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

May 26, 2011

Commission File Number: 333-130901

MACRO BANK INC.

(Exact name of registrant as specified in its Charter)

Sarmiento 447

Buenos Aires C1 1041

Tel: 54 11 5222 6500

(Address of registrant’s principal executive offices)

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

Form 20-F x Form 40-F o

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

Yes o No x

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

Yes o No x

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

Yes o No x

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

BANCO MACRO S.A.

Financial Statements as of March 31, 2011,

together with the limited review report

on interim-period financial statements

CONTENTS

·	Limited review report on interim-period financial statements
·	Cover
·	Balance sheets	1
·	Statements of income	5
·	Statements of changes in shareholders’ equity	7
·	Statements of cash flows	8
·	Notes to the financial statements	10
·	Exhibits A through L, N and O	44
·	Consolidated balance sheets	61
·	Consolidated statements of income	65
·	Consolidated statements of cash flows	67
·	Consolidated statements of debtors by situation	69
·	Notes to the consolidated financial statements with subsidiaries	71
·	Exhibit l to the consolidated financial statements with subsidiaries	78

LIMITED REVIEW REPORT ON INTERIM-PERIOD FINANCIAL STATEMENTS

Translation into English – Originally issued in Spanish

See Note 22 to the Financial Statements

To the Directors of

BANCO MACRO S.A.

Registered office: Sarmiento 447

City of Buenos Aires

1. We have performed a limited review of the accompanying balance sheet of BANCO MACRO S.A. as of March 31, 2011, and the related statements of income, changes in shareholders’ equity and cash flows for the three-month period then ended. We have also performed a limited review of the accompanying consolidated balance sheet of BANCO MACRO S.A. and its subsidiaries as of March 31, 2011, and the related consolidated statements of income and cash flows for the three-month period then ended, which are disclosed as supplementary information. These financial statements are the responsibility of the Bank Management.

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

3. As described in Note 5 to the accompanying financial statements, the financial statements mentioned in the first paragraph have been prepared by the Bank in accordance with the accounting standards established by the BCRA, which differ from the professional accounting standards effective in Argentina in certain valuation and disclosure aspects described and quantified in such note.

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

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

6. With respect to the balance sheet of BANCO MACRO S.A. and BANCO MACRO S.A. and its subsidiaries as of December 31, 2010, and the statements of income, changes in shareholders’ equity and cash flows of BANCO MACRO S.A. and BANCO MACRO S.A. and its subsidiaries for the three-month period ended March 31, 2010, which were presented for comparative purposes, we report that:

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

b) On May 7, 2010, we issued a limited review report on the financial statements of BANCO MACRO S.A. and BANCO MACRO S.A. and its subsidiaries for the three-month period ended March 31, 2010, which included a qualification due to the differences between the accounting standards established by the BCRA and the professional accounting standards effective in Argentina, which are described and quantified in note 5 to the accompanying financial statements.

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

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

b) The financial statements of BANCO MACRO S.A. were derived from books kept, in their formal aspects, pursuant to current legal requirements and BCRA regulations.

c) As of March 31, 2011, the liabilities accrued in employee and employer contributions to the National Social Security Administration, as recorded in the Bank’s books, amounted to Ps. 17,731,913, none of which was due as of that date.

City of Buenos Aires,

May 5, 2011

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

C.P.C.E.C.A.B.A. Vol. 1 – Fo. 13

CLAUDIO N. NOGUEIRAS

Partner

Certified Public Accountant (U.B.A.)

C.P.C.E.C.A.B.A. Vol. 197 – Fo. 64

FINANCIAL STATEMENTS AS OF

MARCH 31, 2011

BUSINESS NAME: Banco Macro S.A.

REGISTERED OFFICE:  Sarmiento 447 – City of Buenos Aires

CORPORATE PURPOSE AND MAIN BUSINESS:  Commercial bank

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

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

 Folio 75dated March 8, 1967

EXPIRATION OF ARTICLES OF INCORPORATION:  March 8, 2066

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

SINGLE TAX IDENTIFICATION NUMBER:  30-50001008-4

REGISTRATION DATES OF AMENDMENTS TO BY-LAWS:

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

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

BALANCE SHEETS

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

		03/31/2011			12/31/2010
ASSETS
A.	CASH
	Cash on hand		1,465,339			1,206,489
	Due from banks and correspondents
	Central Bank of Argentina		2,401,800			2,805,679
	Local Other		7,917			11,763
	Foreign		233,719			271,702
	Other		253			249
			4,109,028			4,295,882
B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit A)
	Holdings booked at market value		357,867			377,865
	Government securities under repo transactions with Central Bank of Argentina		1,724,824			2,299,088
	Holdings booked at amortized cost		49,603			99,659
	Instruments issued by the Central Bank of Argentina		4,532,436			3,409,433
			6,664,730			6,186,045
C.	LOANS (Exhibits B, C and D)
	To the non-financial government sector		354,072			335,970
	To the financial sector
	Interfinancing (granted call)		12,974			33,100
	Other financing to Argentine Financial Institutions		74,617			45,100
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		193			443
	To the non-financial private sector and foreign residents
	Overdrafts		1,959,180			1,984,571
	Documents		1,969,106			1,766,933
	Mortgage loans		896,529			873,671
	Pledge loans		364,595			345,269
	Personal loans		5,500,973			4,926,060
	Credit cards		1,563,001			1,470,396
	Other (Note 6.1.)		3,329,050			3,207,787
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		221,866			209,665
	less:  Unearned discount		(29,890	)		(28,644	)
	less:  Allowances (Exhibit J)		(441,254	)		(470,730	)
			15,775,012			14,699,591

Jorge H. Brito

Chairperson

- 1 -

BALANCE SHEETS

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

		03/31/2011			12/31/2010
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		2,012,319			2,519,076
	Amounts receivable from spot and forward sales pending settlement		1,009,523			111,229
	Securities and foreign currency receivable from spot and forward purchases pending settlement		674,756			164,731
	Unlisted corporate bonds (Exhibits B, C and D)		222,410			220,554
	Receivables from forward transactions without delivery of underlying asset		304			2,840
	Other receivables not covered by debtors classification standards (Note 6.2)		528,941			548,262
	Other receivables covered by debtors classification standards (Exhibits B, C and D)		35,145			36,897
	less:  Allowances (Exhibit J)		(228,977	)		(229,504	)
			4,254,421			3,374,085
E.	RECEIVABLES FROM FINANCIAL LEASES
	Receivables from financial leases (Exhibits B, C and D)		256,923			244,186
	Accrued interest and adjustments (Exhibits B, C and D)		3,957			4,112
	less: Allowances (Exhibit J)		(5,563	)		(5,968	)
			255,317			242,330
F.	INVESTMENTS IN OTHER COMPANIES  (Exhibit E)
	In financial institutions		534,840			512,881
	Other		50,581			47,495
	less: Allowances (Exhibit J)		(659	)		(659	)
			584,762			559,717
G.	OTHER RECEIVABLES
	Receivables from sale of assets (Exhibits B, C and D)		7,173			7,229
	Other (Note 6.3.)		585,639			544,465
	Accrued interest and adjustments on receivables from sales of assets (Exhibits B, C and D)		232			330
	Other accrued interest and adjustments receivable		344			290
	less:  Allowances  (Exhibit J)		(7,674	)		(12,858	)
			585,714			539,456
H.	BANK PREMISES AND EQUIPMENT, NET (Exhibit F)		440,231			403,169
I.	OTHER ASSETS   (Exhibit F)		250,845			179,295
J.	INTANGIBLE ASSETS  (Exhibit G)
	Goodwill		97,432			100,945
	Organization and development costs		191,280			186,700
			288,712			287,645
K.	ITEMS PENDING ALLOCATION		1,288			3,907
TOTAL ASSETS			33,210,060			30,771,122

Jorge H. Brito

Chairperson

- 2 -

BALANCE SHEETS

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

		03/31/2011		12/31/2010
LIABILITIES
L.	DEPOSITS (Exhibits H and I)
	From the non-financial government sector		4,556,514		4,225,266
	From the financial sector		17,650		15,610
	From the non-financial private sector and foreign residents
	Checking accounts		3,992,729		3,869,485
	Savings accounts		4,710,769		4,093,226
	Time deposits		8,237,983		7,989,567
	Investment accounts		204,907		177,135
	Other (Note 6.4.)		531,813		483,298
	Accrued interest, adjustments, foreign exchange and quoted price differences payables		58,981		54,457
			22,311,346		20,908,044
M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina (Exhibit I)
	Other		1,928		1,798
	Banks and International Institutions (Exhibit I)		69,472		45,506
	Non-subordinated Corporate Bonds (Note 10. and Exhibit I)		628,179		620,071
	Amounts payable for spot and forward purchases pending settlement		674,297		164,391
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		2,755,211		2,412,928
	Financing received from Argentine financial institutions (Exhibit I)
	Interfinancing - (received call)		34,000		30,068
	Other financing received from Argentine financial institutions		16,834		17,278
	Accrued interest payables		35		25
	Receivables from forward transactions without delivery of underlying asset				755
	Other (Note 6.5. and Exhibit I)		875,060		1,125,211
	Accrued interest, adjustments, foreign exchange and quoted price differences payables (Exhibit I)		43,623		46,083
			5,098,639		4,464,114
N.	OTHER LIABILITIES
	Other (Note 6.6.)		673,522		552,124
			673,522		552,124
O.	PROVISIONS (Exhibit J)		87,128		88,865
P.	SUBORDINATED CORPORATE BONDS (Note 10. and Exhibit I)		624,755		598,470
Q.	ITEMS PENDING ALLOCATION		4,175		6,663
TOTAL LIABILITIES			28,799,565		26,618,280
SHAREHOLDERS' EQUITY (As per related statement)			4,410,495		4,152,842
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			33,210,060		30,771,122

Jorge H. Brito

Chairperson

- 3 -

BALANCE SHEETS

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

	03/31/2011		12/31/2010
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS		11,720,766		12,003,089
Contingent		5,942,583		5,281,603
Guarantees received		5,395,891		4,935,898
Other not covered by debtors classification standards		196		229
Contingent debit-balance contra accounts		546,496		345,476
Control		5,486,189		5,717,197
Receivables classified as irrecoverable		843,260		787,863
Other (Note 6.7.)		4,386,739		4,685,026
Control debit-balance contra accounts		256,190		244,308
Derivatives		291,994		1,004,289
Notional value of put options taken (Note 11.d))		40,038
Notional value of forward transactions without delivery of underlying asset (Note 11.a))		20,390		555,897
Interest rate swap (Note 11.b))		157,406		157,066
Derivatives debit-balance contra accounts		74,160		291,326
CREDIT-BALANCE ACCOUNTS		11,720,766		12,003,089
Contingent		5,942,583		5,281,603
Credit lines granted (unused portion) covered by debtors classification standards (Exhibits B, C and D)		56,468		55,782
Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)		198,656		68,839
Other guarantees provided not covered by debtors classification standards		130,283		130,684
Other covered by debtors classification standards (Exhibits B, C and D)		161,089		90,171
Contingent credit-balance contra accounts		5,396,087		4,936,127
Control		5,486,189		5,717,197
Checks to be credited		256,190		244,308
Control credit-balance contra accounts		5,229,999		5,472,889
Derivatives		291,994		1,004,289
Notional value of put options sold (Note 11.c))		55,809		54,475
Notional value of forward transactions without delivery of underlying asset (Note 11.a))		18,351		236,851
Derivatives credit-balance contra account		217,834		712,963

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

Jorge H. Brito

Chairperson

- 4 -

STATEMENTS OF INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010

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

(Figures stated in thousands of pesos)

		03/31/2011		03/31/2010
A.	FINANCIAL INCOME
	Interest on cash and due from banks		23		3
	Interest on loans to the financial sector		1,989		2,044
	Interest on overdrafts		77,789		55,691
	Interest on documents		42,446		34,074
	Interest on mortgage loans		32,507		24,927
	Interest on pledge loans		15,700		11,479
	Interest on credit card loans		67,118		43,741
	Interest on financial leases		11,261		10,762
	Interest on other loans		422,085		300,736
	Net income from government and private securities (Note 6.8.)		152,228		363,026
	Interest on other receivables from financial intermediation		60		18
	Income from guaranteed loans - Presidential Decree No. 1,387/01		4,874		20
	CER (Benchmark Stabilization Coefficient) adjustment		2,896		950
	CVS (Salary Variation Coefficient) adjustment		94		176
	Difference in quoted prices of gold and foreign currency		56,728		39,913
	Other (Note 6.9.)		9,654		15,574
			897,452		903,134
B.	FINANCIAL EXPENSE
	Interest on checking accounts				2,641
	Interest on savings accounts		4,945		4,379
	Interest on time deposits		239,140		218,721
	Interest on interfinancing received loans (received call)		1,389		1,143
	Interest on other financing from Financial Institutions		3		2
	Interest on other liabilities from financial intermediation		15,719		16,168
	Interest on subordinated bonds		14,729		14,097
	Other interest		399		489
	CER adjustment		1,043		1,412
	Contribution to Deposit Guarantee Fund		9,309		7,336
	Other (Note 6.10.)		52,108		35,338
			338,784		301,726
	GROSS INTERMEDIATION MARGIN - GAIN		558,668		601,408
C.	PROVISION FOR LOAN LOSSES		39,909		35,198
D.	SERVICE-CHARGE INCOME
	Related to lending transactions		24,106		17,872
	Related to deposits		239,777		165,323
	Other commissions		11,258		5,767
	Other (Note 6.11.)		113,711		69,450
			388,852		258,412

Jorge H. Brito

Chairperson

- 5 -

V

STATEMENTS OF INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010

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

(Figures stated in thousands of pesos)

		03/31/2011		03/31/2010
E.	SERVICE-CHARGE EXPENSE
	Commissions		22,426		14,700
	Other (Note 6.12.)		54,582		43,523
			77,008		58,223
F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		315,329		256,290
	Directors' and statutory auditors' fees		6,949		2,750
	Other professional fees		18,213		15,718
	Advertising and publicity		14,707		8,253
	Taxes		26,076		18,006
	Depreciation of equipment		16,505		13,291
	Amortization of organization costs		12,319		8,940
	Other operating expenses (Note 6.13.)		65,837		50,945
	Other		4,719		4,350
			480,654		378,543
	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		349,949		387,856
G.	OTHER INCOME
	Income from long-term investments		27,200		21,508
	Penalty interest		6,164		6,275
	Recovered loans and allowances reversed		12,591		22,502
	CER adjustments		21		34
	Other (Note 6.14.)		18,002		6,775
			63,978		57,094
H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		5		8
	Charges for other receivables uncollectibility and other allowances		7,119		6,966
	Amortization of differences related to court orders		4,348		3,984
	Depreciation and loss of other assets		458		551
	Goodwill amortization		3,513		2,108
	Other (Note 6.15.)		5,631		5,793
			21,074		19,410
	NET INCOME BEFORE INCOME TAX - GAIN		392,853		425,540
I.	INCOME TAX (Note 4.)		135,200		179,500
	NET INCOME FOR THE PERIOD - GAIN		257,653		246,040

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

Jorge H. Brito

Chairperson

- 6 -

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010

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

(Figures stated in thousands of pesos)

	03/31/2011															03/31/2010
							Earnings reserved
Changes	Capital stock		Stock issuance premium		Adjustments to Shareholders' equity		Legal		Subordinated Debt Instruments	Voluntary		Unappropriated earnings		Total		Total
Balances at the beginning of the fiscal year		594,485		398,750		4,511		764,140			211		2,390,745		4,152,842		3,358,801
Net income for the period - Gain													257,653		257,653		246,040
Balances at the end of the period		594,485		398,750		4,511		764,140			211		2,648,398		4,410,495		3,604,841

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

Jorge H. Brito

Chairperson

- 7 -

STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010

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

(Figures stated in thousands of pesos)

	03/31/2011			03/31/2010
CHANGES IN CASH AND CASH EQUIVALENTS (Note 3.4.)
Cash at beginning of the fiscal year		4,548,311			4,139,611
Cash at end of the period		4,934,761			4,448,526
Net increase in cash		386,450			308,915
CAUSES OF CHANGES IN CASH
Operating activities
Net collections / (payments):
Government and private securities		46,327			1,192,037
Loans
To the financial sector		(7,154	)		39,513
To the non-financial government sector		(10,834	)		(132,455	)
To the non-financial private sector and foreign residents		(423,264	)		176,147
Other receivables from financial intermediation		(982,220	)		(594,665	)
Receivables from financial leases		(1,322	)		36,510
Deposits
From the financial sector		2,051			(3,108	)
From the non-financial government sector		305,842			327,009
From the non-financial private sector and foreign residents		838,393			188,234
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		2,612			(83,961	)
Others (except liabilities included under financing activities)		894,248			(443,681	)
Collections related to service-charge income		389,649			258,360
Payments related to service-charge expenses		(76,736	)		(57,450	)
Administrative expenses paid		(480,026	)		(345,308	)
Payment of organization and development costs		(19,515	)		(16,370	)
Net collections from penalty interest		6,159			6,267
Differences from payments related to court orders		(1,732	)		(4,191	)
Other collections related to other income and losses		11,564			7,413
Net payments from other operating activities		(21,742	)		(21,994	)
Payment of income tax		(8,912	)		(44,176	)
Net cash flows generated in operating activities		463,388			484,131

Jorge H. Brito

Chairperson

- 8 -

STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010

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

(Figures stated in thousands of pesos)

	03/31/2011			03/31/2010
Investing activities
Net payments for bank premises and equipment		(16,126	)		(8,657	)
Net payments for other assets		(108,243	)		(6,569	)
Other collections for other investing activities					235
Net cash flows used in investing activities		(124,369	)		(14,991	)
Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(18,101	)		(17,367	)
Central Bank of Argentina
Other		130			28
Banks and International Institutions		23,735			(190,820	)
Financing received from Argentine financial institutions		(447	)		(595	)
Net cash flows generated / (used) in financing activities		5,317			(208,754	)
Financial income and holding gains on cash and cash equivalents		42,114			48,529
Net  increase in cash		386,450			308,915

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 MARCH 31, 2011

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

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

1.  OVERVIEW OF THE BANK

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

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

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

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

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

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

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

2.  BANK OPERATIONS

2.1. Agreement with the Misiones Provincial Government

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

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

As of March 31, 2011, and December 31, 2010, the deposits of the Misiones Provincial Government amounted to 1,017,973 and 900,550 (including 73,236 and 67,177 related to court deposits), respectively.

2.2. Agreement with the Salta Provincial Government

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

- 10 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

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

As of March 31, 2011, and December 31, 2010, the deposits of the Salta Provincial Government amounted to 790,316 and 719,785 (including 114,093 and 108,853 related to court deposits), respectively.

2.3. Agreement with the Jujuy Provincial Government

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

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

As of March 31, 2011, and December 31, 2010, the deposits of the Jujuy Provincial Government amounted to 495,103 and 516,077 (including 64,500 and 61,182 related to court deposits), respectively.

2.4. Banco del Tucumán S.A.

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

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

As of March 31, 2011, and December 31, 2010, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel del Tucumán in Banco del Tucumán S.A. amounted to 1,179,278 and 874,498 (including 312,033 and 298,841 related to court deposits), respectively.

2.5. Uniones Transitorias de Empresas (joint ventures)

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

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

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

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

- 11 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

c) Banco Macro S.A. – Gestiva S.A.

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

As of March 31, 2011, and December 31, 2010, the net assets of such joint ventures recorded in the Bank’s financial statements through the proportionate consolidation method amounted to 12,513 and 7,797, respectively.

Also, as of March 31, 2011, and 2010, the net income recorded through the method mentioned in the previous paragraph, amounted to 8,474 and 2,385, respectively.

2.6. Banco Privado de Inversiones S.A

On March 30, 2010, the Bank entered into an agreement to purchase 100% of the shares of Banco Privado de Inversiones S.A.

On September 9, 2010, the BCRA issued Resolution 198/2010 whereby it stated that there are no objections for Banco Macro S.A. to acquire 100% of Banco Privado de Inversiones S.A. capital stock and to transfer 1% thereof to Sud Inversiones y Análisis S.A. and 1% to Macro Securities S.A. Sociedad de Bolsa.

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

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

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

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

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

On December 20, 2010, Banco Macro S.A. sold 366,590 of Banco Privado de Inversiones S.A. common shares to Sud Inversiones y Análisis S.A. and another 366,590 to Macro Securities S.A. Sociedad de Bolsa for a total amount of 740. Consequently, Banco Macro S.A. holds 98% of Banco Privado de Inversiones S.A.’s capital stock.

- 12 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

3. SIGNIFICANT ACCOUNTING POLICIES

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

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

3.1. Comparative information

As required under BCRA rules, the balance sheet as of March 31, 2011, and supplementary information are presented comparatively with those of the prior fiscal year, while the statements of income, changes in shareholders’ equity and cash flows for the three-month period ended March 31, 2011, are presented comparatively with those of the same period in the prior fiscal year.

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

3.2. Restatement into constant pesos

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

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

- 13 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

3.3. Valuation methods

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

a)  Assets and liabilities denominated in foreign currency:

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

b)  Government and private securities:

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

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

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

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

As of March 31, 2011, as set forth in BCRA Communiqué “A” 5180, as supplemented, they were valued at acquisition cost increased by the accrued internal rate of return, net of the related offset account, also compared with the present values calculated by the Bank. The acquisition value previously mentioned is related to the present value of each security as of March 1, 2011, or the subsequent acquisition date, as the case may be.

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

As of March 31, 2011, the present value calculated by the Bank for these securities amounts to 49,623.

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

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

- 14 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

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

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

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

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

As of March 31, 2011, and December 31, 2010, the present value reported by the BCRA for these securities amounted to 254,801 and 280,316, respectively.

d) Interest accrual:

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

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

e) CER accrual:

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

e.1) Government securities - Holdings booked at amortized cost: as explained in Note 3.3.b.2).

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

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

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

These provisions have been calculated based on the estimated uncollectibility risk of the Bank's credit portfolio, which, among other factors, results from the evaluation of the degree of debtors compliance and the guarantee/security supporting the respective transactions, considering BCRA Communiqué “A” 2950, as supplemented, and the Bank’s provisioning policies.

- 15 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

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.

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 at their cost value increased exponentially by their internal rate of return.

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

i. Debt securities: they were valued as provided by BCRA Communiqué “A” 4414, at their cost value increased exponentially by their internal rate of return, translated into pesos pursuant to the method described in Note 3.3.a), as the case may be.

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

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

- 16 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

iv. Other certificates of participation: they were stated at amortized value increased, as the case may be, by interest accrued until the last business day of each period and year, respectively, translated into Argentine pesos according to the method described in Note 3.3.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" 4414 and supplementary regulations.

h.5) Non-subordinated corporate bonds issued:

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

i) Receivables from financial leases:

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

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

j) Investments in other companies:

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

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

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

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

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

- 17 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

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

k) Bank premises and equipment and other assets:

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

l) Intangible assets:

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

l.2) Differences due to court orders (amparos) – Nondeductible for the determination of the computable equity: represent the difference between the amount of the original foreign currency translated at the exchange rate applied upon payment of the recursos de amparos (constitutional rights protection actions) and the amount recorded under BCRA rules (converted into Argentine pesos at the Ps. 1.4 to USD 1 exchange rate, or its equivalent in other currencies, plus CER). Additionally, and as disclosed in BCRA Communiqué “A” 3916, since April 2003 the sums related to the amounts paid are amortized straight line over 60 months.

In addition, the BCRA informed the Bank through a notice dated August 4, 2008, that the permission established by Communiqué “A” 3916 (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 each period-end and year-end, respectively. Differences in quoted market values were recorded in the statement of income as of the period and fiscal year, respectively.

m.4) Put options purchased / 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.

- 18 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

o) Provisions included in liabilities:

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

p) Subordinated corporate bonds:

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

q) Shareholders’ equity accounts:

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

r) Statement-of-income accounts:

r.1) The accounts comprising monetary transactions occurred in the period ended March 31, 2011, and 2010 (financial income (expense), service-charge income (expense), provision for loan losses, administrative expenses, among others) were computed at their historical amounts on a monthly accrual basis.

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

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

3.4. 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. Below is a breakdown of the reconciliation of the “Cash” item on the Statement of cash flows with the related balance sheet accounts as of March 31, 2011, December 31, and March 31, 2010:

	03/31/2011		12/31/2010		03/31/2010
Cash		4,109,028		4,295,882		4,332,743
Government and private securities
Holdings booked at market value						115,783
Instruments issued by Central Bank of Argentina		825,733		252,429
Cash and cash equivalents		4,934,761		4,548,311		4,448,526

- 19 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

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 March 31, 2011, and 2010, the Bank estimated an income tax charge of 135,200 and 179,500, respectively; hence, no minimum presumed income tax should be assessed for the years ended on such date (see also Note 6.6).

Additionally, as of March 31, 2011, the Bank made income tax prepayments for 319,889 for the 2010 fiscal year, which were recorded in the Other receivables account.

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

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

5.1. Valuation standards

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

- 20 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

	Adjustments under professional accounting standards
	Stand-alone financial statements									Consolidated financial statements
	to equity						to income			to equity						to income
Item	03/31/2011			12/31/2010			03/31/2011			03/31/2011			12/31/2010			03/31/2011
Government securities and assistance to the government sector (a)
Holdings of government securities booked at amortized cost		9			11,658			(11,649	)		(442	)		17,279			(17,721	)
Instruments issued by the BCRA booked at amortized cost		(8,822	)		(17,750	)		8,928			(9,332	)		(18,427	)		9,095
Guaranteed loans – Presidential Decree No. 1,387/01		(22,927	)		(14,797	)		(8,130	)		(22,933	)		(14,806	)		(8,127	)
Business combinations (b)
Acquisition of Nuevo Banco Bisel S.A.		(117,999	)		(119,165	)		1,166			(117,999	)		(119,165	)		1,166
Other		(69,666	)		(71,453	)		1,787			(69,666	)		(71,453	)		1,787
Interests in other companies (c)		3,990			8,600			(4,610	)
Intangible assets – Organization and development expenses (d)		(49,657	)		(52,273	)		2,616			(50,808	)		(53,544	)		2,736
Deferred assets – Income tax (e)		47,261			35,195			12,066			53,369			40,131			13,238
Other assets (f)		(3,754	)		1,680			(5,434	)		(3,754	)		1,680			(5,434	)
Liabilities – Provisions (g)		(52,461	)		(51,362	)		(1,099	)		(52,461	)		(51,362	)		(1,099	)
Total		(274,026	)		(269,667	)		(4,359	)		(274,026	)		(269,667	)		(4,359	)

(a) Holdings of government securities, instruments issued by the BCRA  and credit assistance to the nonfinancial government sector: these holdings and financing are valued based on the specific regulations and standards issued by the Argentine government and the BCRA, which set forth, among other issues, the use of present values, technical values and offset accounts, as explained in notes 3.3.b.2), 3.3.b.4) and 3.3.c). Pursuant to professional accounting standards, the securities, instruments and assistance mentioned in those notes should be stated at their market and/or present values, as the case may be. In addition, BCRA current regulations establish that receivables from the nonfinancial government sector are not subject to loan-loss provisioning, although they do allow booking provisions to cover fluctuations in the valuation of certain instruments. Professional accounting standards require that assets in general be compared with their recoverable value every time financial statements are prepared.

- 21 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

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

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

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

(d) Intangible assets: the Bank and its subsidiaries capitalized under “Intangible Assets” net of the related amortization amounts, the foreign exchange differences related to the reimbursement of certain deposits in foreign currency converted to pesos and the effect of court deposits dollarization. According to professional accounting standards, the above mentioned amounts are charged to expense and the book value of surpluses paid should decrease to their recoverable value. As of the date of issuance of the accompanying financial statements, the existing evidence does not support that the book value of such assets is fully or partially recoverable.

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

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

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

- 22 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

If professional accounting standards would have been applied, the Bank’s shareholders' equity as of March 31, 2011, and December 31, 2010, would have decreased by around 274,026 and 269,667, respectively. Consequently, income for the periods ended March 31, 2011, and 2010, would have decreased by 4,359 and 175,163, respectively.

5.2. Disclosure standards

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

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

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

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

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

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

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

6.1) Loans - Other

	03/31/2011		12/31/2010
Other loans		2,182,723		2,136,452
Export financing and prefinancing		1,146,327		1,071,335
		3,329,050		3,207,787

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

Certificates of participation in financial trusts	287,526	287,524
Debt securities in financial trusts	241,415	260,459
Other		279
	528,941	548,262

- 23 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

6.3) Other receivables – Other

	03/31/2011		12/31/2010
Tax prepayments		321,842		311,012
Sundry receivables		158,754		149,049
Security deposits		49,334		44,280
Advanced payments		45,694		30,855
Other		10,015		9,269
		585,639		544,465

6.4) Deposits - Other

Expired time deposits	361,005	313,094
Unemployment fund for workers of the construction industry	96,438	92,238
Attachments	42,716	38,981
Security deposits	1,978	1,956
Special deposits related to inflows of foreign funds	1,385	1,981
Other	28,291	35,048
	531,813	483,298

6.5) Other liabilities from financial intermediation - Other

Purchase financing payables	237,752	231,345
Other payment orders pending settlement	154,132	401,481
Other withholdings and additional withholdings	128,995	134,163
Collections and other transactions on account and behalf of others	85,395	106,222
Sociedad Seguro de Depósitos (SEDESA) – Purchase of preferred shares of former Nuevo Banco Bisel S.A.  (see Note 7.1.e))	77,500	77,500
Miscellaneous not subject to minimum cash requirements	66,963	67,503
Miscellaneous subject to minimum cash requirements	49,295	60,589
Retirement pension payment orders pending settlement	46,647	28,825
Other	28,381	17,583
	875,060	1,125,211

6.6) Other Liabilities - Other

Taxes payable	521,134	384,304
Miscellaneous payables	72,013	58,868
Salaries and payroll taxes payable	53,950	77,318
Withholdings on salaries	13,735	18,929
Prepayment for the sale of assets	12,690	12,705
	673,522	552,124

- 24 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

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

	03/31/2011		12/31/2010
Checks and securities in custody		2,660,644		3,018,156
Checks not yet collected		959,390		916,897
Managed portfolios (see Note 12)		333,571		336,034
Checks and securities to be debited		313,798		296,668
Checks and securities to be collected		119,336		117,271
		4,386,739		4,685,026

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

	03/31/2011		03/31/2010
Net income from government securities		143,459		356,022
Net income from participation in financial trusts		4,506		3,508
Other		4,263		3,496
		152,228		363,026

6.9) Financial income – Other

Interest on loans for export prefinancing and financing	5,649	6,555
Premiums on reverse repurchase agreements with the financial sector	2,902	5,926
Other	1,103	3,093
	9,654	15,574

6.10) Financial expense – Other

Turnover tax	47,930	31,987
Premiums on repurchase agreements with the financial sector	2,863	1,621
Other	1,315	1,730
	52,108	35,338

6.11) Service-charge income - Other

Debit and credit card income	68,880	44,436
Service commissions – joint ventures (see Note 2.5)	15,617	4,672
Rental of safe deposit boxes	11,786	5,838
Other	17,428	14,504
	113,711	69,450

- 25 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

6.12) Service-charge expense - Other

	03/31/2011		03/31/2010
Debit and credit card expense		27,753		17,538
Turnover tax		14,050		8,245
Loan origination fees		6,599		4,868
Other		6,180		12,872
		54,582		43,523

6.13) Administrative expenses – Other operating expenses

Maintenance, conservation and repair expenses	19,982	16,385
Security services	17,428	12,080
Electric power and communications	12,850	9,881
Leases	10,580	8,276
Stationery and office supplies	2,619	2,465
Insurance	2,378	1,858
	65,837	50,945

6.14) Other income - Other

Services provided to Banco del Tucumán S.A.	1,681	1,449
Other adjustments and interest on other receivables	1,334	1,365
Gain on transactions or sale of bank premises and equipment, and other assets	1,164	1,450
Other	13,823	2,511
	18,002	6,775

6.15) Other expense – Other

Donations	2,836	2,095
Turnover tax	749	464
Other	2,046	3,234
	5,631	5,793

7. RESTRICTED ASSETS

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

7.1) Government and private securities:

a) Secured Bonds under Presidential Decree No. 1,579/02 for 35,880 and 40,598 (face value of 24,400), respectively, provided as security for the loan received from Banco de Inversión y Comercio Exterior S.A. (BICE) to finance the "Paso San Francisco" public work, in accordance with the Note sent by the Bank on November 5, 2002, BICE's reply dated November 18, 2002, and the security agreement covering the abovementioned securities dated January 29, 2004.

- 26 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

b) BCRA Notes (NOBACs) for 741 and 22,097 (for a face value of 720 and 21,410), respectively, used to perform forward foreign currency trading transactions through Rosario Futures Exchange (ROFEX) and Mercado Abierto Electrónico S.A. (MAE).

c) NOBACs for an amount of 7,823 and 7,844 (for a face value of 7,600), respectively used to guarantee the repayment of the loan in pesos agreed upon under the Global Credit Program for Micro-, Small- and Medium-sized Enterprises (Mipymes) received from the Under-department of Small- and Medium-sized Enterprises and Regional Development (SSEPyMEyDR).

d) NOBACs for 6,037 and 5,501 (for a face value of 5.865 and 5,330), respectively, used to perform interest rate swap transactions, through MAE.

e) Argentine Government Bonds in Argentine pesos at private Badlar + 275 basis points, maturing in 2014, for an amount of 78,440 and 79,200 (face value of 80,000), respectively, used as security in favor of SEDESA, in replacement of former Nuevo Banco Bisel S.A.’s preferred shares to secure payment of the price to that company and fulfillment of all obligations undertaken in the sales agreement executed on May 28, 2007. The price payable was set at 66,240, plus 4% nominal interest rate p.a., to be compounded through its settlement, which will be made before the expiration of the 15-year term as from the takeover date of former Nuevo Banco Bisel S.A. (August 11, 2021).

f) Other government and private securities for 1,409 and 1,462, respectively.

7.2) Loans:

Agreements for loans backed by pledges and unsecured loans for 1,038 and 2,599, respectively, provided as guarantee in favor of the Mypes II Trust Fund, in full compliance with the terms and conditions of the program called “Mypes II (a)” and under the Global Credit Program for Small-sized and Micro-enterprises.

7.3) Other receivables from financial intermediation:

a) Special guarantee checking accounts opened in BCRA for transactions related to the electronic clearing houses and similar entities, for an amount of 268,857 and 260,331, respectively.

b) Contributions to the Risk Fund of Garantizar SGR (mutual guarantee association) for 10,323 and 10,170, respectively, resulting from a contribution made by the Bank on December 21, 2009, in its capacity as contributory partner of that company. Such contribution may be fully or partially reimbursed once two and three years have elapsed from the date of contribution.

c) Contribution to the Risk Fund of Macroaval SGR for 5,527 and 5,622, respectively, resulting from a contribution made by the Bank on December 31, 2008, in its capacity as contributory partner of such company. Such contribution may be fully or partially reimbursed once two and three years have elapsed from the date of contribution.

7.4) Other receivables:

a)  Security deposits related to credit card transactions for 39,186 and 34,552, respectively.

b)  Other security deposits for 10,148 and 9,728, respectively.

- 27 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

8. TRANSACTIONS WITH RELATED PARTIES

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

	Banco del Tucumán S.A.		Banco Privado de Inversiones S.A.		Macro Bank Limited		Macro Securities S.A. Company de Bolsa		Other subsidiaries and related parties (1)		03/31/2011		12/31/2010
ASSETS
Cash						3,148						3,148		3,090
Loans										45,256		45,256		51,676
Other receivables from financial intermediation								22,052				22,052		125,451
Receivables from financial leases								6,045		2,139		8,184		2,124
Other receivables		68		2,798								2,866		1,276
Items pending allocation		6										6		83
Total assets		74		2,798		3,148		28,097		47,395		81,512		183,700
LIABILITIES
Deposits				137		12		11,344		383,578		395,071		205,651
Other liabilities from financial intermediation								9,482				9,482		128,779
Other liabilities		273		98								371
Total liabilities		273		235		12		20,826		383,578		404,924		334,430
MEMORANDUM ACCOUNTS
Debit-balance accounts –Contingent										113		113		1,162
Debit-balance accounts –Control						114,039				135,075		249,114		382,288
Credit-balance accounts – Contingent		923						2,213				3,136		3,136
Credit-balance accounts – Derivates														99,413

- 28 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

(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.			Banco Privado de Inversiones S.A.			Macro Bank Limited		Macro Securities S.A. Company de Bolsa		Other subsidiaries and related parties (1)			03/31/2011			03/31/2010
INCOME / (LOSS)
Financial income					1							98			99			1,789
Financial expense		(1,257	)									(1,746	)		(3,003	)		(1,179	)
Service-charge income		7						4		8		217			236			245
Administrative expenses					(81	)									(81	)
Other income		1,801													1,801			1,569
Total income / (loss)		551			(80	)		4		8		(1,431	)		(948	)		2,424

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

(2) The Bank has recorded foreign currency trading transactions without delivery of the underlying asset and involving related parties, in its memorandum accounts. According to the Bank’s policy, they are matched in terms of amounts and maturity with transactions carried out with third parties who are not related parties. As of March 31, 2011, and 2010, the net intermediation income from such transaction generated earnings for the Bank of around 7 and 22, respectively.

9. CAPITAL STOCK

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

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

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

- 29 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

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

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

10. CORPORATE BONDS ISSUANCE

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

Corporate Bonds	Original value			Residual value as of 03/31/2011		03/31/2011		12/31/2010
Subordinated – Class 1	USD	150,000,000	(a.1)	USD	150,000,000		624,755		598,470
Non Subordinated – Class 2	USD	150,000,000	(a.2)	USD	106,395,000		437,220		437,986
Non Subordinated – Class 3	USD	100,000,000	(a.3)	USD	63,995,000		203,774		198,478
Total							1,265,749		1,234,934

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

a.1) On December 18, 2006, under the abovementioned Global Program, Banco Macro S.A. issued the 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” 4576.

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

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

- 30 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

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

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

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

- The unpaid interest is not cumulative.

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

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

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

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

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

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

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

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

- 31 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

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

11. DERIVATIVE FINANCIAL INSTRUMENTS

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

- Repurchase agreements of securities and foreign currency.

- Forward transactions without delivery of the underlying asset.

- Call and put options.

- Interest rate swaps.

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

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

Transaction	03/31/2011			12/31/2010
Net liability position of repurchase agreements		(2,071,610	)		(2,248,852	)
Net asset position of forward transactions without delivery of the underlying asset (a)		2,039			319,046
Interest rate swaps (b)		157,406			157,066
Position of put options sold on BODEN 2012 and 2013 coupons (c)		55,809			54,475
Position of put options taken (d)		40,038

Net income (loss) resulting from these transactions for the periods ended March 31, 2011, and 2010, amount to (loss) / income:

Transaction	03/31/2011			03/31/2010
Premiums on reverse repurchase agreements		2,913			5,933
Premiums on repurchase agreements		(2,863	)		(1,621	)
Interest rate swaps		(575	)		(986	)
Forward foreign-currency transactions offset		352			2,342
Transactions with options		38			947
Total		(135	)		6,615

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

- 32 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

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

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

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

ii. Relates to interest rate swap agreements whereby on a quarterly basis the Bank shall be entitled to receive the positive difference between 10.25% nominal interest rate p.a. and the variable rate agreed-upon in relation to a loan granted by the Bank (Libor at 90 days plus 2.9%), applied to the residual principal of such loan. In the event that the differences between both rates were negative, the Bank shall be required to pay the difference. This agreement expires September 27, 2018. The amount booked in the Bank’s memorandum accounts is related to the residual principal amount of the loan of notional values of thousands of 42,406 and 42,066, respectively.

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

(d) This is related to a put option taken of trust securities to be issued by financial trust Fideicomiso Financiero Best Consumer Finance Series XVI and which may be received by the Bank as payment of the assignment value established in the assignment of rights agreement executed on March 29, 2011, with Banco de Servicios y Transacciones S.A. The initial price was set at 40,000, which will accrue a minimum applicable rate of 17.5%, compounded on a monthly basis. The option may be exercised within 180 days as from issuance, delivery and registration of the transacted securities under Banco Macro S.A.’s name.

12. PORTFOLIO MANAGEMENT

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

As of March 31, 2011, and December 31, 2010, the loans portfolio managed for principal and interest, after application adjustments, amounted to 14,335 and 14,214, respectively.

- 33 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

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

As of March 31, 2010, and December 31, 2010, the loans portfolio managed amounts to 42,691 and 42,603, respectively.

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

As of March 31, 2011, and December 31, 2010, the loans portfolio managed amounts to 78,962 and 62,885, respectively.

d) On August 19, 2002, ABN AMRO Bank N.V. Sucursal Argentina, as trustee, the former Scotiabank Quilmes S.A., as trustor, Banco Comafi S.A., as collecting agent and manager and the former Banco Bansud S.A. (currently Banco Macro S.A.), entered into an agreement for the LAVERC financial trust’s collection administration and management, whereby former Banco Bansud S.A. will be in charge of the collection management, custody, performance and any other task related to the corpus assets recorded in the branches of former Scotiabank Quilmes S.A. received.

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

As of March 31, 2011, and December 31, 2010, the portfolio managed by the Bank amounted to 97,682 and 99,833, respectively.

e) On June 30, 2006, the Bank and Sud Inversiones y Análisis S.A. entered into a management and custody agreement regarding the “RETUC 1” trust loan portfolio.

As of March 31, 2011, and December 31, 2010, the portfolio managed by the Bank for principal and accrued interest amounted to 58,428 and 58,467, respectively.

f) As of March 31, 2010 and December 31, 2010, the Bank had under its management other portfolios for total amounts of 41,473 and 58,032, respectively.

- 34 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

13. MUTUAL FUNDS

As of March 31, 2011, the Bank, in its capacity as Depository Company, held in custody the interest in Mutual Funds subscribed by third parties and securities from the following mutual funds:

Fund	Interest in Mutual Funds		Shareholders’ equity		Assets (1)
Pionero Pesos		388,555,457		562,439		414,572
Pionero Renta Ahorro		45,023,023		76,180		73,385
Pionero Latam		1,809,432		8,913		8,262
Pionero F.F. – Fideicomiso Financieros		58,357,963		86,362		87,835
Pionero Renta		35,423,938		124,567		117,753
Pionero Acciones		1,394,508		4,473		4,310
Pionero Renta Dólares		6,709,759		14,004		12,680
Pionero América		357,945		1,807		1,669

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

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

15. TRUST ACTIVITIES

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

15.1. Financial trusts for investment purposes

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

- 35 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

Financial Trust	03/31/2011		12/31/2010
Certificates of participation:
TST & AF  (a)		55,827		54,777
Tucumán  (b)		63		63
Other  (c)		7,804		8,852
Subtotal certificates of participation		63,694		63,692
Debt securities:
Underwriting agreements  (d)		88,046		54,566
Created by Decree 976-01  (e)		51,909		51,763
San Isidro  (f)		39,666		87,920
Galtrust  (g)		28,018		32,874
Chubut oil & gas royalties (h)		24,842		24,313
Other		8,934		9,023
Subtotal debt securities		241,415		260,459
Total		305,109		324,151

(a) TST & AF Trust

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

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

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

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

As per the latest accounting information available to date, corpus assets amounted to about 93,908.

(b) Tucumán Trust

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

- 36 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

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

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

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

(c) Other

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

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

(d) It relates to prepayments towards the placement price of trust securities of the financial trusts under public offerings, made by the Bank through underwriting agreements, such as Consubond, Tarjeta Shopping, Rizzibono and Fidebica, 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.

(e) Created by Decree 976-01 Trust

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

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

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

(f) San Isidro Trust

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

- 37 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

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

On November 7, 2008, the Bank proceeded to sell on credit all of the certificates of participation issued by the trust to an unrelated company, 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 20,700,000.

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

(g) Galtrust Financial Trust

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

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

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

(h) Fideicomiso Chubut oil & gas royalties

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

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

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

- 38 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

(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 issue of these financial statements, the corpus assets managed totaled 6,219 as of both dates.

15.3. Trusts guaranteeing loans granted by the Bank

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

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

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

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

As of March 31, 2011, and December 31, 2010, the trusts’ assets managed amount to 262,376 and 273,508, respectively.

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

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

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

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

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

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

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

- 39 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

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

As of March 31, 2011, and December 31, 2010, the trusts’ assets managed amount to 286,508 and 254,567, respectively.

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

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

17. ACCOUNTS IDENTIFYING COMPLIANCE OF THE MINIMUM CASH REQUIREMENT

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

Item	03/31/2011
Cash
Cash on hand		1,465,339
Amounts in BCRA accounts		2,401,800
Other receivables from financial intermediation
Special guarantee accounts with the BCRA		268,857
Total		4,135,996

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:

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.

- 40 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

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

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

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

In August 2010, the Bank partially joined the program under Law 12,914, Regulatory Resolution No. 35/2010.

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

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

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 the most 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.

- 41 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

Legal actions

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

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

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

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

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

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

As mentioned in Notes 3.3.l.2), under BCRA Communiqués “A” 3916 and “A” 4686, as of March 31, 2011, and December 31, 2010, the Bank continued capitalizing in “Intangible assets” the amounts of 49,657 and 52,273 at stand-alone level, respectively, and a total of 51,828 and 54,680 at consolidated level, respectively, net of related amortizations, with respect to the differences resulting from the payments of deposit-related court orders and the estimates of the additional effects of the abovementioned Supreme Court decision.

Additionally, as of March 31, 2011, and December 31, 2010, the Bank recorded the additional payables related to such regulation under the “Provisions” account in the amount of 10,006 and 9,818 at the stand-alone level, respectively, and a total of 14,852 and 14,473 at consolidated level, respectively. Considering what has been mentioned in Note 3.3.l.2),the Bank’s Management believes that there would be no significant effects, other than those recognized in accounts, that could derive from the final outcome of such actions.

20. RESTRICTION ON EARNINGS DISTRIBUTION

a) The Bank´s General Regular Shareholder´s meeting of April 26, 2011 resolved:

a.1) Apply 202,086 out of Unappropriated retained earnings to increase the legal reserve corresponding to 20% of income for the year ended December 31, 2010, in accordance with the provisions of BCRA.

a.2) Apply 58,146 out of Unappropriated retained earnings to set an special reserve for interest to be paid upon the maturities taking place in June and December 2011, as established in the issuance conditions for the series of Class 1 Corporate Bonds mentioned in Note 10.a.1) and as established by the BCRA through its Communiqué “A” 4576.

- 42 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

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

a.3) Distribute cash dividends in the amount of 505,312. Such distribution was previously authorized by the BCRA.

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

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

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

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

21. FINANCIAL STATEMENTS PUBLICATION

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

22. ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

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

Jorge H. Brito

Chairperson

- 43 -

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2011 AND DECEMBER, 31 2010

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

(Figures stated in thousands of pesos)

	03/31/2011				12/31/2010		03/31/2011
Name	Market value or Present Value		Book balance		Book balance		Position without options (1)			Options		Final position
GOVERNMENT AND PRIVATE SECURITIES
GOVERNMENT SECURITIES
Holdings booked at market value
- Local
Federal government bonds in pesos at Badlar Private + 2,75% - Maturity: 2014		197,994		197,994		201,915		197,852					197,852
Federal government bonds in pesos at Badlar Private + 3.50% - Maturity: 2013		45,738		45,738		46,350		45,738					45,738
Secured bonds under Presidential Decree No. 1,579/02		39,273		39,273		40,724		36,916					36,916
Federal government bonds in US dollars at Libor - Maturity: 2012		34,673		34,673		34,427		(1,154	)		18,422		17,268
Debt Securities at 12% in US dollars Córdoba Province - Maturity: 2017		18,141		18,141		17,498		18,141					18,141
Federal government bonds in pesos at  variable rate - Maturity: 2013		7,316		7,316		7,523		7,316					7,316
Federal government bonds in US dollars at 7% - Maturity: 2017		4,653		4,653		1,026		(93	)				(93	)
Federal government bonds in pesos - Maturity 2014		4,159		4,159		3,674		4,159					4,159
Consolidation bonds in pesos - Sixth series		1,511		1,511		19,163		(19	)				(19	)
Par bonds denominated in pesos - Maturity: 2038		963		963		519		973					973
Other		3,446		3,446		5,046		(1,771	)		37,387		35,616
Subtotal holdings booked at market value				357,867		377,865		308,058			55,809		363,867
Government securities under repo transactions with Central Bank of Argentina
- Local
Discount bonds denominated in pesos - Maturity 2033		1,724,824		1,724,824
Federal government bonds in US dollars at 7% - Maturity: 2013						2,299,088
Subtotal government securities under repo transactiones with Central Bank of Argentina				1,724,824		2,299,088
Holdings booked at amortized cost
- Local
Province of Buenos Aires Treasury Bills in pesos - Maturity: 04-28-2011				49,603				49,603					49,603
Province of Buenos Aires Treasury Bills in pesos - Maturity: 03-31-2011						50,084
Province of Buenos Aires Treasury Bills in pesos - Maturity: 01-27-2011						49,575
Others
Subtotal Holdings booked at amortized cost				49,603		99,659		49,603					49,603

Jorge H. Brito

Chairperson

- 44 -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2011 AND DECEMBER, 31 2010

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

(Figures stated in thousands of pesos)

	03/31/2011				12/31/2010		03/31/2011
Name	Market Value or Present Value		Book balance		Book balance		Position Without Options (1)		Options	Final position
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA
Central Bank of Argentina Internal Bills - Under Repo Transactions
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-27-11		190,452		190,452
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-08-12				150,343
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-20-11						12,212
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-30-11						7,027
Subtotal Central Bank of Argentina Internal Bills - Under repo Transactions				340,795		19,239
Central Bank of Argentina Internal Bills at market value – Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-02-11						176,545
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-12-11						105,591
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-19-11						5,476
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-23-11						48,467
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-16-11						19,708
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-28-10
Subtotal Central Bank of Argentina Internal Bills at market value – Own Portfolio						355,787
Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-02-11						147,361
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-09-11						2,016
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-16-11						1,951
Subtotal Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio						151,328
Central Bank of Argentina notes at market value - Own portfolio
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) – Maturity: 11-09-11		673,595		673,595				673,595			673,595
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) – Maturity: 07-20-11		540,020		540,020				540,020			540,020
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) – Maturity: 08-17-11		298,323		298,323				298,323			298,323
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) – Maturity: 11-23-11		257,175		257,175				257,175			257,175
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) – Maturity: 12-14-11		152,565		152,565				152,565			152,565
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) – Maturity: 05-18-11		3,045		3,045		3,048		3,045			3,045
Subtotal Central Bank of Argentina Notes at market value - Own portfolio				1,924,723		3,048		1,924,723			1,924,723
Subtotal Instruments issued by the Central Bank of Argentina				2,265,518		529,402		1,924,723			1,924,723

Jorge H. Brito

Chairperson

- 45 -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2011 AND DECEMBER, 31 2010

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

(Figures stated in thousands of pesos)

	03/31/2011			12/31/2010		03/31/2011
Name	Market value or Present Value	Book balance		Book balance		Position without options (1)		Options	Final position
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)			2,265,518		529,402		1,924,723			1,924,723
Central Bank of Argentina Notes - Under Repo Transactions
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 06-08-11					18,313
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 07-13-11					9,083
Subtotal Central Bank of Argentina Notes - Under repo Transactions					27,396
Central Bank of Argentina Notes at amortized cost - Own portfolio
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 05-26-11			588,542		610,879		588,542			588,542
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 05-11-11			412,084		409,140		412,084			412,084
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 10-05-11			310,575				310,575			310,575
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 04-13-11			293,379		309,625		293,379			293,379
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 07-13-11			282,492		303,436		282,492			282,492
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 08-24-11			204,804				204,804			204,804
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 08-03-11			154,539				154,539			154,539
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 04-27-11			20,503				20,503			20,503
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 01-05-11					502,915
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 01-26-11					472,384
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 02-16-11					203,937
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 03-30-11					40,319
Subtotal Central Bank of Argentina Notes at amortized cost - Own portfolio			2,266,918		2,852,635		2,266,918			2,266,918
Total Instruments issued by the Central Bank of Argentina			4,532,436		3,409,433		4,191,641			4,191,641
Total Government securities			6,664,730		6,186,045		4,549,302	55,809		4,605,111
Total government and private Securities			6,664,730		6,186,045		4,549,302	55,809		4,605,111

(1) Position without options as of March 31, 2011, includes “Holdings” plus: “loans” and “spot and forward purchases pending settlement", less “deposits” and  "spot and forward sales pending settlement". For the securities the book values of which differ from the market values, the latter is considered for the purposes of the calculation described above.

Jorge H. Brito

Chairperson

- 46 -

EXHIBIT B

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

	03/31/2011		12/31/2010
COMMERCIAL
In normal situation		8,094,810		7,495,345
With Senior “A” guarantees and counter-guarantees		239,386		314,659
With Senior “B” guarantees and counter-guarantees		1,048,971		971,097
Without Senior guarantees or counter-guarantees		6,806,453		6,209,589
Subject to special monitoring		34,013		36,240
In observation
With Senior “B” guarantees and counter-guarantees		5,765		5,690
Without Senior guarantees or counter-guarantees		9,236		10,745
In negociation or with rollover agreement
With Senior “B” guarantees and counter-guarantees				547
Without Senior guarantees or counter-guarantees		19,012		19,258
Troubled		3,484		2,799
With Senior “B” guarantees and counter-guarantees		2,453		1,791
Without Senior guarantees or counter-guarantees		1,031		1,008
With high risk of insolvency		22,131		23,104
With Senior “A” guarantees and counter-guarantees
With Senior “B” guarantees and counter-guarantees		16,769		15,990
Without Senior guarantees or counter-guarantees		5,362		7,114
Irrecoverable		21,280		63,400
With Senior “B” guarantees and counter-guarantees		7,036		3,890
Without Senior guarantees or counter-guarantees		14,244		59,510
Subtotal Commercial		8,175,718		7,620,888

Jorge H. Brito

Chairperson

- 47 -

EXHIBIT B

(Continued)

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

	03/31/2011		12/31/2010
CONSUMER
Performing		8,635,172		7,952,155
With Senior “A” guarantees and counter-guarantees		29,942		26,962
With Senior “B” guarantees and counter-guarantees		689,652		678,048
Without Senior guarantees or counter-guarantees		7,915,578		7,247,145
Low risk		113,610		94,445
With Senior “A” guarantees and counter-guarantees		53		75
With Senior “B” guarantees and counter-guarantees		9,649		8,794
Without Senior guarantees or counter-guarantees		103,908		85,576
Medium risk		70,810		64,009
With Senior “A” guarantees and counter-guarantees		94
With Senior “B” guarantees and counter-guarantees		4,589		6,876
Without Senior guarantees or counter-guarantees		66,127		57,133
High risk		111,321		116,223
With Senior “A” guarantees and counter-guarantees				6
With Senior “B” guarantees and counter-guarantees		6,980		8,532
Without Senior guarantees or counter-guarantees		104,341		107,685
Irrecoverable		51,395		50,318
With Senior “B” guarantees and counter-guarantees		12,956		12,469
Without Senior guarantees or counter-guarantees		38,439		37,849
Irrecoverable according to Central Bank's rules		293		383
With Senior “B” guarantees and counter-guarantees		38		38
Without Senior guarantees or counter-guarantees		255		345
Subtotal Consumer		8,982,601		8,277,533
Total		17,158,319		15,898,421

Jorge H. Brito

Chairperson

- 48 -

EXHIBIT C

FINANCING-FACILITIES CONCENTRATION

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

	03/31/2011				12/31/2010
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		1,979,700		11.54		2,003,779		12.60
50 next largest customers		2,391,178		13.94		2,127,600		13.38
100 next largest customers		1,265,807		7.38		1,216,861		7.65
Other customers		11,521,634		67.14		10,550,181		66.37
Total		17,158,319		100.00		15,898,421		100.00

Jorge H. Brito

Chairperson

- 49 -

EXHIBIT D

BREAKDOWN BY FINANCING TERMS

AS OF MARCH 31, 2011

(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		4		14,228		10,551		15,831		31,007		7,895		282,401		361,917
Financial sector		6		15,838		47,152		4,086		50,257		11,476		8,651		137,466
Non-financial private sector and foreign residents		229,737		3,794,017		2,597,753		2,164,061		1,941,211		2,184,783		3,747,374		16,658,936
Total		229,747		3,824,083		2,655,456		2,183,978		2,022,475		2,204,154		4,038,426		17,158,319

Jorge H. Brito

Chairperson

- 50 -

EXHIBIT E

DETAIL OF INVESTMENTS IN OTHER COMPANIES

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

							Information on the issuer
	03/31/2011					12/31/2010	Data from latest financial statements
Name	Class	Unit face value	Votes per share	Number	Amount	Amount	Main business activity	Period / year- end date	Capital stock	Shareholders'  equity	Income (loss) for the period / year
In financial institutions, supplementary and authorized activities
- Subsidiaries
In Argentina
Banco del Tucumán S.A.	Common	100	1	395,341	266,215	243,810	Financial institution	03-31-11	43,960	296,018	24,913
Banco Privado de Inversiones S.A.	Common	1	1	35,925,820	79,396	84,454	Financial institution	03-31-11	36,659	79,996	(5,161	)
Macro Securities S.A. Sociedad de Bolsa	Common	1	1	12,776,680	29,378	26,914	Brokerage house	03-31-11	12,886	28,924	1,990
Sud Inversiones & Análisis S.A.	Common	1	1	6,475,143	13,355	13,155	Services	03-31-11	6,567	13,103	138
Macro Fondos S.G.F.C.I.S.A.	Common	1	1	327,183	2,073	1,765	Mutual funds management	03-31-11	1,713	10,569	1,434
Foreign
Macro Bank Limited	Common	1	1	9,816,899	188,662	184,060	Financial institution	03-31-11	9,817	188,662	4,602
Subtotal subsidiaries					579,079	554,158
- Non-subsidiaries
In Argentina
Banelco S.A.	Common	1	1	1,071,716	2,500	2,500	Network administration	12-31-10	23,599	66,210	19,034
Provincanje S.A.	Common	1	1	600,000	603	603	Swap of securities	12-31-10	7,200	8,715	500
Visa Argentina S.A.	Common	1	1	910,503	625	625	Business services	05-31-10	15,000	151,461	91,332
C.O.E.L.S.A.	Common	1	1	77,942	119	119	Financial Services	12-31-09	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	7	113	119	Electronic market	12-31-10	242	14,431	1,856
Macroaval S.G.R.	Common	1	1	30,500	31	31	Mutual guarantee association	12-31-10	250	6,060	101
Argentina Clearing S.A.	Common	2,500	1	30	31	31	Services	07-31-10	10,250	21,738	7,447
Garantizar S.G.R.	Common	1	1	10,000	10	10	Mutual guarantee association	12-31-09	8,335	224,988	7,204
Foreign
Banco Latinoamericano de Exportaciones S.A.	Common	10	1	7,303	319	314	Financial institution	12-31-10	1,113,144	2,771,331	167,954
Banco Latinoamericano de Exportaciones S.A.	Com "E"	1	1	3,729	236	231	Financial institution	12-31-10	1,113,144	2,771,331	167,954
Banco Latinoamericano de Exportaciones S.A.	Preferred	10		259	12	12	Financial institution	12-31-10	1,113,144	2,771,331	167,954
Subtotal non-subsidiaries					4,795	4,791
Total in financial institutions, supplementary  and authorized activities					583,874	558,949
In other companies
- Non-subsidiaries
In Argentina
Other					1,527	1,407
Foreign
SWIFT S.A.	Common	1	1	3	20	20	Services	12-31-09	744,150	1,553,963	83,800
Total in other companies					1,547	1,427
Total (1)					585,421	560,376

(1) As of March 31, 2011 and December 31, 2010,  the Bank booked allowances for impairment in value amounting for 659 as of both dates (see Exhibit J).

Jorge H. Brito

Chairperson

- 51 -

EXHIBIT F

MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS

AS OF MARCH 31, 2011

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

(Figures stated in thousands of pesos)

	Net book value at									Depreciation for the period				Net book
Item	beginning of fiscal year		Increases		Transfers			Decreases		Years of useful life		Amount		value at end of the period
Bank premises and equipment
Buildings		267,290		600					327		50		2,580		264,983
Furniture and facilities		38,432		7,530							10		1,615		44,347
Machinery and equipment		83,153		8,181					4		5		8,675		82,655
Vehicles		14,294		1,124		36,490			27		5		3,635		48,246
Total		403,169		17,435		36,490			358				16,505		440,231
Other assets
Works in progress		35,785		8,608											44,393
Works of art		1,218													1,218
Prepayments for the purchase of assets		57,862		109,742		(163,186	)		1,779						2,639
Foreclosed assets		11,704		27					411		50		74		11,246
Leased buildings		2,445									50		18		2,427
Stationery and office supplies		3,537		8,620					7,554						4,603
Other assets		66,744				126,696			8,773		50		348		184,319
Total		179,295		126,997		(36,490	)		18,517				440		250,845

Jorge H. Brito

Chairperson

- 52 -

EXHIBIT G

DETAIL OF INTANGIBLE ASSETS

AS OF MARCH 31, 2011

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

(Figures stated in thousands of pesos)

	Net book value at					Amortization for the period				Net book
Item	beginning of fiscal year		Increases		Decreases	Years of useful life		Amount		value at end of the period
Goodwill (a)		100,945					10		3,513		97,432
Organization and development costs (b)		186,700		21,247			5		16,667		191,280
Total		287,645		21,247					20,180		288,712

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

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

Jorge H. Brito

Chairperson

- 53 -

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

	03/31/2011				12/31/2010
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		5,032,683		22.56		4,130,232		19.75
50 next largest customers		1,812,260		8.12		1,804,474		8.63
100 next largest customers		1,087,291		4.87		1,044,370		5.00
Other customers		14,379,112		64.45		13,928,968		66.62
Total		22,311,346		100.00		20,908,044		100.00

Jorge H. Brito

Chairperson

- 54 -

EXHIBIT I

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND

SUBORDINATED CORPORATE BONDS

AS OF MARCH 31, 2011

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

(Figures stated in thousands of pesos)

	Terms remaining to maturity
Item	Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Deposits		16,990,505		3,637,006		655,413		406,203		621,691		528		22,311,346
Other liabilities from financial intermediation
Central Bank of Argentina		1,394		109								425		1,928
Banks and International Institutions		12,493		22,607		29,178		5,445						69,723
Non-subordinated corporate bonds				6,708				6,107		197,066		431,113		640,994
Financing received from Argentine financial institutions		34,573		797		1,195		2,390		4,779		37,692		81,426
Other		792,899		395		854		1,004		1,463		78,445		875,060
		841,359		30,616		31,227		14,946		203,308		547,675		1,669,131
Subordinated corporate bonds				16,955								607,800		624,755
Total		17,831,864		3,684,577		686,640		421,149		824,999		1,156,003		24,605,232

Jorge H. Brito

Chairperson

- 55 -

EXHIBIT J

CHANGES IN ALLOWANCES AND PROVISIONS

AS OF MARCH 31, 2011

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

(Figures stated in thousands of pesos)

	Balances at Beginning of		Increases		Decreases				Balances at end of the
Breakdown	fiscal year		(1)		Charge off		Reversals		year
ALLOWANCES
Loans
For uncollectibility risk and impairment in value		470,730		44,694		67,819		6,351		441,254
Other receivables from financial intermediation
For uncollectibility risk and impairment in value		229,504		247		666		108		228,977
Receivables from financial leases
For uncollectibility risk		5,968		149				554		5,563
Investments in other companies
For impairment in value		659								659
Other receivables
For uncollectibility risk		12,858		91		5,134		141		7,674
Total allowances		719,719		45,181		73,619		7,154		684,127
PROVISIONS
Contingent commitments		784						26		758
For other contingencies		78,263		6,895		8,786		8		76,364
Difference from court deposits dollarization		9,818		188						10,006
Total Provisions		88,865		7,083		8,786		34		87,128

(1)        See note 3.3.f). and 3.3.o).

Jorge H. Brito

Chairperson

- 56 -

EXHIBIT K

CAPITAL STRUCTURE

AS OF MARCH 31, 2011

(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

- 57 -

EXHIBIT L

FOREIGN CURRENCY BALANCES

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

	03/31/2011																							12/31/2010
	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		Real	Euro		Total
ASSETS
Cash		1,949,013		1,936,926		773		383		64		171		266		329		55		48			9,998		1,569,057
Government and private securities		57,930		57,930																					2,353,322
Loans		2,538,346		2,534,963																			3,383		2,358,553
Other receivables from financial intermediation		2,734,524		2,510,077																			224,447		2,684,059
Receivables from financial leases		62,605		62,605																					59,958
Investments in other companies		189,249		189,249																					184,637
Other receivables		53,437		53,437																					41,673
Items pending allocation		520		520																					302
Total		7,585,624		7,345,707		773		383		64		171		266		329		55		48			237,828		9,251,561
LIABILITIES
Deposits		3,772,550		3,772,550																					3,176,390
Other liabilities from financial intermediation		1,363,653		965,410		137		147				93											397,866		3,252,703
Other liabilities		2,999		2,999																					3,267
Subordinated corporate bonds		624,755		624,755																					598,470
Items pending allocation		2		2																					3
Total		5,763,959		5,365,716		137		147				93											397,866		7,030,833
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS
(except contra debit-balance accounts)
Contingent		911,827		877,192																			34,635		766,576
Control		765,487		748,337		212		87				12											16,839		1,175,862
Derivatives		42,406		42,406																					42,066
CREDIT-BALANCE ACCOUNTS
(except contra credit-balance accounts)
Contingent		211,179		116,991																	215		93,973		137,901
Control		40		40																					199

Jorge H. Brito

Chairperson

- 58 -

EXHIBIT N

CREDIT ASSISTANCE TO RELATED PARTIES

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

Item	03/31/2011 (1)		12/31/2010 (1)
Loans
Overdrafts		131		252
Without Senior guarantees or counter-guarantees		131		252
Documents		19,261		18,747
Without Senior guarantees or counter-guarantees		19,261		18,747
Mortgage and pledge		1,744		2,205
With Senior “B” guarantees and counter-guarantees		1,379		1,889
Without Senior guarantees or counter-guarantees		365		316
Personal		39		41
Without Senior guarantees or counter-guarantees		39		41
Credit cards		1,745		9,887
Without Senior guarantees or counter-guarantees		1,745		9,887
Other		14,323		2,480
Without Senior guarantees or counter-guarantees		14,323		2,480
Total loans		37,243		33,612
Other receivables from financial intermediation		8,832		8,806
Receivables from financial leases		8,185		2,125
Contingent Commitments		4,763		12,733
Investments in other companies		579,773		554,742
Total		638,796		612,018
Allowances / Provisions		626		557

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

Jorge H. Brito

Chairperson

- 59 -

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF MARCH 31, 2011

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

(Figures stated in thousands of pesos)

					Originally
					agreed	Residual	Weighted daily
	Purpose of the				weighted	weighted	average term of
Type of	transactions	Underlying	Type of	Negotiation environment	monthly	monthly	settlement of
contract	performed	asset	settlement	or counter-party	average term	average term	differences	Amount
	Intermediation	Argentine		Over The Counter  - Residents
Options	- own account	government securities	Other	in Argentina - Non-financial sector	126	22			55,809
	Intermediation		With delivery of	Over The Counter  - Residents
Options	- own account	Other	underlying asset	in Argentina - Non-financial sector	7	7			40,038
	Intermediation	Argentine	With delivery of	MAE (over-the-counter
Repo transactions	- own account	government securities	underlying asset	electronic market)	1	1			1,881,490
	Intermediation	Argentine	With delivery of	Over The Counter - Residents
Repo transactions	- own account	government securities	underlying asset	in Argentina - Financial Sector	1	1			190,452
	Intermediation	Foreign	Daily settlement of	MAE (over-the-counter
Futures	- own account	currency	differences	electronic market)	4	1	1		8,156
	Intermediation	Foreign	Maturity settlement	Over The Counter  - Residents
Forward	- own account	currency	of differences	in Argentina - Non-financial sector	4	1	30		30,585
	Intermediation		Maturity settlement	Over The Counter  - Residents
Swaps	- own account	Other	of differences	in Argentina - Non-financial sector	132	90	90		42,406
	Intermediation			MAE (over-the-counter
Swaps	- own account	Other	Other	electronic market)	50	31	30		115,000

Jorge H. Brito

Chairperson

- 60 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2011			12/31/2010
ASSETS
A.   CASH
Cash on hand		1,724,541			1,406,971
Due from banks and correspondents
Central Bank of Argentina		2,679,951			3,089,851
Local Other		8,351			17,446
Foreign		751,554			687,487
Other		253			249
		5,164,650			5,202,004
B.   GOVERNMENT AND PRIVATE SECURITIES (Exhibit I)
Holdings booked at market value		684,832			603,953
Government securities under repo transactions with Central Bank of Argentina		1,724,824			2,299,088
Holdings booked at amortized cost		59,234			103,682
Instruments issued by the Central Bank of Argentina		5,124,196			4,005,766
Investments in listed private securities		19,152			17,588
less:  Allowances (Note 4.)					(3	)
		7,612,238			7,030,074
C.   LOANS
To the non-financial government sector		354,495			336,430
To the financial sector
Interfinancing - (granted call)		22,974			110,100
Other financing to Argentine financial institutions		74,617			45,100
Accrued interest, adjustments, foreign exchange and quoted price differences receivables		196			501
To the non-financial private sector and foreign residents
Overdrafts		1,990,275			2,032,986
Documents		2,015,094			1,805,226
Mortgage loans		926,043			902,734
Pledge loans		366,625			347,321
Personal loans		6,525,840			5,802,442
Credit cards		1,659,026			1,553,183
Other		3,402,894			3,302,223
Accrued interest, adjustments, foreign exchange and quoted price differences receivables		242,026			216,888
less:  Unposted payments
less:  Unearned discount		(31,912	)		(30,121	)
less:  Allowances (Note 4.)		(486,272	)		(514,910	)
		17,061,921			15,910,103

Jorge H. Brito

Chairperson

- 61 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2011			12/31/2010
D.   OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina		2,045,177			2,545,880
Amounts receivable from spot and forward sales pending settlement		1,204,283			248,714
Securities and foreign currency receivable from spot and forward purchases pending settlement		699,222			77,567
Unlisted corporate bonds		277,854			279,306
Receivables from forward transactions without delivery of underlying asset		304			2,840
Other receivables not covered by debtors classification standards		621,548			642,223
Other receivables covered by debtors classification standards		89,805			40,280
less:  Allowances (Note 4.)		(237,604	)		(237,513	)
		4,700,589			3,599,297
E.    RECEIVABLES FROM FINANCIAL LEASES
Receivables from financial leases		254,319			249,081
Accrued interest and adjustments		4,035			4,339
less:  Allowances (Note 4.)		(5,601	)		(6,021	)
		252,753			247,399
F.    INVESTMENTS IN OTHER COMPANIES
In financial institutions		567			557
Other		10,903			10,789
less:  Allowances (Note 4.)		(1,680	)		(1,676	)
		9,790			9,670
G.   OTHER RECEIVABLES
Receivables from sale of assets		7,173			7,229
Minimum presumed income tax - Tax Credit		168
Other		653,649			605,691
Accrued interest and adjustments receivable on from sale of assets		232			330
Other accrued interest and adjustments receivables		344			290
less:  Allowances (Note 4.)		(11,421	)		(16,529	)
		650,145			597,011
H.    BANK PREMISES AND EQUIPMENT, NET		481,974			445,531
I.     OTHER ASSETS		261,423			181,256
J.    INTANGIBLE ASSETS
Goodwill		97,432			100,945
Organization and development costs		200,367			196,352
		297,799			297,297
K.    ITEMS PENDING ALLOCATION		1,940			4,765
TOTAL ASSETS		36,495,222			33,524,407

Jorge H. Brito

Chairperson

- 62 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2011		12/31/2010
LIABILITIES
L.    DEPOSITS
From the non-financial government sector		5,866,912		5,216,109
From the financial sector		17,828		15,776
From the non-financial private sector and foreign residents
Checking accounts		4,570,181		4,178,758
Savings accounts		4,927,834		4,526,697
Time deposits		8,974,382		8,714,101
Investment accounts		205,757		178,010
Other		558,760		518,807
Accrued interest, adjustments, foreign exchange and quoted price differences payables		61,872		59,135
		25,183,526		23,407,393
M.   OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina
Other		1,985		1,877
Banks and International Institutions		69,472		45,506
Non-subordinated Corporate Bonds		628,179		620,071
Amounts payable for spot and forward purchases pending settlement		723,421		93,609
Securities and foreign currency to be delivered under spot and forward sales pending settlement		2,936,730		2,561,740
Put options sold premiums		770		398
Financing received from Argentine financial institutions
Interfinancing (received call)		34,000		30,068
Other financing received from Argentine financial institutions		16,834		17,278
Accrued interest payables		35		25
Receivables from forward transactions without delivery of underlying asset				755
Other		916,193		1,173,873
Accrued interest, adjustments, foreign exchange and quoted price differences payables		43,623		46,083
		5,371,242		4,591,283
N.   OTHER LIABILITIES
Fees		470		447
Other		763,115		633,244
		763,585		633,691
O.   PROVISIONS (Note 4.)		107,035		105,830
P.    SUBORDINATED CORPORATE BONDS		624,755		598,470
Q.   ITEMS PENDING ALLOCATION		4,572		7,399
MINORITY INTERESTS IN SUBSIDIARIES		30,012		27,499
TOTAL LIABILITIES		32,084,727		29,371,565
SHAREHOLDERS' EQUITY		4,410,495		4,152,842
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		36,495,222		33,524,407

Jorge H. Brito

Chairperson

- 63 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2011		12/31/2010
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS		14,920,555		15,219,447
Contingent		6,175,220		5,542,009
Guarantees received		5,629,694		5,197,200
Other not covered by debtors classification standards		196		229
Contingent debit-balance contra accounts		545,330		344,580
Control		7,632,983		7,835,246
Receivables classified as irrecoverable		902,336		845,119
Other		6,474,455		6,745,666
Control debit-balance contra accounts		256,192		244,461
Derivatives		311,457		1,022,181
Notional value of put options taken		40,038
Notional value of forward transactions without delivery of underlying asset		20,390		555,897
Interest rate swap		157,406		157,066
Derivatives debit-balance contra accounts		93,623		309,218
Trust activity		800,895		820,011
Trust funds		800,895		820,011
CREDIT-BALANCE ACCOUNTS		14,920,555		15,219,447
Contingent		6,175,220		5,542,009
Credit lines granted (unused portion) covered by debtors classification standards		57,949		57,533
Other guarantees provided covered by debtors classification standards		196,009		66,192
Other guarantees provided not covered by debtors classification standards		130,283		130,684
Other covered by debtors classification standards		161,089		90,171
Contingent credit-balance contra accounts		5,629,890		5,197,429
Control		7,632,983		7,835,246
Checks to be credited		256,192		244,461
Control credit-balance contra accounts		7,376,791		7,590,785
Derivatives		311,457		1,022,181
Notional value of call options sold		19,151		17,587
Notional value of put options sold		56,121		54,780
Notional value of forward transactions without delivery of underlying asset		18,351		236,851
Derivatives credit-balance contra account		217,834		712,963
Trust activity		800,895		820,011
Trust activity credit-balance contra accounts		800,895		820,011

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

Jorge H. Brito

Chairperson

- 64 -

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2011		03/31/2010
A.  FINANCIAL INCOME
Interest on cash and due from banks		23		3
Interest on loans to the financial sector		3,149		2,044
Interest on overdrafts		79,681		59,620
Interest on documents		44,056		34,714
Interest on mortgage loans		33,404		25,667
Interest on pledge loans		15,791		11,538
Interest on credit card loans		71,468		47,395
Interest on financial leases		11,459		11,048
Interest on other loans		482,323		345,244
Net income from government and private securities		177,189		369,570
Net income from options		470		600
Interest on other receivables from financial intermediation		133		113
Income from guaranteed loans - Presidential Decree No. 1,387/01		4,878		54
CER (Benchmark Stabilization Coefficient) adjustment		2,899		961
CVS (Salary Variation Coefficient) adjustment		94		176
Difference in quoted prices of gold and foreign currency		62,402		43,842
Other		11,797		19,916
		1,001,216		972,505
B.  FINANCIAL EXPENSE
Interest on checking accounts		31		3,008
Interest on savings accounts		5,252		4,622
Interest on time deposits		257,989		229,994
Interest on interfinancing received loans (received call)		1,389		1,143
Interest on other financing from financial institutions		3		2
Interest on other liabilities from financial intermediation		15,719		16,168
Interest on subordinated bonds		14,729		14,097
Other interest		428		489
CER adjustment		1,043		1,412
Contribution to Deposit Guarantee Fund		10,296		7,924
Other		58,269		39,666
		365,148		318,525
GROSS INTERMEDIATION MARGIN - GAIN		636,068		653,980
C.  PROVISION FOR LOAN LOSSES		44,581		37,828
D.  SERVICE-CHARGE INCOME
Related to lending transactions		27,738		19,985
Related to deposits		256,262		179,391
Other commissions		11,293		5,790
Other		124,779		77,812
		420,072		282,978

Jorge H. Brito

Chairperson

- 65 -

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2011			03/31/2010
E.  SERVICE-CHARGE EXPENSE
Commissions		24,254			15,833
Other		59,054			46,843
		83,308			62,676
F.  ADMINISTRATIVE EXPENSES
Personnel expenses		348,924			279,709
Directors' and statutory auditors' fees		8,832			4,151
Other professional fees		20,852			17,246
Advertising and publicity		15,422			8,464
Taxes		29,733			20,255
Depreciation of equipment		17,508			14,045
Amortization of organization costs		13,225			9,599
Other operating expenses		72,873			55,812
Other		5,642			4,873
		533,011			414,154
NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		395,240			422,300
G.  OTHER INCOME
Income from long-term investments		328			305
Penalty interest		6,269			6,434
Recovered loans and allowances reversed		14,205			23,117
CER adjustments		21			34
Others		17,422			5,784
		38,245			35,674
H.  OTHER EXPENSE
Penalty interest and charges payable to the Central Bank of Argentina		6			12
Charges for other receivables uncollectibility and other allowances		11,285			7,533
Amortization of differences related to court orders		4,584			4,187
Depreciation and loss of other assets		482			551
Goodwill amortization		3,513			2,108
Other		4,940			6,241
		24,810			20,632
MINORITY INTEREST IN SUBSIDIARIES		(2,513	)		(1,473	)
NET INCOME BEFORE INCOME TAX - GAIN		406,162			435,869
I.  INCOME TAX		148,509			189,829
NET INCOME FOR THE PERIOD - GAIN		257,653			246,040

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

Jorge H. Brito

Chairperson

- 66 -

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2011			03/31/2010
CHANGES IN CASH AND CASH EQUIVALENTS  (Note 1.5.)
Cash at beginning of fiscal year		5,990,480			5,396,063
Cash at end of the period		6,571,326			5,580,349
Net increase in cash		580,846			184,286
CAUSES OF CHANGES IN CASH
Operating activities
Net collections / (payments) for:
Government and private securities		(95,312	)		1,240,458
Loans
To the financial sector		61,062			39,513
To the non-financial government sector		(10,790	)		(132,350	)
To the non-financial private sector and foreign residents		(501,606	)		229,499
Other receivables from financial intermediation		(1,189,484	)		(1,121,056	)
Receivables from financial leases		6,509			37,926
Deposits
From the financial sector		2,063			(3,103	)
From the non-financial government sector		625,398			634,806
From the non-financial private sector and foreign residents		879,258			64,406
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		2,611			(83,962	)
Others (except liabilities included under financing activities)		1,121,140			(298,851	)
Collections related to service-charge income		418,933			281,627
Payments related to service-charge expenses		(81,084	)		(60,361	)
Administrative expenses paid		(533,131	)		(379,804	)
Payment of organization and development costs		(20,108	)		(17,192	)
Net collections from penalty interest		6,263			6,426
Differences from payments related to court orders		(1,732	)		(4,191	)
Other collections / (payments) related to other income and losses		10,376			3,220
Net payments from other operating activities		(28,791	)		(28,169	)
Payment of income tax / minimum presumed income tax		(18,433	)		(53,271	)
Net cash flows generated in operating activities		653,142			355,571

Jorge H. Brito

Chairperson

- 67 -

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2011			03/31/2010
Investing activities
Net payments for bank premises and equipment		(16,497	)		(9,441	)
Net payments for other assets		(116,885	)		(6,409	)
Other collections for investing activities		793			413
Net cash flows used in investing activities		(132,589	)		(15,437	)
Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(18,101	)		(17,367	)
Central Bank of Argentina:
Other		108			37
Banks and International Institutions		23,735			(190,820	)
Financing received from Argentine financial institutions		(447	)		(595	)
Net cash flows generated / (used) in financing activities		5,295			(208,745	)
Financial income and holding gains on cash and cash equivalents		54,998			52,897
Net increase in cash		580,846			184,286

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

Jorge H. Brito

Chairperson

- 68 -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2011		12/31/2010
COMMERCIAL
In normal situation		8,309,679		7,762,398
With Senior “A” guarantees and counter-guarantees		242,460		322,597
With Senior “B” guarantees and counter-guarantees		1,075,067		1,001,760
Without Senior guarantees or counter-guarantees		6,992,152		6,438,041
Subject to special monitoring		34,013		36,240
In observation
With Senior “B” guarantees and counter-guarantees		5,765		5,690
Without Senior guarantees or counter-guarantees		9,236		10,745
In negociation or with rollover agreement
With Senior “B” guarantees and counter-guarantees				547
Without Senior guarantees or counter-guarantees		19,012		19,258
Troubled		3,484		2,799
With Senior “B” guarantees and counter-guarantees		2,453		1,791
Without Senior guarantees or counter-guarantees		1,031		1,008
With high risk of insolvency		22,131		23,104
With Senior “B” guarantees and counter-guarantees		16,769		15,990
Without Senior guarantees or counter-guarantees		5,362		7,114
Irrecoverable		21,280		63,400
With Senior “B” guarantees and counter-guarantees		7,036		3,890
Without Senior guarantees or counter-guarantees		14,244		59,510
Subtotal Commercial		8,390,587		7,887,941

Jorge H. Brito

Chairperson

- 69 -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2011		12/31/2010
CONSUMER
Performing		9,812,420		8,959,435
With Senior “A” guarantees and counter-guarantees		30,687		29,291
With Senior “B” guarantees and counter-guarantees		718,603		707,689
Without Senior guarantees or counter-guarantees		9,063,130		8,222,455
Low risk		123,433		101,963
With Senior “A” guarantees and counter-guarantees		54		76
With Senior “B” guarantees and counter-guarantees		9,669		8,995
Without Senior guarantees or counter-guarantees		113,710		92,892
Medium risk		76,676		72,172
With Senior “A” guarantees and counter-guarantees		110		1
With Senior “B” guarantees and counter-guarantees		4,789		6,928
Without Senior guarantees or counter-guarantees		71,777		65,243
High risk		134,421		143,096
With Senior “A” guarantees and counter-guarantees		3		8
With Senior “B” guarantees and counter-guarantees		6,991		8,532
Without Senior guarantees or counter-guarantees		127,427		134,556
Irrecoverable		58,815		54,455
With Senior “B” guarantees and counter-guarantees		12,973		12,750
Without Senior guarantees or counter-guarantees		45,842		41,705
Irrecoverable according to Central Bank's rules		306		412
With Senior “B” guarantees and counter-guarantees		38		38
Without Senior guarantees or counter-guarantees		268		374
Subtotal Consumer		10,206,071		9,331,533
Total		18,596,658		17,219,474

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

Jorge H. Brito

Chairperson

- 70 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

of the stand-alone financial statements)

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

1. SIGNIFICANT ACCOUNTING POLICIES AND SUBSIDIARIES

1.1. Valuation and disclosure criteria:

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

The financial statements of the Bank’s subsidiaries have been prepared based on methods similar to those applied by the Bank to prepare its own financial statements, with respect to assets and liabilities valuation and disclosure, income (loss) measurement and restatement procedures, as explained in Note 3 to the Bank’s stand-alone financial statements. In addition, the Bank made certain reclassifications of the financial statements as of March 31, 2010, for the sole purpose of comparing them with these financial statements.

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

1.2. List of subsidiaries:

The table below shows the treatment given to the equity interests that Banco Macro S.A. holds in subsidiaries (percentage of equity interest and votes held directly or indirectly as of March 31, 2011):

	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	%
Banco Privado de Inversiones S.A.  (a)	Common		35,925,820		98.000	%		98.000	%		99.985	%		99.985	%
Macro Bank Limited  (b)	Common		9,816,899		99.999	%		99.999	%		99.999	%		99.999	%
Macro Securities S.A. Sociedad de Bolsa  (c) and (d)	Common		12,776,680		99.154	%		99.154	%		99.921	%		99.921	%
Sud Inversiones & Análisis S.A.	Common		6,475,143		98.605	%		98.605	%		98.605	%		98.605	%
Macro Fondos S.G.FCI S.A.	Common		327,183		19.100	%		19.100	%		99.936	%		99.936	%

- 71 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

of the stand-alone financial statements)

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

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

(b)  Consolidated with Sud Asesores (ROU) S.A. (voting rights: 100%, equity interest: 716).

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

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

1.3. Methods of incorporating foreign subsidiaries:

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

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

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

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

d) The amounts of the accounts in the statement of income for the three-month periods ended March 31, 2011, and 2010, were converted into pesos, as of such dates according to the method described in (a) above. In both cases, the difference between the sum of the amounts thus obtained and lump-sum income (loss) for each period (difference between retained earnings at beginning of fiscal year and retained earnings at period-end) was recorded in “Other income – Income from long-term investments” and “Financial income – Difference in quoted prices of gold and foreign currency” or “Financial expense – Difference in quoted prices of gold and foreign currency”, as the case may be, in the stand-alone and consolidated financial statements, respectively.

The main figures included in the consolidated financial statements arising from the figures of Macro Bank Limited (consolidated with Sud Asesores (ROU) S.A.) as of March 31, 2011, considering the translation process mentioned above are as follows:

	Macro Bank Limited
	In thousands of USD		In thousands of Ps.
Assets		253,421		1,026,863
Liabilities		206,861		838,201
Shareholders’ equity		46,560		188,662

- 72 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

of the stand-alone financial statements)

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

1.4. The table below shows total assets, liabilities, shareholders’ equity and income of Banco Macro S.A. and each one of its subsidiaries as of March 31, 2011:

	Banco MacroS.A.		Bancodel TucumánS.A.		Banco Privado de Inversiones  S.A.			Macro Bank Limited (1)		Other subsidiaries  (2)		Eliminations		Banco MacroS.A. consolidated
Assets		33,210,060		2,657,849		116,608			1,026,863		110,822		626,980		36,495,222
Liabilities		28,799,565		2,361,831		36,612			838,201		67,650		19,132		32,084,727
Shareholders’ equity		4,410,495		296,018		79,996			188,662		43,172		607,848		4,410,495
Income (loss)		257,653		24,913		(5,161	)		4,602		2,688		27,042		257,653

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

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

1.5. Statement of cash flows and cash equivalents

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

	03/31/2011		12/31/2010		03/31/2010
Cash		5,164,650		5,202,004		4,960,657
Government and private securities
Holdings booked at market value		295,790		198,790		619,692
Instruments issued by Central Bank of Argentina		1,110,886		589,686
Cash and cash equivalents		6,571,326		5,990,480		5,580,349

2. INCOME TAX AND MINIMUM PRESUMED INCOME TAX

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

- 73 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

of the stand-alone financial statements)

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

As of March 31, 2011, and 2010, subsidiary Banco del Tucumán S.A. estimated income tax in the amount of 12,650 and 9,700, respectively; hence, no minimum presumed income tax should be assessed. In addition, as of March 31, 2011, the Bank capitalized income tax prepayments for 34,939 for 2010 tax year, which were recorded in the Other receivables account.

As of March 31, 2011, subsidiary Banco Privado de Inversiones S.A. did not set an income tax accrual as it booked NOLs as of that date, setting a minimum presumed income tax accrual as of that date totaling 75. Additionally, as of the date of these financial statements the subsidiary booked a minimum presumed income tax credit of 3,643, which was fully accrued and prepayments totaling 841 for tax year 2010, which were booked under Other receivables.

3. RESTRICTED ASSETS

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

3.1 Banco del Tucumán S.A.:

a) Other receivables from financial intermediation

As of March 31, 2011, and December 31, 2010, Banco del Tucumán S.A. continued to keep as security the amounts related to the special guarantee checking accounts opened in BCRA for transactions related to the electronic clearing houses and similar ones for an amount of 30,534 and 25,254, respectively.

b) Other receivables

As of March 31, 2011, and December 31, 2010, this includes other receivables in the amount of 4,825 and 4,984, respectively.

3.2 Banco Privado de Inversiones S.A.:

a) Other receivables from financial intermediation

As of March 31, 2011, and December 31, 2010, Banco Privado de Inversiones S.A. continued to keep as security the amounts related to the special guarantee checking accounts opened in BCRA for transactions related to the electronic clearing houses and similar ones and credit card customers consumptions abroad as securities for an amount of 2,324 and 2,807, respectively.

b) Other receivables

b.1) As of March 31, 2011, and December 31, 2010, it holds security deposits related to credit card transactions for 2,872 and 7,537, respectively.

b.2) As of March 31, 2011, and December 31, 2010 include other receivables of 1,017 and 1,014, respectively.

- 74 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

of the stand-alone financial statements)

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

3.3 Macro Securities S.A. Sociedad de Bolsa:

Investments in other companies

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

4. CHANGES IN ALLOWANCES AND PROVISIONS

The following are the changes in the Bank’s allowances and provisions consolidated with its subsidiaries as of March 31, 2011:

	Balances at beginning of				Decreases				Balances at
Item	Year		Increases		Charge off		Reversals		end of period
Allowances
For government and private securities		3				3
For loans		514,910		48,775		70,441		6,972		486,272
For other receivables from financial intermediation		237,513		951		692		168		237,604
For receivables from financial leases		6,021		151				571		5,601
For investments in other companies		1,676		4						1,680
For other receivables		16,529		167		5,134		141		11,421
Total		776,652		50,048		76,270		7,852		742,578
Provisions
For contingent commitments		784						26		758
For other contingencies		90,573		10,795		9,914		29		91,425
Difference from court deposits dollarization		14,473		379						14,852
Total		105,830		11,174		9,914		55		107,035

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

- 75 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

of the stand-alone financial statements)

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

Type of contract / underlying asset	03/31/2011		12/31/2010
Futures / Foreign currency		8,156		708,037
Repo transactions		2,209,764		2,481,016
Forwards / Foreign currency		30,585		74,712
Options / BODEN coupons		56,121		54,780
Swap / Other		157,406		157,066
Options / Other		59,189		17,587
Futures / Rate				10,000

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

Transaction	03/31/2011			12/31/2010
Net liability position of repurchase agreements		(2,209,432	)		(2,479,037	)
Net asset position of forward transactions without delivery of the underlying asset		2,039			319,046
Interest rate swap		157,406			157,066
Position of put options sold on BODEN 2012 and 2013 coupons		56,121			54,780
Position of call options sold		19,151			17,587
Position of put options taken		40,038

6. PORTFOLIO MANAGEMENT

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

a) The trust agreement Fideicomiso Financiero Gas Tucumán I for a total amount of 9,582 and 9,651, respectively.

b) The trust agreement Fideicomiso Financiero BATUC I for a total amount of 17,143 and 17,253, respectively.

- 76 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2011

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

of the stand-alone financial statements)

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

7. TRUST AGREEMENTS

7.1. Financial trusts for investment purposes:

In addition to the disclosures made in Note 15 to the Bank’s stand-alone financial statements, the subsidiaries had the following certificates of participation recorded in their financial statements as of March 31, 2011, and December 31, 2010:

Financial trust	03/31/2011		12/31/2010
Certificates of participation:
TST & AF  (a)		50,515		42,404
Other		12,754		14,403
Total certificates of participation		63,269		56,807

(a) TST & AF Trust

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

7.2. Trusts created using financial assets transferred by the Bank

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

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

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

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

As of March 31, 2011, and December 2010, the trusts’ assets managed amount to 634,732 and 631,296, respectively.

Jorge H. Brito

Chairperson

- 77 -

EXHIBIT I

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2011				12/31/2010
Name	Market value or Present Value		Book balance		Book balance
GOVERNMENT AND PRIVATE SECURITIES
GOVERNMENT SECURITIES
Government securities at market value
-  Local
Federal government bonds in pesos at Badlar Private + 2.75% - Maturity: 2014		197,994		197,994		201,915
Federal government bonds in US dollars at Libor - Maturity: 2012		52,120		52,120		42,466
Federal government bonds in pesos at Badlar Private + 3.50 % - Maturity: 2013		45,738		45,738		46,350
Secured bonds under Presidential Decree No. 1,579/02		39,558		39,558		40,988
Debt Securities at 12% in US dollars Córdoba Province - Maturity: 2017		18,141		18,141		17,498
Federal government bonds in pesos at  variable rate - Maturity: 2013		7,316		7,316		7,523
Federal government bonds in pesos at Badlar Private + 3.00 % - Maturity: 2015		6,563		6,563		901
Consolidation bonds of social security payables in pesos – Fourth Series		6,389		6,389		7,029
Federal government bonds in US dollars at 7% - Maturity: 2017		4,653		4,653		1,026
Federal government bonds in pesos - Maturity: 2014		4,159		4,159		3,674
Others		6,411		6,411		35,793
Subtotal holdings booked at market value - Local				389,042		405,163
- Foreign
Treasury Bill - Maturity 04-07-11				202,598
Treasury Bill - Maturity 04-28-11				93,192
Treasury Bill - Maturity 01-06-11						198,790
Subtotal holdings booked at market value - Foreign				295,790		198,790
Subtotal holdings booked at market value				684,832		603,953
Government securities under repo transactions with Central Bank of Argentina
- Local
Federal government bonds in US dollars at 7% - Maturity: 2013						2,299,088
Discount bonds denominated in pesos - Maturity 2033		1,724,824		1,724,824
Subtotal government securities under repo transactions with Central Bank of Argentina				1,724,824		2,299,088
Government securities at amortized cost
- Local
Province of Buenos Aires Treasury Bills in pesos - Maturity: 03-31-2011						50,084
Province of Buenos Aires Treasury Bills in pesos - Maturity: 01-27-2011						49,575
Province of Buenos Aires Treasury Bills in pesos - Maturity: 04-28-2011				49,603
Province of Tucumán bonds - Second series in dollars at 9,45% - Maturity: 2015				6,442		2,455
Province of Tucumán bonds - First series in pesos - Maturity: 2018				3,189		1,565
Other						3
Subtotal government securities at amortized cost				59,234		103,682

Jorge H. Brito

Chairperson

- 78 -

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2011				12/31/2010
Name	Market value or Present Value		Book balance		Book balance
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA
Central Bank of Argentina Internal Bills - Under Repo Transactions
Central Bank of Argentina Internal Bills in pesos - Maturity 02-08-12				266,554		83,923
Central Bank of Argentina Internal Bills in pesos - Maturity 04-27-11				205,903		7,514
Central Bank of Argentina Internal Bills in pesos - Maturity 04-20-11						12,212
Central Bank of Argentina Internal Bills in pesos - Maturity 03-30-11						7,027
Subtotal Central Bank of Argentina Internal Bills - Under repo Transactions				472,457		110,676
Central Bank of Argentina Internal Bills at market value – Own Portfolio
Central Bank of Argentina Internal Bills in pesos - Maturity 02-02-11						310,016
Central Bank of Argentina Internal Bills in pesos - Maturity 01-12-11						229,455
Central Bank of Argentina Internal Bills in pesos - Maturity 01-05-11						54,888
Central Bank of Argentina Internal Bills in pesos - Maturity 03-23-11						48,467
Central Bank of Argentina Internal Bills in pesos - Maturity 02-16-11						19,708
Central Bank of Argentina Internal Bills in pesos - Maturity 01-19-11						19,415
Central Bank of Argentina Internal Bills in pesos - Maturity 04-27-11		53,601		53,601
Central Bank of Argentina Internal Bills in pesos - Maturity 05-04-11		53,521		53,521
Central Bank of Argentina Internal Bills in pesos - Maturity 04-13-11		34,891		34,891
Subtotal Central Bank of Argentina Internal Bills at market value – Own Portfolio				142,013		681,949
Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio
Central Bank of Argentina Internal Bills in pesos - Maturity 04-06-1				23,966
Central Bank of Argentina Internal Bills in pesos - Maturity 03-02-11						147,361
Central Bank of Argentina Internal Bills in pesos - Maturity 01-26-11						35,897
Central Bank of Argentina Internal Bills in pesos - Maturity 02-09-11						20,801
Central Bank of Argentina Internal Bills in pesos - Maturity 03-16-11						1,951
Subtotal Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio				23,966		206,010
Central Bank of Argentina notes at market value - Own portfolio
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) - Maturity 11-09-11		673,595		673,595
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) - Maturity 07-20-11		623,100		623,100
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) - Maturity 08-17-11		329,184		329,184
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) - Maturity 11-23-11		257,175		257,175
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) - Maturity 12-14-11		152,565		152,565
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) - Maturity 05-18-11		3,045		3,045		3,048
Subtotal Central Bank of Argentina notes at market value - Own portfolio				2,038,664		3,048
Subtotal instruments issued by the Central Bank of Argentina				2,677,100		1,001,683

Jorge H. Brito

Chairperson

- 79 -

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	03/31/2011				12/31/2010
Name	Market value or Present Value		Book balance		Book balance
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)				2,677,100		1,001,683
Central Bank of Argentina Notes - Under Repo Transactions
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 07-13-11						18,401
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 06-08-11						18,313
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 07-13-11						9,083
Subtotal Central Bank of Argentina Notes - Under repo Transactions						45,797
Central Bank of Argentina internal notes at amortized cost - Own portfolio
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 05-26-11				608,875		610,879
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 05-11-11				447,828		409,140
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 04-13-11				365,491		309,625
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 10-05-11				310,575
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 07-13-11				302,730		303,436
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 08-24-11				204,804
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 08-03-11				154,539
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 04-27-11				36,805
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 08-10-11				15,449
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 01-05-11						567,409
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 01-26-11						513,541
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 02-16-11						203,937
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 03-30-11						40,319
Subtotal Central Bank of Argentina internal notes at amortized cost - Own portfolio				2,447,096		2,958,286
Total Instruments issued by the Central Bank of Argentina				5,124,196		4,005,766
Total Government securities				7,593,086		7,012,489
INVESTMENTS IN LISTED PRIVATE  SECURITIES
Petroleo Brasileiro S.A. - Petrobras		19,152		19,152		17,588
Total investment in listed private securities				19,152		17,588
Total government and private securities (1)				7,612,238		7,030,077

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

Jorge H. Brito

Chairperson

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SIGNATURE

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

Date: May 26, 2011

MACRO BANK INC.
By:	/s/ Jorge Scarinsi
Name: Jorge Scarinsi
Title: Attorney-in-Fact