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

December 14, 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 September 30, 2011,

together with the limited review report

on interim-period financial statements

CONTENTS

·	Limited review report on interim-period financial statements
·	Cover
·	Balance sheets	1
·	Statements of income	5
·	Statements of changes in shareholders’ equity	7
·	Statements of cash flows	8
·	Notes to the financial statements	10
·	Exhibits A through L, N and O	43
·	Consolidated balance sheets	60
·	Consolidated statements of income	64
·	Consolidated statements of cash flows	65
·	Consolidated statements of debtors by situation	68
·	Notes to the consolidated financial statements with subsidiaries	70
·	Exhibit l to the consolidated financial statements with subsidiaries	77

LIMITED REVIEW REPORT ON INTERIM-PERIOD FINANCIAL STATEMENTS

Translation into English – Originally issued in Spanish

See Note 22 to the Financial Statements

To the Directors of

BANCO MACRO S.A.

Registered office: Sarmiento 447

City of Buenos Aires

1. We have performed a limited review of the accompanying balance sheet of BANCO MACRO S.A. as of September 30, 2011, and the related statements of income, changes in shareholders’ equity and cash flows for the nine-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 September 30, 2011, and the related consolidated statements of income and cash flows for the nine-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 nine-month period ended September 30, 2010, which were presented for comparative purposes, we report that:

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

- 2 -

b) On November 4, 2010, we issued a limited review report on the financial statements of BANCO MACRO S.A. and BANCO MACRO S.A. and its subsidiaries for the nine-month period ended September 30, 2010, which included qualifications due to the differences between the accounting standards established by the BCRA and the professional accounting standards effective in Argentina, which are described and quantified in note 5 to the accompanying financial statements.

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 September 30, 2011, the liabilities accrued in employee and employer contributions to the National Social Security Administration, as recorded in the Bank’s books, amounted to Ps. 18,519,560, none of which was due as of that date.

City of Buenos Aires,

November 7, 2011

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

C.P.C.E.C.A.B.A. Vol. 1 – Fo. 13

CLAUDIO N. NOGUEIRAS

Partner

Certified Public Accountant (U.B.A.)

C.P.C.E.C.A.B.A. Vol. 197 – Fo. 64

- 3 -

FINANCIAL STATEMENTS AS OF

SEPTEMBER 30, 2011

BUSINESS NAME: Banco Macro S.A.

REGISTERED OFFICE:  Sarmiento 447 – City of Buenos Aires

CORPORATE PURPOSE AND MAIN BUSINESS:  Commercial bank

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

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

 Folio 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 SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

		09/30/2011			12/31/2010
ASSETS
A.	CASH
	Cash on hand		1,605,190			1,206,489
	Due from banks and correspondents
	Central Bank of Argentina		3,026,137			2,805,679
	Local Other		21,721			11,763
	Foreign		223,076			271,702
	Other		263			249
			4,876,387			4,295,882
B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit A)
	Holdings booked at market value		349,031			377,865
	Government securities under repo transactions with Central Bank of Argentina		1,678,932			2,299,088
	Holdings booked at amortized cost		102,208			99,659
	Instruments issued by the Central Bank of Argentina		1,269,687			3,409,433
			3,399,858			6,186,045
C.	LOANS (Exhibits B, C and D)
	To the non-financial government sector		353,020			335,970
	To the financial sector
	Interfinancing (granted call)		30,000			33,100
	Other financing to Argentine Financial Institutions		182,942			45,100
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		3,187			443
	To the non-financial private sector and foreign residents
	Overdrafts		3,244,007			1,984,571
	Documents		2,648,765			1,766,933
	Mortgage loans		1,052,419			873,671
	Pledge loans		610,184			345,269
	Personal loans		6,989,232			4,926,060
	Credit cards		2,233,348			1,470,396
	Other (Note 6.1.)		4,147,812			3,207,787
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		259,810			209,665
	less:  Unearned discount		(41,158	)		(28,644	)
	less:  Allowances (Exhibit J)		(493,573	)		(470,730	)
			21,219,995			14,699,591

Jorge H. Brito

Chairperson

- 1 -

BALANCE SHEETS

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

		09/30/2011			12/31/2010
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		2,067,281			2,519,076
	Amounts receivable from spot and forward sales pending settlement		285,020			111,229
	Securities and foreign currency receivable from spot and forward purchases pending settlement		200,480			164,731
	Unlisted corporate bonds (Exhibits B, C and D)		245,803			220,554
	Receivables from forward transactions without delivery of underlying asset		7,430			2,840
	Other receivables not covered by debtors classification standards (Note 6.2)		554,089			548,262
	Other receivables covered by debtors classification standards (Exhibits B, C and D)		37,244			36,897
	less:  Allowances (Exhibit J)		(229,125	)		(229,504	)
			3,168,222			3,374,085
E.	RECEIVABLES FROM FINANCIAL LEASES
	Receivables from financial leases (Exhibits B, C and D)		311,378			244,186
	Accrued interest and adjustments (Exhibits B, C and D)		4,137			4,112
	less: Allowances (Exhibit J)		(5,455	)		(5,968	)
			310,060			242,330
F.	INVESTMENTS IN OTHER COMPANIES  (Exhibit E)
	In financial institutions		589,693			512,881
	Other		51,979			47,495
	less: Allowances (Exhibit J)		(400	)		(659	)
			641,272			559,717
G.	OTHER RECEIVABLES
	Receivables from sale of assets (Exhibits B, C and D)		6,490			7,229
	Other (Note 6.3.)		429,468			544,465
	Accrued interest and adjustments on receivables from sales of assets (Exhibits B, C and D)		241			330
	Other accrued interest and adjustments receivable		604			290
	less:  Allowances  (Exhibit J)		(10,382	)		(12,858	)
			426,421			539,456
H.	BANK PREMISES AND EQUIPMENT, NET (Exhibit F)		491,350			403,169
I.	OTHER ASSETS   (Exhibit F)		216,407			179,295
J.	INTANGIBLE ASSETS  (Exhibit G)
	Goodwill		90,406			100,945
	Organization and development costs		208,265			186,700
			298,671			287,645
K.	ITEMS PENDING ALLOCATION		1,353			3,907
TOTAL ASSETS			35,049,996			30,771,122

Jorge H. Brito

Chairperson

- 2 -

BALANCE SHEETS

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

		09/30/2011		12/31/2010
LIABILITIES
L.	DEPOSITS (Exhibits H and I)
	From the non-financial government sector		5,301,753		4,225,266
	From the financial sector		17,435		15,610
	From the non-financial private sector and foreign residents
	Checking accounts		4,617,528		3,869,485
	Savings accounts		5,640,030		4,093,226
	Time deposits		8,613,902		7,989,567
	Investment accounts		141,039		177,135
	Other (Note 6.4.)		545,234		483,298
	Accrued interest, adjustments, foreign exchange and quoted price differences payables		65,577		54,457
			24,942,498		20,908,044
M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina (Exhibit I)
	Other		1,767		1,798
	Banks and International Institutions (Exhibit I)		156,401		45,506
	Non-subordinated Corporate Bonds (Note 10. and Exhibit I)		644,404		620,071
	Amounts payable for spot and forward purchases pending settlement		196,920		164,391
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		1,967,857		2,412,928
	Financing received from Argentine financial institutions (Exhibit I)
	Interfinancing - (received call)		34,385		30,068
	Other financing received from Argentine financial institutions		15,945		17,278
	Accrued interest payables		17		25
	Receivables from forward transactions without delivery of underlying asset				755
	Other (Note 6.5. and Exhibit I)		1,188,135		1,125,211
	Accrued interest, adjustments, foreign exchange and quoted price differences payables (Exhibit I)		42,938		46,083
			4,248,769		4,464,114
N.	OTHER LIABILITIES
	Other (Note 6.6.)		667,648		552,124
			667,648		552,124
O.	PROVISIONS (Exhibit J)		79,579		88,865
P.	SUBORDINATED CORPORATE BONDS (Note 10. and Exhibit I)		648,097		598,470
Q.	ITEMS PENDING ALLOCATION		5,130		6,663
TOTAL LIABILITIES			30,591,721		26,618,280
SHAREHOLDERS' EQUITY (As per related statement)			4,458,275		4,152,842
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			35,049,996		30,771,122

Jorge H. Brito

Chairperson

- 3 -

BALANCE SHEETS

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

		09/30/2011		12/31/2010
MEMORANDUM ACCOUNTS
	DEBIT-BALANCE ACCOUNTS		17,428,521		12,003,089
	Contingent		7,713,154		5,281,603
	Credit lines obtained (unused portion)		18,000
	Guarantees received		7,129,798		4,935,898
	Other not covered by debtors classification standards		169		229
	Contingent debit-balance contra accounts		565,187		345,476
	Control		6,237,929		5,717,197
	Receivables classified as irrecoverable		952,863		787,863
	Other (Note 6.7.)		4,884,093		4,685,026
	Control debit-balance contra accounts		400,973		244,308
	Derivatives (Exhibit O)		3,477,438		1,004,289
	Notional value of put options taken (Note 11.d))		45,787
	Notional value of forward transactions without delivery of underlying asset (Note 11.a))		1,725,831		555,897
	Interest rate swap (Note 11.b))		158,035		157,066
	Derivatives debit-balance contra accounts		1,547,785		291,326
	CREDIT-BALANCE ACCOUNTS		17,428,701		12,003,089
	Contingent		7,713,334		5,281,603
	Credit lines granted (unused portion) covered by debtors classification standards (Exhibits B, C and D)		37,841		55,782
	Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)		107,933		68,839
	Other guarantees provided not covered by debtors classification standards		130,901		130,684
	Other covered by debtors classification standards (Exhibits B, C and D)		288,512		90,171
	Contingent credit-balance contra accounts		7,148,147		4,936,127
	Control		6,237,929		5,717,197
	Checks to be credited		400,973		244,308
	Control credit-balance contra accounts		5,836,956		5,472,889
	Derivatives (Exhibit O)		3,477,438		1,004,289
	Notional value of put options sold (Note 11.c))		35,785		54,475
	Notional value of forward transactions without delivery of underlying asset (Note 11.a))		1,512,000		236,851
	Derivatives credit-balance contra account		1,929,653		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 NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2011 AND 2010

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

(Figures stated in thousands of pesos)

		09/30/2011		09/30/2010
A.	FINANCIAL INCOME
	Interest on cash and due from banks		137		242
	Interest on loans to the financial sector		9,441		7,808
	Interest on overdrafts		288,844		181,375
	Interest on documents		144,349		103,560
	Interest on mortgage loans		108,292		79,384
	Interest on pledge loans		58,496		36,764
	Interest on credit card loans		228,496		132,821
	Interest on financial leases		38,597		31,152
	Interest on other loans		1,435,091		951,588
	Net income from government and private securities (Note 6.8.)		342,334		744,731
	Interest on other receivables from financial intermediation		157		424
	Income from guaranteed loans - Presidential Decree No. 1,387/01		4,884		22,209
	CER (Benchmark Stabilization Coefficient) adjustment		3,969		38,502
	CVS (Salary Variation Coefficient) adjustment		268		554
	Difference in quoted prices of gold and foreign currency		196,364		115,452
	Other (Note 6.9.)		44,204		47,454
			2,903,923		2,494,020
B.	FINANCIAL EXPENSE
	Interest on checking accounts				3,449
	Interest on savings accounts		16,464		13,801
	Interest on time deposits		741,677		660,063
	Interest on interfinancing received loans (received call)		3,468		3,362
	Interest on other financing from Financial Institutions		5		5
	Interest on other liabilities from financial intermediation		47,821		46,904
	Interest on subordinated bonds		44,807		42,697
	Other interest		1,198		1,414
	CER adjustment		3,165		3,837
	Contribution to Deposit Guarantee Fund		29,405		23,310
	Other (Note 6.10.)		178,278		116,054
			1,066,288		914,896
	GROSS INTERMEDIATION MARGIN - GAIN		1,837,635		1,579,124
C.	PROVISION FOR LOAN LOSSES		153,399		79,174
D.	SERVICE-CHARGE INCOME
	Related to lending transactions		79,460		50,793
	Related to deposits		787,930		541,693
	Other commissions		30,597		22,902
	Other (Note 6.11.)		401,532		232,657
			1,299,519		848,045

Jorge H. Brito

Chairperson

- 5 -

STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2011 AND 2010

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

(Figures stated in thousands of pesos)

		09/30/2011		09/30/2010
E.	SERVICE-CHARGE EXPENSE
	Commissions		75,541		52,398
	Other (Note 6.12.)		202,175		136,939
			277,716		189,337
F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		1,056,694		789,996
	Directors' and statutory auditors' fees		30,017		25,288
	Other professional fees		57,408		53,336
	Advertising and publicity		53,011		36,852
	Taxes		87,482		68,290
	Depreciation of equipment		50,942		40,545
	Amortization of organization costs		39,953		28,921
	Other operating expenses (Note 6.13.)		213,789		163,391
	Other		17,413		14,480
			1,606,709		1,221,099
	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		1,099,330		937,559
G.	OTHER INCOME
	Income from long-term investments		91,132		72,338
	Penalty interest		23,102		20,457
	Recovered loans and allowances reversed		48,665		51,628
	CER adjustments		61		85
	Other (Note 6.14.)		66,430		60,133
			229,390		204,641
H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		8		15
	Charges for other receivables uncollectibility and other allowances		19,720		16,868
	Amortization of differences related to court orders		13,342		12,474
	Depreciation and loss of other assets		1,416		2,989
	Goodwill amortization		10,539		6,792
	Other (Note 6.15.)		17,527		20,571
			62,552		59,709
	NET INCOME BEFORE INCOME TAX - GAIN		1,266,168		1,082,491
I.	INCOME TAX (Note 4.)		436,500		346,500
	NET INCOME FOR THE PERIOD - GAIN		829,668		735,991

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 NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2011 AND 2010

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

(Figures stated in thousands of pesos)

	09/30/2011																			09/30/2010
							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
Own shares reacquired															(7,767	)		(7,767	)
Distribution of unappropriated earnings, as approved by the Shareholders’ Meeting held on April 26, 2011 and April 6, 2010, respectively:
-Legal Earning Reserved								202,086							(202,086	)
-Cash Dividends															(505,312	)		(505,312	)		(208,070	)
-Normative Earning Reserved										58,146					(58,146	)
-Tax on Personal Assets															(11,156	)		(11,156	)		(8,319	)
Reversal of special reserve from Subordinated debt instruments										(46,906	)				46,906
Net income for the period - Gain															829,668			829,668			735,991
Balances at the end of the period		594,485		398,750		4,511		966,226		11,240			211		2,482,852			4,458,275			3,878,403

(1) See Notes 3.3.q.2) and 9 and Exhibit K

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 NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2011 AND 2010

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

(Figures stated in thousands of pesos)

	09/30/2011			09/30/2010
CHANGES IN CASH AND CASH EQUIVALENTS (Note 3.5.)
Cash at beginning of the fiscal year		4,548,311			4,139,611
Cash at end of the period		4,923,971			4,083,122
Net  increase / (decrease) in cash		375,660			(56,489	)
CAUSES OF CHANGES IN CASH
Operating activities
Net collections / (payments):
Government and private securities		2,413,091			1,554,729
Loans
To the financial sector		(128,046	)		4,192
To the non-financial government sector		(9,762	)		(13,880	)
To the non-financial private sector and foreign residents		(4,234,809	)		(764,363	)
Other receivables from financial intermediation		212,129			(1,669,132	)
Receivables from financial leases		(28,620	)		70,412
Deposits
From the financial sector		1,837			(3,248	)
From the non-financial government sector		992,676			1,378,339
From the non-financial private sector and foreign residents		2,265,608			1,241,616
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		523			(100,361	)
Others (except liabilities included under financing activities)		148,901			94,032
Collections related to service-charge income		1,298,624			847,169
Payments related to service-charge expenses		(276,819	)		(189,567	)
Administrative expenses paid		(1,535,285	)		(1,155,808	)
Payment of organization and development costs		(65,135	)		(54,902	)
Net collections from penalty interest		23,094			20,442
Differences from payments related to court orders		(9,725	)		(15,545	)
Collections of dividends from other companies		4,332			19,591
Other collections related to other income and losses		53,220			55,818
Net payments from other operating activities		(13,636	)		(178,441	)
Payment of income tax		(137,032	)		(660,640	)
Net cash flows generated in operating activities		975,166			480,453

Jorge H. Brito

Chairperson

- 8 -

STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2011 AND 2010

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

(Figures stated in thousands of pesos)

	09/30/2011			09/30/2010
Investing activities
Net payments for bank premises and equipment		(200,810	)		(31,330	)
Net collections / (payments) for other assets		39,997			(7,763	)
Other payments for investing activities and irrevocable capital contribution					(141,856	)
Net cash flows used in investing activities		(160,813	)		(180,949	)
Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(47,467	)		(45,780	)
Central Bank of Argentina
Other Other		(30	)		(318	)
Banks and International Institutions		109,926			(167,807	)
Subordinated corporate bonds		(29,945	)		(29,730	)
Financing received from Argentine financial institutions		(1,338	)		(1,239	)
Payment of dividends		(505,312	)		(208,070	)
Other payments for financing activities
Own shares reacquired		(7,767	)
Net cash flows used in financing activities		(481,933	)		(452,944	)
Financial income and holding gains on cash and cash equivalents		43,240			96,951
Net  increase / (decrease) in cash		375,660			(56,489	)

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 SEPTEMBER 30, 2011

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

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

1. BRIEF HISTORY 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 the 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. in 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 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, Macro Fiducia S.A. (former Sud Inversiones & Análisis S.A.) and Macro Fondos SGFCI S.A

2. BANK OPERATIONS

2.1. Agreement with the Misiones Provincial Government

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

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

As of September 30, 2011 and December 31, 2010, the deposits of the Misiones Provincial Government amounted to 1,187,646 and 900,550 (including 76,956 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 SEPTEMBER 30, 2011

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

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

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

As of September 30, 2011 and December 31, 2010, the deposits of the Salta Provincial Government amounted to 1,134,325 and 719,785 (including 124,474 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 September 30, 2011 and December 31, 2010, the deposits of the Jujuy Provincial Government amounted to 906,209 and 516,077 (including 69,443 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 September 30, 2011, and December 31, 2010, the deposits of the Tucumán Provincial Government and the Municipality of San Miguel de Tucumán in Banco del Tucumán S.A. amounted to 1,371,841 and 874,498 (including 340,104 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 UTE (joint venture) agreement with Montamat & Asociados S.R.L under the name “BMB M&A – Unión Transitoria de Empresas”, in which each hold a 50% equity interest.  The purpose of such agreement is to render audit services related to oil and gas royalties and fiscal easements in the province of Salta to optimize tax collection in such province.

- 11 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

c) Banco Macro S.A. – Gestiva S.A.

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

As of September 30, 2011, and December 31, 2010, the net assets of such joint ventures recorded in the Bank’s financial statements through the proportionate consolidation method amounted to 10,246 and 7,901, respectively.

Also, as of September 30, 2011, and 2010, the net income recorded through the method mentioned in the previous paragraph amounted to 24,830 and 12,669, respectively.

2.6. Banco Privado de Inversiones S.A.

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

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

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

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

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.

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 Central Bank rules and Argentine professional accounting standards (see Note 5).

- 12 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

3.1. Comparative information

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

By means of Communiqué “A” 5180, as supplemented, the Central Bank, introduced amendments to the accounting criteria of nonfinancial government sector securities and instruments issued by the Central Bank 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 nine-month period ended September 30, 2010, as well as the certain supplementary information, were reclassified due to the application of such communiqués solely for comparative purposes with these financial Statements.

3.2. Restatement into constant pesos

Professional accounting standards in Argentina establish that the financial statements should be stated in constant pesos. In a monetary stability context, the nominal currency is used as constant currency; however, during inflationary or deflationary periods, financial statements are required to be stated in constant currency as of the latest balance sheet date, recognizing the variations in the domestic wholesale price index (domestic WPI) published by the INDEC (Argentine Institute of Statistics and Censuses), in conformity with the restatement method under FACPCE (Argentine Federation of Professional Councils in Economic Sciences) 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 (Argentine regulatory agency of business associations) General Resolution No. 4/2003, CNV (Argentine Securities Commission) General Resolution No. 441, and Central Bank Communiqué “A” 3921.  Professional accounting standards provide that the restatement method established by Technical Resolution No. 6 should have been discontinued since October 1, 2003.  The effects of not having recognized the changes in the peso purchasing power through such date have not been material to the financial statements taken as a whole.

3.3. Use of estimates

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

3.4. Valuation methods

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

- 13 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

a)  Assets and liabilities denominated in foreign currency:

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

b)  Government and private securities:

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

As of September 30, 2011, and December 31, 2010, they were valued at the quoted prices or present values reported by the Central Bank, 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 Central Bank reported at present value —which were booked, as of that date, under “Unlisted government securities”— were valued following the guidelines in Central Bank Communiqué “A” 4898, as amended, considering the present values reported by the Central Bank, book values and the use of the relevant offset accounts and those ones which are reclassified to this sub-item for comparative proposals.

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

As of September 30, 2011, as set forth in Central Bank 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 Central Bank 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 interests 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 September 30, 2011, the present value calculated by the Bank for these securities amounts to 102,259.

b.3) Listed Instruments issued by the Central Bank – Holdings booked at market value:

Holdings in the proprietary portfolio and those received from repurchased 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 SEPTEMBER 30, 2011

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

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

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

Holdings in the proprietary portfolio and those received from repurchased agreements with no volatility published by the Central Bank 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 September 30, 2011, and December 31, 2010, as set forth in Central Bank 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 including CER, net of the related offset account, compared in turn with the present values reported by the Central Bank.

As of September 30, 2011, and December 31, 2010, the present value reported by the Central Bank for these securities amounted to 194,310 and 280,316, respectively.

d)  Interest accrual:

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

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

e)  CER accrual:

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

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

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

e.3) Deposits and other assets and liabilities: They were adjusted by CER as of the last business day of the period- and year-end, 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 Central Bank Communiqué “A” 2950, as supplemented, and the Bank’s provisioning policies.

- 15 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 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)  Deposits of Government securities

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

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

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

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

h.2) Securities and foreign currency to be received for spot and forward purchases pending settlement and to be delivered for spot and forward sales pending settlement:

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

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

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

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

ii. Debt securities in Galtrust financial trust: they were valued as provided by Central Bank 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 trusts: 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 September 30, 2011, and December 31, 2010, an allowance was booked for the full amounts receivable booked on account of such certificates, as they were deemed unrecoverable.

- 16 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

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

The values recorded, net of allowances, 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 Central Bank 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 of period-end and year-end, respectively, translated into pesos pursuant to the method described in Note 3.4.a), as the case may be.

i)  Receivables from financial leases:

In accordance with Central Bank 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 September 30, 2011, and December 31, 2010, the effective financial lease agreements do not represent significant amounts with respect to the total financing granted by the Bank. Additionally, their  characteristics are among the usual ones for this kind of transactions, and there are no differentiating issues of any kind compared with the transactions agreed on the Argentine 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, as the case may be.

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 SEPTEMBER 30, 2011

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

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

j.3) In other non-controlled companies: they were valued at acquisition cost, plus the nominal value of share-dividends received, restated as described in Note 3.2, as the case may be, 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 as the case may be, 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 Central Bank 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 Central Bank Communiqué “A” 3916, since April 2003 the sums related to the amounts paid are amortized straight line over 60 months.

m) Valuation of derivatives:

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

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

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

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

See also Note 11.

n)  Severance payments:

The Bank charges these payments directly to expenses.

- 18 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

o) Provisions included in liabilities:

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

p) Subordinated corporate bonds:

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

q) Shareholders’ equity accounts:

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

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

r) Statement-of-income accounts:

r.1) The accounts comprising monetary transactions occurred in the period ended September 30, 2011, and 2010 (financial income (expense), service-charge income (expense), provision for loan losses, administrative expenses, among others) were computed at their historical amounts on a monthly accrual basis.

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

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

3.5. Statement of cash flows and cash equivalents

The Bank considers “cash and cash equivalents” to include the following accounts: Cash and Government and private securities which mature less than 90 days since 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 September 30, 2011, December 31, and September 30, 2010:

- 19 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

	09/30/2011		12/31/2010		09/30/2010
Cash		4,876,387		4,295,882		3,917,438
Government and private securities
Instruments issued by Central Bank		47,584		252,429		165,684
Cash and cash equivalents		4,923,971		4,548,311		4,083,122

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 September 30, 2011, and 2010, the Bank estimated an income tax charge of 436,500 and 346,500, respectively; hence, no minimum presumed income tax should be assessed for the years ended on such date.

Additionally, as of September 30, 2011, the Bank made income tax prepayments for 151,267 for the 2011 fiscal year, which were recorded in the "Other receivables" account.

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

Argentine current professional accounting standards differ, in certain valuation and disclosure aspects, from Central Bank 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 September 30, 2011, and December 31, 2010, are as follows:

- 20 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

	Adjustments under professional accounting standards
	Stand-alone financial statements									Consolidated financial statements
	to equity						to income			to equity						to income
Item	09/30/2011			12/31/2010			09/30/2011			09/30/2011			12/31/2010			09/30/2011
Government securities and assistance to the government sector (a)
Holdings of government securities booked at amortized cost		(792	)		11,658			(12,450	)		(1,258	)		17,279			(18,537	)
Instruments issued by the Central Bank booked at amortized cost		(2,237	)		(17,750	)		15,513			(2,310	)		(18,427	)		16,117
Guaranteed loans – Presidential Decree No. 1,387/01		(62,517	)		(14,797	)		(47,720	)		(62,521	)		(14,806	)		(47,715	)
Business combinations (b)
Acquisition of Nuevo Banco Bisel S.A.		(112,799	)		(119,165	)		6,366			(112,799	)		(119,165	)		6,366
Other		(68,771	)		(71,453	)		2,682			(68,771	)		(71,453	)		2,682
Interests in other companies (c)		6,357			8,600			(2,243	)
Intangible assets – Organization and development expenses (d)		(48,657	)		(52,273	)		3,616			(49,831	)		(53,544	)		3,713
Deferred assets – Income tax (e)		56,027			35,195			20,832			64,101			40,131			23,970
Other assets (f)		2,636			1,680			956			2,636			1,680			956
Liabilities – Provisions (g)		(53,726	)		(51,362	)		(2,364	)		(53,726	)		(51,362	)		(2,364	)
Total		(284,479	)		(269,667	)		(14,812	)		(284,479	)		(269,667	)		(14,812	)

(a) Holdings of government securities, instruments issued by the Central Bank 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 Central Bank, which set forth, among other issues, the use of present values, technical values and offset accounts, as explained in notes 3.4.b.2), 3.4.b.4) and 3.4.c). Pursuant to professional accounting standards, the securities, instruments and assistance mentioned in those notes should be stated at their market and/or present values, as the case may be. In addition, Central Bank 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 SEPTEMBER 30, 2011

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

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

(b) Business combinations: under the standards set forth by Central Bank, 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, Central Bank 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, Central Bank Communiqué “A” 3984 establishes specific amortization methods; the maximum amortization allowed per annum is 20%.

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

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

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

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

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

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

- 22 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

If professional accounting standards had been applied, the Bank’s shareholders' equity as of September 30, 2011, and December 31, 2010, would have decreased by around 284,479 and 269,667, respectively. On the other hand , income  for the periods ended September 30, 2011, and 2010, would have decreased by 14,812 and 202,842, 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 or obligation to do so.

c) The Bank keeps under intangible assets positive goodwills (related to Banco del Tucumán S.A., Banco Privado de Inversiones 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 flow information disclosed and the requirements established by the professional accounting standard.

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:

		09/30/2011		12/31/2010
6.1)	Loans - Other
	Other loans		2,847,868		2,136,452
	Export financing and prefinancing		1,299,944		1,071,335
			4,147,812		3,207,787
6.2)	Other receivables from financial intermediation - Other receivables not covered by debtor classification standards
	Certificates of participation in financial trusts		286,702		287,524
	Debt securities in financial trusts		267,364		260,459
	Other		23		279
			554,089		548,262

- 23 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

		09/30/2011		12/31/2010
6.3)	Other receivables – Other
	Tax prepayments		154,442		311,012
	Sundry receivables		141,996		149,049
	Advanced prepayments		65,408		30,855
	Security deposits		57,058		44,280
	Other		10,564		9,269
			429,468		544,465
6.4)	Deposits - Other
	Expired time deposits		345,534		313,094
	Unemployment fund for workers of the construction industry		117,516		92,238
	Attachments		47,740		38,981
	Special deposits related to inflows of foreign funds		3,650		1,981
	Security deposits		1,785		1,956
	Other		29,009		35,048
			545,234		483,298
6.5)	Other liabilities from financial intermediation – Other
	Purchase financing payables		265,270		231,345
	Other payment orders pending settlement		235,592		401,481
	Collections and other transactions on account and behalf of others		213,685		134,163
	Other withholdings and additional withholdings		154,360		106,222
	Miscellaneus not subject to minimun cash requirements		88,355		67,503
	Sociedad Seguro de Depósitos (SEDESA) – Purchase of preferred shares of former
	Nuevo Banco Bisel S.A.  (see Note 7 .1. f)		80,600		77,500
	Miscellaneous subject to minimum cash requirements		64,349		60,589
	Retirement pension payment orders pending settlement		54,939		28,825
	Other		30,985		17,583
			1,188,135		1,125,211
6.6)	Other Liabilities – Other
	Taxes payable		526,219		384,304
	Miscellaneous payables		54,995		58,868
	Salaries and payroll taxes payable		53,620		77,318
	Withholdings on salaries.		18,129		18,929
	Prepayment for the sale of assets		14,685		12,705
			667,648		552,124

- 24 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

		09/30/2011		12/31/2010
6.7)	Memorandum accounts – Debit-balance accounts – Control – Other
	Checks and securities in custody		2,644,401		3,018,156
	Checks not yet collected		1,324,388		916,897
	Checks and securities to be debited		513,656		296,668
	Managed portfolios (see Note 12)		319,935		336,034
	Checks and securities to be collected		81,713		117,271
			4,884,093		4,685,026

		09/30/2011		09/30/2010
6.8)	Financial income – Net income from government and private securities
	Net Income from government securities		313,822		716,213
	Net Income from participations in financial trusts		14,572		21,501
	Other		13,940		7,017
			342,334		744,731
6.9)	Financial income – Other
	Premiuns on reverse repurchase agreements with the financial sector		22,894		16,274
	Interest on loans for export prefinancing and financing		18,152		20,768
	Other		3,158		10,412
			44,204		47,454
6.10)	Financial expense – Other
	Turnover tax		165,685		104,929
	Premiums on repurchase agreements with the financial sector		9,012		6,131
	Other		3,581		4,994
			178,278		116,054
6.11)	Service-charge income – Other
	Debit and credit card income		241,380		145,901
	Service commissions – Joint ventures (see Note 2.5)		48,072		20,164
	Rental of safe deposit boxes		35,758		19,251
	Other		76,322		47,341
			401,532		232,657

- 25 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

		09/30/2011		09/30/2010
6.12)	Service-charge expense - Other
	Debit and credit card expense		104,911		54,477
	Turnover tax		48,918		27,276
	Commissions paid to lending agents		25,667		17,504
	Other		22,679		37,682
			202,175		136,939
6.13)	Administrative expenses – Other operating expenses
	Maintenance, conservation and repair expenses		66,290		52,511
	Security services		57,964		39,189
	Electric power and communications		39,263		32,115
	Leases		33,732		26,495
	Stationery and office supplies		8,524		6,787
	Insurance		8,016		6,294
			213,789		163,391
6.14)	Other income - Other
	Gain on transactions or sale of bank premises and equipment, and other assets		14,261		4,130
	Services provided to Banco del Tucumán S.A.		5,628		4,402
	Other adjustments and interest on other receivables		4,529		6,093
	Other		42,012		45,508
			66,430		60,133
6.15)	Other expense – Other
	Donations		6,201		5,250
	Turnover tax		2,213		2,248
	Other		9,113		13,073
			17,527		20,571

7. RESTRICTED ASSETS

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

7.1. Government and private securities:

a) Secured Bonds under Presidential Decree No. 1,579/02 for 28,287 and 40,598 (for a 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 SEPTEMBER 30, 2011

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

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

b) Central Bank notes (NOBACs) for 94,684 and 22,097 for a face value of  93,195 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) Central Bank notes (NOBACs) for an amount of 6,207 and 7,844 (for a face value of 6,000 and 7,600), respectively, used to guarantee the repayment of the loan in pesos agreed upon under the Global Credit Program for Micro, Small- and Medium-sized Enterprises (Mipymes) received from the Under-department of Small- and Medium-sized Enterprises and Regional Development (SSEPyMEyDR).

d) Central Bank notes (NOBACs) for 4,287 and 5,501 (for a face value of 4,144 and 5,330), respectively, used to perform interest rate swap transactions, through Mercado Abierto Electrónico S.A. (MAE.).

e) Central Bank notes (NOBACs) for an amount of 2,069 and 980 (for a face value of 2,000 and 950), respectively, used as security for the Credit Program for Production and Employment Development in the Province of San Juan (Communiqué “A” 769, as supplemented).

f) Argentine Government Bonds in Argentine pesos at private Badlar + 275 basis points, maturing in 2014, for an amount of 80,247 and 79,200 (for a face value of 80,650 and 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 since the takeover date of former Nuevo Banco Bisel S.A. (August 11, 2021).

g) Other government and private securities for 342 and 482, respectively.

7.2. Loans:

Agreements for loans backed by pledges and unsecured loans for 285 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 Central Bank for transactions related to the electronic clearing houses and similar entities, for an amount of 340,869 and 260,331, respectively.

b) Contributions to the Risk Fund of Garantizar SGR (mutual guarantee association) for 10,442 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 (mutual guarantee association) for 5,675 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.

- 27 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

7.4. Other receivables:

a) Security deposits related to credit card transactions of 49,322 and 36,319, respectively.

b) Other security deposits for 7,736 and 7,961, respectively.

8. TRANSACTIONS WITH RELATED PARTIES

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

	Banco del Tucumán S.A.		Banco Privado de Inversiones S.A.		Macro Bank Limited		Macro Securities S.A. Sociedad de Bolsa		Other subsidiaries and related parties (1)		09/30/2011		12/31/2010
ASSETS
Cash						3,213						3,213		3,090
Loans										135,053		135,053		51,676
Other receivables from financial intermediation								36,610				36,610		125,451
Receivables from financial leases								6,091		2,371		8,462		2,124
Other receivables														1,276
Items pending allocation		10										10		83
Total assets		10				3,213		42,701		137,424		183,348		183,700
LIABILITIES
Deposits				135		138		9,433		448,509		458,215		205,651
Other liabilities from financial intermediation				390				25,830				26,220		128,779
Total liabilities				525		138		35,263		448,509		484,435		334,430
MEMORANDUM ACCOUNTS
Debit-balance accounts –Contingent														1,162
Debit-balance accounts –Control						8,203				103,091		111,294		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 SEPTEMBER 30, 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. Sociedad de Bolsa			Other subsidiaries and related parties (1)			09/30/2011			09/30/2010
INCOME / (LOSS)
Financial income					3					306			323	(2)		632			510
Financial expense		(3,209	)										(8,601	)		(11,810	)		(4,606	)
Service-charge income		21			1			7		50			1,233			1,312			642
Service-charge expense										(837	)					(837	)
Administrative expenses					(575	)										(575	)
Other income		5,988														5,988			4,762
Other Expense					(208	)(3)										(208	)
Total income / (loss)		2,800			(779	)		7		(481	)		(7,045	)		(5,498	)		1,308

(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 September 30, 2011, and 2010, the net intermediation income from such transaction generated earnings for the Bank of around 98 and 32 respectively.

(3) During December 2010 and July 2011, Banco Privado de Inversiones S.A. transferred loans to the Bank for a face value of 230,468 and 46,657, respectively. Additionally, during August 2011, loans were transferred to Banco Privado de Inversiones S.A. by Banco Macro S.A  for a face value of 38,479. These transactions did not generate significant gains.

9. CAPITAL STOCK

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

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

- 29 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

(a) Related to 60,000,000 and 30,641,692, registered Class B shares, entitled to 1 vote each, with a face value of Ps 1 per share. These shares 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.

(b) Related to 1,147,887 of 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.

On the other hand, as a result of the international macroeconomic context and the fluctuations of the capital markets in general, among other effects, the prices of local shares have been affected, including those of the Bank. Additionally, considering the Bank’s financial strength and in line with its commitment to shareholders, on September 15, 2011, the Board of Directors decided to authorize the repurchase of its own shares for up to 200,000 without exceeding the amount of 20,000,000 common registered Class B shares with a face value of Ps 1, each entitled to 1 vote. The maximum price payable was set at Ps 10 per share. Such authorization is effective through December 14, 2011.

Finally, on September 30, 2011, the Bank acquired 803,110 Class B shares, with a face value of Ps 1 and entitled to one vote, in the amount of 7,767. After period-ended and through November 2, 2011, such repurchases amounts to 2,157,483 of common shares for an amount of 19,695.

10. CORPORATE BONDS ISSUANCE

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

Corporate Bonds	Original value			Residual value as of 09/30/2011		09/30/2011		12/31/2010
Subordinated – Class 1	USD	150,000,000	(a.1)	USD	150,000,000		648,097		598,470
Non Subordinated – Class 2	USD	150,000,000	(a.2)	USD	106,395,000		453,570		437,986
Non Subordinated – Class 3	USD	100,000,000	(a.3)	USD	63,995,000		203,716		198,478
Total							1,305,383		1,234,934

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

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

- 30 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

- 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 full redemption option in 10 years since the issuance date.

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

- During the first 10 years, the interest rate will be a fixed one (9.75%), and a variable one for the remaining years (six-month LIBOR, plus 7.11%). As establish 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 since their issuance.

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

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

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

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

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

- 31 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

On August 16, 2007, the Securities and Exchange Commission (SEC) authorized the abovementioned exchange offers mentioned in a.1) through a.3).

In addition, on April 26, 2011, the General Regular Shareholders’ Meeting approved the increase of the maximum amount of the Global Program for the Issuance of Simple Corporate Bonds, as mentioned before, 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 Management.

11. DERIVATIVE FINANCIAL INSTRUMENTS

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

- Repurchase agreements of securities and foreign currency.

- Forward transactions without delivery of the underlying asset.

- Put options.

- Interest rate swaps.

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

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

Transaction	09/30/2011			12/31/2010
Net liability of repurchase agreements		(1,801,233	)		(2,248,852	)
Net asset position of forward transactions without delivery of the underlying asset (a)		213,831			319,046
Interest rate swaps (b)		158,035			157,066
Position of put options sold on BODEN 2012 and 2013 coupons (c)		35,785			54,475
Position of put options taken (d)		45,787

Net income (loss) resulting from these transactions for the nine-months periods ended September 30, 2011, and 2010, amount to (loss) income:

Transaction	09/30/2011			09/30/2010
Premiums on reverse repurchase agreements		22,925			16,380
Premiums on repurchase agreements		(9,012	)		(6,131	)
Interest rate swaps		(1,316	)		(2,764	)
Forward foreign-currency transactions offset		862			8,076
Options		3,569			1,200
Total		17,028			16,761

- 32 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

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

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

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

b.1) The Bank and the Central Bank 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 Central Bank Communiqué “A” 4776, as supplemented.

b.2) Relates to interest rate swap agreements whereby on a quarterly basis the Bank shall be entitled to receive the positive difference between 10.25% nominal interest rate p.a. and the variable rate agreed-upon in relation to a loan granted by the Bank (Libor at 90 days plus 2.9%), applied to the residual principal of such loan. In the event that the differences between both rates were negative, the Bank shall be required to pay the difference. This agreement expires on September 27, 2018. The amount booked by the Bank is related to the residual principal amount of the loan of notional values of thousans of 43,035 and 42,066, respectively.

These amounts were booked in memorandum accounts.

(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) Related to the following options:

d.1) This is related to a put option taken of trust securities to be issued by financial trust Fideicomiso Financiero Best Consumer Finance Series XIX and which may be received by the Bank as payment of the assignment value established in the assignment of rights agreement executed on July 28, 2011, with Banco de Servicios y Transacciones S.A. The initial price was set at 25,000, which will accrue a minimum applicable rate of 17.75%, compounded on a monthly basis. The option may be exercised within 180 days as from issuance, delivery and registration of the transacted securities under Banco Macro S.A.’s name. As of the date of the issuance of the financial statements, the option was not exercised.

d.2) Put option taken on the loan portfolio transferred under an agreement executed on September 30, 2011, with Banco de Servicios y Transacciones S.A. The price was originally set at 19,989, which will accrue a minimum applicable nominal interest rate of 23% p.a.. The option may be exercised during a period of 60 running days since the disbursement. As of the date of issuance of the financial statements, the option was not exercised.

- 33 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

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

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 September 30, 2011, and December 31, 2010, the loans portfolio managed accounts amounted to 42,552 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 September 30, 2011, and December 31, 2010, the loans portfolio under management amounted to 67,116 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, Central Bank 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 September 30, 2011, and December 31, 2010, the portfolio managed by the Bank amounted to 79,579 and 99,833, respectively.

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

As of September 30, 2011, and December 31, 2010, the portfolio managed by the Bank for principal and accrued interest amounted to 58,349 and 58,467, respectively.

- 34 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

f) As of September 30, 2011, and December 31, 2010, the Bank had under its management other portfolios for total amounts of 58,141 and 58,032, respectively.

13. MUTUAL FUNDS

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

Fund	Interest in  Mutual Funds		Shareholders’  equity		Assets (1)
Pionero Pesos		226,898,943		338,319		228,260
Pionero Renta Ahorro		71,150,336		126,591		126,548
Pionero Latam		1,938,238		7,642		6,479
Pionero F.F. – Fideicomiso Financieros		55,960,037		87,400		87,452
Pionero Renta		40,422,876		138,747		137,544
Pionero Acciones		1,386,673		3,248		2,977
Pionero Renta Dólares		6,757,851		13,476		10,889
Pionero América		369,134		1,688		1,524

(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 Central Bank Communiqué “B” 10060 of April 04, 2011.

This system shall cover the deposits (up to the amount of 120) in Argentine pesos and foreign currency with the participating institutions as checking accounts, savings accounts, certificates of deposit or any other modes determined by the Central Bank, as long as fulfilling the requirements under Presidential Decree No. 540/95 and any others established by the enforcement agency. On the other hand, Central Bank established that the deposits made by other financial institutions, those made by persons related to the Bank, deposits of securities, among others, must be excluded from the deposit guarantee system.

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:

- 35 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

15.1. Financial trusts for investment purposes

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

Financial Trust	09/30/2011		12/31/2010
Certificates of participation:
TST & AF  (a)		57,928		54,777
Tucumán  (b)		63		63
Other  (c)		4,879		8,852
Subtotal certificates of participation		62,870		63,692
Debt securities:
Underwriting agreements  (d)		129,104		54,566
Created by Decree 976-01  (e)		53,442		51,763
San Isidro  (f)		32,215		87,920
Chubut oil & gas royalties  (g)		25,932		24,313
Galtrust (h)		17,728		32,874
Other		8,943		9,023
Subtotal debt securities		267,364		260,459
Total		330,234		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 Macro Fiducia S.A. (former Sud Inversiones & 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 September 30, 2011, and December 31, 2010, the Bank is a direct beneficiary of 53.34% of the certificates of participation issued by the TST & AF Trust (see also Note 7 .1.a) to the consolidated financial statements).

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

As per the latest accounting information available to date of the issuance of these financial Statements, corpus assets amounted to about 121,363.

- 36 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

(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.

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.

According to the latest accounting information available to date of the issuance of these financial Statements, corpus assets amounted to about 8,875.

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 Macro Fiducia S.A. ( former Sud Inversiones & Análisis S.A.) since May 20, 2008). The purpose of the trust is to realize the managed assets and settle the certificates of participation issued.

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

(d) It relates to prepayments towards the placement price of trust securities, made by the Bank through underwriting agreements such us Consubond, Tarjeta Shopping and Finansur, 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 Presidential Decree 976-01 Trust

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

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

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

- 37 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

(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.

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

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

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

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

(g) Fideicomiso Chubut oil & gas royalties

On July 06, 2010, the Province of Chubut (trustor) and Banco de Valores S.A. (trustee) entered into a trust agreement that created the financial trust “Fideicomiso Chubut regalías hidrocarburíferas” (Fideicomiso Chubut oil & gas royalties).

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

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

(h) Galtrust financial Trust

On October 13, 2000, Banco de Galicia y Buenos Aires S.A. (trustor) and First Trust of New York N.A., permanent representation in Argentina (financial trustee), organized Galtrust I financial trust. The purpose of the trust is to collect the corpus assets (Presidential Decree 1579/02 - secured bonds in Argentine pesos -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.

- 38 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 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 receive 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 September 30, 2011, and December 31, 2010, the trusts’ assets managed amount to 319,351 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.

As of September 30, 2011, and December 31, 2010, the trusts’ assets managed amount to 350,821 and 254,567, respectively.

- 39 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

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 September 2011 are listed below, indicating the balances as of month-end of the related accounts:

Item	09/30/2011
Cash
Cash on hand		1,605,190
Amounts in Central Bank accounts		3,026,137
Other receivables from financial intermediation
Special guarantee accounts with the Central Bank		340,869
Total		4,972,196

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 fiscal years prior to 2005.

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

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

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

The issues under discussion and on which the regulatory agency bases its position are the impossibility to deduct the credits with collateral security and the requirement to begin judicial collection proceedings for outstanding receivables to be deducted for tax purposes. Both issues were analyzed by the Federal Administrative Tax Court and the Argentine Supreme 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 SEPTEMBER 30, 2011

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

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

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

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

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

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

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 Central Bank and the financial institutions for considering that Public Emergency Law and its supplementary regulations are unconstitutional.

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

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

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.

- 41 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

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

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

As mentioned in Notes 3.4.l.2), under Central Bank Communiqués “A” 3916 and “A” 4686, as of September 30, 2011, and December 31, 2010, the Bank continued capitalizing in “Intangible assets” the amounts of 48,657 and 52,273 at stand-alone level, respectively, and a total of 50,707 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 September 30, 2011, and December 31, 2010, the Bank recorded the additional payables related to such regulation under the “Provisions” account in the amount of 9,268 and 9,818 at the stand-alone level, respectively, and a total of 14,396 and 14,473 at consolidated level, respectively. Considering what has been mentioned in Note 3.4.l.2), the Bank´s Management believes that there would be no additional significant effects, other than those recognized in accounts, that could derive from the final outcome of such actions.

20. RESTRICTION ON EARNINGS DISTRIBUTION

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

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

c) Through Communiqué “A” 5072, the Central Bank established the general procedure to admit the distribution of earnings. According to that procedure, earnings may only be distributed upon express authorization by the Central Bank, provided there are no records of the Bank having received financial aid from the Central Bank 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, inappropriated 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 Central Bank, as the case may be, of government debt securities and/or instruments issued by the Central Bank 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 Central Bank 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 Central Bank and, except for the effects of the matters mentioned in Note 5, in accordance with professional accounting standards effective in Argentina. Certain accounting practices applied by the Bank may not conform with accounting principles generally accepted in other countries.

- 42 -

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2011 AND DECEMBER, 31 2010

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

(Figures stated in thousands of pesos)

Federal government bonds in US dollars at 7% - Maturity: 2015

	09/30/2011				12/31/2010		09/30/2011
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				200,015		201,915		200,065					200,065
Federal government bonds in pesos at Badlar Private + 3.50% - Maturity: 2013				46,382		46,350		46,382					46,382
Federal government bonds in US dollars at Libor - Maturity: 2012				35,472		34,427		(416	)		9,656		9,240
Secured bonds under Presidential Decree No. 1,579/02				29,180		40,724		28,987					28,987
Debt Securities at 12% in US dollars Córdoba Province - Maturity: 2017				16,914		17,498		16,914					16,914
Federal government bonds in pesos at  variable rate - Maturity: 2013				6,346		7,523		6,346					6,346
Federal government bonds in pesos - Maturity: 2014				4,671		3,674		5,437					5,437
Discount bonds denominated in pesos - Maturity: 2033				2,422		889		3,422					3,422
Consolidation bonds in pesos - 7° serie - Maturity 01/04/2016				2,237				1,697					1,697
Consolidation bonds in pesos - 6° serie - Maturity 03/15/2024				1,958		19,163		539					539
Other				3,434		5,702		5,562			26,129		31,691
Subtotal holdings booked at market value				349,031		377,865		314,935			35,785		350,720
Government securities under repo transactions with Central Bank of Argentina
- Local
Discount bonds denominated in pesos - Maturity: 2033				1,678,932
Federal government bonds in US dollars at 7% - Maturity: 2013						2,299,088
Subtotal government securities under repo transactiones with Central Bank of Argentina				1,678,932		2,299,088
Holdings booked at amortized cost
- Local
Province of Buenos Aires Treasury Bills in pesos - Maturity: 02-16-2012		51,143		51,142				51,143					51,143
Province of Buenos Aires Treasury Bills in pesos - Maturity: 11-24-2011		51,116		51,066				51,066					51,066
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				102,208		99,659		102,209					102,209

Jorge H. Brito

Chairperson

- 43 -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2011 AND DECEMBER, 31 2010

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

(Figures stated in thousands of pesos)

	09/30/2011			12/31/2010		09/30/2011
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: 02-08-12			77,325
Central Bank of Argentina Internal Bills in pesos – Maturity: 06-20-11			26,002
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-22-11			15,875
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			119,202		19,239
Central Bank of Argentina Internal Bills at market value – Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-02-11			643				643			643
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-02-11					176,545
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-12-11					105,591
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-23-11					48,467
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-16-11					19,708
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-19-11					5,476
Subtotal Central Bank of Argentina Internal Bills at market value – Own Portfolio			643		355,787		643			643
Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-09-11			493				493			493
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-04-12			482				482			482
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			975		151,328		975			975
Central Bank of Argentina notes at market value - Own portfolio
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) – Maturity: 12-14-11			135,715				135,715			135,715
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) – Maturity: 05-18-11					3,048
Subtotal Central Bank of Argentina Notes at market value - Own portfolio			135,715		3,048		135,715			135,715
Subtotal Instruments issued by the Central Bank of Argentina			256,535		529,402		137,333			137,333

Jorge H. Brito

Chairperson

- 44 -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2011 AND DECEMBER, 31 2010

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

(Figures stated in thousands of pesos)

	09/30/2011			12/31/2010		09/30/2011
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)			256,535		529,402		137,333			137,333
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: 11-09-11			492,077				492,077			492,077
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 11-23-11			263,121				263,121			263,121
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 10-05-11			207,193				207,193			207,193
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 10-12-11			34,191				34,191			34,191
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 10-19-11			10,311				10,311			10,311
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 04-04-12			5,753				5,753			5,753
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 03-14-12			506				506			506
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 05-26-11					610,879
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 01-05-11					502,915
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 01-26-11					472,384
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 05-11-11					409,140
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 04-13-11					309,625
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 07-13-11					303,436
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 02-16-11					203,937
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 03-30-11					40,319
Subtotal Central Bank of Argentina Notes at amortized cost - Own portfolio			1,013,152		2,852,635		1,013,152			1,013,152
Total Instruments issued by the Central Bank of Argentina			1,269,687		3,409,433		1,150,485			1,150,485
Total Government securities			3,399,858		6,186,045		1,567,629	35,785		1,603,414
Total government and private Securities			3,399,858		6,186,045		1,567,629	35,785		1,603,414

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

Jorge H. Brito

Chairperson

- 45 -

EXHIBIT B

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

	09/30/2011		12/31/2010
COMMERCIAL
In normal situation		11,278,866		7,495,345
With Senior “A” guarantees and counter-guarantees		432,756		314,659
With Senior “B” guarantees and counter-guarantees		1,589,690		971,097
Without Senior guarantees or counter-guarantees		9,256,420		6,209,589
Subject to special monitoring		17,356		36,240
In observation
With Senior “B” guarantees and counter-guarantees		2,253		5,690
Without Senior guarantees or counter-guarantees		15,103		10,745
In negociation or with rollover agreement
With Senior “B” guarantees and counter-guarantees				547
Without Senior guarantees or counter-guarantees				19,258
Troubled		11,417		2,799
With Senior “B” guarantees and counter-guarantees		5,414		1,791
Without Senior guarantees or counter-guarantees		6,003		1,008
With high risk of insolvency		28,684		23,104
With Senior “B” guarantees and counter-guarantees		17,775		15,990
Without Senior guarantees or counter-guarantees		10,909		7,114
Irrecoverable		18,642		63,400
With Senior “B” guarantees and counter-guarantees		6,154		3,890
Without Senior guarantees or counter-guarantees		12,488		59,510
Subtotal Commercial		11,354,965		7,620,888

Jorge H. Brito

Chairperson

- 46 -

EXHIBIT B

(Continued)

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

	09/30/2011		12/31/2010
CONSUMER
Performing		11,006,577		7,952,155
With Senior “A” guarantees and counter-guarantees		27,015		26,962
With Senior “B” guarantees and counter-guarantees		824,710		678,048
Without Senior guarantees or counter-guarantees		10,154,852		7,247,145
Low risk		139,142		94,445
With Senior “A” guarantees and counter-guarantees		26		75
With Senior “B” guarantees and counter-guarantees		7,790		8,794
Without Senior guarantees or counter-guarantees		131,326		85,576
Medium risk		77,873		64,009
With Senior “A” guarantees and counter-guarantees		1
With Senior “B” guarantees and counter-guarantees		2,482		6,876
Without Senior guarantees or counter-guarantees		75,390		57,133
High risk		121,975		116,223
With Senior “A” guarantees and counter-guarantees				6
With Senior “B” guarantees and counter-guarantees		5,073		8,532
Without Senior guarantees or counter-guarantees		116,902		107,685
Irrecoverable		52,274		50,318
With Senior “B” guarantees and counter-guarantees		9,917		12,469
Without Senior guarantees or counter-guarantees		42,357		37,849
Irrecoverable according to Central Bank's rules		341		383
With Senior “B” guarantees and counter-guarantees		38		38
Without Senior guarantees or counter-guarantees		303		345
Subtotal Consumer		11,398,182		8,277,533
Total		22,753,147		15,898,421

Jorge H. Brito

Chairperson

- 47 -

EXHIBIT C

FINANCING-FACILITIES CONCENTRATION

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

	09/30/2011				12/31/2010
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		2,544,826		11.18		2,003,779		12.60
50 next largest customers		3,441,765		15.13		2,127,600		13.38
100 next largest customers		1,797,309		7.90		1,216,861		7.65
Other customers		14,969,247		65.79		10,550,181		66.37
Total		22,753,147		100.00		15,898,421		100.00

Jorge H. Brito

Chairperson

- 48 -

EXHIBIT D

BREAKDOWN BY FINANCING TERMS

AS OF SEPTEMBER 30, 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		36		7,217		14,622		8,735		11,941		24,868		295,735		363,154
Financial sector				87,855		69,094		10,550		78,627		17,293		6,190		269,609
Non-financial private sector and foreign residents		247,604		5,995,123		2,774,319		2,389,860		2,764,288		2,879,171		5,070,019		22,120,384
Total		247,640		6,090,195		2,858,035		2,409,145		2,854,856		2,921,332		5,371,944		22,753,147

Jorge H. Brito

Chairperson

- 49 -

EXHIBIT E

DETAIL OF INVESTMENTS IN OTHER COMPANIES

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

												Information on the issuer
	09/30/2011									12/31/2010		Data from latest financial statements
Name	Class	Unit face value		Votes per share		Number		Amount		Amount		Main business activity	Period / year-end date	Capital stock		Shareholders' equity		Income (loss) for the period / year
In financial institutions, supplementary and authorized activities
- Subsidiaries
In Argentina
Banco del Tucumán S.A.	Common		100		1		395,341		310,228		243,810	Financial institution	09-30-11		43,960		344,959		73,854
Banco Privado de Inversiones S.A.	Common		1		1		85,925,820		83,081		84,454	Financial institution	09-30-11		86,659		83,790		(1,367	)
Macro Securities S.A. Sociedad de Bolsa	Common		1		1		12,776,680		32,194		26,914	Brokerage house	09-30-11		12,886		31,360		4,425
Macro Fidusia S.A (former Sud Inversiones & Análisis S.A.)	Common		1		1		6,475,143		11,554		13,155	Services	09-30-11		6,567		11,583		516
Macro Fondos S.G.F.C.I.S.A.	Common		1		1		327,183		2,440		1,765	Mutual funds management	09-30-11		1,713		12,486		3,351
Foreign
Macro Bank Limited	Common		1		1		9,816,899		195,795		184,060	Financial institution	09-30-11		9,817		195,795		11,736
Subtotal subsidiaries									635,292		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		186,220		124,888
C.O.E.L.S.A.	Common		1		1		77,942		119		119	Financial Services	12-31-10		1,000		2,078		45
A.C.H. S.A.	Common		1		1		110,500		196		196	Electronic information services	12-31-10		650		219		(1,939	)
Mercado Abierto Electrónico  S.A.	Common		1,200		1		7		113		119	Electronic market	12-31-10		242		14,431		1,856
Macroaval S.G.R.	Common		1		1		30,500		30		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		25,994		5,896
Garantizar S.G.R.	Common		1		1		10,000		10		10	Mutual guarantee association	12-31-10		8,480		278,680		2,615
Foreign
Banco Latinoamericano de Exportaciones S.A.	Common		10		1		7,303		331		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		245		231	Financial institution	12-31-10		1,113,144		2,771,331		167,954
Banco Latinoamericano de Exportaciones S.A.	Preferred		10				259		13		12	Financial institution	12-31-10		1,113,144		2,771,331		167,954
Subtotal non-subsidiaries									4,816		4,791
Total in financial institutions, supplementary  and authorized activities									640,108		558,949
In other companies
- Non-subsidiaries
In Argentina
Other									1,543		1,407
Foreign
SWIFT S.A.	Common		1		1		3		21		20	Services	12-31-10		724,852		1,574,289		78,734
Total in other companies									1,564		1,427
Total (1)									641,672		560,376

(1) As of September 30, 2011 and December 31, 2010,  the Bank booked allowances for impairment in value amounting for 400 and 659, respectively (see Exhibit J).

Jorge H. Brito

Chairperson

- 50 -

EXHIBIT F

MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS

AS OF SEPTEMBER 30, 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		6,339		40,349			916		50		8,615		304,447
Furniture and facilities		38,432		19,662					57		10		5,291		52,746
Machinery and equipment		83,153		41,404					41		5		27,816		96,700
Vehicles		14,294		2,936		36,490			7,043		5		9,220		37,457
Total		403,169		70,341		76,839			8,057				50,942		491,350
Other assets
Works in progress		35,785		16,657		(40,349	)								12,093
Works of art		1,218													1,218
Prepayments for the purchase of assets		57,862		115,453		(163,206	)		1,779						8,330
Foreclosed assets		11,704		41					1,406		50		169		10,170
Leased buildings		2,445									50		54		2,391
Stationery and office supplies		3,537		26,858					22,160						8,235
Other assets		66,744		1,508		126,716			20,109		50		889		173,970
Total		179,295		160,517		(76,839	)		45,454				1,112		216,407

Jorge H. Brito

Chairperson

- 51 -

EXHIBIT G

DETAIL OF INTANGIBLE ASSETS

AS OF SEPTEMBER 30, 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		10,539		90,406
Organization and development costs (b)		186,700		74,860			5		53,295		208,265
Total		287,645		74,860					63,834		298,671

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

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

Jorge H. Brito

Chairperson

- 52 -

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

	09/30/2011				12/31/2010
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		5,500,059		22.05		4,130,232		19.75
50 next largest customers		1,856,967		7.44		1,804,474		8.63
100 next largest customers		1,060,355		4.25		1,044,370		5.00
Other customers		16,525,117		66.26		13,928,968		66.62
Total		24,942,498		100.00		20,908,044		100.00

Jorge H. Brito

Chairperson

- 53 -

EXHIBIT I

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND

SUBORDINATED CORPORATE BONDS

AS OF SEPTEMBER 30, 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		19,357,117		3,358,910		991,783		1,152,010		82,573		105		24,942,498
Other liabilities from financial intermediation
Central Bank of Argentina		1,342										425		1,767
Banks and International Institutions		16,601		84,707		53,554		2,008						156,870
Non-subordinated corporate bonds				6,650		6,232		197,066				447,338		657,286
Financing received from Argentine financial institutions		34,950		835		1,252		2,505		5,010		35,382		79,934
Other		1,103,315		234		752		1,026		1,516		81,292		1,188,135
		1,156,208		92,426		61,790		202,605		6,526		564,437		2,083,992
Subordinated corporate bonds				17,422								630,675		648,097
Total		20,513,325		3,468,758		1,053,573		1,354,615		89,099		1,195,217		27,674,587

Jorge H. Brito

Chairperson

- 54 -

EXHIBIT J

CHANGES IN ALLOWANCES AND PROVISIONS

AS OF SEPTEMBER 30, 2011

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

(Figures stated in thousands of pesos)

	Balances at beginning of		Increases		Decreases				Balances at end of the
Breakdown	fiscal year		(1)		Charge off		Reversals		period
ALLOWANCES
Loans
For uncollectibility risk and impairment in value		470,730		168,192		127,239		18,110		493,573
Other receivables from financial intermediation
For uncollectibility risk and impairment in value		229,504		1,121		1,092		408		229,125
Receivables from financial leases
For uncollectibility risk		5,968		449				962		5,455
Investments in other companies
For impairment in value		659		203				462		400
Other receivables
For uncollectibility risk		12,858		3,227		5,427		276		10,382
Total allowances		719,719		173,192		133,758		20,218		738,935
PROVISIONS
Contingent commitments		784						84		700
For other contingencies		78,263		16,121		20,359		4,414		69,611
Difference from court deposits dollarization		9,818		540		1,090				9,268
Total Provisions		88,865		16,661		21,449		4,498		79,579

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

Jorge H. Brito

Chairperson

- 55 -

EXHIBIT K

CAPITAL STRUCTURE

AS OF SEPTEMBER 30, 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		Own Portfolio (1)		Paid in
Registered common stock A		11,235,670		5		11,236				11,236
Registered common stock B		583,249,498		1		582,446		803		583,249
Total		594,485,168				593,682		803		594,485

(1) See Note 9.

Jorge H. Brito

Chairperson

- 56 -

EXHIBIT L

FOREIGN CURRENCY BALANCES

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

	09/30/2011																								12/31/2010
	Total Parent		Total per currency
	company and
	Argentine				Pound		Swiss		Danish		Canadian		Australian		Neozalen				Swedish		Norwegian
Items	branches		US dollar		sterling		franc		krone		dollar		dollar		dollar		Yen		krone		krone		Euro		Total
ASSETS
Cash		1,883,011		1,869,579		676		537		63		338		117		173		461		55		103		10,909		1,569,057
Government and private securities		54,213		54,213																						2,353,322
Loans		3,104,309		3,104,049																				260		2,358,553
Other receivables from financial intermediation		2,260,521		2,226,581																				33,940		2,684,059
Receivables from financial leases		54,462		54,462																						59,958
Investments in other companies		196,405		196,405																						184,637
Other receivables		41,004		41,004																						41,673
Items pending allocation		608		608																						302
Total		7,594,533		7,546,901		676		537		63		338		117		173		461		55		103		45,109		9,251,561
LIABILITIES
Deposits		4,250,859		4,250,859																						3,176,390
Other liabilities from financial intermediation		1,024,913		988,044		208		79				36								2		11		36,533		3,252,703
Other liabilities		2,326		2,326																						3,267
Subordinated corporate bonds		648,097		648,097																						598,470
Items pending allocation																										3
Total		5,926,195		5,889,326		208		79				36								2		11		36,533		7,030,833
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS
(except contra debit-balance accounts)
Contingent		1,247,218		1,198,994																				48,224		766,576
Control		818,636		806,011		292		44																12,289		1,175,862
Derivatives		43,035		43,035																						42,066
CREDIT-BALANCE ACCOUNTS
(except contra credit-balance accounts)
Contingent		377,753		270,107																		1,095		106,551		137,901
Control		39		39																						199

Jorge H. Brito

Chairperson

- 57 -

EXHIBIT N

CREDIT ASSISTANCE TO RELATED PARTIES

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

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

(Figures stated in thousands of pesos)

Item	09/30/2011 (1)		12/31/2010 (1)
Loans
Overdrafts		4,244		252
Without Senior guarantees or counter-guarantees		4,244		252
Documents		33,143		18,747
Without Senior guarantees or counter-guarantees		33,143		18,747
Mortgage and pledge		1,345		2,205
With Senior “B” guarantees and counter-guarantees		1,345		1,889
Without Senior guarantees or counter-guarantees				316
Personal		211		41
Without Senior guarantees or counter-guarantees		211		41
Credit cards		5,757		9,887
Without Senior guarantees or counter-guarantees		5,757		9,887
Other		83,076		2,480
Without Senior guarantees or counter-guarantees		83,076		2,480
Total loans		127,776		33,612
Other receivables from financial intermediation		9,071		8,806
Receivables from financial leases		8,464		2,125
Contingent Commitments		7,924		12,733
Investments in other companies		635,987		554,742
Total		789,222		612,018
Allowances / Provisions		1,610		557

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

Jorge H. Brito

Chairperson

- 58 -

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF SEPTEMBER 30, 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	17		35,785
	Intermediation		With delivery of	Over The Counter  - Residents
Options	- own account	Other	underlying asset	in Argentina - Non-financial sector	3	3		45,787
	Intermediation	Argentine	With delivery of	MAE (over-the-counter
Repo transactions	- own account	government securities	underlying asset	electronic market)	1	1		1,901,407
	Intermediation	Foreign	Daily settlement of	MAE (over-the-counter
Futures	- own account	currency	differences	electronic market)	2	1		1,776,439
							1
	Intermediation	Foreign	Daily settlement of	Rosario Futures
Futures	- own account	currency	differences	Exchange (ROFEX)	2	2	1	723,403
	Intermediation	Foreign	Maturity settlement	Over The Counter  - Residents
Foward	- own account	currency	of differences	in Argentina - Non-financial sector	2	2	30	733,721
	Intermediation	Foreign	Maturity settlement	Over The Counter  - Residents
Forward	- own account	currency	of differences	in Argentina - Non-financial sector	3	3	30	4,268
	Intermediation		Maturity settlement	Over The Counter  - Residents
Swaps	- own account	Other	of differences	in Argentina - Non-financial sector	132	84	90	43,035
	Intermediation			MAE (over-the-counter
Swaps	- own account	Other	Other	electronic market)	50	31	30	115,000

Jorge H. Brito

Chairperson

- 59 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2011			12/31/2010
ASSETS
A.   CASH
Cash on hand		1,902,200			1,406,971
Due from banks and correspondents
Central Bank of Argentina		3,445,181			3,089,851
Local Other		22,144			17,446
Foreign		928,521			687,487
Other		263			249
		6,298,309			5,202,004
B.   GOVERNMENT AND PRIVATE SECURITIES (Exhibit I)
Holdings booked at market value		611,393			603,953
Government securities under repo transactions with Central Bank of Argentina		1,678,932			2,299,088
Holdings booked at amortized cost		111,021			103,682
Instruments issued by the Central Bank of Argentina		1,411,346			4,005,766
Investments in listed private securities		11,035			17,588
less:  Allowances (Note 4.)					(3	)
		3,823,727			7,030,074
C.   LOANS
To the non-financial government sector		353,331			336,430
To the financial sector
Interfinancing - (granted call)		166,000			110,100
Other financing to Argentine financial institutions		196,672			45,100
Accrued interest, adjustments, foreign exchange and quoted price differences receivables		3,262			501
To the non-financial private sector and foreign residents
Overdrafts		3,280,266			2,032,986
Documents		2,688,653			1,805,226
Mortgage loans		1,084,415			902,734
Pledge loans		611,790			347,321
Personal loans		8,439,324			5,802,442
Credit cards		2,400,098			1,553,183
Other		4,212,942			3,302,223
Accrued interest, adjustments, foreign exchange and quoted price differences receivables		287,425			216,888
less:  Unposted payments
less:  Unearned discount		(42,783	)		(30,121	)
less:  Allowances (Note 4.)		(527,850	)		(514,910	)
		23,153,545			15,910,103

Jorge H. Brito

Chairperson

- 60 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2011			12/31/2010
D.   OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina		2,103,918			2,545,880
Amounts receivable from spot and forward sales pending settlement		385,870			248,714
Securities and foreign currency receivable from spot and forward purchases pending settlement		229,679			77,567
Unlisted corporate bonds		257,810			279,306
Receivables from forward transactions without delivery of underlying asset		7,430			2,840
Other receivables not covered by debtors classification standards		640,690			642,223
Other receivables covered by debtors classification standards		39,196			40,280
less:  Allowances (Note 4.)		(234,551	)		(237,513	)
		3,430,042			3,599,297
E.   RECEIVABLES FROM FINANCIAL LEASES
Receivables from financial leases		307,850			249,081
Accrued interest and adjustments		4,200			4,339
less:  Allowances (Note 4.)		(5,492	)		(6,021	)
		306,558			247,399
F.   INVESTMENTS IN OTHER COMPANIES
In financial institutions		588			557
Other		10,918			10,789
less:  Allowances (Note 4.)		(1,435	)		(1,676	)
		10,071			9,670
G.   OTHER RECEIVABLES
Receivables from sale of assets		6,490			7,229
Minimum presumed income tax - Tax Credit		433
Other		482,917			602,123
Accrued interest and adjustments receivable on from sale of assets		241			330
Other accrued interest and adjustments receivables		604			290
less:  Allowances (Note 4.)		(10,801	)		(12,961	)
		479,884			597,011
H.   BANK PREMISES AND EQUIPMENT, NET		544,434			445,531
I.   OTHER ASSETS		217,967			181,256
J.   INTANGIBLE ASSETS
Goodwill		90,406			100,945
Organization and development costs		217,871			196,352
		308,277			297,297
K.   ITEMS PENDING ALLOCATION		2,522			4,765
TOTAL ASSETS		38,575,336			33,524,407

Jorge H. Brito

Chairperson

- 61 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2011		12/31/2010
LIABILITIES
L.   DEPOSITS
From the non-financial government sector		6,790,357		5,216,109
From the financial sector		17,626		15,776
From the non-financial private sector and foreign residents
Checking accounts		5,284,911		4,178,758
Savings accounts		5,929,416		4,526,697
Time deposits		9,336,383		8,714,101
Investment accounts		141,808		178,010
Other		576,698		518,807
Accrued interest, adjustments, foreign exchange and quoted price differences payables		68,629		59,135
		28,145,828		23,407,393
M.   OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina
Other		1,925		1,877
Banks and International Institutions		156,401		45,506
Non-subordinated Corporate Bonds		644,404		620,071
Amounts payable for spot and forward purchases pending settlement		219,347		93,609
Securities and foreign currency to be delivered under spot and forward sales pending settlement		2,078,564		2,561,740
Put options sold premiums				398
Financing received from Argentine financial institutions
Interfinancing (received call)		34,385		30,068
Other financing received from Argentine financial institutions		15,945		17,278
Accrued interest payables		17		25
Receivables from forward transactions without delivery of underlying asset				755
Other		1,241,857		1,173,873
Accrued interest, adjustments, foreign exchange and quoted price differences payables		42,938		46,083
		4,435,783		4,591,283
N.   OTHER LIABILITIES
Fees		132		447
Other		745,285		633,244
		745,417		633,691
O.   PROVISIONS (Note 4.)		101,622		105,830
P.   SUBORDINATED CORPORATE BONDS		648,097		598,470
Q.   ITEMS PENDING ALLOCATION		5,398		7,399
MINORITY INTERESTS IN SUBSIDIARIES		34,916		27,499
TOTAL LIABILITIES		34,117,061		29,371,565
SHAREHOLDERS' EQUITY		4,458,275		4,152,842
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		38,575,336		33,524,407

Jorge H. Brito

Chairperson

- 62 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2011		12/31/2010
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS		20,745,381		15,219,447
Contingent		7,936,091		5,542,009
Credit lines obtained (unused portion)		18,000
Guarantees received		7,353,830		5,197,200
Other not covered by debtors classification standards		169		229
Contingent debit-balance contra accounts		564,092		344,580
Control		8,503,638		7,835,246
Receivables classified as irrecoverable		981,078		845,119
Other		7,121,587		6,745,666
Control debit-balance contra accounts		400,973		244,461
Derivatives		3,477,601		1,022,181
Notional value of put options taken		45,787
Notional value of forward transactions without delivery of underlying asset		1,725,831		555,897
Interest rate swap		158,035		157,066
Derivatives debit-balance contra accounts		1,547,948		309,218
Trust activity		828,051		820,011
Trust funds		828,051		820,011
CREDIT-BALANCE ACCOUNTS		20,745,381		15,219,447
Contingent		7,936,091		5,542,009
Credit lines granted (unused portion) covered by debtors classification standards		39,342		57,533
Other guarantees provided covered by debtors classification standards		105,337		66,192
Other guarantees provided not covered by debtors classification standards		130,901		130,684
Other covered by debtors classification standards		288,512		90,171
Contingent credit-balance contra accounts		7,371,999		5,197,429
Control		8,503,638		7,835,246
Checks to be credited		400,973		244,461
Control credit-balance contra accounts		8,102,665		7,590,785
Derivatives		3,477,601		1,022,181
Notional value of call options sold				17,587
Notional value of put options sold		35,948		54,780
Notional value of forward transactions without delivery of underlying asset		1,512,000		236,851
Derivatives credit-balance contra account		1,929,653		712,963
Trust activity		828,051		820,011
Trust activity credit-balance contra accounts		828,051		820,011

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

Jorge H. Brito

Chairperson

- 63 -

CONSOLIDATED STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2011 AND 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2011		09/30/2010
A.   FINANCIAL INCOME
Interest on cash and due from banks		137		246
Interest on loans to the financial sector		14,023		9,203
Interest on overdrafts		294,234		192,017
Interest on documents		149,131		106,099
Interest on mortgage loans		111,131		81,560
Interest on pledge loans		58,747		36,966
Interest on credit card loans		244,517		145,368
Interest on financial leases		38,799		31,983
Interest on other loans		1,655,499		1,097,485
Net income from government and private securities		387,235		774,765
Net income from options		1,052		613
Interest on other receivables from financial intermediation		518		695
Income from guaranteed loans - Presidential Decree No. 1,387/01		4,897		22,284
CER (Benchmark Stabilization Coefficient) adjustment		3,981		38,531
CVS (Salary Variation Coefficient) adjustment		268		554
Difference in quoted prices of gold and foreign currency		212,293		124,662
Other		51,089		59,681
		3,227,551		2,722,712
B.   FINANCIAL EXPENSE
Interest on checking accounts		142		4,051
Interest on savings accounts		17,455		14,563
Interest on time deposits		800,282		699,885
Interest on interfinancing received loans (received call)		3,468		3,362
Interest on other financing from financial institutions		6		5
Interest on other liabilities from financial intermediation		47,821		46,904
Interest on subordinated bonds		44,807		42,697
Other interest		1,308		1,431
CER adjustment		3,165		3,837
Contribution to Deposit Guarantee Fund		32,287		25,345
Other		199,207		130,223
		1,149,948		972,303
GROSS INTERMEDIATION MARGIN - GAIN		2,077,603		1,750,409
C.   PROVISION FOR LOAN LOSSES		164,264		86,166
D.   SERVICE-CHARGE INCOME
Related to lending transactions		91,680		60,380
Related to deposits		839,979		583,848
Other commissions		30,705		22,970
Other		441,172		264,571
		1,403,536		931,769

Jorge H. Brito

Chairperson

- 64 -

CONSOLIDATED STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2011 AND 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2011			09/30/2010
E.   SERVICE-CHARGE EXPENSE
Commissions		81,145			58,954
Other		218,932			145,859
		300,077			204,813
F.   ADMINISTRATIVE EXPENSES
Personnel expenses		1,166,274			866,735
Directors' and statutory auditors' fees		36,827			30,597
Other professional fees		66,711			58,775
Advertising and publicity		55,038			38,119
Taxes		99,279			75,805
Depreciation of equipment		53,968			42,946
Amortization of organization costs		42,798			30,955
Other operating expenses		235,131			179,332
Other		19,753			16,984
		1,775,779			1,340,248
NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		1,241,019			1,050,951
G.   OTHER INCOME
Income from long-term investments		4,789			4,173
Penalty interest		23,397			20,879
Recovered loans and allowances reversed		58,307			53,542
CER adjustments		61			85
Others		62,474			58,393
		149,028			137,072
H.   OTHER EXPENSE
Penalty interest and charges payable to the Central Bank of Argentina		45			20
Charges for other receivables uncollectibility and other allowances		27,562			19,984
Amortization of differences related to court orders		14,044			12,968
Depreciation and loss of other assets		1,568			2,991
Goodwill amortization		10,539			6,792
Other		18,163			21,850
		71,921			64,605
MINORITY INTEREST IN SUBSIDIARIES		(7,444	)		(5,231	)
NET INCOME BEFORE INCOME TAX - GAIN		1,310,682			1,118,187
I.     INCOME TAX		481,014			382,196
NET INCOME FOR THE PERIOD - GAIN		829,668			735,991

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

Jorge H. Brito

Chairperson

- 65 -

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2011 AND 2010

(Translation of financial statements originally issued in Spanish -

 See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2011			09/30/2010
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		6,602,032			5,564,091
Net increase / (decrease) in cash		611,552			168,028
CAUSES OF CHANGES IN CASH
Operating activities
Net collections / (payments) for:
Government and private securities		2,443,802			1,422,499
Loans
To the financial sector		(195,958	)		(14,419	)
To the non-financial government sector		(9,588	)		(13,677	)
To the non-financial private sector and foreign residents		(4,644,069	)		(702,407	)
Other receivables from financial intermediation		663,515			(1,826,426	)
Receivables from financial leases		(19,895	)		73,232
Deposits
From the financial sector		1,862			(3,111	)
From the non-financial government sector		1,490,438			2,062,791
From the non-financial private sector and foreign residents		2,419,216			981,424
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		270			(100,361	)
Others (except liabilities included under financing activities)		(144,889	)		127,597
Collections related to service-charge income		1,394,140			923,879
Payments related to service-charge expenses		(292,603	)		(199,738	)
Administrative expenses paid		(1,699,972	)		(1,271,498	)
Payment of organization and development costs		(68,321	)		(56,997	)
Net collections from penalty interest		23,359			20,863
Differences from payments related to court orders		(10,073	)		(15,624	)
Collections of dividends from other companies		2,460			4,516
Other collections related to other income and losses		52,737			51,720
Net payments from other operating activities		(39,364	)		(133,366	)
Payment of income tax / minimum presumed income tax		(175,413	)		(700,413	)
Net cash flows generated in operating activities		1,191,654			630,484

Jorge H. Brito

Chairperson

- 66 -

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2011 AND 2010

(Translation of financial statements originally issued in Spanish -

 See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2011			09/30/2010
Investing activities
Net payments for bank premises and equipment		(205,283	)		(35,104	)
Net collections / (payments) for other assets		31,420			(7,379	)
Payments for investment in another companies					(91,856	)
Other collections for investing activities		5,765			15,854
Net cash flows used in investing activities		(168,098	)		(118,485	)
Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(47,467	)		(45,780	)
Central Bank of Argentina:
Other		48			(328	)
Banks and International Institutions		109,926			(167,807	)
Subordinated corporate bonds		(29,945	)		(29,730	)
Financing received from Argentine financial institutions		(1,338	)		(1,239	)
Payment of dividends		(505,339	)		(208,124	)
Other payments for financing activities
Own shares reacquired		(7,767	)
Net cash flows used in financing activities		(481,882	)		(453,008	)
Financial income and holding gains on cash and cash equivalents		69,878			109,037
Net increase / (decrease) in cash		611,552			168,028

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

Jorge H. Brito

Chairperson

- 67 -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2011		12/31/2010
COMMERCIAL
In normal situation		11,539,300		7,762,398
With Senior “A” guarantees and counter-guarantees		444,298		322,597
With Senior “B” guarantees and counter-guarantees		1,594,877		1,001,760
Without Senior guarantees or counter-guarantees		9,500,125		6,438,041
Subject to special monitoring		17,356		36,240
In observation
With Senior “B” guarantees and counter-guarantees		2,253		5,690
Without Senior guarantees or counter-guarantees		15,103		10,745
In negociation or with rollover agreement
With Senior “B” guarantees and counter-guarantees				547
Without Senior guarantees or counter-guarantees				19,258
Troubled		11,417		2,799
With Senior “B” guarantees and counter-guarantees		5,414		1,791
Without Senior guarantees or counter-guarantees		6,003		1,008
With high risk of insolvency		28,684		23,104
With Senior “B” guarantees and counter-guarantees		17,775		15,990
Without Senior guarantees or counter-guarantees		10,909		7,114
Irrecoverable		18,642		63,400
With Senior “B” guarantees and counter-guarantees		6,154		3,890
Without Senior guarantees or counter-guarantees		12,488		59,510
Subtotal Commercial		11,615,399		7,887,941

Jorge H. Brito

Chairperson

- 68 -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2011		12/31/2010
CONSUMER
Performing		12,692,639		8,959,435
With Senior “A” guarantees and counter-guarantees		29,995		29,291
With Senior “B” guarantees and counter-guarantees		854,742		707,689
Without Senior guarantees or counter-guarantees		11,807,902		8,222,455
Low risk		149,407		101,963
With Senior “A” guarantees and counter-guarantees		26		76
With Senior “B” guarantees and counter-guarantees		8,003		8,995
Without Senior guarantees or counter-guarantees		141,378		92,892
Medium risk		83,809		72,172
With Senior “A” guarantees and counter-guarantees		1		1
With Senior “B” guarantees and counter-guarantees		2,482		6,928
Without Senior guarantees or counter-guarantees		81,326		65,243
High risk		135,736		143,096
With Senior “A” guarantees and counter-guarantees				8
With Senior “B” guarantees and counter-guarantees		5,115		8,532
Without Senior guarantees or counter-guarantees		130,621		134,556
Irrecoverable		53,037		54,455
With Senior “B” guarantees and counter-guarantees		9,948		12,750
Without Senior guarantees or counter-guarantees		43,089		41,705
Irrecoverable according to Central Bank's rules		346		412
With Senior “B” guarantees and counter-guarantees		38		38
Without Senior guarantees or counter-guarantees		308		374
Subtotal Consumer		13,114,974		9,331,533
Total		24,730,373		17,219,474

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

Jorge H. Brito

Chairperson

- 69 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33 - Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

(Translation of Financial Statements originally issued in Spanish - See Note 22

of the stand-alone financial statements)

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

1. SIGNIFICANT ACCOUNTING POLICIES AND SUBSIDIARIES

1.1. Valuation and disclosure criteria:

According to the procedures provided by Central Bank rules - Communiqué “A” 2227, as supplemented - and FACPCE Technical Resolution No. 21, the Bank has consolidated line-by-line (i) its balance sheets as of September 30, 2011, and December 31, 2010, and (ii) the statements of income and cash flows for the nine-month periods ended September 30, 2011, and 2010, with the financial statements of the subsidiaries listed in note 1.2. as of each respective date.

The financial statements of the Bank’s subsidiaries have been prepared based on methods similar to those applied by the Bank to prepare its own financial statements, with respect to assets and liabilities valuation and disclosure, income (loss) measurement and restatement procedures, as explained in note 3 to the Bank’s stand-alone financial statements. 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 September 30, 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						Possible votes
Banco del Tucumán S.A.	Common		395,341		89.932	%		89.932	%		89.932	%		89.932	%
Banco Privado de Inversiones S.A.  (a)	Common		85,925,820		99.154	%		99.154	%		99.994	%		99.994	%
Macro Bank Limited  (b)	Common		9,816,899		99.999	%		99.999	%		99.999	%		99.999	%
Macro Securities S.A. Sociedad de Bolsa  (c) and (d)	Common		12,776,680		99.154	%		99.154	%		99.921	%		99.921	%
Macro Fiducia S.A (former 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	%

(a) Banco Privado de Inversiones S.A was consolidated into Banco Macrro S.A since September 20, 2010. Banco Macro S.A.’s indirect equity interest derives from Macro Fiducia S.A. (former Sud Inversiones & Análisis S.A.) and Macro Securities S.A. Sociedad de Bolsa.

(b) Consolidated with Sud Asesores (ROU) S.A. (voting rights: 100%, equity interest: 340).

- 70 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33 - Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

(Translation of Financial Statements originally issued in Spanish - See Note 22

of the stand-alone financial statements)

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

(c) Consolidated with Macro Fondos S.G.F.C.I. S.A. (percentage of capital stock and votes 80.90%).

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

1.3. Methods of incorporating foreign subsidiaries:

The financial statements of Macro Bank Limited were adapted to Central Bank 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 nine-month period ended September 30, 2011, and the year ended December 31, 2010.

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

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

d) The amounts of the accounts in the statement of income for the nine-month periods ended September 30, 2011, and 2010, were converted into pesos, as 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 September 30, 2011, considering the translation process mentioned above are as follows:

	Macro Bank Limited
	In thousands of USD		In thousands of Ps.
Assets		245,226		1,031,051
Liabilities		198,658		835,256
Shareholders’ equity		46,568		195,795

- 71 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33 - Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

(Translation of Financial Statements originally issued in Spanish - See Note 22

of the stand-alone financial statements)

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

1.4. The table below shows total assets, liabilities, shareholders’ equity and income (loss) of Banco Macro S.A. and each of its subsidiaries as of September 30, 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		35,049,996		2,998,791		93,153			1,031,051		95,851		693,506		38,575,336
Liabilities		30,591,721		2,653,832		9,363			835,256		51,665		24,776		34,117,061
Shareholders’ equity		4,458,275		344,959		83,790			195,795		44,186		668,730		4,458,275
Income (loss)		829,668		73,854		(1,367	)		11,735		5,600		89,822		829,668

(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 Macro Fiducia S.A. (former 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 since 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 September 30, 2011, December 31, and September 30, 2010:

	09/30/2011		12/31/2010		09/30/2010
Cash		6,298,309		5,202,004		4,797,348
Government and private securities
Holdings booked at market value		243,856		198,790		277,213
Instruments issued by Central Bank		59,867		589,686		489,530
Cash and cash equivalents		6,602,032		5,990,480		5,564,091

- 72 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33 - Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

(Translation of Financial Statements originally issued in Spanish - See Note 22

of the stand-alone financial statements)

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

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.

As of September 30, 2011, and 2010, subsidiary Banco del Tucumán S.A. estimated income tax in the amount of 42,296 and 31,500, respectively; hence, no minimum presumed income tax should be assessed. In addition, as of September 30, 2011, the Bank capitalized income tax prepayments for 20,325 for 2011 tax year, which were recorded in the "Other receivables" account.

As of September 30, 2011, and 2010, subsidiary Banco Privado de Inversiones S.A. did not set an income tax accrual as it estimated NOLs as of that date and, therefore, booked accrued minimum presumed income tax totaling 140 and 691, respectively. Additionally, as of September 30, 2011, and December 31, 2010, the subsidiary booked(i) a minimum presumed income tax credit of 3,563, which was fully accrued, (ii) a 341 credit tax for fiscal year 2010 and (iii) prepayments for an amount of 166 related to tax year 2011, which were booked under “Other receivables”.

3. RESTRICTED ASSETS

In addition to the assests 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 September 30, 2011, and December 31, 2010, Banco del Tucumán S.A. continued to keep as security the amounts related to the special guarantee checking accounts opened in the Central Bank for transactions related to the electronic clearing houses and similar ones for an amount of 36,148 and 25,254, respectively.

b) Other receivables

As of September 30, 2011, and December 31, 2010, this includes other receivables in the amount of 5,056 and 4,984, respectively.

3.2. Banco Privado de Inversiones S.A.:

a) Other receivables from financial intermediation

As of September 30, 2011, and December 31, 2010, Banco Privado de Inversiones S.A. continued to keep as security the amounts related to the special guarantee checking accounts opened in the Central Bank for transactions related to the electronic clearing houses and similar ones and credit card customers’ consumptions abroad for an amount of 489 and 2,807, respectively.

b) Other receivables

b.1) As of December 31, 2010, it holds security deposits related to credit card transactions for 7,537.

b.2) As of September 30, 2011, and December 31, 2010, includes other receivables for an amount of 57 and 1,014, respectively.

- 73 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33 - Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

(Translation of Financial Statements originally issued in Spanish - See Note 22

of the stand-alone financial statements)

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

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

Investments in other companies

As of September 30, 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 September 30, 2011:

	Balances at beginning of				Decreases				Balances at
Item	year		Increases		Charge off		Reversals		end of period
Allowances
For government and private securities		3				3
For loans		514,910		179,359		145,752		20,667		527,850
For other receivables from financial intermediation		237,513		1,301		1,166		3,097		234,551
For receivables from financial leases		6,021		460				989		5,492
For investments in other companies		1,676		221				462		1,435
For other receivables		12,961		3,625		5,482		303		10,801
Total		773,084		184,966		152,403		25,518		780,129
Provisions
For contingent commitments		784						84		700
For other contingencies		90,573		24,033		23,173		4,907		86,526
Difference from court deposits dollarization		14,473		1,013		1,090				14,396
Total		105,830		25,046		24,263		4,991		101,622

- 74 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33 - Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

(Translation of Financial Statements originally issued in Spanish - See Note 22

of the stand-alone financial statements)

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

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 September 30, 2011, and December 31, 2010:

Type of contract / underlying asset	09/30/2011		12/31/2010
Futures / Foreign currency		2,499,842		708,037
Repo transactions		1,999,180		2,481,016
Forwards / Foreign currency		737,989		74,712
Options / BODEN coupons		35,948		54,780
Swap / Other		158,035		157,066
Options / Other		45,787		17,587
Futures / Rate				10,000

Additionally, positions of transactions effective as of September 30, 2011, and December 31, 2010, are as follows:

Transaction	09/30/2011			12/31/2010
Net liability position of repurchase agreements		(1,899,006	)		(2,479,037	)
Net asset position of forward transactions without delivery of the underlying asset		213,831			319,046
Interest rate swap		158,035			157,066
Position of put options sold on BODEN 2012 and 2013 coupons		35,948			54,780
Position of put options taken		45,787
Position of call options sold					17,587

6. PORTFOLIO MANAGEMENT

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

- 75 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33 - Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2011

(Translation of Financial Statements originally issued in Spanish - See Note 22

of the stand-alone financial statements)

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

a) the trust agreement Fideicomiso Financiero Gas Tucumán I for a total amount of 8,723 and 9,651, respectively.

b) the trust agreement Fideicomiso Financiero BATUC I for a total amount of 16,878 and 17,253, respectively.

7. TRUST AGREEMENTS

In addition to what was mentioned in Note 15 to the Bank’s stand-alone financial Statements, the subsidiaries have the following trust agreements as of September 30, 2011, and December 31, 2010:

7.1. Financial trusts for investment purposes

Financial trust	09/30/2011(1)		12/31/2010(1)
Certificates of participation:
TST & AF  (a)		47,155		42,404
Other		10,768		14,403
Total certificates of participation		57,923		56,807

(1) Net of allowances in the amount of 5,261 and 7,161, respectively.

(a) TST & AF trust

As of September 30, 2011, and December 31, 2010, Macro Bank Limited is the beneficiary of 46.66% of the certificates of participation issued by TST & AF Trust and, 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’s subsidiaries.

Banco del Tucumán 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 September 30, 2011, and December 31, 2010, the trusts’ 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 September 30, 2011, and December 31, 2010, the trusts’ assets managed amount to 639,423 and 631,296, respectively.

- 76 -

EXHIBIT I

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2011				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				200,015		201,915
Federal government bonds in pesos at Badlar Private + 3.50 % - Maturity: 2013				46,382		42,466
Federal government bonds in US dollars at Libor - Maturity: 2012				42,695		46,350
Secured bonds under Presidential Decree No. 1,579/02				29,439		40,988
Debt Securities at 12% in US dollars Córdoba Province - Maturity: 2017				16,914		17,498
Consolidation bonds of social security payables in pesos – Fourth Series				7,982		7,029
Federal government bonds in pesos at  variable rate - Maturity: 2013				6,346		7,523
Federal government bonds in pesos - Maturity: 2014				4,671		3,674
Federal government bonds in pesos at Badlar Private + 3.00 % - Maturity: 2015				2,612		901
Discount bonds denominated in pesos - Maturity 2033				2,422		11,753
Others				8,059		25,066
Subtotal holdings booked at market value - Local				367,537		405,163
- Foreign
Treasury Bill - Maturity 12-08-11				210,221
Treasury Bill - Maturity 12-22-11				33,635
Treasury Bill - Maturity 01-06-11						198,790
Subtotal holdings booked at market value - Foreign				243,856		198,790
Subtotal holdings booked at market value				611,393		603,953
Government securities under repo transactions with Central Bank of Argentina
- Local
Federal government bonds in Pesos - Maturity: 2033				1,678,932
Federal government bonds in US dollars at 7% - Maturity: 2013						2,299,088
Subtotal government securities under repo transactions with Central Bank of Argentina				1,678,932		2,299,088
Government securities at amortized cost
- Local
Province of Buenos Aires Treasury Bills in pesos - Maturity: 11-24-2011		51,116		51,066
Province of Buenos Aires Treasury Bills in pesos - Maturity: 02-16-2012		51,143		51,142
Province of Tucumán bonds - Second series in dollars at 9,45% - Maturity: 2015		5,745		5,972		2,455
Province of Tucumán bonds - First series in pesos - Maturity: 2018		2,550		2,841		1,565
Province of Buenos Aires Treasury Bills in pesos - Maturity: 03-31-2011						50,084
Province of Buenos Aires Treasury Bills in pesos - Maturity: 01-27-2011						49,575
Other						3
Subtotal government securities at amortized cost				111,021		103,682

Jorge H. Brito

Chairperson

- 77 -

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2011				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				152,073		83,923
Central Bank of Argentina Internal Bills in pesos – Maturity: 06-20-12				26,002
Central Bank of Argentina Internal Bills in pesos – Maturity: 05-02-12				23,025
Central Bank of Argentina Internal Bills in pesos – Maturity: 08-22-12				15,875
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-20-11						12,212
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-30-11						7,027
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-27-11						7,514
Subtotal Central Bank of Argentina Internal Bills - Under repo Transactions				216,975		110,676
Central Bank of Argentina Internal Bills at market value – Own Portfolio
Central Bank of Argentina Internal Bills in pesos - Maturity 11-02-11		643		643
Central Bank of Argentina Internal Bills in pesos - Maturity 02-02-11						310,016
Central Bank of Argentina Internal Bills in pesos - Maturity 01-12-11						229,455
Central Bank of Argentina Internal Bills in pesos - Maturity 01-05-11						54,888
Central Bank of Argentina Internal Bills in pesos - Maturity 03-23-11						48,467
Central Bank of Argentina Internal Bills in pesos - Maturity 02-16-11						19,708
Central Bank of Argentina Internal Bills in pesos - Maturity 01-19-11						19,415
Subtotal Central Bank of Argentina Internal Bills at market value – Own Portfolio				643		681,949
Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio
Central Bank of Argentina Internal Bills in pesos - Maturity 11-09-11				493
Central Bank of Argentina Internal Bills in pesos - Maturity 01-04-12				482
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				975		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 12-14-11		151,920		151,920
Central Bank of Argentina Notes in pesos with variable coupon (Badlar rate) - Maturity 05-18-11						3,048
Subtotal Central Bank of Argentina notes at market value - Own portfolio				151,920		3,048
Subtotal instruments issued by the Central Bank of Argentina				370,513		1,001,683

Jorge H. Brito

Chairperson

- 78 -

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

(Translation of financial statements originally issued in Spanish -

 See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2011			12/31/2010
Name	Market value or Present Value	Book balance		Book balance
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)			370,513		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 11-09-11			494,146
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 11-23-11			288,733
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 10-05-11			207,193
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 10-12-11			34,191
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 10-19-11			10,311
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 04-04-12			5,753
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 03-14-12			506
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 07-13-11					303,436
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 02-16-11					203,937
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 03-30-11					40,319
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 05-26-11					610,879
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 05-11-11					409,140
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 04-13-11					309,625
Subtotal Central Bank of Argentina internal notes at amortized cost - Own portfolio			1,040,833		2,958,286
Total Instruments issued by the Central Bank of Argentina			1,411,346		4,005,766
Total Government securities			3,812,692		7,012,489
INVESTMENTS IN LISTED PRIVATE  SECURITIES
Petroleo Brasileiro S.A. - Petrobras	11,035		11,035		17,588
Total investment in listed private securities			11,035		17,588
Total government and private securities (1)			3,823,727		7,030,077

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

Jorge H. Brito

Chairperson

- 79 -

 

SIGNATURE

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

Date: December 14, 2011

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