SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

August 18, 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 of Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes o No x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes o No x

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

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

BANCO MACRO S.A.

Financial Statements as of June 30, 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 June 30, 2010, and the related statements of income, changes in shareholders’ equity and cash flows for the six-month period then ended. We have also performed a limited review of the accompanying consolidated balance sheet of BANCO MACRO S.A. and its subsidiaries as of June 30, 2010, and the related consolidated statements of income and cash flows for the six-month period then ended, which are disclosed as supplementary information. These financial statements are the responsibility of the Bank Management.

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

- 2 - -

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 six-month period ended June 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.

-3-

b) On August 6, 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 six-month period ended June 30, 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 June 30, 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 June 30, 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. 18,960,718, none of which was due as of that date.

City of Buenos Aires,

       August 4, 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

FINANCIAL STATEMENTS AS OF

JUNE 30, 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 JUNE 30, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	06/30/2010			12/31/2009
ASSETS
A.   CASH
Cash on hand		1,009,602			1,110,141
Due from banks and correspondents
Central Bank of Argentina		2,162,920			2,693,319
Local Other		47,375			11,299
Foreign		495,637			324,410
Other		246			237
		3,715,780			4,139,406
B.GOVERNMENT AND PRIVATE SECURITIES (Exhibit A)
Holdings in investment accounts					659,371
Holdings for trading or financial intermediation		2,141,337			1,114,043
Unlisted government securities		68,229			73,645
Instruments issued by the Central Bank of Argentina		5,008,881			4,565,724
less:  Allowances (Exhibit J)					(44	)
		7,218,447			6,412,739
C.LOANS (Exhibits B, C and D)
To the non-financial government sector		231,319			205,817
To the financial sector
Interfinancing (granted call)		25,000			50,000
Other financing to Argentine Financial Institutions		69,117			40,442
Accrued interest, adjustments, foreign exchange and quoted price differences receivables		276			474
To the non-financial private sector and foreign residents
Overdrafts		1,615,733			1,348,982
Documents		1,296,635			1,396,939
Mortgage loans		766,832			716,390
Pledged loans		293,504			261,251
Personal loans		3,952,249			3,400,982
Credit cards		949,011			893,450
Other (Note 6.1.)		2,622,531			2,075,770
Accrued interest, adjustments, foreign exchange and quoted price differences receivables		168,580			172,589
less:  Unearned discount		(18,666	)		(20,466	)
less:  Allowances (Exhibit J)		(391,171	)		(416,233	)
		11,580,950			10,126,387

Jorge H. Brito

Chairperson

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BALANCE SHEETS

AS OF JUNE 30, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	06/30/2010			12/31/2009
D.   OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina		2,013,916			1,259,703
Amounts receivable from spot and forward sales pending settlement		533,570			1,343
Securities and foreign currency receivable from spot and forward purchases pending settlement		171,427			592,941
Unlisted corporate bonds (Exhibits B, C and D)		152,904			30,104
Receivables from forward transactions without delivery of underlying asset		1,786			5,295
Other receivables not covered by debtors classification standards (Note 6.2)		618,120			547,927
Other receivables covered by debtors classification standards (Exhibits B, C and D)		59,395			65,461
less:  Allowances (Exhibit J)		(231,513	)		(230,655	)
		3,319,605			2,272,119
E.   ASSETS SUBJECT TO FINANCIAL LEASES
Assets subject to financial leases (Exhibits B, C and D)		206,065			242,550
less: Allowances (Exhibit J)		(2,497	)		(3,314	)
		203,568			239,236
F.INVESTMENTS IN OTHER COMPANIES  (Exhibit E)
In financial institutions		386,270			347,862
Other		38,741			50,192
less: Allowances (Exhibit J)		(664	)		(747	)
		424,347			397,307
G.   OTHER RECEIVABLES
Receivables from sale of assets (Exhibits B, C and D)		9,629			12,231
Minimum presumed income tax - Tax Credit					10,170
Other (Note 6.3.)		339,204			319,837
Accrued interest and adjustments receivable on receivables from sales of assets (Exhibits B, C and D)		616			481
Other accrued interest and adjustments receivable		73
less:  Allowances  (Exhibit J)		(13,790	)		(13,949	)
		335,732			328,770
H.BANK PREMISES AND EQUIPMENT, NET (Exhibit F)		388,524			396,645
I.OTHER ASSETS   (Exhibit F)		118,106			112,874
J.INTANGIBLE ASSETS  (Exhibit G)
Goodwill		50,829			55,045
Organization and development costs		163,142			147,568
		213,971			202,613
K.   ITEMS PENDING ALLOCATION		1,336			2,637
TOTAL ASSETS		27,520,366			24,630,733

Jorge H. Brito

Chairperson

- 2 - -

BALANCE SHEETS

AS OF JUNE 30, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	06/30/2010		12/31/2009
LIABILITIES
L.DEPOSITS (Exhibits H and I)
From the non-financial government sector		4,058,219		3,046,958
From the financial sector		14,017		14,046
From the non-financial private sector and foreign residents
Checking accounts		3,230,919		2,649,706
Savings accounts		3,332,421		3,177,739
Time deposits		7,440,753		7,138,604
Investment accounts		275,265		52,286
Other (Note 6.4.)		461,376		396,100
Accrued interest, adjustments, foreign exchange and quoted price differences payables		52,442		61,213
		18,865,412		16,536,652
M.   OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina (Exhibit I)
Other		1,710		1,849
Banks and International Institutions (Exhibit I)		31,814		219,743
Non-subordinated Corporate Bonds (Note 10. and Exhibit I)		615,390		601,016
Amounts payable for spot and forward purchases pending settlement		172,024		540,290
Securities and foreign currency to be delivered under spot and forward sales pending settlement		2,354,892		1,047,557
Financing received from Argentine financial institutions (Exhibit I)
Interfinancing - (received call)		54,778		145,000
Other financing received from Argentine Financial Institutions		18,167		18,957
Accrued interest payables		13		78
Receivables from forward transactions without delivery of underlying asset		15
Other (Note 6.5. and Exhibit I)		655,318		645,582
Accrued interest, adjustments, foreign exchange and quoted price differences payables (Exhibit I)		46,482		50,383
		3,950,603		3,270,455
N.   OTHER LIABILITIES
Other (Note 6.6.)		418,689		814,251
		418,689		814,251
O.PROVISIONS (Exhibit J)		80,050		74,411
P.SUBORDINATED CORPORATE BONDS (Note 10. and Exhibit I)		592,198		572,473
Q.   ITEMS PENDING ALLOCATION		2,931		3,690
TOTAL LIABILITIES		23,909,883		21,271,932
SHAREHOLDERS' EQUITY (As per related statement)		3,610,483		3,358,801
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		27,520,366		24,630,733

Jorge H. Brito

 Chairperson

- 3 - -

BALANCE SHEETS

AS OF JUNE 30, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	06/30/2010		12/31/2009
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS		9,978,494		10,311,074
Contingent		4,489,427		4,162,339
Guarantees received		3,838,810		3,656,155
Other not covered by debtors classification standards		289		359
Contingent debit-balance contra accounts		650,328		505,825
Control		5,106,185		5,126,009
Receivables classified as irrecoverable		769,387		784,046
Other (Note 6.7.)		4,057,148		4,080,777
Control debit-balance contra accounts		279,650		261,186
Derivatives		382,882		1,022,726
Notional value of put options taken (Note 11.d))		25,012		25,229
Notional value of forward transactions without delivery of underlying asset (Note 11.a))		56,917		461,234
Interest rate swap (Note 11.b))		157,505		157,917
Derivatives debit-balance contra accounts		143,448		378,346
CREDIT-BALANCE ACCOUNTS		9,978,494		10,311,074
Contingent		4,489,427		4,162,339
Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)		88,098		124,324
Other guarantees provided not covered by debtors classification standards		131,171		130,826
Other covered by debtors classification standards (Exhibits B, C and D)		431,059		250,675
Contingent credit-balance contra accounts		3,839,099		3,656,514
Control		5,106,185		5,126,009
Checks to be credited		279,650		261,186
Control credit-balance contra accounts		4,826,535		4,864,823
Derivatives		382,882		1,022,726
Notional value of call option sold (Note 11.e))		24,336		22,030
Notional value of put options sold (Note 11.c))		62,207		69,900
Notional value of forward transactions without delivery of underlying asset (Note 11.a))		56,905		286,416
Derivatives credit-balance contra account		239,434		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

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STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2010 AND 2009

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

(Figures stated in thousands of pesos)

	06/30/2010		06/30/2009 (1)
A.   FINANCIAL INCOME
Interest on cash and due from banks		18		37
Interest on loans to the financial sector		4,777		5,551
Interest on overdrafts		115,716		175,022
Interest on documents		68,945		103,006
Interest on mortgage loans		51,844		50,052
Interest on pledged loans		24,155		31,318
Interest on credit card loans		89,619		89,805
Interest on other loans		616,504		516,015
Interest on other receivables from financial intermediation		420		60
Income from government and private securities, net (Note 6.8.)		527,019		486,915
Income from guaranteed loans - Presidential Decree No. 1,387/01		589		3,155
CER (Benchmark Stabilization Coefficient) adjustment		2,787		7,438
CVS (Salary Variation Coefficient) adjustment		324		364
Difference in quoted prices of gold and foreign currency		85,078		81,399
Other (Note 6.9.)		56,155		192,844
		1,643,950		1,742,981
B.   FINANCIAL EXPENSE
Interest on checking accounts		3,449		8,032
Interest on savings accounts		9,049		8,064
Interest on time deposits		436,666		591,851
Interest on interfinancing  received loans (received call)		2,174		452
Interest on other financing from Financial Institutions		3		3
Interest on other liabilities from financial intermediation		31,395		42,404
Interest on subordinated bonds		28,254		26,714
Other interest		966		1,605
CER adjustment		2,800		2,516
Contribution to Deposit Guarantee Fund		15,033		13,460
Other (Note 6.10.)		72,248		65,566
		602,037		760,667
GROSS INTERMEDIATION MARGIN - GAIN		1,041,913		982,314
C.   PROVISION FOR LOAN LOSSES		56,130		46,538
D.   SERVICE-CHARGE INCOME
Related to lending transactions		33,229		22,556
Related to deposits		345,335		306,690
Other commissions		16,009		15,739
Other (Note 6.11.)		146,772		114,096
		541,345		459,081

(1) See Note 3.1.

Jorge H. Brito

Chairperson

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STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2010 AND 2009

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

(Figures stated in thousands of pesos)

	06/30/2010		06/30/2009 (1)
E.    SERVICE-CHARGE EXPENSE
Commissions		32,186		26,398
Other (Note 6.12.)		89,171		75,703
		121,357		102,101
F.    ADMINISTRATIVE EXPENSES
Personnel expenses		513,981		423,134
Directors' and statutory auditors' fees		17,564		25,258
Other professional fees		34,565		27,990
Advertising and publicity		21,139		16,329
Taxes		45,741		35,819
Depreciation of equipment		26,733		24,809
Amortization of organization costs		18,463		14,662
Other operating expenses (Note 6.13.)		105,884		90,242
Other		9,014		8,872
		793,084		667,115
NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		612,687		625,641
G.   OTHER INCOME
Income from long-term investments		42,591		65,703
Penalty interest		14,886		11,998
Recovered loans and allowances reversed		32,414		21,581
CER adjustments		63		31
Other (Note 6.14.)		38,517		26,953
		128,471		126,266
H.   OTHER EXPENSE
Penalty interest and charges payable to the Central Bank of Argentina		8		5
Charges for other receivables uncollectibility and other allowances		9,792		25,845
Amortization of differences related to court orders		8,160		8,863
Depreciation and loss of other assets		1,433		3,859
Goodwill amortization		4,216		4,216
Other (Note 6.15.)		9,978		15,174
		33,587		57,962
NET INCOME BEFORE INCOME TAX - GAIN		707,571		693,945
I.     INCOME TAX (Note 4.)		239,500		374,750
NET INCOME FOR THE PERIOD - GAIN		468,071		319,195

(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

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STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2010 AND 2009

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

(Figures stated in thousands of pesos)

	06/30/2010																			06/30/2009 (1)
							Earnings reserved
Changes	Capital stock		Stock issuance premium		Adjustments to Shareholders' equity		Legal		Subordinated Debt Instruments			Voluntary		Unappropriated earnings			Total			Total
Balances at the beginning of the fiscal year		594,485		398,750		4,511		613,753					211		1,747,091			3,358,801			2,821,911
Own shares reacquired																					(56,665	)
Distribution of Unappropriated earnings, which was approved by the shareholders’ meeting of April 6, 2010 and May 12, 2009, respectively:
-Legal Earning Reserved								150,387							(150,387	)
-Cash Dividends															(208,070	)		(208,070	)		(149,870	)
-Normative Earning Reserved										55,527					(55,527	)
-Tax on Personal Assests															(8,319	)		(8,319	)		(10,040	)
Reversal of special reserve from Corporate Bonds										(30,247	)				30,247
Net income for the period - Gain															468,071			468,071			319,195
Balances at the end of the period		594,485		398,750		4,511		764,140		25,280			211		1,823,106			3,610,483			2,924,531

(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

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STATEMENTS OF CASH FLOWS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2010 AND 2009

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

(Figures stated in thousands of pesos)

	06/30/2010			06/30/2009 (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		3,895,235			2,923,799
Net decrease in cash		(244,376	)		(159,473	)
CAUSES OF CHANGES IN CASH
Operating activities
Net collections/ (payments):
Government and private securities		1,585,204			(1,105,742	)
Loans
To the financial sector		1,302			84,718
To the non-financial government sector		(23,874	)		(27,204	)
To the non-financial private sector and foreign residents		(493,237	)		1,069,183
Other receivables from financial intermediation		(1,558,580	)		(752,033	)
Assets subject to financial leases		62,839			91,220
Deposits
From the financial sector		(28	)		(11,243	)
From the non-financial government sector		959,322			(270,130	)
From the non-financial private sector and foreign residents		913,213			991,486
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		(92,396	)		(24,519	)
Others (except liabilities included under financing activities)		(256,243	)		532,245
Collections related to service-charge income		539,100			456,677
Payments related to service-charge expenses		(120,840	)		(102,982	)
Administrative expenses paid		(775,532	)		(632,266	)
Payment of organization and development costs		(31,375	)		(17,603	)
Net collections related to punitive interest		14,878			11,993
Differences from payments related to court orders		(10,966	)		(14,296	)
Collections of dividends from other companies		15,766
Other collections related to other income and losses		36,929			8,439
Net payments from other operating activities		(42,368	)		(96,376	)
Payment of income tax		(566,879	)		(214,039	)
Net cash flows generated / (used) in operating activities		156,235			(22,472	)

(1) See Note 3.1.

Jorge H. Brito

Chairperson

- 8 - -

STATEMENTS OF CASH FLOWS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2010 AND 2009

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

(Figures stated in thousands of pesos)

	06/30/2010			06/30/2009 (1)
Investing activities
Net payments for bank premises and equipment		(17,008	)		(5,158	)
Net (payments)/collections for other assets		(7,919	)		4,989
Other payments for other investing activities		(132	)		(126	)
Net cash flows used in investing activities		(25,059	)		(295	)
Financing activities
Net collections/ (payments):
Non-subordinated corporate bonds		(27,959	)		(69,648	)
Central Bank of Argentina
Other Other		(139	)		(76,995	)
Banks and International Institutions		(189,237	)		(30,116	)
Subordinated corporate bonds		(29,214	)		(43,013	)
Financing received from Argentine financial institutions		(858	)		(4,738	)
Dividend payments		(208,070	)
Other payments for financing activities
Own shares reacquired					(56,665	)
Net cash flows used in financing activities		(455,477	)		(281,175	)
Financial income and holding gains on cash and cash equivalents		79,925			144,469
Net decrease in cash		(244,376	)		(159,473	)

(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 theses financial statements

Jorge H. Brito

Chairperson

- 9 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 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 June 30, 2010 and December 31, 2009, the deposits of the Misiones Provincial Government amounted to 807,093 and 458,678 (including 62,323 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.

- 10 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

As of June 30, 2010 and December 31, 2009, the deposits of the Salta Provincial Government amounted to 612,446 and 259,912 (including 107,281 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.

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

As of June 30, 2010 and December 31, 2009, the deposits of the Jujuy Provincial Government amounted to 477,726 and 347,028 (including 60,609 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.

In addition, on June 30, 2010, the service agreement was extended through July 8, 2021.

As of June 30, 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 970,170 and 426,832 (including 292,977 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 June 30, 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 5,038 and 3,986 respectively.

Also, as of June 30, 2010 and 2009, the net income recorded through the method mentioned in the previous paragraph, amounted to 4,781 and 3,797, respectively.

- 11 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

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 June 30, 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 20 and 10, respectively.

As of June 30, 2010, net income booked according to the method mentioned in the previous paragraph totaled 4,131, while as of June 30, 2009, the Bank did not book any net income.

c) Banco Macro S.A. – Gestiva S.A.

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

As of June 30, 2010, the joint venture had not started its activities yet.

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.

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.)

- 12 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

2.7. Banco Privado de Inversiones S.A

After a period of negotiations, on March 30, 2010, 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. for USD 23.3 million. Banco Privado de Inversiones S.A. has a broad customer and corporate base that will allow the Bank to increase the credit card business volume in an area where the Bank considers appropriate to expand its business. The transaction will also allow Banco Macro S.A. to provide services to more customers with the current structure, to supplement business lines and achieve more economies of scale, facilitating a more efficient financing structure for Banco Privado S.A. and enabling its customers to access a broader geographic coverage network.

It is noteworthy that, based on the financial information provided by Banco Privado de Inversiones S.A. (unaudited information), as of March 31, 2010, such bank has assets amounting to 431,914, liabilities amounting to 408,119 and shareholders’ equity amounting to 23,795.

At the date of issuance of these financial statements, the BCRA has not issued in this respect.

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 June 30, 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 six-month period ended June 30, 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 June 30, 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 June 30, 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.

- 13 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

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.

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 of December 31, 2009 as “Special investment accounts”. 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 were lower than the book value, the accrual of the internal rate of return and the CER was recorded in a contra balance sheet account created for this purpose, until the book value equals the market value. This contra account was recognized in the income statement when the market value of the securities is above their book value.

- 14 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

In accordance with BCRA Communiqué “A” 5,024, the holdings 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. As of June 30, 2010, all 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.

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 June 30, 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.

- 15 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

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 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.

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

g)  Loans and deposits of government securities:

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

- 16 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

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 June 30, 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.

- 17 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

i) Assets subject to financial leases:

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

j) Investments in other companies:

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

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

i. In 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.

- 18 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

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.

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.).

- 19 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

r) Statement-of-income accounts:

r.1) The accounts comprising monetary transactions occurred in the period ended June 30, 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 and cash equivalents

The Bank considers “cash and cash equivalents” to include the following accounts: Cash and Government and private securities which mature less than 90 days as from their date of acquisition. As of June 30, 2010 and December 31, 2009, such securities total 179,455 and 205, respectively, while as of June 30, 2009, 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.

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

As of June 30, 2010, and 2009, the Bank accrued an income tax expense of 239,500 and 374,750, respectively; hence, no minimum presumed income tax should be assessed for such periods (see also note 6.6.).

Additionally, as of June 30, 2010, the Bank made income tax prepayments for 145,846 for the 2010 tax year, which were recorded in the Other receivables account.

Furthermore, as of June 30, 2010, and 2009, subsidiary Banco del Tucumán S.A. estimated income tax in the amount of 20,700 and 17,600, respectively; hence, no minimum presumed income tax should be assessed. In addition, as of June 30, 2010, it capitalized income tax prepayments in the amount of 8,735 for the 2010 tax year, which were recorded in the Other receivables account.

- 20 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

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, 2011.

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

The main items with differences in valuation matters as of June 30, 2010 compared to December 31, 2009, are as follows:

	Adjustments under professional accounting standards
	Stand-Alone financial statements									Consolidated financial statements
	To equity						To income			To equity						To income
Item	06/30/2010			12/31/2009			06/30/2010			06/30/2010			12/31/2009			06/30/2010
Government securities and assistance to the government sector (a)
Holdings in special investment accounts					237,913			(237,913	)					237,913			(237,913	)
Holdings of unlisted government securities		5,385			6,446			(1,061	)		9,165			9,160			5
Unlisted instruments issued by the Central Bank		(17,489	)		(3,470	)		(14,019	)		(17,669	)		(2,392	)		(15,277	)
Guaranteed loans – Presidential Decree No. 1,387/01		(16,504	)		8,817			(25,321	)		(16,522	)		8,805			(25,327	)
Business combinations (b)
Acquisition of Nuevo Banco Bisel S.A.		(123,448	)		(127,663	)		4,215			(123,448	)		(127,663	)		4,215
Acquisition of Banco del Tucumán S.A.		(3,003	)		(2,477	)		(526	)		(3,003	)		(2,477	)		(526	)
Other		(59,952	)		(67,070	)		7,118			(59,952	)		(67,070	)		7,118
Investments in other companies (c)		10,347			9,621			726
Intangible Assets – Organization and Development Costs (d)		(51,816	)		(48,998	)		(2,818	)		(52,883	)		(50,378	)		(2,505	)

- 21 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

	Adjustments under professional accounting standards
	Stand-Alone financial statements									Consolidated financial statements
	To equity						To income			To equity						To income
Item	06/30/2010			12/31/2009			06/30/2010			06/30/2010			12/31/2009			06/30/2010
Deferred assets – Income tax (e)		93,822			39,446			54,376			101,654			46,667			54,987
Other assets (f)		8,833			2,832			6,001			8,833			2,832			6,001
Liabilities - Provisions (g)		(53,097	)		(51,413	)		(1,684	)		(53,097	)		(51,413	)		(1,684	)
Total		(206,922	)		3,984			(210,906	)		(206,922	)		3,984			(210,906	)

a) Government securities and assistance to government sector: 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). According to professional accounting standards, those holdings booked in special investment accounts for which the Bank does not show intention of keeping through their maturity and holdings of unlisted government securities and instruments issued by the BCRA, should be valued at their market value, whereas holdings of guaranteed loans should be valued at their present value. 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.

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

c) Subsidiary Banco del Tucumán S.A. prepared its financial statements in conformity with BCRA rules, which differ from professional accounting standards.

d) Intangible assets: the Bank and its subsidiaries capitalized under “Intangible Assets” net of the related amortization amounts, the foreign exchange differences related to the reimbursement of certain deposits in foreign currency converted to pesos and the effect of court deposits dollarization. According to professional accounting standards, the above mentioned amounts are charged to expense.

- 22 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

e) Income tax: The Bank and its subsidiaries determine income tax applying the effective rate to the estimated taxable income, without considering the effect of the temporary differences between book and taxable income. According to professional accounting standards, income tax should be booked following deferred tax method, recognizing (as a receivable or payable) the tax effect of temporary differences between book and tax valuation of assets and liabilities, and subsequently charging them to income for the years in which such differences are reversed, considering the possibility of using net operating losses (NOLs) in the future.

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

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

If professional accounting standards would have been applied, the Bank’s shareholders' equity as of June 30, 2010 and December 31, 2009, would have decreased by around 206,922 and increased by around 3,984, respectively. Consequently, income for the periods ended June 30, 2010 and 2009, would have decreased by 210,906 and increased by 350,132, 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 goodwills (related to Banco del Tucumán S.A. and the merger of Nuevo Banco Bisel S.A.), and as of December 31, 2009 under Liability Provisions, a 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), such 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

	06/30/2010		12/31/2009
Other loans		1,671,651		1,525,768
Export financing and prefinancing		947,504		540,447
Documentary credits		3,376		86
Government securities				9,469
		2,622,531		2,075,770

- 23 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

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

	06/30/2010		12/31/2009
Certificates of participation in financial trusts		360,024		340,411
Debt securities in financial trusts		257,817		206,787
Other		279		729
		618,120		547,927

6.3) Other receivables – Other

Tax prepayments	148,433	162,099
Sundry receivables	107,826	93,222
Security deposits	40,714	38,107
Advanced payments	32,628	17,489
Other	9,603	8,920
	339,204	319,837

6.4) Deposits - Other

Expired time deposits	311,443	259,948
Unemployment fund for workers of the construction industry	83,765	75,323
Attachments	16,148	30,927
Special deposits related to inflows of foreign funds	5,537	7,440
Security deposits	2,198	2,158
Orders payable	379	437
Other	41,906	19,867
	461,376	396,100

6.5) Other liabilities from financial intermediation - Other

Other payment orders pending settlement	138,928	114,204
Other withholdings and additional withholdings	105,543	94,870
Collections and other transactions on account and behalf of others	94,298	70,084
Purchase financing payables	78,147	90,529
Purchase of preferred shares of former Nuevo Banco Bisel S.A.- SEDESA (see note 7.1.e))	74,519	74,519
Miscellaneous not subject to minimum cash requirements	49,437	126,561
Miscellaneous subject to minimum cash requirements	43,417	18,718
Retirement pension payment orders pending settlement	41,229	26,363
Other	29,800	29,734
	655,318	645,582

- 24 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

6.6) Other Liabilities - Other

	06/30/2010		12/31/2009
Taxes payable		317,913		682,215
Miscellaneous payables		49,314		50,942
Salaries and payroll taxes payable		23,802		51,366
Withholdings on salaries		17,366		14,030
Prepayment for the sale of assets		8,425		13,767
Other		1,869		1,931
		418,689		814,251

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

Checks and securities in custody	2,615,810	2,748,731
Checks not yet collected	631,407	587,927
Managed portfolios (see note 12)	362,783	375,029
Checks and securities to be debited	343,147	259,096
Checks and securities to be collected	104,001	109,994
	4,057,148	4,080,777

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

	06/30/2010		06/30/2009
Net income from government securities		508,977		402,919
Net income from participation in financial trusts		9,118		18,933
Other		8,924		65,063
		527,019		486,915

6.9) Financial income – Other

Income from assets subject to financial lease	20,864	31,721
Interest on loans for export prefinancing and financing	14,225	37,836
Premiums on reverse repurchase agreements with the financial sector	13,038	49,725
Other	8,028	73,562
	56,155	192,844

6.10) Financial expense – Other

Turnover tax	66,569	60,535
Premiums on repurchase agreements with the financial sector	2,195	1,175
Valuation allowance of loans to the government sector		3,735
Other	3,484	121
	72,248	65,566

- 25 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

6.11) Service-charge income - Other

	06/30/2010		06/30/2009
Debit and credit card income		91,965		74,916
Service commissions – joint ventures (see note 2.5)		14,978		6,975
Rental of safe deposit boxes		11,782		8,988
Other		28,047		23,217
		146,772		114,096

6.12) Service-charge expense - Other

Debit and credit card expense	35,146	29,174
Turnover tax	17,155	19,106
Collection agreements	14,481	13,350
Loan origination fees	10,889	3,922
Other	11,500	10,151
	89,171	75,703

6.13) Administrative expenses – Other operating expenses

Maintenance, conservation and repair expenses	34,370	27,237
Security services	24,919	19,896
Electric power and communications	20,988	20,229
Leases	17,129	14,958
Stationery and office supplies	4,501	4,807
Insurance	3,977	3,115
	105,884	90,242

6.14) Other income – Other

Other adjustments and interest on other receivables	5,083	5,498
Gain on transactions or sale of bank premises and equipment, and other assets	3,556	4,080
Services provided to Banco del Tucumán S.A.	2,899	2,721
Leases	263	409
Other	26,716	14,245
	38,517	26,953

6.15) Other expense – Other

Donations	3,888	1,748
Turnover tax	1,228	1,145
Other	4,862	12,281
	9,978	15,174

- 26 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 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 June 30, 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 28,946 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 8,866 and 27,128 (for a face value of 8,720 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 10,342 and 13,146 (for a face value of 10,400 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 10,500 and 10,591 (for a face value of 10,676 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 64,280 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 1,776 and 2,257, respectively.

7.2) Loans:

Agreements for loans backed by pledges and unsecured loans for 5,960 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 245,509 and 217,420, respectively.

b) Contributions to the Risk Fund of Garantizar S.G.R. (mutual guarantee association) for 10,192 and 10,000 respectively, 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 5,478 and 5,368, respectively, resulting from a contribution made by the Bank on December 31, 2008, in its capacity as contributory partner of such company. Such contribution may be fully or partially reimbursed once two 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 32,775 and 30,008, respectively

- 27 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

b) Other security deposits for 7,939 and 8,099, respectively.

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)		06/30/2010		12/31/2009
ASSETS
Cash				3,056						3,056		2,996
Loans								23,818		23,818		13,216
Other receivables from financial intermediation		40,690				27,834				68,524		70,105
Assets subject to financial leases								2,242		2,242		2,462
Other receivables		573								573		14,700
Items pending allocation		4								4		4
Total assets		41,267		3,056		27,834		26,060		98,217		103,483
LIABILITIES
Deposits				124		7,465		327,896		335,485		130,490
Other liabilities from financial intermediation		40,600				21,159				61,759		70,180
Other liabilities												64
Non subordinated corporate bonds				747						747
Total liabilities		40,600		871		28,624		327,896		397,991		200,734
MEMORANDUM ACCOUNTS
Debit-balance accounts –Contingent								176,897		176,897
Debit-balance accounts –Control				112,423						112,423		432,639
Credit-balance accounts – Contingent		923		39,353		2,213				42,489		40,180

- 28 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 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)			06/30/2010			06/30/2009
INCOME (EXPENSE)
Financial income									222	(2)		222			1,664
Financial expense		(755	)						(1,247	)		(2,002	)		(2,665	)
Service-charge income		13			2		36		362			413			194
Other income		3,139										3,139			2,842
Total income (expense)		2,397			2		36		(663	)		1,772			2,035

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

(2) The Bank has recorded foreign currency trading transactions without delivery of the underlying asset and involving related parties, in its memorandum accounts. According to the Bank’s policy, they are matched in terms of amounts and maturity with transactions carried out with third parties who are not related parties. As of June 30, 2010 and 2009, the net intermediation income from such transaction generated earnings for the Bank of around 32 and 29, respectively.

9. CAPITAL STOCK

The Bank’s subscribed and paid-in capital as of June 30, 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 June 30, 2010	594,485

- 29 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

(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.

(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 06/30/2010		06/30/2010		12/31/2009
Subordinated	$	US 4,000,000	a)	$	US 200,000		511		963
Subordinated – Class 1	$	US 150,000,000	b.1)	$	US 150,000,000		591,687		571,510
Non Subordinated – Class 2	$	US 150,000,000	b.2)	$	US 106,395,000		433,041		418,257
Non Subordinated – Class 3	$	US 100,000,000	b.3)	$	US 63,995,000		198,419		198,478
Total							1,223,658		1,189,208

- 30 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

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 June 30, 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.

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.

- 31 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

- 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).

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 and the remaining amount is related to prior years).

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).

- 32 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

Positions of transactions effective as of June 30, 2010 and December 31, 2009, are as follows:

Transaction	06/30/2010			12/31/2009
Net liability position of repurchase agreements		(2,195,321	)		(454,961	)
Net asset position of forward transactions without delivery of the underlying asset (a)		12			174,818
Interest rate swaps (b)		157,505			157,917
Position of put options sold on Boden 2012 and 2013 coupons (c)		62,207			69,900
Position of put options taken (d)		25,012			25,229
Position of call options sold (e)		24,336			22,030

Net income (loss) resulting from these transactions for the period ended June 30, 2010 and 2009, amount to income (loss):

Transaction	06/30/2010			06/30/2009
Premiums on reverse repurchase agreements		13,144			49,756
Premiums on repurchase agreements		(2,195	)		(1,175	)
Interest rate swaps		(1,988	)		1,366
Forward foreign-currency transactions offset		6,426			64,799
Transactions with options		908			785
Total		16,295			115,531

(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.

Additionally, as of June 30, 2010, the Bank had forward Badlar rate trading transactions, (offsetting sales and purchases) which are agreed through MAE. The differences of such trading transactions are settled on a daily basis based on the prices agreed upon and their listed price upon maturity; the underlying asset is not delivered or received.

- 33 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 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. 42,505,000 and 41,917,000, respectively.

b.3) As of December 31, 2009, the Bank agreed on 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 expired 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 June 30, 2010, this is related to a put option purchased of trust securities to be issued by financial trust Fideicomiso Financiero Best Consumer Finance Series XII and which eventually could be received by the Bank as payment of the assignment value established in the assignment of rights agreement signed on June 30, 2010 with Banco de Servicios y Transacciones S.A. The initial price was established in 25,000, which will accrue a minimum applicable rate of 17,5%, compounded on a monthly basis. The option may be exercised within 180 days as from issuance, delivery and registration of the transacted securities under Banco Macro S.A.’s name. 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 taken 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 June 30, 2010 and December 31, 2009, the loans portfolio managed for principal and interest, after application adjustments, amounted to 14,329 and 14,359, respectively.

- 34 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

b) By virtue of the agreement formalized on August 11, 1998, between former Banco de Jujuy S.A. (which was absorbed by the Bank) and the 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 June 30, 2010 and December 31, 2009, the loans portfolio managed amounts to 42,646 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.

As of June 30, 2010 and December 31, 2009, the loans portfolio managed amounts to 76,812 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 June 30, 2010 and December 31, 2009, the portfolio managed by the Bank amounted to 111,283 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 June 30, 2010 and December 31, 2009, the portfolio managed by the Bank for principal and accrued interest amounted to 58,793 and 58,863, respectively.

f) As of June 30, 2010 and December 31, 2009, the Bank had under its management other portfolios for total amounts of 58,920 and 65,330, respectively.

- 35 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

Furthermore, as of June 30, 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 9,847 and 10,111, respectively.

b) The trust agreement Fideicomiso Financiero BATUC I for a total of 17,610 and 17,903, respectively.

13. MUTUAL FUNDS

As of June 30, 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		Assets (a)
Pionero Pesos		370,545,832		514,627		395,947
Pionero Renta Ahorro		26,911,553		41,348		40,692
Pionero Latam		2,140,953		8,038		7,644
Pionero F.F. – Fideicomiso Financieros		43,651,404		60,116		58,835
Pionero Renta		14,765,699		40,025		35,973
Pionero Acciones		1,495,108		3,303		3,122
Pionero Renta Dólares		4,233,872		7,662		6,898
Pionero América		383,949		1,640		1,487
Galileo Event Driven F.C.I.		13,339,466		93,810		87,449
Galileo Argentina F.C.I.		2,142,564		11,868		10,901

(a) These amounts reflect the mutual funds’ assets 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.

- 36 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

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 June 30, 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	06/30/2010		12/31/2009
Certificates of participation:
Luján  (a)		77,348		77,348
TST & AF (b)		37,414		3,116
Tucumán  (c)		12,063		25,163
Gas Tucumán I  (d)		7,250		8,730
Other  (e)		2,117		1,861
Subtotal certificates of participation		136,192		116,218
Debt securities:
Underwriting agreements  (f)		33,021		70,645
San Isidro  (g)		90,371		82,925
Galtrust (h)		76,035
Created by Decree 976-01  (i)		49,441		31,570
Water Infraestructure Trust Decree 1381/01 (j)		6,306
Confibono  (k)		1,679		12,709
Other		964		8,938
Subtotal debt securities		257,817		206,787
Total		394,009		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.

- 37 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

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 49,430. 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) TST & AF Trust

As of June 30, 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.

(c) 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 19,495.

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

(d) 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 21,646 which were assigned to Banco Macro S.A.; the residual value of which amounted to 6,706.

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

- 38 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

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

(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 June 30, 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 Tarjeta Shopping, 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. Subsequently, a real estate urbanization project was undertaken prior to the sale of the real property.

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

- 39 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OFJUNE 30, 2010

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

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

(h) Galtrust Financial Trust

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

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

As of the date of issuance of these financial statements, the Bank is the beneficiary of the 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) 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.

(k) 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.

- 40 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

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.

As of June 30, 2010 and December 31, 2009, the trusts’ assets managed amount to 340,739 and 383,533, 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:

- 41 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

(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 June 30, 2010 and December 31, 2009, the trusts’ assets managed amount to 239,694 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 June 2010 are listed below, indicating the balances as of month-end of the related accounts:

Item	Balance as of 06/30/2010
Cash
Cash on hand		1,009,602
Amounts in BCRA accounts		2,162,920
Other receivables from financial intermediation
Special guarantee accounts with the BCRA		245,509
Total		3,418,031

18. TAX CLAIMS

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

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

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

- 42 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

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

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

On June 29, 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.

b) AFIP challenged the income tax returns filed by Banco Macro S.A. for the fiscal years ended from December 31, 2002, through December 31, 2004, and the minimum presumed income tax settlement of the Bank 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.

c) 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 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.

d) 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.

In October 2009, the Bank partially joined the regularization system created by DGR CABA General Resolution No. 1,489/09.

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

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.

- 43 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

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, a worldwide economic deceleration was evidenced by stock indexes on international markets. 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. However, they have not fully recovered and there are still high volatility levels.

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. Subsequently, during the second quarter of 2010, the Argentine Government restructured of the government debt that had not been restructured upon the 2005 exchange.

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

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

Legal actions

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

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

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

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

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

- 44 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

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

As mentioned in notes 3.3.l.2), under BCRA Communiqués “A” 3,916 and “A” 4,686, as of June 30, 2010 and December 31, 2009, the Bank continued capitalizing in “Intangible assets” the amounts of 51,816 and 48,998 at stand-alone level, respectively, and a total of 53,003 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.

Additionally, as of June 30, 2010 and December 31, 2009, the Bank recorded the additional payables related to such regulation under the “Provisions” account in the amount of 9,722 and 9,415 at the stand-alone level, respectively, and a total of 20,678 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.

20. RESTRICTION ON EARNINGS DISTRIBUTION

a) Through Communiqué “A” 5,072, the Central Bank established the procedure that should be followed by the financial institutions in the distribution of earnings. 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 and differences resulting from dollarization of court deposits.

- The net positive difference between the book value and the market value, present value or discounted cash flow, as the case may be, of government debt securities and/ or Central Bank monetary regulation instruments.

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

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.

- 45 - -

NOTES TO THE FINANCIAL STATEMENTS

AS OF JUNE 30, 2010

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

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

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.

- 46 - -

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	06/30/2010				12/31/2009		06/30/2010
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 – Maturity: 2014						222,169
Federal government bonds in pesos at BADLAR Private + 2,75  – Maturity: 2014						191,384
Secured bonds under Presidential Decree No. 1,579/02						178,979
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
Federal government bonds in US dollars at LIBOR - Maturity: 2012						1,784
Par bonds denominated in US dollars - Maturity: 2038 (governed by Argentine legislation)						1,594
Federal government bonds in US dollars at LIBOR - Maturity: 2013						562
Par bonds denominated in US dollars - Maturity: 2038 (governed by New York State legislation)						461
Subtotal holdings in investment accounts						659,371
Holdings for trading or financial intermediation
- Local
Discount bonds denominated in pesos - Maturity: 2033		1,811,042		1,811,042		1,822		6,205				6,205
Federal government bonds in pesos at BADLAR Private + 2,75  – Maturity: 2014		183,242		183,242		1,463		186,484				186,484
Federal government bonds in US dollars at LIBOR - Maturity: 2012		59,987		59,987		52,603		3,222		27,160		30,382
Secured bonds under Presidential Decree No. 1,579/02		43,808		43,808		153		31,627				31,627
Consolidation bonds in pesos – Fourth series at 2%		22,663		22,663		599		1,121				1,121
Federal government bonds in pesos at BADLAR Private + 300 Pbs  – Maturity: 2015		7,045		7,045		1,064		7,065				7,065
Consolidation bonds of social security payables in pesos – Fourth Series		5,074		5,074		610		823				823
Federal government bonds in pesos – Maturity: 2014		5,008		5,008		6,577		5,423				5,423
Consolidation bonds in pesos – Sixth series		1,467		1,467		382		1,070				1,070
Par bonds denominated in pesos - Maturity: 2038		1,070		1,070		261		45				45
Federal government bonds in US dollars at 7% - Maturity: 2017						1,046,220
Other		931		931		2,289		8,931		34,534		43,465
Subtotal holdings for trading or financial intermediation				2,141,337		1,114,043		252,016		61,694		313,710
Unlisted government securities
- Local
Federal Government bonds in pesos at Badlar private + 3,50 - Maturity: 2013				41,275		44,541		41,275				41,275
Debt Securities at 12% in US dollars Córdoba Province - Maturity: 2017				18,530		19,160		18,530				18,530
Federal government bonds in pesos at  variable rate - Maturity: 2013				8,137		9,738		8,137				8,137
Consolidation bonds in pesos – Second series at 2%				240		199		240				240
Discount bonds denominated in pesos - Maturity: 2033 (Governed by Argentine legislation)				35				35				35
Federal Government International bonds in US dollars at 8,75% - Maturity: 2017				11				11				11
Other				1		7		1				1
Subtotal unlisted government securities				68,229		73,645		68,229				68,229

Jorge H. Brito

Chairperson

- 47 - -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	06/30/2010				12/31/2009		06/30/2010
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 Bills - Under Repo Transactions
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-27-11				294,371
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-01-10				28,277
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-29-10				20,143
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-06-10				8,730
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-09-10				7,671
Subtotal Central Bank of Argentina Bills - Under repo Transactions				359,192
Central Bank of Argentina Internal Bills – Listed – Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-21-10		377,899		377,899				377,899			377,899
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-28-10		139,636		139,636				180,326			180,326
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-15-10		20,519		20,519				20,519			20,519
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-22-10		11,698		11,698				11,698			11,698
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-28-10						196,021
Subtotal Central Bank of Argentina Internal Bills – Listed – Own Portfolio				549,752		196,021		590,442			590,442
Central Bank of Argentina Internal Bills - Unlisted - Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-07-10				454,043				454,043			454,043
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-04-10				395,674				395,674			395,674
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-06-10				387,027				387,027			387,027
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-27-10				307,396				307,396			307,396
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-18-10				275,821				275,821			275,821
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-14-10				248,874				248,874			248,874
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-01-10				32,340				32,340			32,340
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-20-10				21,676				21,676			21,676
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-25-10				19,644				19,644			19,644
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-11-10				16,772				16,772			16,772
Central Bank of Argentina Internal Bills in pesos – Maturity: 05-19-10						733,492
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				2,159,267		2,246,840		2,159,267			2,159,267
Central Bank of Argentina notes - Listed - Own portfolio
Central Bank of Argentina Notes in pesos with variable coupon (BADLAR rate) – Maturity: 05-18-11		3,048		3,048				3,048			3,048
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				3,048		68,464		3,048			3,048
Subtotal Instruments issued by the Central Bank of Argentina				3,071,259		2,511,325		2,752,757			2,752,757

Jorge H. Brito

Chairperson

- 48 - -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	06/30/2010			12/31/2009		06/30/2010
Name	Market value	Book balance		Book balance		Position without options (1)		Options	Final position
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)			3,071,259		2,511,325		2,752,757			2,752,757
Central Bank of Argentina Notes - Unlisted - Own portfolio
Central Bank of Argentina Internal Notes in pesos with variable coupon (BADLAR rate) – Maturity: 11-21-10			964,949				964,948			964,948
Central Bank of Argentina Internal Notes in pesos with variable coupon (BADLAR rate) – Maturity: 09-29-10			464,156				464,156			464,156
Central Bank of Argentina Internal Notes in pesos with variable coupon (BADLAR rate) – Maturity: 07-21-10			307,391				307,391			307,391
Central Bank of Argentina Internal Notes in pesos with variable coupon (BADLAR rate) - Maturity: 12-22-10			201,126				201,126			201,126
Central Bank of Argentina Internal Notes in pesos with variable coupon (BADLAR rate) – Maturity: 05-05-10					513,459
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: 04-21-10					251,148
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			1,937,622		2,054,399		1,937,621			1,937,621
Total Instruments issued by the Central Bank of Argentina			5,008,881		4,565,724		4,690,378			4,690,378
Total Government securities			7,218,447		6,412,783		5,010,623	61,694		5,072,317
Total government and private Securities (2)			7,218,447		6,412,783		5,010,623	61,694		5,072,317

(1) Position without options as of June 30, 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 repurchase 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 December 31, 2009 the Bank booked allowances for impairment in value amounting to 44 (see Exhibit J).

Jorge H. Brito

Chairperson

- 49 - -

EXHIBIT B

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF JUNE 30, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	06/30/2010		12/31/2009
COMMERCIAL
In normal situation		6,212,319		5,045,066
With Senior “A” guarantees and counter-guarantees		204,713		215,706
With Senior “B” guarantees and counter-guarantees		842,815		635,715
Without Senior guarantees or counter-guarantees		5,164,791		4,193,645
Subject to special monitoring		117,024		114,424
In observation
With Senior “B” guarantees and counter-guarantees		12,821		5,805
Without Senior guarantees or counter-guarantees		85,191		104,281
In negociation or with rollover agreement
With Senior “B” guarantees and counter-guarantees				3,932
Without Senior guarantees or counter-guarantees		19,012		406
Troubled		6,194		50,101
With Senior “B” guarantees and counter-guarantees		4,386		7,446
Without Senior guarantees or counter-guarantees		1,808		42,655
With high risk of insolvency		75,637		54,398
With Senior “A” guarantees and counter-guarantees				561
With Senior “B” guarantees and counter-guarantees		10,914		8,168
Without Senior guarantees or counter-guarantees		64,723		45,669
Irrecoverable		20,497		12,744
With Senior “B” guarantees and counter-guarantees		5,199		2,429
Without Senior guarantees or counter-guarantees		15,298		10,315
Subtotal Commercial		6,431,671		5,276,733

Jorge H. Brito

Chairperson

- 50 - -

EXHIBIT B

(Continued)

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF JUNE 30, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	06/30/2010		12/31/2009
CONSUMER
Performing		6,181,783		5,646,031
With Senior “A” guarantees and counter-guarantees		19,390		27,802
With Senior “B” guarantees and counter-guarantees		598,793		694,309
Without Senior guarantees or counter-guarantees		5,563,600		4,923,920
Low risk		86,595		92,514
With Senior “A” guarantees and counter-guarantees		94		23
With Senior “B” guarantees and counter-guarantees		9,464		11,912
Without Senior guarantees or counter-guarantees		77,037		80,579
Medium risk		66,982		81,561
With Senior “A” guarantees and counter-guarantees		1
With Senior “B” guarantees and counter-guarantees		6,571		12,836
Without Senior guarantees or counter-guarantees		60,410		68,725
High risk		106,824		125,204
With Senior “A” guarantees and counter-guarantees				191
With Senior “B” guarantees and counter-guarantees		7,078		11,505
Without Senior guarantees or counter-guarantees		99,746		113,508
Irrecoverable		45,773		46,061
With Senior “A” guarantees and counter-guarantees		33
With Senior “B” guarantees and counter-guarantees		10,777		9,477
Without Senior guarantees or counter-guarantees		34,963		36,584
Irrecoverable according to Central Bank's rules		259		342
With Senior “A” guarantees and counter-guarantees				2
Without Senior guarantees or counter-guarantees		259		340
Subtotal Consumer		6,488,216		5,991,713
Total		12,919,887		11,268,446

Jorge H. Brito

Chairperson

- 51 - -

EXHIBIT C

FINANCING-FACILITIES CONCENTRATION

AS OF JUNE 30, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	06/30/2010				12/31/2009
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		1,684,326		13.04		1,536,292		13.63
50 next largest customers		2,012,957		15.58		1,656,436		14.70
100 next largest customers		1,094,063		8.47		898,944		7.98
Other customers		8,128,541		62.91		7,176,774		63.69
Total		12,919,887		100.00		11,268,446		100.00

Jorge H. Brito

Chairperson

- 52 - -

EXHIBIT D

BREAKDOWN BY FINANCING TERMS

AS OF JUNE 30, 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		12		5,787		158,021		66,209		12,703		23,193		184,471		450,396
Financial sector				27,022		14,223		18,438		31,615		25,942		10,012		127,252
Non-financial private sector and foreign residents		253,019		3,232,997		1,369,181		1,603,392		1,524,512		1,759,433		2,599,705		12,342,239
Total		253,031		3,265,806		1,541,425		1,688,039		1,568,830		1,808,568		2,794,188		12,919,887

Jorge H. Brito

Chairperson

- 53 - -

EXHIBIT E

DETAIL OF INVESTMENTS IN OTHER COMPANIES

AS OF JUNE 30, 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
	06/30/2010									12/31/2009		Datafromlatestfinancialstatements
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		211,855		182,755	Financial institution	06/30/2010		43,960		235,573		32,358
Macro Securities S.A. Sociedad de Bolsa	Common		1		1		12,776,680		20,032		28,374	Brokerage house	06/30/2010		12,886		20,015		2,409
Sud Inversiones & Análisis S.A.	Common		1		1		6,475,143		11,887		14,509	Services	06/30/2010		6,567		11,753		787
Macro Fondos S.G.F.C.I.S.A.	Common		1		1		327,183		1,000		1,503	Mutual funds management	06/30/2010		1,713		5,198		1,856
Foreign
Macro Bank Limited	Common		1		1		9,816,899		173,865		164,576	Financial institution	06/30/2010		9,817		173,865		9,289
Subtotal subsidiaries									418,639		391,717
- Non-subsidiaries
In Argentina
Banelco S.A.	Common		1		1		1,071,716		2,500		2,500	Network administration	12/31/09		23,599		61,176		15,838
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		77,942		119		119	Financial Services	12/31/09		1,000		2,033		200
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	Mutual guarantee association	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	Mutual guarantee association	12/31/09		8,335		224,988		7,204
Foreign
Banco Latinoamericano de Exportaciones S.A.	Common		10		1		7,303		310		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		228		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									5,022		5,002
Total in financial institutions, supplementary  and authorized activities									423,661		396,719
In other companies
- Non-subsidiaries
In Argentina
Other									1,331		1,316
Foreign
SWIFT S.A.	Common		1		1		3		19		19	Services	12/31/09		744,150		1,553,963		83,800
Total in other companies									1,350		1,335
Total (1)									425,011		398,054

(1) As of June 30, 2010 and December 31, 2009,  the Bank booked allowances for impairment in value amounting for 664 and 747, respectively (see Exhibit J).

Jorge H. Brito

Chairperson

- 54 - -

 

EXHIBIT F

MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS

AS OF JUNE 30, 2010

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

(Figures stated in thousands of pesos)

										Depreciationfor theperiod
	Net book value at beginning of									Years of useful				Net book value at end of the
Item	fiscal year		Increases		Transfers			Decreases		life		Amount		period
Bank premises and equipment
Buildings		266,952		4,412		1,604			2,140		50		5,068		265,760
Furniture and facilities		31,016		4,416							10		2,588		32,844
Machinery and equipment		80,702		9,148							5		15,630		74,220
Vehicles		17,975		1,216					44		5		3,447		15,700
Total		396,645		19,192		1,604			2,184				26,733		388,524
Other assets
Works in progress		15,088		8,299		(703	)		77						22,607
Works of art		1,195		22											1,217
Prepayments for the purchase of assets		1,335													1,335
Foreclosed assets		17,816		127					4,352		50		159		13,432
Leased buildings		3,723							1,147		50		43		2,533
Stationery and office supplies		2,770		8,954					7,461						4,263
Other assets		70,947		4,206		(901	)		652		50		881		72,719
Total		112,874		21,608		(1,604	)		13,689				1,083		118,106

Jorge H. Brito

Chairperson

- 55 - -

EXHIBIT G

DETAIL OF INTANGIBLE ASSETS

AS OF JUNE 30, 2010

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

(Figures stated in thousands of pesos)

	Net book value at					Amortization for the period				Net book
	beginning of					useful				value at end
Item	fiscal year		Increases		Decreases	life		Amount		of the period
Goodwill (1)		55,045					10		4,216		50,829
Organization and development costs (2)		147,568		42,197			5		26,623		163,142
Total		202,613		42,197					30,839		213,971

(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) 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

- 56 - -

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF JUNE 30, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	06/30/2010				12/31/2009
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		3,764,515		19.95		2,827,065		17.10
50 next largest customers		1,781,583		9.44		1,657,156		10.02
100 next largest customers		1,094,415		5.80		1,004,916		6.08
Other customers		12,224,899		64.81		11,047,515		66.80
Total		18,865,412		100.00		16,536,652		100.00

Jorge H. Brito

Chairperson

- 57 - -

EXHIBIT I

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND

SUBORDINATED CORPORATE BONDS

AS OF JUNE 30, 2010

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

(Figures stated in thousands of pesos)

	Termsremainingtomaturity
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		14,056,970		2,716,101		989,185		682,681		412,415		8,060		18,865,412
Other liabilities from financial intermediation
Central Bank of Argentina		1,176						109				425		1,710
Banks and International Institutions		11,672		12,060		5,993		2,245						31,970
Non-subordinated corporate bonds				14,717		1,353				197,066		418,324		631,460
Financing received from Argentine financial institutions		55,308		744		1,116		2,232		4,464		39,350		103,214
Other		573,436		729		708		1,661		2,097		76,687		655,318
		641,592		28,250		9,170		6,247		203,627		534,786		1,423,672
Subordinated corporate bonds				511		1,917						589,770		592,198
Total		14,698,562		2,744,862		1,000,272		688,928		616,042		1,132,616		20,881,282

Jorge H. Brito

Chairperson

- 58 - -

EXHIBIT J

CHANGES IN ALLOWANCES AND PROVISIONS

AS OF JUNE 30, 2010

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

(Figures stated in thousands of pesos)

	Balances at beginning of		Increases		Decreases				Balances at end of the
Breakdown	fiscal year		(1)		Charge off		Reversals		period
ALLOWANCES
Government and private securities
For impairment in value		44		3				47
Loans
For uncollectibility risk and impairment in value		416,233		61,238		67,956		18,344		391,171
Other receivables from financial intermediation
For uncollectibility risk and impairment in value		230,655		2,566		668		1,040		231,513
Assets subject to financial leases
For uncollectibility risk		3,314						817		2,497
Investments in other companies
For impairment in value		747						83		664
Other receivables
For uncollectibility risk		13,949		114		106		167		13,790
Total allowances		664,942		63,921		68,730		20,498		639,635
PROVISIONS
Contingent commitments		966						128		838
For negative goodwill		483						483
For other contingencies		63,547		9,405		3,362		100		69,490
Difference from court deposits dollarization		9,415		381				74		9,722
Total liabilities		74,411		9,786		3,362		785		80,050

(1) See note 3.3.f). and 3.3.o).

Jorge H. Brito

Chairperson

- 59 - -

EXHIBIT K

CAPITAL STRUCTURE

AS OF JUNE 30, 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

- 60 - -

EXHIBIT L

FOREIGN CURRENCY BALANCES

AS OF JUNE 30, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	06/30/2010																						12/31/2009
	Total Parent
	company and		Total per currency
	Argentine				Pound		Swiss		Danish		Canadian		Australian				Swedish		Norwegian
Items	branches		US dollar		sterling		franc		krone		dollar		dollar		Yen		krone		krone		Euro		Total
ASSETS
Cash		1,881,124		1,841,178		156		282		53		101		288		169		8		62		38,827		2,021,681
Government and private securities		78,799		78,799																				1,162,697
Loans		2,037,789		2,037,241																		548		1,825,296
Other receivables from financial intermediation		2,144,704		2,129,648		588																14,468		1,154,897
Assets subject to financial leases		65,715		65,715																				72,334
Investments in other companies		174,434		174,434																				165,126
Other receivables		36,035		36,033																		2		28,816
Items pending allocation		269		269																				210
Total		6,418,869		6,363,317		744		282		53		101		288		169		8		62		53,845		6,431,057
LIABILITIES
Deposits		3,039,630		3,039,630																				2,926,410
Other liabilities from financial intermediation		729,429		680,810		123		95				18								18		48,365		1,845,306
Other liabilities		3,128		3,128																				3,233
Subordinated corporate bonds		591,687		591,687																				571,510
Items pending allocation		30		30																				2
Total		4,363,904		4,315,285		123		95				18								18		48,365		5,346,461
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS
(except contra debit-balance accounts)
Contingent		814,421		814,412																		9		780,318
Control		1,018,320		998,546		192		2				94										19,486		983,670
Derivatives		42,505		42,505																				41,917
CREDIT-BALANCE ACCOUNTS
(except contra credit-balance accounts)
Contingent		480,680		473,888																		6,792		337,795
Derivatives		24,336		24,336																				22,030

Jorge H. Brito

Chairperson

- 61 - -

EXHIBIT N

CREDIT ASSISTANCE TO RELATED PARTIES

AS OF JUNE 30, 2010 AND DECEMBER 31, 2009

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

(Figures stated in thousands of pesos)

	06/30/2010		12/31/2009
Item	Total (1)		Total (1)
Loans
Overdrafts		827		1,374
Without Senior guarantees or counter-guarantees		827		1,374
Documents		30		1,092
Without Senior guarantees or counter-guarantees		30		1,092
Mortgage and pledged		856		1,148
With Senior “B” guarantees and counter-guarantees		856		1,105
Without Senior guarantees or counter-guarantees				43
Credit cards		796		7,487
Without Senior guarantees or counter-guarantees		796		7,487
Other		8,645		1,184
Without Senior guarantees or counter-guarantees		8,645		1,184
Total loans		11,154		12,285
Other receivables from financial intermediation		6,014		6,003
Assets subject to financial leases and other		1,989		2,143
Contingent Commitments		47,312		45,356
Investments in other companies		419,262		392,340
Total		485,731		458,127
Allowances / Provisions		300		313

(1) As of June 30, 2010, and December 31, 2009 all debtors are classified in performing situation.

Jorge H. Brito

Chairperson

- 62 - -

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF JUNE 30, 2010

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

(Figures stated in thousands of pesos)

Originally

agreed

Residual

Weighted daily

Type of

Purpose of the transactions

Underlying

Type of

Negotiation environment

weighted monthly

weighted monthly

average term of settlement of

contract

performed

asset

settlement

or counter-party

average term

average term

differences

Amount

Intermediation

Argentine

Over The Counter  - Residents

Options

- own account

government securities

Other

in Argentina - Non-financial sector

126

30

62,207

Intermediation

With delivery of

Over The Counter  - Residents

Options

- own account

Other

underlying asset

in Argentina - Non-financial sector

12

5

49,348

Intermediation

Argentine

With delivery of

MAE (over-the-counter

Repo transactions

- own account

government securities

underlying asset

electronic market)

1

1

1,982,331

Intermediation

Argentine

With delivery of

Over The Counter - Residents

Repo transactions

- own account

government securities

underlying asset

in Argentina - Financial Sector

1

1

294,371

Intermediation

Foreign

Daily settlement of

Rosario Futures

Futures

- own account

currency

differences

Exchange (ROFEX)

3

2

1

39,988

Intermediation

Foreign

Daily settlement of

MAE (over-the-counter

Futures

- own account

currency

differences

electronic market)

6

2

1

11,929

Intermediation

Daily settlement of

MAE (over-the-counter

Futures

- own account

Other

differences

electronic market)

7

6

1

10,000

Intermediation

Foreign

Maturity settlement

Over The Counter  - Residents

Forward

- own account

currency

of differences

in Argentina - Non-financial sector

4

2

30

51,905

Intermediation

Maturity settlement

Over The Counter  - Residents

Swaps

- own account

Other

of differences

in Argentina - Non-financial sector

132

99

90

42,505

Intermediation

MAE (over-the-counter

Swaps

- own account

Other

Other

electronic market)

50

40

30

115,000

Jorge H. Brito

Chairperson

- 63 - -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 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)

		06/30/2010			12/31/2009
ASSETS
A.	CASH
	Cash on hand		1,113,597			1,304,922
	Due from banks and correspondents
	Central Bank of Argentina		2,421,329			2,910,020
	Local Other		47,485			11,454
	Foreign		924,985			789,559
	Other		246			237
			4,507,642			5,016,192
B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit I)
	Holdings in investment accounts					659,371
	Holdings for trading or financial intermediation		2,426,454			1,511,071
	Unlisted government securities		73,020			79,449
	Instruments issued by the Central Bank of Argentina		5,538,699			4,650,421
	Investments in listed private securities					773
	less:  Allowances (Note 3.)					(44	)
			8,038,173			6,901,041
C.	LOANS
	To the non-financial government sector		231,834			206,484
	To the financial sector
	Interfinancing - (granted call)		51,000			50,000
	Other financing to Argentine financial institutions		69,117			40,442
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		283			474
	To the non-financial private sector and foreign residents
	Overdrafts		1,671,842			1,436,292
	Documents		1,326,259			1,412,551
	Mortgage loans		791,168			746,762
	Pledged loans		295,100			262,508
	Personal loans		4,668,129			4,006,592
	Credit cards		1,021,873			950,098
	Other		2,739,846			2,271,756
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		184,659			182,168
	less:  Unposted payments		(29	)		(29	)
	less:  Unearned discount		(19,624	)		(21,246	)
	less:  Allowances (Note 3.)		(420,118	)		(448,045	)
			12,611,339			11,096,807

Jorge H. Brito

Chairperson

- 64 - -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 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)

		06/30/2010			12/31/2009
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		2,039,075			1,284,709
	Amounts receivable from spot and forward sales pending settlement		865,852			37,042
	Securities and foreign currency receivable from spot and forward purchases pending settlement		142,639			536,560
	Unlisted corporate bonds		283,363			123,793
	Receivables from forward transactions without delivery of underlying asset		1,786			5,295
	Other receivables not covered by debtors classification standards		701,762			635,280
	Other receivables covered by debtors classification standards		66,266			69,296
	Accrued interest receivables covered by debtors classification standards		6
	less:  Allowances (Note 3.)		(232,915	)		(231,219	)
			3,867,834			2,460,756
E.	ASSETS SUBJECT TO FINANCIAL LEASES
	Assets subject to financial leases		211,782			250,239
	less:  Allowances (Note 3.)		(2,767	)		(3,649	)
			209,015			246,590
F.	INVESTMENTS IN OTHER COMPANIES
	In financial institutions		549			531
	Other		10,941			10,925
	less:  Allowances (Note 3.)		(1,727	)		(1,497	)
			9,763			9,959
G.	OTHER RECEIVABLES
	Receivables from sale of assets		9,629			12,231
	Minimum presumed income tax - Tax Credit		110			10,280
	Other		363,256			357,483
	Accrued interest and adjustments receivable on receivables from sale of assets		616			481
	Other accrued interest and adjustments receivables		73
	less:  Allowances (Note 3.)		(13,821	)		(13,980	)
			359,863			366,495
H.	BANK PREMISES AND EQUIPMENT, NET		426,510			433,625
I.	OTHER ASSETS		119,275			114,342
J.	INTANGIBLE ASSETS
	Goodwill		50,829			55,045
	Organization and development costs		170,804			155,529
			221,633			210,574
K.	ITEMS PENDING ALLOCATION		1,718			2,857
TOTAL ASSETS			30,372,765			26,859,238

Jorge H. Brito

Chairperson

- 65 - -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 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)

LIABILITIES		06/30/2010		12/31/2009
L.	DEPOSITS
	From the non-financial government sector		5,134,544		3,613,924
	From the financial sector		14,203		14,052
	From the non-financial private sector and foreign residents
	Checking accounts		3,716,734		3,275,826
	Savings accounts		3,523,214		3,445,577
	Time deposits		8,090,918		7,711,471
	Investment accounts		275,265		52,286
	Other		486,191		416,503
	Accrued interest, adjustments, foreign exchange and quoted price differences payables		54,377		63,227
			21,295,446		18,592,866
M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina
	Other		1,742		1,897
	Banks and International Institutions		31,814		219,743
	Non-subordinated Corporate Bonds		615,390		601,016
	Amounts payable for spot and forward purchases pending settlement		131,719		492,183
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		2,691,017		1,076,047
	Put options sold premiums				80
	Financing received from Argentine financial institutions
	Interfinancing (received call)		54,778		145,000
	Other financing received from Argentine financial Institutions		18,167		18,957
	Accrued interest payables		13		78
	Receivables from forward transactions without delivery of underlying asset		15
	Other		700,878		732,686
	Accrued interest, adjustments, foreign exchange and quoted price differences payables		46,482		50,383
			4,292,015		3,338,070
N.	OTHER LIABILITIES
	Fees		258		624
	Other		460,361		883,458
			460,619		884,082
O.	PROVISIONS (Note 3.)		95,743		88,275
P.	SUBORDINATED CORPORATE BONDS		591,451		572,473
Q.	ITEMS PENDING ALLOCATION		3,109		3,987
	MINORITY INTERESTS IN SUBSIDIARIES		23,899		20,684
	TOTAL LIABILITIES		26,762,282		23,500,437
	SHAREHOLDERS' EQUITY		3,610,483		3,358,801
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			30,372,765		26,859,238

Jorge H. Brito

Chairperson

- 66 - -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF JUNE 30, 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)

		06/30/2010		12/31/2009
MEMORANDUM ACCOUNTS
	DEBIT-BALANCE ACCOUNTS		12,243,124		12,204,355
	Contingent		4,711,011		4,430,261
	Guarantees received		4,097,035		3,963,188
	Other not covered by debtors classification standards		289		359
	Contingent debit-balance contra accounts		613,687		466,714
	Control		6,406,448		6,152,834
	Receivables classified as irrecoverable		788,598		797,220
	Other		5,338,200		5,094,428
	Control debit-balance contra accounts		279,650		261,186
	Derivatives		382,882		1,033,601
	Notional value of call options sold		25,012		25,229
	Notional value of forward transactions without delivery of underlying asset		56,917		461,234
	Interest rate swap		157,505		157,917
	Derivatives debit-balance contra accounts		143,448		389,221
	Trust activity		742,783		587,659
	Trust funds		742,783		587,659
	CREDIT-BALANCE ACCOUNTS		12,243,124		12,204,355
	Contingent		4,711,011		4,430,261
	Other guarantees provided covered by debtors classification standards		46,265		85,213
	Other guarantees provided not covered by debtors classification standards		131,171		130,826
	Other covered by debtors classification standards		436,251		250,675
	Contingent credit-balance contra accounts		4,097,324		3,963,547
	Control		6,406,448		6,152,834
	Checks to be credited		279,650		261,186
	Control credit-balance contra accounts		6,126,798		5,891,648
	Derivatives		382,882		1,033,601
	Notional value of put options taken		24,336		32,905
	Notional value of put options sold		62,207		69,900
	Notional value of forward transactions without delivery of underlying asset		56,905		286,416
	Derivatives credit-balance contra account		239,434		644,380
	Trust activity		742,783		587,659
	Trust activity credit-balance contra accounts		742,783		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

- 67 - -

CONSOLIDATED STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 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)

		06/30/2010		06/30/2009 (1)
A.	FINANCIAL INCOME
	Interest on cash and due from banks		18		166
	Interest on loans to the financial sector		4,951		5,828
	Interest on overdrafts		122,952		182,426
	Interest on documents		70,441		104,964
	Interest on mortgage loans		53,286		52,396
	Interest on pledged loans		24,276		31,475
	Interest on credit card loans		97,075		96,464
	Interest on other loans		709,893		599,527
	Interest on other receivables from financial intermediation		609		61
	Income from government and private securities, net		541,388		525,856
	Income from guaranteed loans - Presidential Decree No. 1,387/01		633		3,181
	Net income from options		609
	CER (Benchmark Stabilization Coefficient) adjustment		2,810		7,527
	CVS (Salary Variation Coefficient) adjustment		324		364
	Difference in quoted prices of gold and foreign currency		91,953		94,284
	Other		66,426		195,664
			1,787,644		1,900,183
B.	FINANCIAL EXPENSE
	Interest on checking accounts		4,002		8,799
	Interest on savings accounts		9,546		8,127
	Interest on time deposits		459,847		620,313
	Interest on interfinancing received loans (received call)		2,174		621
	Interest on other financing from Financial Institutions		3		3
	Interest on other liabilities from financial intermediation		31,395		42,415
	Interest on subordinated bonds		28,254		26,714
	Other interest		966		1,605
	CER adjustment		2,800		2,517
	Contribution to Deposit Guarantee Fund		16,271		14,452
	Other		81,654		73,339
			636,912		798,905
	GROSS INTERMEDIATION MARGIN - GAIN		1,150,732		1,101,278
C.	PROVISION FOR LOAN LOSSES		60,961		51,524
D.	SERVICE-CHARGE INCOME
	Related to lending transactions		38,007		27,262
	Related to deposits		373,124		335,057
	Other commissions		16,009		15,739
	Other		165,648		134,638
			592,788		512,696

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

Jorge H. Brito

Chairperson

- 68 - -

CONSOLIDATED STATEMENTS OF INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 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)

		06/30/2010			06/30/2009 (1)
E.	SERVICE-CHARGE EXPENSE
	Commissions		36,164			29,761
	Other		94,677			80,232
			130,841			109,993
F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		562,748			462,420
	Directors' and statutory auditors' fees		21,160			28,572
	Other professional fees		37,840			31,440
	Advertising and publicity		21,769			16,853
	Taxes		50,645			40,318
	Depreciation of equipment		28,285			26,340
	Amortization of organization costs		19,781			15,782
	Other operating expenses		116,075			98,740
	Other		10,076			9,728
			868,379			730,193
	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		683,339			722,264
G.	OTHER INCOME
	Income from long-term investments		334			1,190
	Penalty interest		15,179			12,479
	Recovered loans and allowances reversed		33,650			22,030
	CER adjustments		63			31
	Others		37,687			24,821
			86,913			60,551
H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		12			11
	Charges for other receivables uncollectibility and other allowances		11,773			28,483
	Amortization of differences related to court orders		8,523			12,833
	Depreciation and loss of other assets		1,433			3,949
	Goodwill amortization		4,216			4,216
	Other		10,822			15,867
			36,779			65,359
	MINORITY INTEREST IN SUBSIDIARIES		(3,268	)		(1,872	)
	NET INCOME BEFORE INCOME TAX - GAIN		730,205			715,584
I.	INCOME TAX		262,134			396,389
	NET INCOME FOR THE PERIOD - GAIN		468,071			319,195

(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

- 69 - -

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 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)

	06/30/2010			06/30/2009 (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		5,085,898			3,527,090
Net (Decrease)/Increase in cash		(310,165	)		3,193
CAUSES OF CHANGES IN CASH
Operating activities
Net collections/ (payments):
Government and private securities		1,566,111			(1,276,976	)
Loans
To the financial sector		(24,531	)		25,153
To the non-financial government sector		(23,677	)		(20,673	)
To the non-financial private sector and foreign residents		(420,194	)		1,080,755
Other receivables from financial intermediation		(1,920,739	)		(939,921	)
Assets subject to financial leases		65,308			92,907
Deposits
From the financial sector		152			(11,237	)
From the non-financial government sector		1,468,681			(2,341	)
From the non-financial private sector and foreign residents		752,025			1,276,520
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		(92,396	)		(50,734	)
Others (except liabilities included under financing activities)		(269,530	)		621,262
Collections related to service-charge income		587,270			508,255
Payments related to service-charge expenses		(127,192	)		(108,085	)
Administrative expenses paid		(850,098	)		(692,656	)
Payment of organization and development costs		(32,780	)		(18,347	)
Net collections from penalty interest		15,171			12,474
Differences from payments related to court orders		(10,982	)		(14,439	)
Collections of dividends from other companies		691
Other collections related to other income and losses		33,843			6,181
Net payments from other operating activities		(55,003	)		(89,557	)
Payment of income tax / minimum presumed income tax		(595,633	)		(248,102	)
Net cash flows generated in operating activities		66,497			150,439

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

Jorge H. Brito

Chairperson

- 70 - -

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 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)

	06/30/2010			06/30/2009 (1)
Investing activities
Net payments for bank premises and equipment		(19,528	)		(7,477	)
Net (payments)/collections for other assets		(7,620	)		5,320
Other collections / (payments) for investing activities		18,938			(8,810	)
Net cash flows used in investing activities		(8,210	)		(10,967	)
Financing activities
Net collections/ (payments):
Non-subordinated corporate bonds		(27,959	)		(69,648	)
Central Bank of Argentina:
Other		(155	)		(77,058	)
Banks and International Institutions		(189,237	)		(30,116	)
Subordinated corporate bonds		(29,961	)		(43,013	)
Financing received from Argentine financial institutions		(858	)		(4,738	)
Payment of dividends		(208,124	)
Other payments from financing activities
Own shares reacquired					(56,665	)
Net cash flows used in financing activities		(456,294	)		(281,238	)
Financial income and holding gains on cash and cash equivalents		87,842			144,959
Net (Decrease)/Increase in cash		(310,165	)		3,193

(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

- 71 - -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF JUNE 30, 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)

	06/30/2010		12/31/2009
COMMERCIAL
In normal situation		6,498,325		5,369,950
With Senior “A” guarantees and counter-guarantees		206,562		227,375
With Senior “B” guarantees and counter-guarantees		870,236		677,310
Without Senior guarantees or counter-guarantees		5,421,527		4,465,265
Subject to special monitoring		117,024		114,424
In observation
With Senior “B” guarantees and counter-guarantees		12,821		5,805
Without Senior guarantees or counter-guarantees		85,191		104,281
In negociation or with rollover agreement
With Senior “B” guarantees and counter-guarantees				3,932
Without Senior guarantees or counter-guarantees		19,012		406
Troubled		6,962		51,007
With Senior “B” guarantees and counter-guarantees		4,769		7,872
Without Senior guarantees or counter-guarantees		2,193		43,135
With high risk of insolvency		76,327		54,763
With Senior “A” guarantees and counter-guarantees				561
With Senior “B” guarantees and counter-guarantees		11,132		8,504
Without Senior guarantees or counter-guarantees		65,195		45,698
Irrecoverable		20,497		12,744
With Senior “B” guarantees and counter-guarantees		5,199		2,429
Without Senior guarantees or counter-guarantees		15,298		10,315
Subtotal Commercial		6,719,135		5,602,888

Jorge H. Brito

Chairperson

- 72 - -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF JUNE 30, 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)

	06/30/2010		12/31/2009
CONSUMER
Performing		7,025,748		6,355,377
With Senior “A” guarantees and counter-guarantees		20,254		28,392
With Senior “B” guarantees and counter-guarantees		623,607		719,501
Without Senior guarantees or counter-guarantees		6,381,887		5,607,484
Low risk		94,013		99,822
With Senior “A” guarantees and counter-guarantees		102		23
With Senior “B” guarantees and counter-guarantees		9,464		12,143
Without Senior guarantees or counter-guarantees		84,447		87,656
Medium risk		75,448		89,545
With Senior “A” guarantees and counter-guarantees		1
With Senior “B” guarantees and counter-guarantees		7,007		12,836
Without Senior guarantees or counter-guarantees		68,440		76,709
High risk		123,681		140,838
With Senior “A” guarantees and counter-guarantees				191
With Senior “B” guarantees and counter-guarantees		7,078		11,513
Without Senior guarantees or counter-guarantees		116,603		129,134
Irrecoverable		47,312		47,906
With Senior “A” guarantees and counter-guarantees		33
With Senior “B” guarantees and counter-guarantees		11,058		9,758
Without Senior guarantees or counter-guarantees		36,221		38,148
Irrecoverable according to Central Bank's rules		298		404
With Senior “A” guarantees and counter-guarantees				2
Without Senior guarantees or counter-guarantees		298		402
Subtotal Consumer		7,366,500		6,733,892
Total		14,085,635		12,336,780

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

- 73 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 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 June 30, 2010, and December 31, 2009, and (ii) the statements of income and cash flows for the six—month periods ended June 30, 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 June 30, 2010 and December 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 June 30, 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) and (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: 967).

(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.

- 74 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 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 June 30, 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 six-month period ended June 30, 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 June 30, 2010, considering the translation process mentioned above are as follows:

	Macro Bank Limited
	In thousands of USD		In thousands of Ps.
Assets		226,013		888,638
Liabilities		181,793		714,773
Shareholders’ equity		44,220		173,865

- 75 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 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)

1.4. The table below shows total assets, liabilities, shareholders’ equity and income of Banco Macro S.A. and each one of its subsidiaries as of June 30, 2010:

	Banco MacroS.A.		Bancodel TucumánS.A.		Macro Bank Limited (1)		Other subsidiaries (2)		Eliminations		Banco MacroS.A. consolidated
Assets		27,520,366		2,434,333		888,638		70,391		540,963		30,372,765
Liabilities		23,909,883		2,198,760		714,773		38,133		99,267		26,762,282
Shareholders’ equity		3,610,483		235,573		173,865		32,258		441,696		3,610,483
Income (loss)		468,071		32,358		9,289		3,272		44,919		468,071

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

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

1.5. Statement of cash flows and cash equivalents

The Bank and its subsidiaries consider “cash and cash equivalents” to be the Cash and Government and private securities accounts which mature less than 90 days as from their date of acquisition. As of June 30, 2010 and 2009 and December 31, 2009, such securities total 578,256, 51,906 and 379,871, respectively.

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 June 30, 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 25,159 and 25,006, respectively.

b) Other receivables

As of June 30, 2010 and December 31, 2009, this includes other receivables in the amount of 2,321 and 2,178, respectively.

- 76 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 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)

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

a) Interests in other companies

a.1) As of June 30, 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 1,892 and 2,205, respectively, under the deferment of federal taxes, subscribed in accordance with the promotion system established by Law No. 22,021, as amended by Law No. 22,702. 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 June 30, 2010 and December 31, 2009, this includes other investments in other companies in the amount of 1,453.

3. CHANGES IN ALLOWANCES AND PROVISIONS

The following are the changes in the Bank’s allowances and provisions consolidated with its subsidiaries as of June 30, 2010:

	Balances at
	beginning of				Decreases				Balances at
Item	year		Increases		Charge off		Reversals		period-end
Allowances
For government and private securities		44		3				47
For loans		448,045		65,075		74,474		18,528		420,118
For other receivables from financial intermediation		231,219		3,570		723		1,151		232,915
For assets subject to financial lease		3,649		4				886		2,767
For investments in other companies		1,497		313				83		1,727
For other receivables		13,980		114		106		167		13,821
Total		698,434		69,079		75,303		20,862		671,348
Provisions
For contingent commitments		966						128		838
For negative goodwill		483						483
For other contingencies		66,847		10,994		3,514		100		74,227
Difference from court deposits dollarization		19,979		773				74		20,678
Total		88,275		11,767		3,514		785		95,743

- 77 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 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)

4. DERIVATIVE FINANCIAL INSTRUMENTS

The following is the breakdown of the volumes in gross absolute values of transactions effective as of June 30, 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):

Type of contract / underlying asset	06/30/2010		12/31/2009
Futures / Foreign currency		51,917		661,610
Repo transactions		2,559,537		1,581,008
Forwards / Foreign currency		51,905		86,039
Options / Boden coupons		62,207		69,900
Swap / Other		157,505		157,917
Options / Other		49,347		47,259
Options / Foreign currency				10,875
Futures / Rate		10,000

In addition, positions of transactions effective as of June 30, 2010 and December 31, 2009, are as follows:

Transaction	06/30/2010			12/31/2009
Net liability position of repurchase agreements		(2,559,537	)		(539,658	)
Net asset position of forward transactions without delivery of underlying asset		12			174,818
Position of put options sold on Boden 2012 and 2013 coupons		62,207			69,900
Interest rate swaps		157,505			157,917
Position of put options taken		25,012			25,229
Position of call options sold		24,336			32,905

- 78 - -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 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. 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.

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 June 30, 2010 and December 31, 2009:

Financial trust	06/30/2010		12/31/2009
Certificates of participation:
TST & AF  (a)		57,054		43,617
Other		5,096		6,136
Total certificates of participation		62,150		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 June 30, 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 June 30, 2010 and December 31, 2009, the trusts’ assets managed amount to 424,917 and 413,839, respectively.

Jorge H. Brito

Chairperson

- 79 - -

EXHIBIT I

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 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)

	06/30/2010				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 – Maturity: 2014						222,169
Federal government bonds in pesos at BADLAR Private + 2,75 – Maturity: 2014						191,384
Secured bonds under Presidential Decree No. 1,579/02						178,979
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
Federal government bonds in US dollars at LIBOR - Maturity: 2012						1,784
Par bonds denominated in US dollars - Maturity: 2038 (governed by Argentine legislation)						1,594
Federal government bonds in US dollars at LIBOR - Maturity: 2013						562
Par bonds denominated in US dollars - Maturity: 2038 (governed by New York State legislation)						461
Subtotal holdings in investment accounts						659,371
Holdings for trading or financial intermediation
- Local
Discount bonds denominated in pesos - Maturity: 2033		1,811,118		1,811,118		9,752
Federal government bonds in pesos at BADLAR Private + 2,75 – Maturity: 2014		183,242		183,242		1,464
Federal government bonds in US dollars at LIBOR - Maturity: 2012		60,171		60,171		52,874
Secured bonds under Presidential Decree No. 1,579/02		43,882		43,882		1,433
Consolidation bonds in pesos – Fourth series at 2%		22,663		22,663		599
Consolidation bonds of social security payables in pesos – Fourth Series		11,375		11,375		7,525
Federal government bonds in pesos at BADLAR Private + 300 Pbs – Maturity: 2015		7,045		7,045		1,064
Federal government bonds in pesos – Maturity: 2014		5,010		5,010		6,579
Federal Government bonds in US dollars at 7% - Maturity: 2015		3,259		3,259		1,544
Consolidation bonds in pesos – Sixth series		1,467		1,467		382
Par bonds denominated in pesos - Maturity: 2038		1,070		1,070		261
Federal Government bonds in US dollars at 7% - Maturity: 2017						1,046,220
Other		926		926		1,708
Subtotal local holdings for trading or financial intermediation				2,151,228		1,131,405
- Foreign
Treasury Bill - Maturity: 07-01-10				275,226
Treasury Bill - Maturity: 01-14-10						379,666
Subtotal foreign holdings for trading or financial intermediation				275,226		379,666
Subtotal holdings for trading or financial intermediation				2,426,454		1,511,071
Unlisted government securities
- Local
Federal government bonds in pesos at BADLAR Private + 3,50 – Maturity: 2013				41,275		44,541
Debt Securities at 12% in US dollars Córdoba Province - Maturity: 2017				18,530		19,160
Federal government bonds in pesos at  variable rate - Maturity: 2013				8,137		9,738
Province of Tucumán bonds - Second series in dollars at 9,45% - Maturity: 2015				2,991		3,820
Province of Tucumán bonds - First series in pesos - Maturity: 2018				1,780		1,984
Consolidation bonds in pesos – Second series at 2%				260		199
Discount bonds denominated in pesos - Maturity: 2033 (governed by Argentine legislation)				35
Federal Government International bonds in US dollars at 8,75% - Maturity: 2017				11
Other				1		7
Subtotal unlisted government securities				73,020		79,449

Jorge H. Brito

Chairperson

- 80 - -

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 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)

	06/30/2010				12/31/2009
Name	Market value		Book balance		Book balance
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA
Central Bank of Argentina Bills - Under Repo Transactions
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-29-10				336,257
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-27-11				301,783		14,652
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-01-10				28,277
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-06-10				8,730
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-09-10				7,671
Subtotal Central Bank of Argentina Bills - Under repo Transactions				682,718		14,652
Central Bank of Argentina Internal Bills – Listed – Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-21-10		377,898		377,898
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-28-10		200,175		200,175
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-15-10		20,519		20,519
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-22-10		11,698		11,698
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-28-10						196,021
Subtotal Central Bank of Argentina Internal Bills – Listed – Own Portfolio				610,290		196,021
Central Bank of Argentina Internal Bills – Unlisted – Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-07-10				474,012
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-04-10				395,674
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-06-10				387,027
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-27-10				307,396
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-18-10				285,681
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-14-10				258,840
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-25-10				78,670
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-01-10				51,983
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-20-10				40,945
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-11-10				16,773
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-13-10				1,932
Central Bank of Argentina Internal Bills in pesos – Maturity: 05-19-10						733,492
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				2,298,933		2,246,840
Central Bank of Argentina notes - Listed - Own portfolio
Central Bank of Argentina Notes in pesos with variable coupon (BADLAR rate) – Maturity: 05-18-11		3,048		3,048
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				3,048		68,464
Subtotal instruments issued by the Central Bank of Argentina				3,594,989		2,525,977

Jorge H. Brito

Chairperson

- 81 - -

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 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)

	06/30/2010			12/31/2009
Name	Market value	Book balance		Book balance
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)			3,594,989		2,525,977
Central Bank of Argentina internal notes - Unlisted - Own portfolio
Central Bank of Argentina Internal Notes in pesos with variable BADLAR rate – Maturity: 11-21-10			971,037
Central Bank of Argentina Internal Notes in pesos with variable BADLAR rate – Maturity: 09-29-10			464,156
Central Bank of Argentina Internal Notes in pesos with variable BADLAR rate + 2,5% – Maturity: 07-21-10			307,391
Central Bank of Argentina Internal Notes in pesos with variable BADLAR rate – Maturity: 12-22-10			201,126
Central Bank of Argentina Internal Notes in pesos with variable BADLAR rate – Maturity: 05-05-10					513,459
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: 04-21-10					251,148
Central Bank of Argentina Internal Notes in pesos with variable BADLAR rate – Maturity: 01-20-10					204,745
Subtotal Central Bank of Argentina Notes - Unlisted - Own portfolio			1,943,710		2,124,444
Total Instruments issued by the Central Bank of Argentina			5,538,699		4,650,421
Total Government securities			8,038,173		6,900,312
INVESTMENTS IN LISTED PRIVATE  SECURITIES					773
Total government and private securities (1)			8,038,173		6,901,085

(1)  As of December 31, 2009,  the Bank booked allowances for impairment in value amounting to 44.

Jorge H. Brito

Chairperson

- 82 - -

SIGNATURE

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

Date:  August 18, 2010

MACRO BANK INC.
By:	/s/ Delfin Jorge Ezequiel Carballo
Name: Delfín Jorge Ezequiel Carballo
Title: Vice Chairman