRA: as of March 31, 2010 and December 31, 2009, the Bank recorded unlisted own portfolio and used in repo transactions of BCRA internal bills and notes for 4,070,423 and 4,861,928, at stand-alone level, and 4,070,423 and 4,860,850, at consolidated level, respectively. According to professional accounting standards, such assets should be stated at market value. According to this valuation method, assets as of March 31, 2010 and December 31, 2009, would have decreased by 1,319 and 3,470 at stand-alone level, respectively, and by 1,319 and 2,392, at consolidated level, respectively.

a.4) Guaranteed loans Decree No. 1,387/01: as of March 31, 2010 and December 31, 2009, the Bank had 185,783 and 189,904, at stand-alone level, and 186,283 and 190,412, at consolidated level, respectively. According to professional accounting standards and considering the statements made in note 3.3.c), these assets should be valued at their present value. According to this valuation method, assets as of March 31, 2010 and December 31, 2009, would have increased by 9,421 and 8,817, respectively, at stand-alone level, and by 9,399 and 8,805 at consolidated level, respectively.

b) Intangible assets: as of March 31, 2010 and December 31, 2009, the Bank capitalized under intangible assets 49,214 and 48,998, at stand-alone level, and 50,410 and 50,378 at consolidated level, respectively, net of the related amortization amounts, related to the foreign exchange differences of 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 expense the abovementioned amounts. 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, assets as of March 31, 2010 and December 31, 2009, would have decreased by 49,214 and 48,998, at stand-alone level, and by 50,410 and 50,378, at consolidated level, respectively.

c) As of March 31, 2010 and December 31, 2009, 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, 2010 and December 31, 2009, the Bank should have recorded a liability of approximately 52,219 and 51,413, respectively, at stand-alone and consolidated levels. According to this valuation method, liability as of March 31, 2010 and December 31, 2009, would have increased by 52,219 and 51,413, respectively, at stand-alone and consolidated levels.

d) 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, 2010 and December 31, 2009, the Bank would have recorded an additional asset of 90,124 and 39,446, at stand-alone level, and 98,263 and 46,667, at consolidated level, respectively.

e) 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 created such negative goodwill.

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

- 19 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

e.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, 2010 and December 31, 2009, 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, 2010 and December 31, 2009, the residual value of such goodwill would have totaled 9,165 and 9,254, respectively. Consequently, assets as of March 31, 2010 and December 31, 2009, would have decreased by 9,165 and 9,254, respectively.

e.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 December 31, 2009, 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, 2010 and December 31, 2009, the residual value as of such goodwill would have totaled 57,604 and 58,299, respectively. Consequently, liability as of March 31, 2010 and December 31, 2009, would have increased by 57,604 and 57,816, respectively.

e.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, 2010 and December 31, 2009, the residual value of such goodwill totaled 11,110 and 11,567, respectively.

According to professional accounting standards, the abovementioned acquisition would not have generated goodwill. Therefore, assets as of March 31, 2010 and December 31, 2009, would have decreased, as a result of the reversing of positive goodwill recorded under BCRA standards, by 11,110 and 11,567, respectively.

In addition, the valuation of identifiable net assets at market values generated adjustments, in addition to those specified in previous subsections, which as of March 31, 2010 and December 31, 2009, would have increased assets by 7,039 and 9,090, respectively.

e.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, 2010 and December 31, 2009, the residual value of such goodwill totaled 41,826 and 43,478, 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, 2010 and December 31, 2009, the residual value of such goodwill would have totaled 96,066 and 96,881 respectively.  Consequently, assets as of March 31, 2010 and December 31, 2009, would have decreased by 137,892 and 140,359, respectively.

In addition, the valuation of identifiable net assets at market values generated adjustments, in addition to those specified in previous subsections, which as of March 31, 2010 and December 31, 2009, would have increased assets by 11,244 and 12,696, respectively.

f) As of March 31, 2010 and December 31, 2009, the Bank recorded interest rate swap agreements in conformity with the BCRA accounting standards, as mentioned in note 3.3.m.2), in the amount of 158,350 and 157,917, at stand-alone and consolidated levels, 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, 2010 and December 31, 2009, the Bank should have recorded assets in the amount of 7,699 and 2,832, at stand-alone and consolidated levels, respectively.

g) Interests in other companies – financial institutions: as of March 31, 2010 and December 31, 2009, subsidiary Banco del Tucumán S.A. prepared its 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 that subsidiary, as of those dates, would have increased by around 10,132 and 9,621, respectively.

- 20 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

If professional accounting standards would have been applied, the Bank’s shareholders' equity as of March 31, 2010 and December 31, 2009, would have decreased by around 171,179 and increased by around 3,984, respectively. Consequently, income for the periods ended March 31, 2010 and 2009, would have decreased by 175,163 and increased by 37,489, respectively.

5.2. Disclosure standards

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 keeps under Intangible assets, positive goodwill (related to Banco del Tucumán S.A. and the merger of Nuevo Banco Bisel S.A.), and as of 31 December, 2009 under Liability Provisions, negative goodwill (related to the merger of Nuevo Banco Suquía S.A.). According to professional accounting standards, considering the statements in note 5.1.e), those goodwills 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:

6.1) Loans - Other

	03/31/2010		12/31/2009
Other loans		1,518,945		1,525,768
Export financing and prefinancing		781,743		540,447
Documentary credits		383		86
Government securities				9,469
		2,301,071		2,075,770

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

Certificates of participation in financial trusts	373,265	340,411
Debt securities in financial trusts	262,261	206,787
Other	302	729
	635,828	547,927

6.3) Other receivables – Other

Tax prepayments	204,972	162,099
Sundry receivables	97,301	93,222
Security deposits	40,177	38,107
Advance payments	17,026	17,489
Other	9,863	8,920
	369,339	319,837

- 21 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

6.4) Deposits - Other

	03/31/2010		12/31/2009
Balances of accounts without movements		274,141		259,948
Unemployment fund for workers of the construction industry		78,120		75,323
Attachments		29,053		30,927
Special deposits related to inflows of foreign funds		6,266		7,440
Security deposits		2,227		2,158
Orders payable		318		437
Other		38,291		19,867
		428,416		396,100

6.5) Other liabilities from financial intermediation - Other

Other payment orders pending settlement	132,194	114,204
Other withholdings and additional withholdings	96,604	94,870
Amounts payable as financing	91,085	90,529
Collections and other transactions on account and behalf of others	81,469	70,084
Purchase of preferred shares of former Nuevo Banco Bisel S.A.- SEDESA (see note 7.1.e))	74,519	74,519
Miscellaneous subject to minimum cash requirements	68,090	18,718
Miscellaneous not subject to minimum cash requirements	33,675	126,561
Retirement pension payment orders pending settlement	27,644	26,363
Other	33,545	29,734
	638,825	645,582

6.6) Other Liabilities - Other

Taxes payable	868,853	682,215
Salaries and payroll taxes payable	66,462	51,366
Miscellaneous payables	46,528	50,942
Withholdings on salaries	12,553	14,030
Prepayment for the sale of assets	11,286	13,767
Other	1,931	1,931
	1,007,613	814,251

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

Checks and securities in custody	2,537,499	2,748,731
Checks not yet collected	615,244	587,927
Managed portfolios (see note 12)	368,808	375,029
Checks and securities to be debited	257,794	259,096
Checks and securities to be collected	116,607	109,994
	3,895,952	4,080,777

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

	03/31/2010		03/31/2009
Income from government securities		356,022		138,003
Income from participation in financial trusts		3,508		11,476
Other		3,496		38,813
		363,026		188,292

- 22 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

6.9) Financial income – Other

	03/31/2010		03/31/2009
Income from assets subject to financial lease		10,762		14,737
Interest on loans for export prefinancing and financing		6,555		17,093
Premiums on reverse repurchase agreements with the financial sector		5,926		28,069
Other		3,093		75,863
		26,336		135,762

6.10) Financial expense – Other

Turnover tax	31,987	31,501
Premiums on repurchase agreements with the financial sector	1,621	277
Valuation allowance of loans to the government sector		3,808
Other	1,730
	35,338	35,586

6.11) Service-charge income - Other

Debit and credit card income	44,436	36,909
Rental of safe deposit boxes	5,838	4,430
Service commissions - UTE (see note 2.5)	4,672	3,471
Other	14,504	8,761
	69,450	53,571

6.12) Service-charge expense - Other

Debit and credit card expense	17,538	12,944
Turnover tax	8,245	10,294
Collection agreements	7,082	5,893
Commissions on loan placements	4,868	1,859
Other	5,790	6,987
	43,523	37,977

6.13) Administrative expenses – Other operating expenses

Maintenance, conservation and repair expenses	16,385	12,532
Security services	12,080	10,034
Electric power and communications	9,881	9,786
Leases	8,276	7,415
Stationery and office supplies	2,465	2,265
Insurance	1,858	1,525
	50,945	43,557

6.14) Other income – Other

Gain on transactions or sale of bank premises and equipment, and other assets	1,450	1,395
Services provided to Banco del Tucumán S.A.	1,449	1,351
Other adjustments and interest on other receivables	1,365	2,768
Leases	140	162
Credit cards	21	475
Other	2,350	2,719
	6,775	8,870

6.15) Other expense – Other

Donations	2,095	924
Turnover tax	464	527
Other	3,234	2,946
	5,793	4,397

- 23 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

7. RESTRICTED ASSETS

As of March 31, 2010 and December 31, 2009, the following Bank’s assets are restricted:

7.1) Government and private securities:

a) Secured Bonds under Presidential Decree No. 1,579/02 for 25,646 and 24,945 (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 80,895 and 27,128 (for a face value of 82,880 and 26,700), 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 12,208 and 13,146 (for a face value of 12,000 and 13,000), 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).

d) NOBACs for 12,884 and 10,591 (for a face value of 13,200 and 10,424), respectively, used to perform interest rate swap transactions, through Mercado Abierto Electrónico S.A. (MAE).

e) Argentine Government Bonds in Argentine pesos at private Badlar + 275 basis points for an amount of 65,440 and 66,428 (face value of 80,000), respectively, used as security in favor of SEDESA, in replacement of former Nuevo Banco Bisel S.A.’s preferred shares to secure payment of the price to that company and fulfillment of all obligations undertaken in the sales agreement executed on May 28, 2007. The price payable was set at 66,240, plus 4% nominal interest rate p.a., to be compounded through its settlement, which will be made before the expiration of the 15-year term as from the takeover date of former Nuevo Banco Bisel S.A. (August 11, 2021).

f) Other government and private securities for 1,805 and 2,257, respectively.

7.2) Loans:

Agreements for loans backed by pledges and unsecured loans for 7,841 and 9,876, respectively, provided as guarantee in favor of the Mypes II Trust Fund, in full compliance with the terms and conditions of the program called “Mypes II (a)” and under the Global Credit Program for Small-sized and Micro-enterprises.

7.3) Other receivables from financial intermediation:

a) Special guarantee checking accounts opened in BCRA for transactions related to the electronic clearing houses and similar entities, for an amount of 245,494 and 217,420, respectively.

b) Contributions to the Risk Fund of Garantizar S.G.R. (mutual guarantee association) for 10,000, to both dates, resulting from contributions made by the Bank on December 21, 2009, in its capacity as contributory partner of that company. Such contribution may be fully or partially reimbursed once two years have elapsed from the date of contribution.

c) Contribution to the Risk Fund of Macroaval S.G.R. (mutual guarantee association) for 5,403 and 5,368, respectively, resulting from a contribution, 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:

Other investments in other companies for 450, on both dates.

7.5) Other receivables:

a) Security deposits related to credit card transactions for 32,133 and 30,008, respectively.

b) Other security deposits for 8,044 and 8,099, respectively.

- 24 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

(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:

	Banco del Tucumán S.A.		Macro Bank Limited		Macro Securities S.A. Sociedad De Bolsa		Other subsidiaries and related parties (1)		03/31/2010		12/31/2009
ASSETS
Cash				3,059						3,059		2,996
Loans								24,324		24,324		13,216
Other receivables from financial intermediation						12,619				12,619		70,105
Assets subject to financial leases								2,138		2,138		2,462
Other receivables												14,700
Items pending allocation		8								8		4
Total assets		8		3,059		12,619		26,462		42,148		103,483
LIABILITIES
Deposits				29		7,341		384,790		392,160		130,490
Other liabilities from financial intermediation						11,313				11,313		70,180
Other liabilities												64
Total liabilities				29		18,654		384,790		403,473		200,734
MEMORANDUM ACCOUNTS
Debit-balance accounts –Contingent								166,772		166,772
Debit-balance accounts –Control		1,938		100,877						102,815		432,639
Credit-balance accounts – Contingent				38,763		2,213				40,976		40,180

- 25 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

	Banco del Tucumán S.A.			Macro Bank Limited	Macro Securities S.A. Sociedad De Bolsa		Other subsidiaries and related parties  (1)			03/31/2010			03/31/2009
INCOME (LOSS)
Financial income								1,789	(2)		1,789			1,296
Financial expense		(471	)					(708	)		(1,179	)		(1,139	)
Service-charge income		7				5		233			245			68
Other income		1,569									1,569			1,351
Total income (expense)		1,105				5		1,314			2,424			1,576

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

(2) The Bank has recorded foreign currency trading transactions without delivery of the underlying asset and involving related parties, in its memorandum accounts. According to the Bank’s policy, they are matched in terms of amounts and maturity with transactions carried out with third parties who are not related parties. As of March 31, 2010 and 2009, although there is no position for these transactions, the net intermediation income from such transaction generated earnings for the Bank of around 22 and 20, respectively.

9. CAPITAL STOCK

The Bank’s subscribed and paid-in capital as of March 31, 2010, amounts to 594,485. 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
-	Capital stock decrease approved by the shareholders’ meeting of April 21, 2009 (3)	(60,000	)
-	Capital stock increase approved by the shareholders’ meeting of May 27, 2009 (4)	1,148
-	Capital stock decrease approved by the shareholders’ meeting of September 10, 2009 (5)	(30,642	)
	As of March 31, 2010	594,485

(1) Related to the capital increase 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.

- 26 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

(2) Related to the capital increase through the issuance of Ps. 35,536 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 legal merger process of that bank.

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

(4) Related to the capital increase through the issuance of Ps. 1,147,887 of new common, registered Class B shares with a face value of Ps. 1, each one entitled to one vote, delivered to the minority shareholders of former Nuevo Banco Bisel S.A., in the legal merger process of that bank (see also note 2.6.).

(5) Related to the reduction of the capital stock by 30,641,692 Class B registered shares each one entitled to one vote, with a face value of Ps 1 per share. These shares were included in the Bank’s portfolio and were acquired under section 68, Law No. 17,811 for the same reasons mentioned in paragraph (3) above. On September 10, 2009, the Bank’s General Regular and Special Shareholders’ meeting approved the abovementioned capital reduction subject to the BCBA’s consent. On November 23, December 29, 2009, January 15, March 15, 2010, and March 25, 2010, the BCBA consented to such capital reduction, the CNV authorized it, the IGJ recorded it and the BCRA was made aware thereof, respectively.

10. CORPORATE BONDS ISSUANCE

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

Corporate Bonds	Original value			Residual value as of 03/31/2010		03/31/2010		12/31/2009
Subordinated	US$	4,000,000	a)	US$	200,000		491		963
Subordinated – Class 1	US$	150,000,000	b.1)	US$	150,000,000		597,665		571,510
Non Subordinated – Class 2	US$	150,000,000	b.2)	US$	106,395,000		418,262		418,257
Non Subordinated – Class 3	US$	100,000,000	b.3)	US$	63,995,000		203,774		198,478
Total							1,220,192		1,189,208

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.

Through March 31, 2010, the Bank had amortized the equivalent of USD 3,800,000 (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.

b) On September 1, 2006 and June 4, 2007, the general regular shareholders’ meeting approved the creation, and subsequent extension, of a Global Program for the Issuance of simple Corporate Bonds in a short, medium or long term, either subordinated or non-subordinated, with or without guarantee, in accordance with the provisions of Law No. 23,576, as amended by Law No. 23,962, and further applicable regulations, up to a maximum amount outstanding at any time during the term of the program of USD 700,000,000 (seven hundred million US dollars), or an equal amount in other currencies, under which it will be possible to issue different classes and/or series of corporate bonds denominated in US dollars or other currencies and reissue the successive classes or series to be amortized.

- 27 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

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 BCRA; (iii) the Bank is subject to the provisions of sections 34 or 35 bis, Financial Institutions Law; (iv) the Bank is receiving financial assistance from BCRA under Article 17 of BCRA Charter; (v) the Bank is not in compliance with or have failed to comply in a timely basis with reporting obligations to the BCRA; and/or (vi) the Bank is not in compliance with minimum capital requirements (both on an individual and consolidated basis) or with minimum cash reserves (on average).

- The unpaid interest is not cumulative.

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

- In no case, the payment of financial services may exceed net unappropriated retained earnings as per the financial statements for the last fiscal year, with an external auditor’s report, which should be appropriated to a reserve created to such end, as established by Communiqué “A” 4,576.

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

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

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

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

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

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

- 28 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

As a result of the macroeconomic context and fluctuations that the capital market went through in general, as of December 31, 2009, the Bank repurchased nonsubordinated corporate bonds of Class 2 and 3 for a face value amount of USD 79,610,000 (43,605,000 and 36,005,000 of Class 2 and 3, respectively), which were fully settled. Consequently, the Bank recognized total income for such repurchases amounting to 101,291 (69,071 for the year ended December 31, 2009).

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 swaps.

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, 2010 and December 31, 2009, are as follows:

Transaction	03/31/2010			12/31/2009
Net liability position of repurchase agreements		(1,308,278	)		(454,961	)
Net asset position of forward foreign-currency transactions without delivery of the underlying asset (a)		562,490			174,818
Interest rate swaps (b)		158,350			157,917
Position of put options sold on Boden 2012 and 2013 coupons (c)		71,845			69,900
Position of put options purchased (d)					25,229
Position of call options sold (e)		23,238			22,030

Net income (loss) resulting from these transactions for the period ended March 31, 2010 and 2009, amount to income (loss):

Transaction	03/31/2010			03/31/2009
Premiums on reverse repurchase agreements		5,933			28,084
Premiums on repurchase agreements		(1,621	)		(277	)
Interest rate swaps		(986	)		596
Forward foreign-currency transactions offset		2,342			65,415
Transactions with options		947			364
Total		6,615			94,182

(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.

- 29 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

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

b.1) The Bank and the BCRA agreed swap agreements entitling the Bank to collect, an a monthly basis, the positive difference between the Badlar interest rate in Argentine pesos and interest rates ranging from 15%, to 16.50% nominal interest rate p.a., applied on a total of notional values of Ps 115,000,000. In the event that the difference between the rates is negative, the Bank shall be required to pay the difference. The agreement will expire between April 30, 2012 and October 31, 2014. The objective of the transactions is placement on medium- and long-term loans set forth in BCRA Communiqué “A” 4,776, as supplemented.

b.2) Relates to interest rate swap agreements whereby on a quarterly basis the Bank shall be entitled to receive the positive difference between 10.25% nominal interest rate p.a. and the variable rate agreed-upon in relation to a loan granted by the Bank (Libor at 90 days plus 2.9%), applied to the residual principal of such loan. In the event that the differences between both rates were negative, the Bank shall be required to pay the difference. This agreement expires September 27, 2018. The amount booked in the Bank’s memorandum accounts is related to the residual principal amount of the loan of notional values of Ps. 42,350,000 and 41,917,000, respectively.

b.3) The Bank agreed on ten swap agreements entitling the Bank to receive, on a monthly basis, the positive difference between 16.35% nominal interest rate p.a. and the Badlar interest rate in Argentine pesos, of notional values of Ps. 1,000,000. In the event that the difference between both rates is negative, the Bank shall be required to pay the difference. The agreement will expire on April 30, 2010.

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

(d) As of December 31, 2009, this is related to a put option purchased of trust securities to be issued by financial trust Fideicomiso Financiero Best Consumer Finance Series X. On February 4, 2010, the transaction with Credilogros Compañía Financiera S.A. was cancelled and the put option purchased was thus annulled.

(e) Related to a call option sold on a piece of real property belonging to the Bank, entitling the Bank to receive a minimum income of USD 300,000 or the resulting amount from applying a 15% nominal interest rate p.a. on a principal amount of USD 5,100,000 plus notarial expenses, maintenance expenses and service expenses, whichever higher. This option expires in September 2010 and is subject to repayment of a loan granted by the Bank.

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, 2010 and December 31, 2009, the loans portfolio managed for principal and interest, after application adjustments, amounted to 14,335 and 14,359, respectively.

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

As of March 31, 2010 and December 31, 2009, the loans portfolio managed amounts to 42,691 and 43,238, respectively.

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

- 30 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

As of March 31, 2010 and December 31, 2009, the loans portfolio managed amounts to 78,962 and 78,911, 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, 2010 and December 31, 2009, the portfolio managed by the Bank amounted to 112,683 and 114,328, 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, 2010 and December 31, 2009, the portfolio managed by the Bank for principal and accrued interest amounted to 58,848 and 58,863, respectively.

f) As of March 31, 2010 and December 31, 2009, the Bank had under its management other portfolios for total amounts of 61,289 and 65,330, respectively.

Furthermore, as of March 31, 2010 and December 31, 2009, subsidiary Banco del Tucumán S.A. managed the following portfolios:

a) The trust agreement Fideicomiso Financiero Gas Tucumán I for a total amount of 9,858 and 10,111, respectively.

b) The trust agreement Fideicomiso Financiero BATUC I for a total of 17,683 and 17,903, respectively.

13. MUTUAL FUNDS

As of March 31, 2010 the Bank, in its capacity as Depository Company, held in custody the interest in Mutual Funds subscribed by third parties and securities from the following mutual funds:

Fund	Interest in Mutual Funds		Shareholders’ equity		Investments (a)
Pionero Pesos		438,326,457		601,484		368,597
Pionero Renta Ahorro		39,655,388		59,872		58,614
Pionero Latam		2,083,674		8,570		8,041
Pionero F.F. – Fideicomiso Financieros		40,321,878		54,239		53,907
Pionero Renta		3,958,590		10,723		9,992
Pionero Acciones		1,527,373		3,654		3,402
Pionero Renta Dólares		4,136,646		7,404		7,219
Pionero América		364,008		1,757		1,572
Galileo Event Driven F.C.I.		12,477,725		85,693		75,669
Galileo Argentina F.C.I.		2,142,564		11,347		9,141

- 31 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

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

14. BANK DEPOSIT GUARANTEE INSURANCE SYSTEM

Law No. 24,485, and Presidential Decree No. 540/95, provided for the organization of a Bank Deposit Guarantee Insurance System, characterized as being limited, mandatory and for valuable consideration, designed to provide coverage for risks inherent in bank deposits, subsidiary and supplementary to the bank deposit privileges and protection offered by the system created by Financial Institutions Law. Such law also provided for the organization of SEDESA to manage the Deposit Guarantee Fund. Such company was organized in August 1995.  The Bank holds a 10.5653% equity interest therein, according to the percentages set forth in BCRA Communiqué “B” 9,756 of February 9, 2010.

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, 2010 and December 31, 2009, the amounts recorded in the Bank’s financial statements for holdings of certificates of certification (net of allowances for 223,832 and 224,193, 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	03/31/2010		12/31/2009
Certificates of participation:
Luján  (a)		77,348		77,348
Tucumán  (b)		25,163		25,163
Gas Tucumán I  (c)		7,934		8,730
TST & AF  (d)		36,885		3,116
Other  (e)		2,103		1,861
Subtotal certificates of participation		149,433		116,218
Debt securities:
Underwriting agreements  (f)		38,478		70,645
San Isidro  (g)		86,591		82,925
Galtrust (h)		80,071
Created by Decree 976-01  (i)		42,828		31,570
Consubond (j)				1,468
Water Infraestructure Trust Decree 1381/01 (k)		6,079
Confibono  (j)		4,823		12,709
GMAC  (j)		2,381		4,661

- 32 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

Financial Trust	03/31/2010		12/31/2009
Debt securities (Continued):
Tarjeta Shopping  (j)		122		729
Secubono  (j)				588
Other		888		1,492
Subtotal debt securities		262,261		206,787
Total		411,694		323,005

(a) Luján Trust

On May 20, 2003, the Luján Trust was created for the purpose of securing loans that Banco Macro S.A. had previously granted to Federalia S.A. de Finanzas.

The main asset managed involves the real estate properties located in the districts of Luján, Navarro and General Rodríguez in the Province of Buenos Aires.

On June 6, 2008, the Bank assigned and transferred all of the certificates of participation issued of the trust to Federalia S.A. de Finanzas on credit.

On September 16, 2009, the Bank executed an agreement with Federalia S.A. de Finanzas, whereby the Bank purchased 100% of this trust’s certificates, paying part of the agreed price in cash and the rest by cancelling the seller’s payable to Banco Macro S.A. which is why those certificates were under a security agreement.

As per the latest accounting information available to date, corpus assets amounted to about 49,427. The recoverable value of corpus assets exceeds the Bank’s book values.

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

(b) Tucumán Trust

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 purpose of the trust was to collect debt securities issued by the trust “Fideicomiso República” and settle the certificates of participation issued.

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 (mainly, loans granted) amounted to about 35,550.

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

(c) GAS Tucumán I Trust

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 GAS 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 20,397 which were assigned to Banco Macro S.A.; the residual value of which amounted to 7,089.

- 33 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

According to the accounting information available as of the date of issuance of these financial statements, the corpus assets totaled 11,587.

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

(d) TST & AF Trust

As of March 31, 2010, the Bank is the beneficiary of 36.67% of the certificates of participation issued by Fideicomiso TST & AF (see also note 5.1.(a) to the consolidated financial statements). As December 31, 2009 the Bank was the beneficiary of 3.33% of them.

(e) Other

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

As of March 31, 2010 and December 31, 2009, Banco Macro S.A., is beneficiary of 100% of the certificates issued by such trust. Additionally, an allowance was booked for the full amounts receivable booked on account of such certificates, since they were deemed unrecoverable.

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

As of the date of issuance of these financial statements, these subscriptions were practically settled in full.

(g) San Isidro Trust

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

Thus, the trust was required to sell the corpus assets in the same condition they were when received and use their proceeds to settle the certificates of participation in order of priority assigned to each.

As a result of the decision made by beneficiaries, a real estate urbanization project was undertaken prior to the sale of the real property.

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

Additionally, the Bank entered into an agreement for the subscription and payment of debt securities, whereby as of the date of these financial statements it undertook to subscribe nominal values of USD 19,500,000.

According to the accounting information available as of the date of issuance of these financial statements, the corpus assets amounted to about 176,384.

(h) Galtrust Financial Trust

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

- 34 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

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

As of the date of issuance of these financial statements, the Bank is the beneficiary of the 26% of the debt securities in force.

(i) Created by Decree 976-01 Trust

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

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

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

(j) Includes private / publicly listed financial trust debt securities subscribed by the Bank for investment purposes, the corpus assets of which are related mainly to securitizations of consumer loans.

(k) Water Infrastructure Trust Decree 1,381/01

On March 19, 2002, the Argentine Government (trustor) and Banco de la Nación Argentina (trustee) entered into a trust agreement called “Fideicomiso de Infraestructura Hídrica Decreto 1381/01”.

The purpose thereof is the development of projects, works, services and maintenance on water infrastructure, recovery of productive land, mitigation of floods in rural and semirural areas, among others. Trust assets (corpus assets) arise mainly from collecting tax on gas and CNG, equal to 5% of the price of a liter of gas and 9% of a cubic meter of CNG used as automobile fuel. Such tax was created by Law 26,181 and it shall be effective through 2029.

As of the date of issuance of these financial statements, the debt securities acquired by the Bank account for 1% of the trust issues.

15.2. Trusts created using financial assets transferred by the Bank

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

According to the latest accounting information available as of the date of issuance of these financial statements, the trust assets managed totaled 6,864.

15.3. Trusts guaranteeing loans granted by the Bank

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

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

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.

- 35 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

As of March 31, 2010 and December 31, 2009, the trusts’ assets managed amount to 303,002 and 380,175, 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 trusts manage specific assets, mainly real property.

As of March 31, 2010 and December 31, 2009, the trusts’ assets managed amount to 208,582 and 190,506, 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.

17. ACCOUNTS IDENTIFYING COMPLIANCE OF THE MINIMUM CASH REQUIREMENT

The items computed by the Bank to constitute the minimum cash requirement for March 2010 are listed below, indicating the balances as of month-end of the related accounts:

Item	Balance as of 03/31/2010
Cash
Cash on hand		1,075,231
Amounts in BCRA accounts		2,761,352
Other receivables from financial intermediation
Special guarantee accounts with the BCRA		245,494
Total		4,082,077

- 36 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

18. TAX CLAIMS

18.1 Federal taxes

a) On January 21, 2002, the former Banco Bansud S.A. requested from the Federal Public Revenue Agency (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 December 31, 2009, the outstanding amount of 2,673 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 – Federal Tax Bureau (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.

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

c) On April 24, 2009, the Bank filed an appeal with the Federal Administrative Tax Court against the AFIP resolution challenging the income tax returns for fiscal 2002, 2003, and 2004, and the minimum presumed income tax assessment made by Banco Macro S.A. for such tax years.

The matter under discussion and on which the tax agency bases its position is the tax value of the amount pending receipt at that time of the compensation bonds resulting from the asymmetric conversion into pesos (Law No. 25,561, Presidential Decree No. 214/02 and 216/02).

On August 31, 2009, the Bank joined the system created by Law No. 26,476, regularizing the claim brought by tax authorities.

18.2 Jurisdictional taxes

a) The Buenos Aires City Tax Authorities (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 and a precautionary measure with the Federal Administrative Tax Court in and for the City of Buenos Aires.

On February 27, 2009, the precautionary measure was rejected and, therefore, an appeal was filed with Court of Appeals in and for the City of Buenos Aires.

In turn, on May 15, 2009, the DGR CABA brought an action for tax foreclosure and sought an attachment on the accounts amounting to 1,257.

- 37 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

b) The DGR CABA attributed turnover tax differences to former Banco Bansud S.A. for tax periods 2002 and 2003, based mainly on the adjustments made in objections regarding foreign exchange differences and the compensation bond. On April 14, 2009, a request for reconsideration was filed, which was dismissed. Nonetheless, on September 8, 2009, an administrative appeal was filed, and notice of its dismissal was received on October 20, 2009, which caused a request to be filed with the A.G.I.P. (Buenos Aires City public revenue agency) to partially join the regularization system in installments established by resolution No. 1,489/09. Such request was authorized through DGRCABA General Resolution on October 26, 2009.

Additionally, on September 10, 2009, a petition for declaratory judgment was filed with the Federal Administrative Tax Court. On September 23, 2009, notice was received of a favorable resolution; the related court assumed jurisdictional capacity to hear the declaratory petition case and granted the precautionary measure.

On October 22, 2009, the Bank requested to partially join the regularization system under General Resolution 1489/09.  On October 26, 2009, the Bank was authorized to join the debt regularization system by means of a DGRCABA Resolution.

c) The Buenos Aires Province Tax Authorities (DGR ARBA) attributed a turnover tax difference to Banco Macro S.A. in relation to period 2002 and 2006. On May 5, and October 14, 2008, the Bank filed its defense brief which was dismissed. On November 6, 2008, and February 18, 2009, two appeals were filed with the Province of Buenos Aires Tax Appeal Court, which is still pending judgment.

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

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

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

The financial and capital markets

During the year 2008 the financial markets of the world's leading countries were 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. Instead, in early 2009, although signs of a tendency towards normalcy or initiation of a globaleconomic recovery are not consolidated, this situation began turning around, showing signs of stabilization and registering improvements in financial markets and a decrease in market volatility.

In Argentina, stock markets had shown 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 mentioned economic deceleration began to show. Furthermore, on October, 2008, the AFJP (private pension fund managers) system was brought to an end. Starting from the second half of 2009, the abovementioned situation began a reversal process as the country risk premium has dropped, government securities registered significant rises in their listed prices and the foreign exchange and interest rates reduced their volatility.

On April 29, 2010 the National Government issued the Decree No. 563 which provides for the restructuring of the National State debt for those bonds that were eligible for the exchange provisions of Decree No. 1735 dated December 9, 2004 and had not been submitted to it. At the date of issuance of these financial statements, the restructuring was in the launching stage.

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.

- 38 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

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

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

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

On December 27, 2006, the 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 decided that depositors are entitled to reimbursement of their deposits switched to pesos at the Ps. 1.40-to-USD 1 exchange rate, adjusted by the CER through the payment date, and interest should be applied to such amount at a 4% rate p.a., which may not be compounded through the payment date. 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, 2010 and December 31, 2009, the Bank continued capitalizing in “Intangible assets” the amounts of 49,214 and 48,998 at stand-alone level, respectively, and a total of 50,544 and 50,532 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, 2010 and December 31, 2009, the Bank recorded the additional payables related to such regulation under the “Provisions” account in the amount of 9,613 and 9,415 at the stand-alone level, respectively, and a total of 20,409 and 19,979 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.

- 39 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

20. RESTRICTION ON EARNINGS DISTRIBUTION

a) The general regular shareholders’ meeting held on April 6, 2010, resolved:

a.1) Apply 150,386 out of unappropriated retained earnings to set the legal reserve related to 20% of income for the year ended December 31, 2009, according to BCRA standards.

a.2) Apply 55,527 out of unappropriated retained earnings to set a special reserve for interest to be paid upon the maturities taking place in June and December 2010, 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, 2009:

- Capitalized amounts for differences resulting from compliance with court orders related to the dollarization of deposits of 48,998 (net of amortization).

- The positive difference between the book value and the market value, present value or discounted cash flow, as the case may be, of government securities and guaranteed loans in portfolio amounting of 13,765.

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, 2009 as regards the requirement as of such date, whichever lower, also considering the restrictions listed in the abovementioned paragraphs.

Consequently the Regular Shareholders’ Meeting approved the distribution of cash dividends in the amount of 208,070, subject to BCRA approval.  Its authorization was requested through note dated February 12, 2010. As of the date of issuance of these financial statements, the BCRA had not issued its decision in this respect.

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.

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.

Jorge H. Brito

Chairperson

- 40 - -

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	03/31/2010				12/31/2009		03/31/2010
Name	Market value		Book balance		Book balance		Position without options (1)			Options		Final position
GOVERNMENT AND PRIVATE SECURITIES
GOVERNMENT SECURITIES
Holdings in investment accounts
- Local
Federal government bonds in pesos at BADLAR Private + 2,75  – Maturity: 2014		183,784		183,881		191,384		183,784					183,784
Secured bonds under Presidential Decree No. 1,579/02		31,008		25,646		178,979		31,008					31,008
Federal government bonds in US dollars at LIBOR - Maturity: 2012		2,165		1,888		1,784		2,165					2,165
Federal government bonds in US dollars at LIBOR - Maturity: 2013		694		596		562		694					694
Federal government bonds in pesos – Maturity: 2014						222,169
Federal government bonds in US dollars at 7% - Maturity: 2015						38,881
Discount bonds denominated in pesos - Maturity: 2033						18,207
Consolidation bonds in pesos – Sixth series						5,350
Par bonds denominated in US dollars - Maturity: 2038 (governed by Argentine legislation)						1,594
Par bonds denominated in US dollars - Maturity: 2038 (governed by New York State legislation)						461
Subtotal holdings in investment accounts				212,011		659,371		217,651					217,651
Holdings for trading or financial intermediation
- Local
Discount bonds denominated in pesos - Maturity: 2033		1,297,023		1,297,023		1,822
Federal government bonds in US dollars at LIBOR - Maturity: 2012		43,357		43,357		52,603		1,432			26,586		28,018
Federal government bonds in pesos – Maturity: 2014		3,892		3,892		6,577		2,213					2,213
Secured bonds under Presidential Decree No. 1,579/02		3,827		3,827		153		(4,606	)				(4,606	)
Federal government bonds in pesos at BADLAR Private + 2,75  – Maturity: 2014		3,688		3,688		1,463		4,935					4,935
Consolidation bonds of social security payables in pesos – Fourth Series		2,234		2,234		610		1,655					1,655
Consolidation bonds in pesos – Fourth series at 2%		1,271		1,271		599		(113	)				(113	)
Federal government bonds in US dollars at 7% - Maturity: 2015		998		998		582		1,776					1,776
Federal government bonds in US dollars at LIBOR - Maturity: 2013		783		783		345		337			45,259		45,596
Consolidation bonds in pesos – Sixth series		195		195		382		(3	)				(3	)
Federal government bonds in US dollars at 7% - Maturity: 2017						1,046,220
Federal government bonds in pesos at BADLAR Private + 300 Pbs  – Maturity: 2015						1,064
Other		470		470		1,623		296					296
Subtotal holdings for trading or financial intermediation				1,357,738		1,114,043		7,922			71,845		79,767
Unlisted government securities
- Local
Federal Government bonds in pesos at Badlar private + 3,50 - Maturity: 2013				42,771		44,541		42,771					42,771
Debt Securities at 12% in US dollars Córdoba Province - Maturity: 2017				18,878		19,160		18,878					18,878
Federal government bonds in pesos at  variable rate - Maturity: 2013				9,875		9,738		9,875					9,875
Federal Government bonds in pesos at Badlar private + 300 Pbs - Maturity: 2015				1,027				1,027					1,027
Par bonds denominated in US dollars - Maturity: 2038 (governed by Argentine legislation)				378				2,392					2,392
Par bonds denominated in US dollars - Maturity: 2038 (governed by New York State legislation)				369				369					369
Consolidation bonds in pesos – Second series at 2%				230		199		230					230
Other				3		7		3					3
Subtotal unlisted government securities				73,531		73,645		75,545					75,545

Jorge H. Brito

Chairperson

- 41 - -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	03/31/2010				12/31/2009		03/31/2010
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 Internal Bills – Listed – Own Portfolio
Central Bank of Argentina Internal bills in pesos – Maturity: 06-16-10		293,233		293,233				293,233			293,233
Central Bank of Argentina Internal bills in pesos – Maturity: 04-07-10		229,884		229,884				229,884			229,884
Central Bank of Argentina Internal bills in pesos – Maturity: 04-14-10		198,529		198,529				198,529			198,529
Central Bank of Argentina Internal bills in pesos – Maturity: 05-12-10		98,786		98,786				98,786			98,786
Central Bank of Argentina Internal bills in pesos – Maturity: 04-28-10						196,021
Subtotal Central Bank of Argentina Internal Bills – Listed – Own Portfolio				820,432		196,021		820,432			820,432
Central Bank of Argentina Internal Bills - Unlisted - Own Portfolio
Central Bank of Argentina Internal bills in pesos – Maturity: 05-19-10				757,100		733,492		757,100			757,100
Central Bank of Argentina Internal bills in pesos – Maturity: 06-09-10				746,677				746,677			746,677
Central Bank of Argentina Internal bills in pesos – Maturity: 07-07-10				434,914				434,914			434,914
Central Bank of Argentina Internal bills in pesos – Maturity: 07-21-10				355,847				355,847			355,847
Central Bank of Argentina Internal bills in pesos – Maturity: 04-28-10				235,619				235,619			235,619
Central Bank of Argentina Internal bills in pesos – Maturity: 07-14-10				217,889				217,889			217,889
Central Bank of Argentina Internal bills in pesos – Maturity: 05-26-10				142,298				142,298			142,298
Central Bank of Argentina Internal bills in pesos – Maturity: 05-05-10				98,776				98,776			98,776
Central Bank of Argentina Internal bills in pesos – Maturity: 04-21-10				2,485				2,485			2,485
Central Bank of Argentina Internal bills in pesos – Maturity: 03-10-10						535,929
Central Bank of Argentina Internal bills in pesos – Maturity: 01-27-10						297,480
Central Bank of Argentina Internal bills in pesos – Maturity: 04-14-10						193,187
Central Bank of Argentina Internal bills in pesos – Maturity: 04-07-10						193,084
Central Bank of Argentina Internal bills in pesos – Maturity: 01-13-10						99,532
Central Bank of Argentina Internal bills in pesos – Maturity: 02-10-10						98,528
Central Bank of Argentina Internal bills in pesos – Maturity: 05-05-10						95,608
Subtotal Central Bank of Argentina Internal Bills - Unlisted - Own Portfolio				2,991,605		2,246,840		2,991,605			2,991,605
Central Bank of Argentina notes - Listed - Own portfolio
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 03-25-10						34,200
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 02-10-10						23,101
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-06-10						7,728
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-20-10						3,435
Subtotal Central Bank of Argentina notes - Listed - Own portfolio						68,464
Subtotal Instruments issued by the Central Bank of Argentina				3,812,037		2,511,325		3,812,037			3,812,037

Jorge H. Brito

Chairperson

- 42 - -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	03/31/2010			12/31/2009		03/31/2010
Name	Market value	Book balance		Book balance		Position without options (1)		Options	Final  position
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)			3,812,037		2,511,325		3,812,037			3,812,037
Central Bank of Argentina Notes - Unlisted - Own portfolio
Central Bank of Argentina internal notes in pesos with variable coupon (BADLAR rate) – Maturity: 05-05-10			509,288		513,459		509,288			509,288
Central Bank of Argentina internal notes in pesos with variable coupon (BADLAR rate) + 2,5% – Maturity: 04-21-10			308,547				308,547			308,547
Central Bank of Argentina internal notes in pesos with variable coupon (BADLAR rate) – Maturity: 04-21-10			257,850		251,148		257,850			257,850
Central Bank of Argentina notes in pesos with variable coupon (Badlar) - Maturity: 05-18-11			3,133				3,133			3,133
Central Bank of Argentina internal notes in pesos with variable coupon (BADLAR rate) – Maturity: 03-31-10					449,873
Central Bank of Argentina internal notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-13-10					360,842
Central Bank of Argentina internal notes in pesos with variable coupon (BADLAR rate) – Maturity: 02-17-10					274,332
Central Bank of Argentina internal notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-20-10					204,745
Subtotal Central Bank of Argentina notes - Unlisted - Own portfolio			1,078,818		2,054,399		1,078,818			1,078,818
Total Instruments issued by the Central Bank of Argentina			4,890,855		4,565,724		4,890,855			4,890,855
Total Government securities			6,534,135		6,412,783		5,191,973	71,845		5,263,818
Total government and private Securities (2)			6,534,135		6,412,783		5,191,973	71,845		5,263,818

(1) Position without options as of March 31, 2010, includes “Holdings” plus: “loans” and “spot and forward purchases pending settlement related or not to repurchase agreements”, less “deposits” and "spot and forward sales pending settlement related or not to reverse repurchased agreements". For the securities the book values of which differ from the market value, the latter is considered for the purposes of the calculation described above.

(2) As of March 31, 2010, and December 31, 2009 the Bank booked allowances for impairment in value amounting to 47 and 44, respectively (see Exhibit J).

Jorge H. Brito

Chairperson

- 43 - -

EXHIBIT B

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	03/31/2010		12/31/2009
COMMERCIAL
In normal situation		5,264,392		5,045,066
With Senior “A” guarantees and counter-guarantees		148,918		215,706
With Senior “B” guarantees and counter-guarantees		739,194		635,715
Without Senior guarantees or counter-guarantees		4,376,280		4,193,645
Subject to special monitoring		125,428		114,424
Under observation
With Senior “B” guarantees and counter-guarantees		7,915		5,805
Without Senior guarantees or counter-guarantees		94,885		104,281
Tracking under negotiation or with refinancing agreement
With Senior “B” guarantees and counter-guarantees		4,065		3,932
Without Senior guarantees or counter-guarantees		18,563		406
Troubled		9,995		50,101
With Senior “B” guarantees and counter-guarantees		6,099		7,446
Without Senior guarantees or counter-guarantees		3,896		42,655
With high risk of insolvency		77,149		54,398
With Senior “A” guarantees and counter-guarantees				561
With Senior “B” guarantees and counter-guarantees		8,658		8,168
Without Senior guarantees or counter-guarantees		68,491		45,669
Irrecoverable		14,044		12,744
With Senior “B” guarantees and counter-guarantees		2,350		2,429
Without Senior guarantees or counter-guarantees		11,694		10,315
Subtotal Commercial		5,491,008		5,276,733

Jorge H. Brito

Chairperson

- 44 - -

EXHIBIT B

(Continued)

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	03/31/2010		12/31/2009
CONSUMER
Performing		5,838,376		5,646,031
With Senior “A” guarantees and counter-guarantees		23,699		27,802
With Senior “B” guarantees and counter-guarantees		653,156		694,309
Without Senior guarantees or counter-guarantees		5,161,521		4,923,920
Low risk		112,060		92,514
With Senior “A” guarantees and counter-guarantees		283		23
With Senior “B” guarantees and counter-guarantees		22,130		11,912
Without Senior guarantees or counter-guarantees		89,647		80,579
Medium risk		79,180		81,561
With Senior “A” guarantees and counter-guarantees		1
With Senior “B” guarantees and counter-guarantees		11,259		12,836
Without Senior guarantees or counter-guarantees		67,920		68,725
High risk		119,875		125,204
With Senior “A” guarantees and counter-guarantees				191
With Senior “B” guarantees and counter-guarantees		12,645		11,505
Without Senior guarantees or counter-guarantees		107,230		113,508
Irrecoverable		48,676		46,061
With Senior “A” guarantees and counter-guarantees		64
With Senior “B” guarantees and counter-guarantees		11,367		9,477
Without Senior guarantees or counter-guarantees		37,245		36,584
Irrecoverable according to Central Bank's rules		317		342
With Senior “A” guarantees and counter-guarantees				2
Without Senior guarantees or counter-guarantees		317		340
Subtotal Consumer		6,198,484		5,991,713
Total		11,689,492		11,268,446

Jorge H. Brito

Chairperson

- 45 - -

EXHIBIT C

FINANCING-FACILITIES CONCENTRATION

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	03/31/2010				12/31/2009
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		1,491,425		12.76		1,536,292		13.63
50 next largest customers		1,789,530		15.31		1,656,436		14.70
100 next largest customers		923,257		7.90		898,944		7.98
Other customers		7,485,280		64.03		7,176,774		63.69
Total		11,689,492		100.00		11,268,446		100.00

Jorge H. Brito

Chairperson

- 46 - -

EXHIBIT D

BREAKDOWN BY FINANCING TERMS

AS OF MARCH 31, 2010

(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		2		35,624		104,248		4,284		12,720		25,306		190,781		372,965
Financial sector				6,588		1,487		8,254		36,687		25,568		6,429		85,013
Non-financial private sector and foreign residents		255,799		2,570,270		1,569,022		1,465,846		1,346,130		1,639,115		2,385,332		11,231,514
Total		255,801		2,612,482		1,674,757		1,478,384		1,395,537		1,689,989		2,582,542		11,689,492

Jorge H. Brito

Chairperson

- 47 - -

EXHIBIT E

DETAIL OF INVESTMENTS IN OTHER COMPANIES

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

												Information on the issuer
	03/31/2010									12/31/2009		Data from latest financial statements
Name	Class	Unit face value		Votes per share		Number		Amount		Amount		Main business activity	Period / year-end date	Capital stock		Shareholders' equity		Income (loss) for the period /  year
In financial institutions, supplementary and authorized activities
- Subsidiaries
In Argentina
Banco del Tucumán S.A.	Common		100		1		395,341		195,854		182,755	Financial institution	03/31/2010		43,960		217,780		14,565
Macro Securities S.A. Sociedad de Bolsa	Common		1		1		12,776,680		30,478		28,374	Brokerage house	03/31/2010		12,886		30,298		1,620
Sud Inversiones & Análisis S.A.	Common		1		1		6,475,143		14,960		14,509	Services	03/31/2010		6,567		14,623		384
Macro Fondos S.G.F.C.I.S.A.	Common		1		1		327,183		1,776		1,503	Mutual funds management	03/31/2010		1,713		9,132		1,234
Foreign
Macro Bank Limited	Common		1		1		9,816,899		169,901		164,576	Financial institution	03/31/2010		9,817		169,901		5,324
Subtotal subsidiaries									412,969		391,717
- Non-subsidiaries
In Argentina
Banelco S.A.	Common		1		1		1,071,716		2,500		2,500	Network administration	12/31/08		23,599		52,838		9,984
Provincanje S.A.	Common		1		1		600,000		603		603	Swap of securities	12/31/09		7,200		8,985		838
Visa Argentina S.A.	Common		1		1		953,178		863		862	Business services	05/31/09		1		152,041		99,275
C.O.E.L.S.A.	Common		1		1		70,650		119		119	Financial Services	12/31/08		1,000		1,832		72
A.C.H. S.A.	Common		1		1		110,500		196		196	Electronic information services	12/31/09		650		2,157		186
Mercado Abierto Electrónico  S.A.	Common		1,200		1		8		119		119	Electronic information services	12/31/09		242		12,574		534
Macroaval S.G.R.	Common		1		1		30,500		31		31	Reciprocal guarantee corporation	12/31/09		250		6,080		324
Argentina Clearing S.A.	Common		1,380		1		30		31		31	Services	07/31/09		5,658		15,317		5,698
Garantizar S.G.R.	Common		1		1		10,000		10		10	Reciprocal guarantee corporation	12/31/08		8,831		210,726		(4,750	)
Foreign
Banco Latinoamericano de Exportaciones S.A.	Common		10		1		7,303		306		299	Financial institution	12/31/09		1,063,000		2,565,191		208,295
Banco Latinoamericano de Exportaciones S.A.	Com "E"		1		1		3,729		225		220	Financial institution	12/31/09		1,063,000		2,565,191		208,295
Banco Latinoamericano de Exportaciones S.A.	Preferred		10				259		12		12	Financial institution	12/31/09		1,063,000		2,565,191		208,295
Subtotal non-subsidiaries									5,015		5,002
Total in financial institutions, supplementary  and authorized activities									417,984		396,719
In other companies
- Non-subsidiaries
In Argentina
Other									1,323		1,316
Foreign
SWIFT S.A.	Common		1		1		3		19		19	Services	12/31/08		613,365		1,260,492		118,850
Total in other companies									1,342		1,335
Total (1)									419,326		398,054

(1) As of March 31, 2010 and December 2009, at both dates the Bank booked allowances for impairment in value amounting for 747 (see Exhibit J).

Jorge H. Brito

Chairperson

- 48 - -

EXHIBIT F

MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS

AS OF MARCH 31, 2010

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

(Figures stated in thousands of pesos)

										Depreciation for the period
Item	Net book value at beginning of fiscal year		Additions		Transfers			Retirements		Years of useful life		Amount		Net book value at end of the period
Bank premises and equipment
Buildings		266,952		2,837		670			666		50		2,520		267,273
Furniture and facilities		31,016		1,925							10		1,278		31,663
Machinery and equipment		80,702		4,374							5		7,790		77,286
Vehicles		17,975		227					40		5		1,703		16,459
Total		396,645		9,363		670			706				13,291		392,681
Other assets
Works in progress		15,088		3,828		(670	)								18,246
Works of art		1,195													1,195
Prepayments for the purchase of assets		1,335													1,335
Foreclosed assets		17,816							2,449		50		81		15,286
Leased buildings		3,723									50		25		3,698
Stationery and office supplies		2,770		4,858					3,612						4,016
Other assets		70,947		4,206					262		50		412		74,479
Total		112,874		12,892		(670	)		6,323				518		118,255

Jorge H. Brito

Chairperson

- 49 - -

EXHIBIT G

DETAIL OF INTANGIBLE ASSETS

AS OF MARCH 31, 2010

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

(Figures stated in thousands of pesos)

	Net book					Amortization for
	value at					the period				Net book
Item	beginning of fiscal year		Additions		Retirements	useful life		Amount		value at end of the period
Goodwill (1)		55,045					10		2,108		52,937
Organization and development costs (2)		147,568		20,561			5		12,924		155,205
Total		202,613		20,561					15,032		208,142

(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. and former Nuevo Banco Bisel S.A. 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.

Jorge H. Brito

Chairperson

- 50 - -

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	03/31/2010				12/31/2009
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		3,015,225		17.47		2,827,065		17.10
50 next largest customers		1,927,510		11.17		1,657,156		10.02
100 next largest customers		1,095,438		6.35		1,004,916		6.08
Other customers		11,222,526		65.01		11,047,515		66.80
Total		17,260,699		100.00		16,536,652		100.00

Jorge H. Brito

Chairperson

- 51 - -

EXHIBIT I

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND

SUBORDINATED CORPORATE BONDS

AS OF MARCH 31, 2010

(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		13,058,172		2,775,844		602,470		742,125		82,047		41		17,260,699
Other liabilities from financial intermediation
Central Bank of Argentina		1,343										534		1,877
Banks and International Institutions		8,589		10,730		10,887								30,206
Non-subordinated corporate bonds				6,708		5,843						609,485		622,036
Financing received from Argentine financial institutions		62,717		722		1,083		2,166		4,332		38,607		109,627
Other		556,084		481		1,107		1,728		2,499		76,926		638,825
		628,733		18,641		18,920		3,894		6,831		725,552		1,402,571
Subordinated corporate bonds				16,220		491						581,445		598,156
Total		13,686,905		2,810,705		621,881		746,019		88,878		1,307,038		19,261,426

Jorge H. Brito

Chairperson

- 52 - -

EXHIBIT J

CHANGES IN ALLOWANCES AND PROVISIONS

AS OF MARCH 31, 2010

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

(Figures stated in thousands of pesos)

	Balances at								Balances at
	beginning of		Increases		Decreases				end of the
Breakdown	fiscal year		(1)		Write off		Reversals		period
ALLOWANCES
Government and private securities
For impairment in value		44		3						47
Loans
For uncollectibility risk and impairment in value		416,233		33,746		34,908		12,654		402,417
Other receivables from financial intermediation
For uncollectibility risk and impairment in value		230,655		1,953		339		1,040		231,229
Assets subject to financial leases
For uncollectibility risk		3,314		29				368		2,975
Investments in other companies
For impairment in value		747								747
Other receivables
For uncollectibility risk		13,949		78		13		62		13,952
Total allowances		664,942		35,809		35,260		14,124		651,367
PROVISIONS
Contingent commitments		966						105		861
For negative goodwill		483						483
For other contingencies		63,547		6,747		1,639		68		68,587
Difference from court deposits dollarization		9,415		198						9,613
Total liabilities		74,411		6,945		1,639		656		79,061

(1)  See note 3.3.f). and 3.3.o).

Jorge H. Brito

Chairperson

- 53 - -

EXHIBIT K

CAPITAL STRUCTURE

AS OF MARCH 31, 2010

(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		Paid in
Registered common stock A		11,235,670	5		11,236		11,236
Registered common stock B		583,249,498	1		583,249		583,249
Total		594,485,168			594,485		594,485

Jorge H. Brito

Chairperson

- 54 - -

EXHIBIT L

FOREIGN CURRENCY BALANCES

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	03/31/2010																				12/31/2009
	Total Parent
	company and		Total per currency
	Argentine				Pound		Swiss		Danish		Canadian				Swedish		Norwegian
Items	branches		US dollar		sterling		franc		krone		dollar		Yen		krone		krone		Euro		Total
ASSETS
Cash		1,906,198		1,883,117		565		703		58		79		328		9		36		21,303		2,021,681
Government and private securities		67,421		67,421																		1,162,697
Loans		1,984,051		1,983,793																258		1,825,296
Other receivables from financial intermediation		1,599,075		1,597,921																1,154		1,154,897
Assets subject to financial leases		69,631		69,631																		72,334
Investments in other companies		170,463		170,463																		165,126
Other receivables		32,545		32,545																		28,816
Items pending allocation		185		185																		210
Total		5,829,569		5,805,076		565		703		58		79		328		9		36		22,715		6,431,057
LIABILITIES
Deposits		2,908,581		2,908,581																		2,926,410
Other liabilities from financial intermediation		650,980		636,433		25		15				33						6		14,468		1,845,306
Other liabilities		2,857		2,857																		3,233
Subordinated corporate bonds		597,665		597,665																		571,510
Items pending allocation		32		32																		2
Total		4,160,115		4,145,568		25		15				33						6		14,468		5,346,461
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS
(except contra debit-balance accounts)
Contingent		809,280		809,256																24		780,318
Control		992,010		966,826		94		2				97								24,991		983,670
Derivatives		42,350		42,350																		41,917
CREDIT-BALANCE ACCOUNTS
(except contra credit-balance accounts)
Contingent		301,553		288,665																12,888		337,795
Derivatives		23,238		23,238																		22,030

Jorge H. Brito

Chairperson

- 55 - -

EXHIBIT N

CREDIT ASSISTANCE TO RELATED PARTIES

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	03/31/2010		12/31/2009
Item	Total (1)		Total (1)
Loans
Overdrafts		1,583		1,374
Without Senior guarantees or counter-guarantees		1,583		1,374
Documents		92		1,092
Without Senior guarantees or counter-guarantees		92		1,092
Mortgage and pledged		1,010		1,148
With Senior “B” guarantees and counter-guarantees		1,010		1,105
Without Senior guarantees or counter-guarantees				43
Credit cards		855		7,487
Without Senior guarantees or counter-guarantees		855		7,487
Other		8,263		1,184
Without Senior guarantees or counter-guarantees		8,263		1,184
Total loans		11,803		12,285
Other receivables from financial intermediation		5,759		6,003
Assets subject to financial leases and other		2,069		2,143
Contingent Commitments		45,189		45,356
Investments in other companies		413,590		392,340
Total		478,410		458,127
Allowances / Provisions		305		313

(1) As of March 31, 2010, and December 31, 2009 all debtors are classified in performing situation.

Jorge H. Brito

Chairperson

- 56 - -

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF MARCH 31, 2010

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

(Figures stated in thousands of pesos)

Type of contract

Purpose of the  transactions performed

Underlying   asset

Type of settlement

Negotiation environment  or counter-party

Originally agreed weighted monthly average term

Residual weighted monthly average term

Weighted daily average term of settlement of differences

Amount

Intermediation

Argentine

Over The Counter  - Residents

Options

- own account

government securities

Other

in Argentina - Non-financial sector

126

34

71,845

Intermediation

With delivery of

Over The Counter  - Residents

Options

- own account

Other

underlying asset

in Argentina - Non-financial sector

18

6

23,238

Intermediation

Argentine

With delivery of

MAE (over-the-counter

Repo transactions

- own account

government securities

underlying asset

electronic market)

1

1

1,308,278

Intermediation

Foreign

Daily settlement of

Rosario Futures

Futures

- own account

currency

differences

Exchange (ROFEX)

7

3

1

23,469

Intermediation

Foreign

Daily settlement of

MAE (over-the-counter

Futures

- own account

currency

differences

electronic market)

2

1

1

777,802

Intermediation

Foreign

Maturity settlement

Over The Counter  - Residents

Forward

- own account

currency

of differences

in Argentina - Non-financial sector

4

2

30

76,179

Intermediation

Maturity settlement

Over The Counter  - Residents

Swaps

- own account

Other

of differences

in Argentina - Non-financial sector

132

102

90

42,350

Intermediation

MAE (over-the-counter

Swaps

- own account

Other

Other

electronic market)

50

43

30

116,000

Jorge H. Brito

Chairperson

- 57 - -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		03/31/2010			12/31/2009
ASSETS
A.	CASH
	Cash on hand		1,188,621			1,304,922
	Due from banks and correspondents
	Central Bank of Argentina		3,002,080			2,910,020
	Local Other		14,723			11,454
	Foreign		754,991			789,559
	Other		242			237
			4,960,657			5,016,192
B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit I)
	Holdings in investment accounts		212,011			659,371
	Holdings for trading or financial intermediation		1,882,002			1,511,071
	Unlisted government securities		78,416			79,449
	Instruments issued by the Central Bank of Argentina		5,209,055			4,650,421
	Investments in listed private securities					80,876
	less:  Allowances (Note 3.)		(47	)		(44	)
			7,381,437			6,981,144
C.	LOANS
	To the non-financial government sector		338,906			206,484
	To the financial sector
	Interbank financing		4,579			50,000
	Other financing to Argentine financial institutions		48,595			40,442
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		272			474
	To the non-financial private sector and foreign residents
	Overdrafts		1,254,887			1,436,292
	Documents		1,341,493			1,412,551
	Mortgage loans		801,970			746,762
	Pledged loans		282,293			262,508
	Personal loans		4,234,140			4,006,592
	Credit cards		970,040			950,098
	Other		2,447,413			2,271,756
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		187,326			182,168
	less:  Unposted payments		(29	)		(29	)
	less:  Unearned discount		(20,144	)		(21,246	)
	less:  Allowances (Note 3.)		(433,588	)		(448,045	)
			11,458,153			11,096,807

Jorge H. Brito

Chairperson

- 58 - -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		03/31/2010			12/31/2009
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		1,553,507			1,284,709
	Amounts receivable from spot and forward sales pending settlement		456,100			37,042
	Securities and foreign currency receivable from spot and forward purchases pending settlement		86,674			536,560
	Unlisted corporate bonds		273,536			80,746
	Receivables from forward transactions without delivery of underlying asset		3,188			5,295
	Other receivables not covered by debtors classification standards		736,157			598,224
	Other receivables covered by debtors classification standards		98,298			69,296
	Accrued interest receivables covered by debtors classification standards		6
	less:  Allowances (Note 3.)		(232,694	)		(231,219	)
			2,974,772			2,380,653
E.	ASSETS SUBJECT TO FINANCIAL LEASES
	Assets subject to financial leases		225,079			250,239
	less:  Allowances (Note 3.)		(3,278	)		(3,649	)
			221,801			246,590
F.	INVESTMENTS IN OTHER COMPANIES
	In financial institutions		543			531
	Other		10,933			10,925
	less:  Allowances (Note 3.)		(1,497	)		(1,497	)
			9,979			9,959
G.	OTHER RECEIVABLES
	Receivables from sale of assets		10,743			12,231
	Minimum presumed income tax - Tax Credit		10,428			10,280
	Other		419,294			357,483
	Accrued interest and adjustments receivable on receivables from sale of assets		559			481
	Other accrued interest and adjustments receivables		3
	less:  Allowances (Note 3.)		(13,983	)		(13,980	)
			427,044			366,495
H.	BANK PREMISES AND EQUIPMENT, NET		429,710			433,625
I.	OTHER ASSETS		119,563			114,342
J.	INTANGIBLE ASSETS
	Goodwill		52,937			55,045
	Organization and development costs		163,106			155,529
			216,043			210,574
K.	ITEMS PENDING ALLOCATION		2,418			2,857
TOTAL ASSETS			28,201,577			26,859,238

Jorge H. Brito

Chairperson

- 59 - -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		03/31/2010		12/31/2009
LIABILITIES
L.	DEPOSITS
	From the non-financial government sector		4,312,445		3,613,924
	From the financial sector		10,949		14,052
	From the non-financial private sector and foreign residents
	Checking accounts		3,256,149		3,275,826
	Savings accounts		3,236,258		3,445,577
	Time deposits		8,140,724		7,711,471
	Investment accounts		54,122		52,286
	Other		447,404		416,503
	Accrued interest, adjustments, foreign exchange and quoted price differences payables		55,307		63,227
			19,513,358		18,592,866
M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina
	Other		1,934		1,897
	Banks and International Institutions		30,041		219,743
	Non-subordinated Corporate Bonds		609,485		601,016
	Amounts payable for spot and forward purchases pending settlement		85,214		492,183
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		1,737,338		1,076,047
	Put options sold premiums				80
	Financing received from Argentine financial institutions
	Interbank financing		62,182		145,000
	Other financing received from Argentine financial Institutions		18,611		18,957
	Accrued interest payables		15		78
	Other		695,231		732,686
	Accrued interest, adjustments, foreign exchange and quoted price differences payables		41,535		50,383
			3,281,586		3,338,070
N.	OTHER LIABILITIES
	Fees		750		624
	Other		1,085,006		883,458
			1,085,756		884,082
O.	PROVISIONS (Note 3.)		93,340		88,275
P.	SUBORDINATED CORPORATE BONDS		598,156		572,473
Q.	ITEMS PENDING ALLOCATION		2,381		3,987
	MINORITY INTERESTS IN SUBSIDIARIES		22,159		20,684
	TOTAL LIABILITIES		24,596,736		23,500,437
	SHAREHOLDERS' EQUITY		3,604,841		3,358,801
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			28,201,577		26,859,238

Jorge H. Brito

Chairperson

- 60 - -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		03/31/2010		12/31/2009
MEMORANDUM ACCOUNTS
	DEBIT-BALANCE ACCOUNTS		12,394,220		12,204,355
	Contingent		4,529,823		4,430,261
	Guarantees received		4,099,340		3,963,188
	Other not covered by debtors classification standards		322		359
	Contingent debit-balance contra accounts		430,161		466,714
	Control		5,970,219		6,152,834
	Receivables classified as irrecoverable		822,825		797,220
	Other		4,935,054		5,094,428
	Control debit-balance contra accounts		212,340		261,186
	Derivatives		1,130,883		1,033,601
	Notional value of call options sold				25,229
	Notional value of forward transactions without delivery of underlying asset		719,970		461,234
	Interest rate swap		158,350		157,917
	Derivatives debit-balance contra accounts		252,563		389,221
	Trust activity		763,295		587,659
	Trust funds		763,295		587,659
	CREDIT-BALANCE ACCOUNTS		12,394,220		12,204,355
	Contingent		4,529,823		4,430,261
	Other guarantees provided covered by debtors classification standards		80,913		85,213
	Other guarantees provided not covered by debtors classification standards		130,966		130,826
	Other covered by debtors classification standards		218,282		250,675
	Contingent credit-balance contra accounts		4,099,662		3,963,547
	Control		5,970,219		6,152,834
	Checks to be credited		212,340		261,186
	Control credit-balance contra accounts		5,757,879		5,891,648
	Derivatives		1,130,883		1,033,601
	Notional value of put options taken		23,238		32,905
	Notional value of put options sold		71,845		69,900
	Notional value of forward transactions without delivery of underlying asset		157,480		286,416
	Derivatives credit-balance contra account		878,320		644,380
	Trust activity		763,295		587,659
	Trust activity credit-balance contra accounts		763,295		587,659

The accompanying notes 1 through 5 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

AS OF MARCH 31, 2010 AND 2009

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		03/31/2010		03/31/2009 (1)
A.	FINANCIAL INCOME
	Interest on cash and due from banks		3		90
	Interest on loans to the financial sector		2,044		3,288
	Interest on overdrafts		59,620		99,330
	Interest on documents		34,714		57,065
	Interest on mortgage loans		25,667		26,912
	Interest on pledged loans		11,538		16,411
	Interest on credit card loans		47,395		47,149
	Interest on other loans		345,244		300,075
	Interest on other receivables from financial intermediation		113		30
	Income from government and private securities, net		369,570		184,230
	Income from guaranteed loans - Presidential Decree No. 1,387/01		54		3,160
	Net income from options		600
	CER (Benchmark Stabilization Coefficient) adjustment		961		5,030
	CVS (Salary Variation Coefficient) adjustment		176		158
	Difference in quoted prices of gold and foreign currency		43,842		46,351
	Other		30,964		135,959
			972,505		925,238
B.	FINANCIAL EXPENSE
	Interest on checking accounts		3,008		4,751
	Interest on savings accounts		4,622		4,048
	Interest on time deposits		229,994		334,296
	Interest on interfinancing received loans		1,143		467
	Interest on other financing from Financial Institutions		2		3
	Interest on other liabilities from financial intermediation		16,168		22,100
	Interest on subordinated bonds		14,097		13,148
	Other interest		489		1,097
	CER adjustment		1,412		1,879
	Contribution to Deposit Guarantee Fund		7,924		7,083
	Other		39,666		39,700
			318,525		428,572
	GROSS INTERMEDIATION MARGIN - GAIN		653,980		496,666
C.	PROVISION FOR LOAN LOSSES		37,828		25,746
D.	SERVICE-CHARGE INCOME
	Related to lending transactions		19,985		13,538
	Related to deposits		179,414		168,934
	Other commissions		5,767		6,573
	Other		77,812		63,006
			282,978		252,051

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

Jorge H. Brito

Chairperson

- 62 - -

CONSOLIDATED STATEMENTS OF INCOME

AS OF MARCH 31, 2010 AND 2009

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		03/31/2010			03/31/2009 (1)
E.	SERVICE-CHARGE EXPENSE
	Commissions		16,520			14,273
	Other		46,156			40,069
			62,676			54,342
F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		279,709			232,028
	Directors' and statutory auditors' fees		4,151			12,568
	Other professional fees		17,246			16,501
	Advertising and publicity		8,464			6,887
	Taxes		20,255			18,087
	Depreciation of bank premises and equipment		14,045			13,082
	Amortization of organization and development costs		9,599			7,803
	Other operating expenses		55,812			48,008
	Other		4,873			4,504
			414,154			359,468
	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		422,300			309,161
G.	OTHER INCOME
	Income from long-term investments		305
	Penalty interest		6,434			5,538
	Recovered loans and allowances reversed		23,117			9,951
	CER adjustments		34			15
	Others		5,784			7,698
			35,674			23,202
H.	OTHER EXPENSE
	Loss from long-term investments					149
	Penalty interest and charges payable to the Central Bank of Argentina		12			12
	Charges for other receivables uncollectibility and other allowances		7,533			6,711
	Amortization of differences related to court orders		4,187			6,441
	Depreciation and loss of other assets		551			538
	Goodwill amortization		2,108			2,108
	Other		6,241			4,545
			20,632			20,504
	MINORITY INTEREST IN SUBSIDIARIES		(1,473	)		(722	)
	NET INCOME BEFORE INCOME TAX - GAIN		435,869			311,137
I.	INCOME TAX		189,829			155,181
	NET INCOME FOR THE PERIOD - GAIN		246,040			155,956

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

The accompanying notes 1 through 5 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

AS OF MARCH 31, 2010 AND 2009

(Translation of financial statements originally issued in Spanish -

 See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2010			03/31/2009 (1)
CHANGES IN CASH AND CASH EQUIVALENTS
Cash at beginning of fiscal year		5,396,063			3,523,897
Cash at end of the period		5,580,349			3,713,093
Net Increase in cash		184,286			189,196
CAUSES OF CHANGES IN CASH
Operating activities
Net collections/ (payments):
Government and private securities		1,240,458			(567,763	)
Loans
To the financial sector		39,513			10,362
To the non-financial government sector		(132,350	)		(37,865	)
To the non-financial private sector and foreign residents		229,499			504,824
Other receivables from financial intermediation		(1,121,056	)		(824,142	)
Assets subject to financial leases		37,926			44,790
Deposits
From the financial sector		(3,103	)		(6,327	)
From the non-financial government sector		634,806			179,081
From the non-financial private sector and foreign residents		64,406			947,451
Other liabilities from financial intermediation
Financing facilities from the financial sector		(83,962	)		(10,669	)
Others (except liabilities included under financing activities)		(298,851	)		310,252
Collections related to service-charge income		281,627			250,970
Payments related to service-charge expenses		(60,361	)		(53,174	)
Administrative expenses paid		(379,804	)		(317,508	)
Payment of organization and development costs		(17,192	)		(8,813	)
Net collections from penalty interest		6,426			5,532
Differences from payments related to court orders		(4,191	)		(6,382	)
Collections of dividends from other companies					6
Other collections related to other income and losses		3,220			3,253
Net payments for other operating activities		(28,169	)		(29,032	)
Payment of income tax / minimum presumed income tax		(53,271	)		(15,228	)
Net cash flows generated in operating activities		355,571			379,618

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

Jorge H. Brito

Chairperson

- 64 - -

CONSOLIDATED STATEMENTS OF CASH FLOWS

AS OF MARCH 31, 2010 AND 2009

(Translation of financial statements originally issued in Spanish -

 See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2010			03/31/2009 (1)
Investing activities
Net payments for bank premises and equipment		(9,441	)		(5,211	)
Net payments for other assets		(6,409	)		(21,782	)
Payments from purchases of investments in other companies					(6	)
Other collections / (payments) for other investing activities		413			(7,634	)
Net cash flows used in investing activities		(15,437	)		(34,633	)
Financing activities
Net collections/ (payments):
Non-subordinated corporate bonds		(17,367	)		(17,389	)
Central Bank of Argentina:
Other		37			(77,675	)
Banks and International Institutions		(190,820	)		(18,045	)
Subordinated corporate bonds					(481	)
Financing received from Argentine financial institutions		(595	)		(2,993	)
Other payments from financing activities
Own shares reacquired					(52,559	)
Net cash flows used in financing activities		(208,745	)		(169,142	)
Financial income and holding gains on cash and cash equivalents		52,897			13,353
Net increase in cash		184,286			189,196

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

The accompanying notes 1 through 5 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, 2010 AND DECEMBER 31, 2009

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2010		12/31/2009
COMMERCIAL
In normal situation		5,568,315		5,326,903
With Senior “A” guarantees and counter-guarantees		152,215		227,375
With Senior “B” guarantees and counter-guarantees		767,516		677,310
Without Senior guarantees or counter-guarantees		4,648,584		4,422,218
Subject to special monitoringUnder observation		125,428		114,424
With Senior “B” guarantees and counter-guarantees		7,915		5,805
Without Senior guarantees or counter-guarantees		94,885		104,281
Tracking under negotiation or with refinancing agreement
With Senior “B” guarantees and counter-guarantees		4,065		3,932
Without Senior guarantees or counter-guarantees		18,563		406
Troubled		10,368		51,007
With Senior “B” guarantees and counter-guarantees		6,472		7,872
Without Senior guarantees or counter-guarantees		3,896		43,135
With high risk of insolvency		78,029		54,763
With Senior “A” guarantees and counter-guarantees				561
With Senior “B” guarantees and counter-guarantees		8,988		8,504
Without Senior guarantees or counter-guarantees		69,041		45,698
Irrecoverable		14,044		12,744
With Senior “B” guarantees and counter-guarantees		2,350		2,429
Without Senior guarantees or counter-guarantees		11,694		10,315
Subtotal Commercial		5,796,184		5,559,841

Jorge H. Brito

Chairperson

- 66 - -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2010		12/31/2009
CONSUMER
Performing		6,604,413		6,355,377
With Senior “A” guarantees and counter-guarantees		24,032		28,392
With Senior “B” guarantees and counter-guarantees		678,010		719,501
Without Senior guarantees or counter-guarantees		5,902,371		5,607,484
Low risk		123,333		99,822
With Senior “A” guarantees and counter-guarantees		283		23
With Senior “B” guarantees and counter-guarantees		22,548		12,143
Without Senior guarantees or counter-guarantees		100,502		87,656
Medium risk		87,111		89,545
With Senior “A” guarantees and counter-guarantees		1
With Senior “B” guarantees and counter-guarantees		11,338		12,836
Without Senior guarantees or counter-guarantees		75,772		76,709
High risk		136,274		140,838
With Senior “A” guarantees and counter-guarantees				191
With Senior “B” guarantees and counter-guarantees		12,645		11,513
Without Senior guarantees or counter-guarantees		123,629		129,134
Irrecoverable		51,478		47,906
With Senior “A” guarantees and counter-guarantees		64
With Senior “B” guarantees and counter-guarantees		11,653		9,758
Without Senior guarantees or counter-guarantees		39,761		38,148
Irrecoverable according to Central Bank's rules		364		404
With Senior “A” guarantees and counter-guarantees				2
Without Senior guarantees or counter-guarantees		364		402
Subtotal Consumer		7,002,973		6,733,892
Total		12,799,157		12,293,733

The accompanying notes 1 through 5 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, 2010

(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, 2010, and December 31, 2009, and (ii) the statements of income and cash flows for the three—month periods ended March 31, 2010, and 2009, 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, 2009, 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, 2010):

	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
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) y (c)	Common		12,776,680		99.154	%		99.154	%		99.921	%		99.921	%
Sud Inversiones & Análisis S.A.	Common		6,475,143		98.605	%		98.605	%		98.605	%		98.605	%
Macro Fondos S.G.F.C.I. S.A.	Common		327,183		19.100	%		19.100	%		99.936	%		99.936	%

(a)  Consolidated with Sud Asesores (ROU) S.A. (voting rights: 100%, equity interest: 784).

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

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

- 68 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

(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)

1.3. Methods of incorporating foreign subsidiaries:

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

(a) Assets and liabilities were converted at the reference exchange rate 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 period ended March 31, 2010, and  the year ended December 31, 2009.

(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 as for the three-month periods ended March 31, 2010, and 2009, were converted into pesos, as of such dates according to the method described in a) above. In both cases, the difference between the sum of the amounts thus obtained and lump-sum income (loss) for each period (difference between retained earnings at beginning of fiscal year and retained earnings at the period-end) was recorded in “Other income – Income from long-term investments” and “Financial income – Difference in quoted prices of gold and foreign currency” or “Financial expense – Difference in quoted prices of gold and foreign currency”, as the case may be, in the stand-alone and consolidated financial statements, respectively.

The main figures included in the consolidated financial statements arising from the figures of Macro Bank Limited (consolidated with Sud Asesores (ROU) S.A.) as of March 31, 2010, considering the translation process mentioned above are as follows:

	Macro Bank Limited
	In thousands of USD		In thousands of Ps.
Assets		267,685		1,037,628
Liabilities		223,854		867,727
Shareholders’ equity		43,831		169,901

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, 2010:

	Banco Macro S.A.		Banco del Tucumán S.A.		Macro Bank Limited (1)		Other subsidiaries  (2)		Eliminations		Banco Macro S.A. consolidated
Assets		25,380,215		2,126,915		1,037,628		94,238		437,419		28,201,577
Liabilities		21,775,374		1,909,135		867,727		48,328		3,828		24,596,736
Shareholders’ equity		3,604,841		217,780		169,901		45,910		433,591		3,604,841
Income (loss)		246,040		14,565		5,324		2,578		22,467		246,040

- 69 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

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

1.5. Statement of cash flows

The Bank and its subsidiaries consider “cash and cash equivalents” to be the Cash and Government and private securities accounts which mature less than 90 days as from their date of acquisition. As of March 31, 2010 and December 31, 2009, such securities total 619,692 and 379,871, respectively, while as of March 31, 2009 and December 31, 2008, the Bank and its subsidiaries had no securities under that condition.

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.:

a) Other receivables from financial intermediation

As of March 31, 2010 and December 31, 2009, 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 25,031 and 25,006, respectively.

b) Other receivables

As of March 31, 2010 and December 31, 2009, this includes other receivables in the amount of 2,296 and 2,178, respectively.

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

a)  Interests in other companies

a.1) As of March 31, 2010 and December 31, 2009, investments in Tunas del Chaco S.A., Emporio del Chaco S.A. and Proposis S.A. in the amount of 2,205, 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. This system enables the payment of the abovementioned taxes to be deferred up to the fifth year after the launch of the project (in this case, 2007), while it sets forth that the investment must be kept in assets for a period of at least five years as from January 1 of the year following the year in which the investment was made (in this case 2003).

a.2) As of March 31, 2010 and December 31, 2009, this includes other investments in other companies in the amount of 1,453.

- 70 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

(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. 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, 2010:

	Balances at
	beginning of				Decreases				Balances at
Item	year		Increases		Write off		Reversals		period-end
Allowances
For government and private securities		44		3						47
For loans		448,045		36,037		37,656		12,838		433,588
For other receivables from financial intermediation		231,219		2,882		367		1,040		232,694
For assets subject to financial lease		3,649		30				401		3,278
For investments in other companies		1,497								1,497
For other receivables		13,980		78		13		62		13,983
Total		698,434		39,030		38,036		14,341		685,087
Provisions
For contingent commitments		966						105		861
For negative goodwill		483						483
For other contingencies		66,847		7,082		1,791		68		72,070
Difference from court deposits dollarization		19,979		430						20,409
Total		88,275		7,512		1,791		656		93,340

4. DERIVATIVE FINANCIAL INSTRUMENTS

The following is the breakdown of the volumes in gross absolute values of transactions effective as of March 31, 2010 and December 31, 2009, 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):

- 71 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

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

of the stand-alone financial statements)

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

Type of contract / underlying asset	03/31/2010		12/31/2009
Futures / Foreign currency		801,271		661,610
Repo transactions		1,626,478		1,581,008
Forwards / Foreign currency		76,179		86,039
Options / Boden coupons		71,845		69,900
Swap / Other		158,350		157,917
Options / Other		23,238		47,259
Options / Foreign currency				10,875
Forwards / Government securities		26,120

In addition, positions of transactions effective as of March 31, 2010 and December 31, 2009, are as follows:

Transaction	03/31/2010			12/31/2009
Net liability position of repurchase agreements		(1,626,478	)		(539,658	)
Net asset position of forward foreign-currency transactions without delivery of underlying asset		562,490			174,818
Position of put options sold on Boden 2012 and 2013 coupons		71,845			69,900
Interest rate swaps		158,350			157,917
Position of put options purchased					25,229
Net asset position of forward government securities transactions offset		26,120
Position of call options sold		23,238			32,905

5. 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.

- 72 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2010

(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)

5.1. 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 recorded in their financial statements as of March 31, 2010 and December 31, 2009:

Financial trust	03/31/2010		12/31/2009
Certificates of participation:
TST & AF  (a)		56,249		43,617
Other		5,382		6,136
Total certificates of participation		61,631		49,753

(a) TST & AF Trust

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

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

As of March 31, 2010, Macro Bank Limited is the beneficiary of 63.33% of the certificates of participation issued by TST & AF Trust, therefore, at consolidated level, Banco Macro S.A. is the beneficiary of 100% of them. As of December 31, 2009 Macro Bank Limited was the beneficiary of 46.67% of the certificates of participation issued by TST & AF Trust and, therefore, at consolidated level, Banco Macro S.A. was the beneficiary of 50% of them.

As per the latest accounting information available to date, corpus assets amounted to about 149,334.

5.2. 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.

According to the last accounting information available as of the date of issuance of these financial statements, the corpus assets totaled around 489 to both dates.

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

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

As of March 31, 2010 and December 31, 2009, the trusts’ assets managed amount to 411,859 and 413,839, respectively.

Jorge H. Brito

Chairperson

- 73 - -

EXHIBIT I

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2010				12/31/2009
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 – Maturity: 2014		183,784		183,881		191,384
Secured bonds under Presidential Decree No. 1,579/02		31,008		25,646		178,979
Federal government bonds in US dollars at LIBOR - Maturity: 2012		2,165		1,888		1,784
Federal government bonds in US dollars at LIBOR - Maturity: 2013		694		596		562
Federal government bonds in pesos – Maturity: 2014						222,169
Federal Government bonds in US dollars at 7% - Maturity: 2015						38,881
Discount bonds denominated in pesos - Maturity: 2033						18,207
Consolidation bonds in pesos – Sixth series						5,350
Par bonds denominated in US dollars - Maturity: 2038 (governed by Argentine legislation)						1,594
Par bonds denominated in US dollars - Maturity: 2038 (governed by New York State legislation)						461
Subtotal holdings in investment accounts				212,011		659,371
Holdings for trading or financial intermediation
- Local
Discount bonds denominated in pesos - Maturity: 2033		1,297,110		1,297,110		9,752
Federal government bonds in US dollars at LIBOR - Maturity: 2012		56,658		56,658		52,874
Consolidation bonds of social security payables in pesos – Fourth Series		9,011		9,011		7,525
Federal government bonds in pesos – Maturity: 2014		3,894		3,894		6,579
Secured bonds under Presidential Decree No. 1,579/02		3,851		3,851		1,433
Federal government bonds in pesos at BADLAR Private + 2,75 – Maturity: 2014		3,689		3,689		1,464
Consolidation bonds in pesos – Fourth series at 2%		1,271		1,271		599
Federal Government bonds in US dollars at 7% - Maturity: 2015		1,159		1,159		1,544
Federal government bonds in US dollars at LIBOR - Maturity: 2013		783		783		345
Consolidation bonds in pesos – Sixth series		195		195		382
Federal Government bonds in US dollars at 7% - Maturity: 2017						1,046,220
Federal government bonds in pesos at BADLAR Private + 300 Pbs – Maturity: 2015						1,064
Other		472		472		1,624
Subtotal local holdings for trading or financial intermediation				1,378,093		1,131,405
- Foreign
Treasury Bill - Maturity: 04-08-10				503,909
Treasury Bill - Maturity: 01-14-10						379,666
Subtotal foreign holdings for trading or financial intermediation				503,909		379,666
Subtotal holdings for trading or financial intermediation				1,882,002		1,511,071
Unlisted government securities
- Local
Federal government bonds in pesos at BADLAR Private + 3,50 – Maturity: 2013				42,771		44,541
Debt Securities at 12% in US dollars Córdoba Province - Maturity: 2017				18,878		19,160
Federal government bonds in pesos at  variable rate - Maturity: 2013				9,875		9,738
Province of Tucumán bonds - Second series in dollars at 9,45% - Maturity: 2015				2,988		3,820
Province of Tucumán bonds - First series in pesos - Maturity: 2018				1,897		1,984
Federal government bonds in pesos at BADLAR Private + 300 Pbs – Maturity: 2015				1,027
Par bonds denominated in US dollars - Maturity: 2038 (governed by Argentine legislation)				378
Par bonds denominated in US dollars - Maturity: 2038 (governed by New York State legislation)				369
Consolidation bonds in pesos – Second series at 2%				230		199
Other				3		7
Subtotal unlisted government securities				78,416		79,449

Jorge H. Brito

Chairperson

- 74 - -

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2010				12/31/2009
Name	Market value		Book balance		Book balance
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA
Central Bank of Argentina Internal Bills – Listed – Own Portfolio
Central Bank of Argentina Internal bills in pesos – Maturity: 06-16-10		293,233		293,233
Central Bank of Argentina Internal bills in pesos – Maturity: 04-07-10		229,884		229,884
Central Bank of Argentina Internal bills in pesos – Maturity: 04-14-10		198,529		198,529
Central Bank of Argentina Internal bills in pesos – Maturity: 05-12-10		98,786		98,786
Central Bank of Argentina Internal bills in pesos – Maturity: 04-28-10						196,021
Subtotal Central Bank of Argentina Internal Bills – Listed – Own Portfolio				820,432		196,021
Central Bank of Argentina Bills – Under repo transactions
Central Bank of Argentina Internal bills in pesos – Maturity: 09-29-10				318,200
Central Bank of Argentina Internal bills in pesos – Maturity: 04-27-11						14,652
Subtotal Central Bank of Argentina Bills – Under repo transactions				318,200		14,652
Central Bank of Argentina Internal Bills – Unlisted – Own Portfolio
Central Bank of Argentina Internal bills in pesos – Maturity: 05-19-10				757,100		733,492
Central Bank of Argentina Internal bills in pesos – Maturity: 06-09-10				746,677
Central Bank of Argentina Internal bills in pesos – Maturity: 07-07-10				434,914
Central Bank of Argentina Internal bills in pesos – Maturity: 07-21-10				355,847
Central Bank of Argentina Internal bills in pesos – Maturity: 04-28-10				235,619
Central Bank of Argentina Internal bills in pesos – Maturity: 07-14-10				217,889
Central Bank of Argentina Internal bills in pesos – Maturity: 05-26-10				142,298
Central Bank of Argentina Internal bills in pesos – Maturity: 05-05-10				98,776
Central Bank of Argentina Internal bills in pesos – Maturity: 04-21-10				2,485
Central Bank of Argentina Internal bills in pesos – Maturity: 03-10-10						535,929
Central Bank of Argentina Internal bills in pesos – Maturity: 01-27-10						297,480
Central Bank of Argentina Internal bills in pesos – Maturity: 04-14-10						193,187
Central Bank of Argentina Internal bills in pesos – Maturity: 04-07-10						193,084
Central Bank of Argentina Internal bills in pesos – Maturity: 01-13-10						99,532
Central Bank of Argentina Internal bills in pesos – Maturity: 02-10-10						98,528
Central Bank of Argentina Internal bills in pesos – Maturity: 05-05-10						95,608
Subtotal Central Bank of Argentina Internal Bills – Unlisted – Own Portfolio				2,991,605		2,246,840
Central Bank of Argentina notes - Listed - Own portfolio
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 03-25-10						34,200
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 02-10-10						23,101
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-06-10						7,728
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-20-10						3,435
Subtotal Central Bank of Argentina notes - Listed - Own portfolio						68,464
Subtotal instruments issued by the Central Bank of Argentina				4,130,237		2,525,977

Jorge H. Brito

Chairperson

- 75 - -

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2010			12/31/2009
Name	Market value	Book balance		Book balance
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)			4,130,237		2,525,977
Subtotal Central Bank of Argentina Notes – Under repo transactions
Central Bank of Argentina internal notes - Unlisted - Own portfolio
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 05-05-10			509,288		513,459
Central Bank of Argentina internal notes in pesos with variable BADLAR rate + 2,5% – Maturity: 07-21-2010			308,547
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 04-21-10			257,850		251,148
Central Bank of Argentina notes in pesos with variable BADLAR rate – Maturity: 05-18-11			3,133
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 04-21-10					449,873
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 01-13-10					360,842
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 02-17-10					344,377
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 01-20-10					204,745
Subtotal Central Bank of Argentina internal notes - Unlisted - Own portfolio			1,078,818		2,124,444
Total Instruments issued by the Central Bank of Argentina			5,209,055		4,650,421
Total Government securities			7,381,484		6,900,312
INVESTMENTS IN LISTED PRIVATE  SECURITIES					80,876
Total government and private securities (1)			7,381,484		6,981,188

(1)  As of March 31, 2010, and december 31, 2009,  the Bank booked allowances for impairment in value amounting to 47 and 44, respectively.

Jorge H. Brito

Chairperson

- 76 - -

 
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: May 19, 2010

MACRO BANK INC.

By: /s/

Name: Luis Cerolini

Title:   Director