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

November 19, 2012

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   

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BANCO MACRO S.A.

Financial Statements as of September 30, 2012,

together with the limited review report

on interim-period financial statements

CONTENTS

· Limited review report on interim-period financial statements

· Cover

· Balance sheets

· Statements of income

· Statements of changes in shareholders’ equity

· Statements of cash flows

· Notes to the financial statements

· Exhibits A through L, N and O

· Consolidated balance sheets

· Consolidated statements of income

· Consolidated statements of cash flows

· Consolidated statements of debtors by situation

· Notes to the consolidated financial statements with subsidiaries

· Exhibit l to the consolidated financial statements with subsidiaries

LIMITED REVIEW REPORT ON INTERIM-PERIOD FINANCIAL STATEMENTS

Translation into English – Originally issued in Spanish

See Note 22 to the Financial Statements

To the Directors of

BANCO MACRO S.A.

Registered office: Sarmiento 447

City of Buenos Aires

1. We have performed a limited review of the accompanying balance sheet of BANCO MACRO S.A. as of September 30, 2012, 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, 2012, 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 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 stand-alone 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 established 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 the accounting standards established by the BCRA and, except for the effect that is mentioned in the third paragraph, with respect to the professional accounting standards effective in Argentina.

6. With respect to the balance sheet of BANCO MACRO S.A. and the consolidated balance sheet of BANCO MACRO S.A. with its subsidiaries as of December 31, 2011, and the related statements of income, changes in shareholders’ equity and cash flows for the nine-month period ended September 30, 2011, which were presented for comparative purposes, we report that:

a) On February 15, 2012, 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, 2011, which included a qualified opinion due to differences between the accounting standards established by the BCRA used by the Bank and the professional accounting standards effective in Argentina, which are described and quantified in note 5. to the accompanying stand-alone financial statements. We have not audited any financial statements as of any date or for any period subsequent to December 31, 2011.

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b) On November 7, 2011, 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, 2011, which included qualifications due to 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 stand-alone financial statements.

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

a) The financial statements mentioned in the first paragraph have been transcribed into 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, 2012, the liabilities accrued in employee and employer contributions to the National Social Security Administration, as recorded in the Bank’s books, amounted to Ps. 22,105,473, none of which was due as of that date.

City of Buenos Aires,

November 7, 2012

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

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FINANCIAL STATEMENTS AS OF

SEPTEMBER 30, 2012

BUSINESS NAME: Banco Macro S.A.

REGISTERED OFFICE: Sarmiento 447 – City of Buenos Aires

CORPORATE PURPOSE AND MAIN BUSINESS: Commercial bank

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

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

Folio 75 dated March 8, 1967

EXPIRATION OF ARTICLES OF INCORPORATION: March 8, 2066

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

SINGLE TAX IDENTIFICATION NUMBER: 30-50001008-4

REGISTRATION DATES OF AMENDMENTS TO BY-LAWS:

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

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

BALANCE SHEETS

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

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

(Figures stated in thousands of pesos)

		09/30/2012			12/31/2011
ASSETS
A.	CASH
	Cash on hand		1,571,028			1,945,713
	Due from banks and correspondents
	Central Bank of Argentina		4,400,300			2,875,512
	Local Other		29,035			15,400
	Foreign		257,638			103,434
	Other		294			269
			6,258,295			4,940,328
B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit A)
	Holdings booked at market value		971,372			736,368
	Government securities under repo transactions with Central Bank of Argentina					1,992,625
	Holdings booked at amortized cost		133,719			103,616
	Instruments issued by the Central Bank of Argentina		3,218,649			1,255,027
			4,323,740			4,087,636
C.	LOANS (Exhibits B, C and D)
	To the non-financial government sector		329,987			335,726
	To the financial sector
	Interfinancing (granted call)		367,980			250,000
	Other financing to Argentine Financial Institutions		147,024			176,100
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		2,180			5,226
	To the non-financial private sector and foreign residents
	Overdrafts		4,508,648			2,683,707
	Documents		2,922,086			3,138,189
	Mortgage loans		1,092,190			1,108,456
	Pledge loans		634,813			665,549
	Personal loans		8,596,006			7,490,051
	Credit cards		3,610,338			2,851,876
	Other (Note 6.1.)		4,637,410			4,115,741
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		425,433			349,757
	less:  Unearned discount		(70,925	)		(71,182	)
	less:  Allowances (Exhibit J)		(716,263	)		(557,586	)
			26,486,907			22,541,610

Jorge H. Brito

Chairperson

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BALANCE SHEETS

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

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

(Figures stated in thousands of pesos)

		09/30/2012			12/31/2011
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		432,955			2,321,905
	Amounts receivable from spot and forward sales pending settlement (Exhibit O)		2,717,633			1,141,336
	Securities and foreign currency receivable from spot and forward purchases pending settlement		131,237			50,719
	Unlisted corporate bonds (Exhibits B, C and D)		80,266			251,864
	Receivables from forward transactions without delivery of underlying asset					880
	Other receivables not covered by debtors classification standards (Note 6.2.)		565,144			564,910
	Other receivables covered by debtors classification standards (Exhibits B, C and D)		34,565			33,144
	less:  Allowances (Exhibit J)		(226,598	)		(232,314	)
			3,735,202			4,132,444
E.	RECEIVABLES FROM FINANCIAL LEASES (Exhibits B, C and D)
	Receivables from financial leases		296,414			330,605
	Accrued interest and adjustments		4,776			5,512
	less: Allowances (Exhibit J)		(5,525	)		(5,583	)
			295,665			330,534
F.	INVESTMENTS IN OTHER COMPANIES (Exhibit E)
	In financial institutions		731,117			614,045
	Other		56,223			52,224
	less: Allowances (Exhibit J)		(311	)		(1,142	)
			787,029			665,127
G.	OTHER RECEIVABLES
	Receivables from sale of assets (Exhibits B, C and D)		6,345			6,240
	Other (Note 6.3.)		685,161			530,551
	Accrued interest and adjustments on receivables from sales of assets (Exhibits B, C and D)		393			231
	Other accrued interest and adjustments receivable		426			447
	less:  Allowances  (Exhibit J)		(8,892	)		(12,339	)
			683,433			525,130
H.	BANK PREMISES AND EQUIPMENT, NET (Exhibit F)		581,304			519,676
I.	OTHER ASSETS (Exhibit F)		253,110			228,253
J.	INTANGIBLE ASSETS (Exhibit G)
	Goodwill		76,354			86,893
	Organization and development costs		197,988			222,479
			274,342			309,372
K.	ITEMS PENDING ALLOCATION		1,869			3,120
TOTAL ASSETS			43,680,896			38,283,230

Jorge H. Brito

Chairperson

- 2 -

BALANCE SHEETS

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

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

(Figures stated in thousands of pesos)

		09/30/2012		12/31/2011
LIABILITIES
L.	DEPOSITS (Exhibits H and I)
	From the non-financial government sector		6,725,122		4,875,273
	From the financial sector		21,744		17,419
	From the non-financial private sector and foreign residents
	Checking accounts		5,323,316		4,429,772
	Savings accounts		5,751,293		5,599,541
	Time deposits		12,371,989		10,756,676
	Investment accounts		102,751		43,766
	Other (Note 6.4.)		589,074		585,082
	Accrued interest, adjustments, foreign exchange and quoted price differences payables		170,218		125,642
			31,055,507		26,433,171
M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina (Exhibit I)
	Other		21,575		9,043
	Banks and International Institutions (Exhibit I)		284,510		154,942
	Non-subordinated Corporate Bonds (Note 10. and Exhibit I)		499,439		654,905
	Amounts payable for spot and forward purchases pending settlement (Exhibit O)		130,929		48,523
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		2,768,161		3,160,058
	Financing received from Argentine financial institutions (Exhibit I)
	Interfinancing - (received call)		46,650		1
	Other financing received from Argentine financial institutions		14,168		15,501
	Accrued interest payables		49
	Receivables from forward transactions without delivery of underlying asset		2,854		30
	Other (Note 6.5. and Exhibit I)		1,269,037		1,391,206
	Accrued interest, adjustments, foreign exchange and quoted price differences payables (Exhibit I)		39,775		48,793
			5,077,147		5,483,002
N.	OTHER LIABILITIES
	Fees		1,776		7,523
	Other (Note 6.6.)		947,397		897,827
			949,173		905,350
O.	PROVISIONS (Exhibit J)		96,457		88,164
P.	SUBORDINATED CORPORATE BONDS (Note 10. andExhibit I)		723,582		647,753
Q.	ITEMS PENDING ALLOCATION		5,697		6,238
TOTAL LIABILITIES			37,907,563		33,563,678
SHAREHOLDERS' EQUITY (As per related statement)			5,773,333		4,719,552
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			43,680,896		38,283,230

Jorge H. Brito

Chairperson

- 3 -

BALANCE SHEETS

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

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

(Figures stated in thousands of pesos)

		09/30/2012		12/31/2011
MEMORANDUM ACCOUNTS
	DEBIT-BALANCE ACCOUNTS		32,124,678		18,082,033
	Contingent		7,826,569		7,916,106
	Credit lines obtained (unused portion)				11,700
	Guarantees received		7,280,603		7,385,671
	Other not covered by debtors classification standards		183		195
	Contingent debit-balance contra accounts		545,783		518,540
	Control		21,511,932		6,511,301
	Receivables classified as irrecoverable		985,124		876,232
	Other (Note 6.7.)		20,134,648		5,388,859
	Control debit-balance contra accounts		392,160		246,210
	Derivatives (Exhibit O)		2,786,177		3,654,626
	Notional value of put options taken (Note 11.d))		55,088		40,091
	Notional value of forward transactions without delivery of underlying asset (Note 11.a))		1,377,473		1,757,843
	Interest rate swap (Note 11.b))		85,000		158,550
	Derivatives debit-balance contra accounts		1,268,616		1,698,142
	CREDIT-BALANCE ACCOUNTS		32,124,678		18,082,033
	Contingent		7,826,569		7,916,106
	Credit lines granted (unused portion) covered by debtors classification standards (Exhibits B, C and D)		42,248		38,729
	Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)		124,344		70,371
	Other guarantees provided not covered by debtors classification standards		150,629		137,329
	Other covered by debtors classification standards (Exhibits B, C and D)		228,562		272,111
	Contingent credit-balance contra accounts		7,280,786		7,397,566
	Control		21,511,932		6,511,301
	Checks to be credited		392,160		246,210
	Control credit-balance contra accounts		21,119,772		6,265,091
	Derivatives (Exhibit O)		2,786,177		3,654,626
	Notional value of put options sold (Note 11.c))		14,364		36,490
	Notional value of forward transactions without delivery of underlying asset (Note 11.a))		1,254,252		1,661,652
	Derivatives credit-balance contra account		1,517,561		1,956,484

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

Jorge H. Brito

Chairperson

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STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2012 AND 2011

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

(Figures stated in thousands of pesos)

		09/30/2012		09/30/2011
A.	FINANCIAL INCOME
	Interest on cash and due from banks		128		137
	Interest on loans to the financial sector		34,278		9,441
	Interest on overdrafts		503,329		288,844
	Interest on documents		288,656		144,349
	Interest on mortgage loans		135,883		108,292
	Interest on pledge loans		90,423		58,496
	Interest on credit card loans		483,220		228,496
	Interest on financial leases		45,304		38,597
	Interest on other loans		2,181,164		1,435,091
	Net income from government and private securities (Note 6.8.)		262,359		342,334
	Interest on other receivables from financial intermediation		188		157
	Income from guaranteed loans - Presidential Decree No. 1,387/01		10,668		4,884
	CER (Benchmark Stabilization Coefficient) adjustment		14,435		3,969
	CVS (Salary Variation Coefficient) adjustment		303		268
	Difference in quoted prices of gold and foreign currency		250,332		196,364
	Other (Note 6.9.)		199,272		44,204
			4,499,942		2,903,923
B.	FINANCIAL EXPENSE
	Interest on savings accounts		22,950		16,464
	Interest on time deposits		1,459,597		741,677
	Interest on interfinancing received loans (received call)		3,370		3,468
	Interest on other financing from Financial Institutions		10		5
	Interest on other liabilities from financial intermediation		47,549		47,821
	Interest on subordinated bonds		49,029		44,807
	Other interest		2,187		1,198
	CER adjustment		3,265		3,165
	Contribution to Deposit Guarantee Fund		37,697		29,405
	Other (Note 6.10.)		272,038		178,278
			1,897,692		1,066,288
	GROSS INTERMEDIATION MARGIN - GAIN		2,602,250		1,837,635
C.	PROVISION FOR LOAN LOSSES		369,870		153,399
D.	SERVICE-CHARGE INCOME
	Related to lending transactions		76,890		79,460
	Related to deposits		1,086,650		787,930
	Other commissions		30,158		30,597
	Other (Note 6.11.)		583,432		401,532
			1,777,130		1,299,519

Jorge H. Brito

Chairperson

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STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2012 AND 2011

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

(Figures stated in thousands of pesos)

		09/30/2012		09/30/2011
E.	SERVICE-CHARGE EXPENSE
	Commissions		100,868		75,541
	Other (Note 6.12.)		323,832		202,175
			424,700		277,716
F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		1,207,518		963,134
	Directors' and statutory auditors' fees		39,365		30,017
	Other professional fees		67,505		57,408
	Advertising and publicity		62,555		53,011
	Taxes		105,570		87,482
	Depreciation of equipment		58,087		50,942
	Amortization of organization costs		50,112		39,953
	Other operating expenses (Note 6.13.)		279,309		213,789
	Other		150,648		110,973
			2,020,669		1,606,709
	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		1,564,141		1,099,330
G.	OTHER INCOME
	Income from long-term investments		134,834		91,132
	Penalty interest		29,331		23,102
	Recovered loans and allowances reversed		54,360		48,665
	CER adjustments		56		61
	Other (Note 6.14.)		51,829		66,430
			270,410		229,390
H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		9		8
	Charges for other receivables uncollectibility and other allowances		24,178		19,720
	Amortization of differences related to court orders		57,873		13,342
	Depreciation and loss of other assets		1,171		1,416
	Goodwill amortization		10,539		10,539
	Other (Note 6.15.)		21,925		17,527
			115,695		62,552
	NET INCOME BEFORE INCOME TAX - GAIN		1,718,856		1,266,168
I.	INCOME TAX (Note 4.)		651,000		436,500
	NET INCOME FOR THE PERIOD - GAIN		1,067,856		829,668

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

Jorge H. Brito

Chairperson

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STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2012 AND 2011

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

(Figures stated in thousands of pesos)

	09/30/2012																		09/30/2011
							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		966,226				211		2,755,369			4,719,552			4,152,842
Own shares reacquired (1)																				(7,767	)
Distribution of unappropriated earnings, as approved by the Shareholders’ Meeting held on April, 16, 2012 and April, 26, 2011, respectively:
- Legal reserve								235,219						(235,219	)
- Cash dividends																				(505,312	)
- Normative Earning Reserved										62,934				(62,934	)
- Voluntary Reserve for future distributions												2,443,141		(2,443,141	)
of earnings
- Tax on Personal Assets														(14,075	)		(14,075	)		(11,156	)
Reversal of special reserve from Subordinated debt instruments
Net income for the period - Gain														1,067,856			1,067,856			829,668
Balances at the end of the period		594,485		398,750		4,511		1,201,445		11,633		2,443,352		1,119,157			5,773,333			4,458,275

(1) See Notes 3.5.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

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STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2012 AND 2011

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

(Figures stated in thousands of pesos)

	09/30/2012			09/30/2011
CHANGES IN CASH AND CASH EQUIVALENTS (Note 3.6.)
Cash at beginning of the fiscal year		4,940,328			4,548,311
Cash at end of the period		6,466,414			4,923,971
Net  increase in cash		1,526,086			375,660
CAUSES OF CHANGES IN CASH
Operating activities
Net collections / (payments):
Government and private securities		(483,458	)		2,413,091
Loans
To the financial sector		(51,582	)		(128,046	)
To the non-financial government sector		30,307			(9,762	)
To the non-financial private sector and foreign residents		(548,693	)		(4,234,809	)
Other receivables from financial intermediation		600,626			212,129
Receivables from financial leases		80,203			(28,620	)
Deposits
From the financial sector		4,324			1,837
From the non-financial government sector		1,643,624			992,676
From the non-financial private sector and foreign residents		1,721,152			2,265,608
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		43,330			523
Others (except liabilities included under financing activities)		(4,330	)		148,901
Collections related to service-charge income		1,773,060			1,298,624
Payments related to service-charge expenses		(421,016	)		(276,819	)
Administrative expenses paid		(1,951,091	)		(1,535,285	)
Payment of organization and development costs		(74,957	)		(65,135	)
Net collections from penalty interest		29,322			23,094
Differences from payments related to court orders		(8,537	)		(9,725	)
Collections of dividends from other companies		7,078			4,332
Other collections related to other income and losses		52,176			53,220
Net payments from other operating activities		(614,400	)		(13,636	)
Payment of income tax		(354,660	)		(137,032	)
Net cash flows generated in operating activities		1,472,478			975,166

Jorge H. Brito

Chairperson

- 8 -

STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2012 AND 2011

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

(Figures stated in thousands of pesos)

	09/30/2012			09/30/2011
Investing activities
Net payments for bank premises and equipment		(100,477	)		(200,810	)
Net (payments) / collections for other assets		(47,013	)		39,997
Net cash flows used in investing activities		(147,490	)		(160,813	)
Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(248,003	)		(47,467	)
Central Bank of Argentina
Other		11,750			(30	)
Banks and International Institutions		124,935			109,926
Subordinated corporate bonds		(32,899	)		(29,945	)
Financing received from Argentine financial institutions		(1,342	)		(1,338	)
Payment of dividends					(505,312	)
Other payments for financing activities
Own shares reacquired					(7,767	)
Net cash flows used in financing activities		(145,559	)		(481,933	)
Financial income and holding gains on cash and cash equivalents		346,657			43,240
Net  increase in cash		1,526,086			375,660

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

Jorge H. Brito

Chairperson

- 9 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

(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 as from March 24, 2006, they are listed 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. On August 15, 2012, the Domestic Trade Department of the Ministry of Economy and Public Finance, following the same terms of the opinion issued by the Federal Anti-Trust Board on August 1, 2012, authorized the Bank to acquire 100% of the capital stock of Banco Privado de Inversiones S.A.

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. 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, 2012, and December 31, 2011, the deposits of the Misiones Provincial Government amounted to 1,645,800 and 1,267,178 (including 42,769 and 36,332 related to court deposits), respectively.

2.2. Agreement with the Salta Provincial Government

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

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

As of, September 30, 2012, and December 31, 2011, the deposits of the Salta Provincial Government amounted to 1,719,995 and 870,880 (including 167,937 and 137,286 related to court deposits), respectively.

- 10 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

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, 2012, and December 31, 2011, the deposits of the Jujuy Provincial Government amounted to 696,293 and 701,483 (including 91,991 and 66,237 related to court deposits), respectively.

2.4. Banco del Tucumán S.A.

Banco del Tucumán S. A. entered into 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, 2012, and December 31, 2011, the deposits of the Tucumán Provincial Government and the Municipality of San Miguel de Tucumán in Banco del Tucumán S.A. amounted to 1,352,352 and 807,822 (including 397,700 and 355,122 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.

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.

On August 15, 2012, the parties agreed to amend the agreement mentioned in the previous paragraph whereby, among other clauses, currently the Bank and Gestiva S.A. hold 5% and 95% interests, respectively.

As of September 30, 2012, and December 31, 2011, the net assets of such joint ventures recorded in the Bank’s financial statements through the proportionate consolidation method amounted to 10,644 and 11,656, respectively.

Also, as of September 30, 2012, and December 31, 2011, the net income recorded through the method mentioned in the previous paragraph amounted to 28,059 and 16,372, respectively.

- 11 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

3. SIGNIFICANT ACCOUNTING POLICIES

These financial statements, which are taken from the Bank’s books of account, are stated in thousands of pesos and have been prepared in accordance with Central Bank rules and Argentine professional accounting standards (see Note 5).

3.1. Consolidated financial statements

As required under Central Bank rules, the Bank presents consolidated financial statements with its subsidiaries Banco del Tucumán S.A., Banco Privado de Inversiones S.A., Macro Bank Limited, Macro Securities S.A. Sociedad de Bolsa, Macro Fiducia S.A. and Macro Fondos SGFCI S.A. as supplementary information.

3.2. Comparative information

As required under Central Bank rules, the balance sheet as of September 30, 2012, 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, 2012, are presented comparatively with data for the same period in the prior fiscal year.

3.3. 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.

3.4. 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 fiscal years.

3.5. Valuation methods

The main valuation methods used to prepare the accompanying financial statements as of September 30, 2012, and 2011 and December 31, 2011, were as follows:

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 respective business day. 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 related statements of income.

- 12 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

b) Government and private securities:

b.1) Government securities - Holdings booked at market value:

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 related statements of income.

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

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 September 30, 2012 and December 31, 2011, the present value calculated by the Bank for these securities amounts to 134,190 and 104,018, respectively.

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

They were valued at the quoted price as of the last respective business day. Differences in quoted prices were recorded in the related statements of income.

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

Holdings 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 recorded in the related statements of income.

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

As set forth in Central Bank Communiqués “A” 4898, “A” 5180, 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, 2012 and December 31, 2011, the present value reported by the Central Bank for these securities amounted to 277,894 and 238,729, 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) Guaranteed loans: as explained in Note 3.5.c).

e.2) Deposits and other assets and liabilities: The CER as of the last respective business day was applied.

- 13 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

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.

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 recorded directly in the related statements of income.

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

g) Loans and deposits of Government securities:

They were valued at the quoted price as of the last respective business day, plus the related accrued interest. Differences in quoted prices and accrued interest were recorded in the related statements of income.

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.

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. With volatility (active market): they were valued at the effective quoted prices for each of them at the last respective business day. Differences in quoted prices were recorded in the related statements of income.

ii. Without volatility (without active market): they were valued at their cost value increased exponentially by their internal rate of return. Such accruals were recorded in the related statements of income.

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 3.5.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 supplemented, considering the quoted price of the underlying assets as of the last respective business day, in the appropriate proportion.

iii. Certificates of participation in TST & AF Trust: they were valued by the equity method, considering the residual value of the goodwill arising from the excess of the investment cost over its book value.

iv. Other certificates of participation: they were stated at cost or face value increased as the case may be, by interest accrued until the last respective business day, translated into Argentine pesos according to the method described in Note 3.5.a), as appropriate.

The values recorded, net of allowances, do not exceed the recoverable values from the respective trusts.

- 14 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

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. Such accruals were recorded in the related statements of income.

h.5) Non subordinated corporate bonds issued:

They were valued at the amount due for principal and interest accrued, translated into pesos pursuant to the method described in Note 3.5.a), as the case may be. Such accruals were recorded in the related statements of income.

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, 2012, and December 31, 2011, 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 3.3, 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.

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 3.3, 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 3.3, 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 3.3 as the case may be, less the related accumulated amortization, calculated under the straight line method over their estimated useful life.

- 15 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

l.2) Differences due to court orders (amparos) – Nondeductible for the determination of the computable equity: as of December 31, 2011, the amount 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. As of September 2012, the Bank decided to amortize in full the residual value as of such date and, from then on, the new disbursements pertaining to these differences will be recorded in the related statements of income.

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 respective business day.

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, as of the last respective business day. Differences in quoted prices were recorded in the related statements of income.

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.

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, converted into pesos pursuant to the method described in Note 3.5.a). Such accruals were recorded in the related statements of income (see note 3.5.q.3)).

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 3.3 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).

q.3) Special reserve for subordinated debt instruments: related to the reserve created for paying the financial services of subordinated corporate bonds issued by the Bank (see note 10.a.1). It is reversed on a monthly basis as interest is accrued.

- 16 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

r) Statement-of-income accounts:

r.1) The accounts comprising monetary transactions (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 3.3.

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

3.6. 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:

	09/30/2012		12/31/2011		09/30/2011
Cash		6,258,295		4,940,328		4,876,387
Government and private securities
Instruments issued by the Central Bank		208,119				47,584
Cash and cash equivalents		6,466,414		4,940,328		4,923,971

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, 2012 and 2011, the Bank estimated an income tax charge of 651,000 and 436,500, respectively; hence, no minimum presumed income tax should be assessed for the periods ended on such date.

Additionally, as of September 30, 2012, the Bank made income tax prepayments for 289,199 for the 2012 fiscal year, which were recorded in the "Other receivables" account and will be applied to the tax amount assessed in the 2012 tax return.

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:

- 17 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

5.1. Valuation standards

The main items with differences in valuation matters as of September 30, 2012 and December 31, 2011, are as follows:

	Adjustments under professional accounting standards
	Stand-alone financial statements									Consolidated financial statements
	to equity						to income			to equity						to income
Item	09/30/2012			12/31/2011			09/30/2012			09/30/2012			12/31/2011			09/30/2012
Government securities and assistance to the government sector (a)
Government securities - Holdings booked at amortized cost		(205	)		45			(250	)		1,081			72			1,009
Instruments issued by the Central Bank and booked at amortized cost		1,046			777			269			1,051			767			284
Secured loans – Presidential Decree No. 1,387/01		(26,850	)		(30,091	)		3,241			(26,850	)		(30,092	)		3,242
Business combinations (b)
Acquisition of Nuevo Banco Bisel S.A.		(104,623	)		(110,496	)		5,873			(104,623	)		(110,496	)		5,873
Other		(64,131	)		(69,393	)		5,262			(64,131	)		(69,393	)		5,262
Interests in other companies (c)		20,365			9,311			11,054
Intangible assets – Organization and development expenses (d)					(49,336	)		49,336						(50,410	)		50,410
Deferred assets – Income tax (e)		107,726			36,195			71,531			126,800			46,564			80,236
Other assets (f)		(1,201	)		7,679			(8,880	)		1,201			7,679			(8,880	)
Liabilities – Provisions (g)		(56,532	)		(54,866	)		(1,666	)		(56,532	)		(54,866	)		(1,666	)
Total		(124,405	)		(260,175	)		135,770			(124,405	)		(260,175	)		135,770

(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 3.5.b.2), 3.5.b.4) and 3.5.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.

(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%.

- 18 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

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: as of December 31, 2011, the Bank and its subsidiaries included under “Intangible Assets” net of the related amortization amounts, the foreign exchange differences related to the compliance with the precautionary measures that required the Bank and its subsidiaries to reimburse certain deposits in foreign currency converted to pesos and the effect of court deposits dollarization. According to current professional accounting standards, the Bank should have reduced the book value of surpluses at the recoverable value (see note 3.5.l.2)).

(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.

If professional accounting standards had been applied, the Bank’s shareholders' equity as of September 30, 2012, and December 31, 2011, would have decreased by around 124,405 and 260,175, respectively. On the other hand, income for the nine-month periods ended September 30, 2012, and 2011, would have increased by 135,770 and decreased by 14,812, 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 certain information about transactions with related parties, goodwill and other reporting requirements for nonbanking institutions.

f) There are differences between the method used by the Bank for converting the financial statements of foreign subsidiaries into Argentine pesos and the method required by professional accounting standards in effect.

- 19 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

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

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

6.1) Loans – Other

	09/30/2012		12/31/2011
Other loans		3,431,088		3,234,006
Export financing and prefinancing		1,206,322		881,735
		4,637,410		4,115,741

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

Certificates of participation in financial trusts	304,064	286,884
Debt securities issued by financial trusts	261,080	278,014
Other		12
	565,144	564,910

6.3) Other receivables – Other

Tax prepayments	295,123	229,188
Sundry receivables	248,231	173,413
Security deposits	81,510	64,638
Advanced prepayments	48,109	50,951
Other	12,188	12,361
	685,161	530,551

6.4) Deposits - Other

Expired time deposits	336,607	351,115
Unemployment fund for workers of the construction industry	143,031	124,663
Attachments	77,687	53,367
Special deposits related to inflows of foreign funds	1,999	13,649
Security deposits	1,713	1,687
Other	28,037	40,601
	589,074	585,082

6.5) Other liabilities from financial intermediation - Other

Purchase financing payables	398,354	365,413
Other withholdings and additional withholdings	199,423	170,857
Collections and other transactions on account and behalf of others	162,939	113,956
Miscellaneous not subject to minimum cash requirements	127,416	293,705
Other payment orders pending settlement	126,910	251,056
Sociedad Seguro de Depósitos (SEDESA) – Purchase of preferred shares of former Nuevo Banco Bisel S.A.  (see note 7.)	83,832	80,600
Miscellaneous subject to minimum cash requirements	62,180	50,249
Retirement pension payment orders pending settlement	34,113	34,572
Other	73,870	30,798
	1,269,037	1,391,206

- 20 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

6.6) Other Liabilities - Other

	09/30/2012		12/31/2011
Taxes payable		785,659		701,137
Miscellaneous payables		69,849		57,807
Salaries and payroll taxes payable		64,364		100,102
Withholdings on salaries		21,843		24,298
Prepayment for the sale of assets		5,682		14,483
		947,397		897,827

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

Checks and securities in custody – ANSES (Argentine social security administration)	13,741,112
Checks and securities in custody	3,779,694	3,027,436
Checks and securities not yet collected	1,765,707	1,649,744
Checks and securities to be debited	403,946	294,554
Managed portfolios (see note 12)	347,258	322,942
Checks and securities to be collected	96,931	94,183
	20,134,648	5,388,859

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

	09/30/2012		09/30/2011
Net Income from government securities		225,779		313,822
Net Income from participations in financial trusts		32,166		14,572
Other		4,414		13,940
		262,359		342,334

6.9) Financial income – Other

Premiums on reverse repurchase agreements with the financial sector	143,818	22,894
Interests on loans for export prefinancing and financing	38,966	18,152
Forward foreign-currency transactions offset	14,499	862
Other	1,989	2,296
	199,272	44,204

6.10) Financial expense – Other

Turnover tax	268,009	165,685
Premiums on repurchase agreements with the financial sector	2,148	9,012
Other	1,881	3,581
	272,038	178,278

6.11) Service-charge income - Other

Debit and credit card income	357,240	241,380
Service commissions – Joint ventures (see Note 2.5)	54,083	48,072
Rental of safe deposit boxes	46,255	35,758
Other	125,854	76,322
	583,432	401,532

- 21 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

6.12) Service-charge expense - Other

	09/30/2012		09/30/2011
Debit and credit card expenses		200,057		104,911
Turnover tax		63,752		48,918
Commissions paid to lending agents		44,373		25,667
Other		15,650		22,679
		323,832		202,175

6.13) Administrative expenses – Other operating expenses

Maintenance, conservation and repair expenses	82,489	66,290
Security services	80,642	57,964
Electric power and communications	56,834	39,263
Leases	40,457	33,732
Stationery and office supplies	9,962	8,524
Insurance	8,925	8,016
	279,309	213,789

6.14) Other income - Other

Other adjustments and interest on other receivables	9,359	4,529
Gain on sale of bank premises and equipment, and other assets	7,193	14,261
Services provided to Banco del Tucumán S.A.	6,606	5,628
Other	28,671	42,012
	51,829	66,430

6.15) Other expense – Other

Donations	7,782	6,201
Turnover tax	2,217	2,213
Other	11,926	9,113
	21,925	17,527

7. RESTRICTED ASSETS

As of September 30, 2012, and December 31, 2011, the following Bank’s assets are restricted:

Item	09/30/2012		12/31/2011
Government and private securities
•      Argentine Government bond in Argentine pesos at private Badlar + 275 basis points, maturing in 2014, used as security in favor of SEDESA. (1)		87,848		86,205
•      Central Bank bills (LEBACs) and notes (NOBACs) used to perform forward foreign currency trading transactions.		43,303		43,770
•      Secured Bonds under Presidential Decree No. 1,579/02 provided as security for a loan received from Banco de Inversión y Comercio Exterior S.A. (BICE).		36,134		34,118
•      LEBAC used as security for the role of custodian of FGS (sustainability guarantee fund) investments securities.		35,632
•      Other government and private securities		13,597		10,552
Subtotal government and private securities		216,514		174,645

- 22 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

Item	09/30/2012		12/31/2011
Loans
•      Guaranteed Loans under Presidential Decree No. 1,387/01 – Global 17 at a variable rate provided as guarantee in favor of the Central Bank so that financial institutions may participate in the auctions of advances intended for the production sector under the Bicentennial Production Financing Program.		36,215		34,306
•      Other.				163
Subtotal Loans		36,215		34,469
Other receivables from financial intermediation
•      Special guarantee checking accounts opened in Central Bank for transactions related to the electronic clearing houses and similar entities.		432,955		325,633
•      Contributions to the Risk Fund of Macroaval SGR (mutual guarantee association) resulting from a contribution made by the Bank in its capacity as contributory partner of such company. (2)		5,310		5,000
Subtotal other receivables from financial intermediation		438,265		330,633
Other receivables
•      Security deposits related to credit card transactions.		73,625		57,053
•      Other security deposits		7,885		7,585
Subtotal other receivables		81,510		64,638
Total		772,504		604,385

(1) As replacement for the preferred shares of former Nuevo Banco Bisel S.A. to secure to SEDESA the price payment and the fulfillment of all the obligations assumed in the purchase and sale agreement dated May 28, 2007.

(2) Made on December 29, 2011, this contribution may be fully or partially reimbursed once two or three years have elapsed from the date of contribution.

- 23 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

8. TRANSACTIONS WITH RELATED PARTIES

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

	Banco del Tucumán S.A.		Banco Privado de Inversiones S.A.		Macro Bank Limited		Macro Securities S.A. Sociedad de Bolsa		Other subsidiaries and related parties (1)		09/30/2012		12/31/2011
ASSETS
Cash						3,524						3,524		3,289
Loans										108,082		108,082		286,908
Other receivables from financial intermediation								17,036		104,284		121,320		114,599
Receivables from financial leases								6,400		1,616		8,016		8,589
Other receivables														13
Items pending allocation		29										29		11
Total assets		29				3,524		23,436		213,982		240,971		413,409
LIABILITIES
Deposits				177		542		3,623		532,555		536,897		250,471
Other liabilities from financial intermediation				529				23,635				24,164		12,564
Total liabilities				706		542		27,258		532,555		561,061		263,035
MEMORANDUM ACCOUNTS
Debit-balance accounts –Contingent										63,747		63,747		5,875
Debit-balance accounts –Control						9,764				213,320		223,084		163,021
Credit-balance accounts – Contingent		923						2,213				3,136		3,136
Credit-balance accounts – Derivates														1,744

- 24 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

(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)			09/30/2012			09/30/2011
INCOME (EXPENSE)
Financial income		964								579			13,503			15,046			632
Financial expense		(109	)										(9,766	)		(9,875	)		(11,810	)
Service-charge income		21						1		228			2,901			3,151			1,312
Service-charge expense										(259	)					(259	)		(837	)
Administrative expenses		(9	)		(803	)										(812	)		(575	)
Other income		6,964														6,964			5,988
Other expense																			(208	)
Total income / (loss)		7,831			(803	)		1		548			6,638			14,215			(5,498	)

(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.

9. CAPITAL STOCK

The Bank’s subscribed and paid-in capital as of September 30, 2012, amounts to 594,485. Since December 31, 2008, the Bank’s capital stock has changed as follows:

As of December 31, 2008	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, 2012	594,485

(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 mentioned in note 19, as a result of the international macroeconomic context and of the fluctuation of the capital markets, the prices of local shares, including the Bank’s, were affected. Therefore, on September 15, 2011, the Board of Directors decided to repurchase its own common registered Class B shares. In consequence, during fiscal year 2011, the Bank acquired a total of 10,000,000 shares, for a total amount of 92,919.

- 25 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

10. CORPORATE BONDS ISSUANCE

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

Corporate Bonds	Original value			Residual value as of 09/30/2012		09/30/2012		12/31/2011
Subordinated – Class 1	USD	150,000,000	(a.1)	USD	150,000,000		723,582		647,753
Non Subordinated – Class 2	USD	150,000,000	(a.2)	USD	106,395,000		506,396		474,054
Non Subordinated – Class 3	USD	100,000,000	(a.3)						198,478
Total							1,229,978		1,320,285

On September 1, 2006, June 4, 2007 and April 26, 2011, 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 1,000,000,000 (one billion US dollars), or an equal amount in other currencies, under which it will be possible to issue different classes and/or series of corporate bonds denominated in US dollars or other currencies and reissue the successive classes or series to be amortized.

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

- Computable to the Bank’s required minimum capital (computable equity), as established by Communiqué “A” 4576.

- The Notes fall due within a 30-year term, with full amortization upon maturity (December 18, 2036), with 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.

- 26 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

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 1^st 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 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. The Bank used the funds derived from such issuance to grant loans. Upon maturity on June 7, 2012, the Bank repaid the full 197,066 amount of the residual value of this liability.

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

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:

- Forward transactions involving securities and foreign currency.

- Forward transactions without delivery of the underlying asset.

- Options.

- Interest rate swaps.

Such transactions were valued as explained in Notes 3.5.h.1), 3.5.h.2) and 3.5.m).

Positions of transactions effective as of September 30, 2012, and December 31, 2011, are as follows:

Transaction	09/30/2012			12/31/2011
Net liability of repurchase agreements		(2,690,513	)		(3,100,775	)
Net asset position of forward transactions without delivery of the underlying asset (a)		123,221			96,191
Interest rate swaps (b)		85,000			158,550
Position of put options sold on BODEN 2012 and 2013 coupons (c)		14,364			36,490
Position of put options taken (d)		55,088			40,091

- 27 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

Net income (loss) resulting from these transactions for the nine-month periods ended September 30, 2012, and 2011, amount to income (loss):

Transaction	09/30/2012			09/30/2011
Premiums on reverse repurchase agreements		143,849			22,925
Premiums on repurchase agreements		(2,148	)		(9,012	)
Interest rate swap		77			(1,316	)
Forward foreign-currency transactions offset		14,499			862
Total		156,277			13,459

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

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

b.1) As of September 30, 2012, and December 31, 2011, this is related to swap agreements entered into with the Central Bank entitling the Bank to collect on 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 85,000 and 115,000 Argentine pesos, respectively. In the event that the difference between the rates is negative, the Bank shall be required to pay the difference. The agreements effective as of September 30, 2012, will expire between April 30, 2013, 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) As of December 31, 2011, this is related 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. The amount booked in the Bank’s memorandum accounts is related to the residual principal amount of the loan of notional values of thousands 43,550. As of the date of issuance of these financial statements, these swap agreements were terminated due to the prepayment of the loan in September 2012.

(c) Relates to put options on BODEN coupons 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. As of September 30, 2012, only the option on BODEN 2013 coupons was effective, as BODEN 2012 matured in August 2012.

(d) Related to the following options:

d.1) As of September 30, 2012, this is related to a put option taken of trust securities to be issued by the financial trust Best Consumer Finance Series XXV and which may be received by the Bank as payment of the assignment value established in the agreement executed on September 28, 2012, with Banco de Servicios y Transacciones S.A. The initial price was set at 55,000, which will accrue a minimum applicable rate of 19.50%, 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. The Bank has not exercised the option as of the date of these financial statements.

d.2) As of December 31, 2011, this is related to a put option taken of trust securities to be issued by financial trust Fideicomiso Financiero Best Consumer Finance Series XXI and which could be received by the Bank as payment of the assignment value established in the assignment of rights agreement executed on December 28, 2011 with Banco de Servicios y Transacciones S.A. The initial price was set at 40,000, which accrued a minimum applicable rate of 28%, compounded on a monthly basis. The option could 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 these financial statements, the conditions under which the option could have been exercised have expired.

- 28 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

12. PORTFOLIO MANAGEMENT

As of September 30, 2012, and December 31, 2011, the Bank manages the following portfolios:

	Managed portfolio as of
Item	09/30/2012		12/31/2011
• 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. (1)		14,054		14,196
• On August 11, 1998, former Banco de Jujuy S.A. (which was absorbed by the Bank) and the Jujuy provincial Government entered into an agreement to manage the loan portfolio of the former Banco de la Provincia de Jujuy and to provide a monthly report on the tasks performed. (1)		42,282		42,520
• 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 Bank. (2)		81,072		67,688
• 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”. (3)		78,201		79,480
• On June 30, 2006, the Bank and Macro Fiducia S.A. entered into a management and custody agreement regarding the “RETUC 1” trust loan portfolio.		58,126		58,166
• Other portfolios managed by the Bank.		73,523		60,892
Total		347,258		322,942

(1) In consideration thereof, the Provinces of Salta and Jujuy recognize to the Bank a percentage of the amounts effectively recovered.

(2) In consideration thereof, the IPDUV recognizes to the Bank a percentage of the amounts effectively recovered.

(3) Through Resolution No. 523 of August 20, 2002, Central Bank Board of Directors 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 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.

- 29 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

13. MUTUAL FUNDS

As of September 30, 2012, the Bank, in its capacity as Depository Company, held in custody the interest in Mutual Funds subscribed by third parties and assets from the following mutual funds:

Fund	Shares of interest		Equity		Assets (1)
Pionero Pesos		332,271,344		536,842		389,951
Pionero Renta Ahorro		95,984,578		195,581		192,492
Pionero Latam		122,341		867		2
Pionero F F		155,370,907		276,661		279,826
Pionero Renta		43,521,186		187,254		178,591
Pionero Acciones		1,337,440		3,149		2,953
Pionero Renta Dólares		11,770		28		6
Pionero Empresas F.C.I. Abierto PYMES		100,000		101		18
Pionero Consumo		100,000		100
Argenfunds Ahorro Pesos		125,775,535		133,787		133,800
Argenfunds Renta Privada		10,000		10

(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 9.4450% equity interest therein, according to the percentages set forth in Central Bank Communiqué “B” 10302 of March 1, 2012.

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:

15.1. Financial trusts for investment purposes

As of September 30, 2012, and December 31, 2011, the amounts recorded in the Bank’s financial statements for holdings of certificates of participation (net of allowances for 223,832 and 227,127, respectively) and debt securities in financial trusts under “Other receivables from financial intermediation - Other not covered by debtor classification standards” were as follows:

- 30 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

Financial trust	09/30/2012		12/31/2011
Certificates of participation:
TST & AF  (a)		57,822		55,993
Other		22,410		3,764
Subtotal certificates of participation		80,232		59,757
Debt securities:
Underwriting agreements  (b)		77,157		86,396
Loma Blanca (c)		71,645		60,637
Other (d)		112,278		130,984
Subtotal debt securities		261,080		278,017
Total		341,312		337,774

(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.

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 disposed of.

As of September 30, 2012, and December 31, 2011, 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.

According to the latest accounting information available as of the date of issuance of these financial statements, the corpus assets totaled around 120,072.

(b) It relates to prepayments towards the placement price of the trust securities, made by the Bank through underwriting agreements (Consubond, among others). The assets managed for this trust 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.

(c) Fideicomiso Loma Blanca

On December 6, 2011, Isolux Ingeniería S.A. and Isolux Corsán Argentina S.A. (trustors) and Nación Fideicomisos S.A. (trustee), set up the trust called “Fideicomiso Financiero Loma Blanca Serie I”.

The purpose of the trust consists on the set-up, start-up, operation and maintenance of all four awarded wind farms, located in the Municipality of Trelew, Province of Chubut.

As of the date of issuance of these financial statements, the Class A debt securities acquired by the Bank account for 14% of the total trust issues. The final amortization of such debt securities will operate on March 16, 2016.

- 31 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

According to the latest accounting information available as of the date of issuance of these financial statements, the corpus assets totaled around 450,976.

(d) Other

It includes, among others, the following trusts:

i) Trust created by Presidential Decree 976-01

The trust manages the collection of certain taxes for the purpose of developing infrastructure projects.

ii) Chubut oil & gas royalties Trust

The trust manages assigned receivables and rights on oil & gas royalties for the purpose of financing production projects, infrastructure works in the Province of Chubut and financial investments aimed at increasing the state’s interest in the energy sector.

iii) Galtrust I financial Trust

It manages investments in federal government securities for the purpose of settling the securities issued by the trust.

iv) San Isidro Trust

The trust manages investments in real property for the purpose of developing a project. The interest is related to December 31, 2011 (see note 15.1(a)).

Additionally, note 7.1 to the consolidated financial statements includes a list of the holdings for investment held by the Bank´s subsidiaries.

15.2. 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, 2012, and December 31, 2011, considering the latest available accounting information as of the date of the financial statements, the assets managed by the Bank, Macro Fiducia S.A. and Banco del Tucumán S.A. (subsidiaries) amount to 549,053 and 301,857, respectively.

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

The Bank performs management duties in relation to the corpus assets directly according to the agreements, performing only 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.

- 32 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

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, 2012, and December 31, 2011, considering the latest available accounting information as of the date of the financial statements, the assets managed by the Bank amount to 400,331 and 386,787, respectively.

Additionally, note 7.2 to the consolidated financial statements includes a list of those trusts with similar purposes to those included in this note, but managed by the Bank’s subsidiaries.

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 2012 are listed below, indicating the balances as of month-end of the related accounts:

Item	09/30/2012
Cash
Amounts in Central Bank accounts		4,400,300
Other receivables from financial intermediation
Special guarantee accounts with the Central Bank		432,955
Total		4,833,255

18. TAX CLAIMS

The AFIP (Federal Public Revenue Agency) and provincial tax authorities have reviewed the tax returns filed by the Bank related to income tax, minimum presumed income tax and other taxes (mainly turnover tax) for the fiscal years prior to 2005.

The most significant claims arising from the previous paragraph 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.

- 33 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

(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

The international macroeconomic context generates a certain degree of uncertainty with regard to how it will evolve in the future, due to the shrinking growth levels, the volatility of financial assets and of the exchange market, and the higher unemployment rates, among other matters. Locally, over the past few years the economy has reflected, on average, sustained growth and the main economic and financial indicators point to a situation that differs from the one mentioned above. However, over the past few months, the prices of financial assets have behaved in a volatile manner, and there has been an increase in the price of money and in the complexity of foreign exchange regulations.

Given all of the above, the Bank’s Management permanently monitors the changes in the abovementioned situations in the international and local markets, to determine the possible actions to be taken and to identify the potential effects over its assets 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.

As mentioned in Notes 3.5.l.2), under Central Bank Communiqués “A” 3916 and “A” 4686, as of December 31, 2011, the Bank included in “Intangible assets” the amounts of 49,336 at stand-alone level and a total of 51,183 at consolidated level, 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.

- 34 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

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

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

Additionally, as of September 30, 2012, and December 31, 2011, the Bank recorded the additional payables related to such regulation under the “Provisions” account in the amount of 10,232 and 9,453 at the stand-alone level, respectively, and a total of 16,243 and 14,754 at consolidated level, respectively. Considering what has been mentioned in Note 3.5.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, unappropriated retained earnings, the amounts of the legal and statutory reserves which are mandatory, the positive net difference between the book value and market value or present value reported by the 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.

Moreover, the maximum amount to be distributed cannot exceed the excess payments of the required capital minimum considering, for this purpose only, an increasing adjustment of 75% 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.

Jorge H. Brito

Chairperson

- 35 -

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

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

(Figures stated in thousands of pesos)

	09/30/2012				12/31/2011		09/30/2012
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				456,165		226,959		475,496					475,496
Federal government bonds in pesos at Badlar Private + 3.00% - Maturity: 2015				129,517		3,333		86,265					86,265
GDP - Related Securities - Maturity: 2035				95,958		46,936		1,194					1,194
Secured bonds under Presidential Decree No. 1,579/02				82,656		186,378		117,431					117,431
Discount bonds denominated in pesos - Maturity: 2033				51,727		163,855		287					287
Federal government bonds in pesos at Badlar Private + 3.50% - Maturity: 2013				45,602		46,062		45,602					45,602
Federal government bonds in US dollars at 7.00% - Maturity 2017				32,911		2,934		65					65
Federal government bonds in US dollars at 7.00% - Maturity: 2015				30,576		633		28,861					28,861
Debt Securities at 12% in US dollars Córdoba Province - Maturity: 2017				17,217		16,275		17,217					17,217
Federal government bonds in US dollars at 7.00% - Maturity: 2013				9,271				(307	)				(307	)
Other				19,772		43,003		12,431			14,364		26,795
Subtotal holdings booked at market value				971,372		736,368		784,542			14,364		798,906
Government securities under repo transactions with Central Bank of Argentina
- Local
Federal government bonds in US dollars at 7.00% - Maturity: 2013						1,992,625
Subtotal government securities under repo transactions with Central Bank of Argentina						1,992,625
Holdings booked at amortized cost
- Local
Province of Buenos Aires Treasury Bills in pesos - Maturity: 01-31-2013		52,099		52,056				52,056					52,056
Province of Buenos Aires Treasury Bills in pesos - Maturity: 06-06-2013		52,045		51,784				51,784					51,784
Province of Entre Ríos Treasury Bills in pesos - Maturity: 10-01-2012		25,000		25,000				25,000					25,000
Province of Chaco Treasury Bills in pesos - Maturity: 12-17-2012		4,881		4,879				4,879					4,879
Province of Buenos Aires Treasury Bills in pesos - Maturity: 06-07-2012						51,911
Province of Buenos Aires Treasury Bills in pesos - Maturity: 02-16-2012						51,705
Subtotal Holdings booked at amortized cost				133,719		103,616		133,719					133,719

Jorge H. Brito

Chairperson

- 36 -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

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

(Figures stated in thousands of pesos)

	09/30/2012				12/31/2011		09/30/2012
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: 10-30-2013				1,786,321
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-10-2013				305,087
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-17-2012		109,494		109,494
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-31-2012		73,298		73,298
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-14-2012		40,468		40,468
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-20-2013				39,501
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-19-2012				26,424
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-21-2012				13,359
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-30-2013				12,988
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-08-2012						753,978
Central Bank of Argentina Internal Bills in pesos – Maturity: 06-13-2012						27,148
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-22-2012						19,577
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-04-2012						12,623
Central Bank of Argentina Internal Bills in pesos – Maturity: 06-20-2012						12,188
Subtotal Central Bank of Argentina Internal Bills - Under repo Transactions				2,406,940		825,514
Central Bank of Argentina Internal Bills at market value – Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-14-2012				133,687				133,687			133,687
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-31-2012				92,818				92,818			92,818
Subtotal Central Bank of Argentina Internal Bills at market value – Own Portfolio				226,505				226,505			226,505
Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-05-2012				180,480				180,480			180,480
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-21-2012				123,518				123,518			123,518
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-26-2012				116,563				116,563			116,563
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-03-2012				64,960				64,960			64,960
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-12-2012				34,169				34,169			34,169
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-07-2012				9,882				9,882			9,882
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-19-2012				9,748				9,748			9,748
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-24-2012				8,937				8,937			8,937
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-04-2012						499
Subtotal Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio				548,257		499		548,257			548,257
Central Bank of Argentina notes at market value - Own portfolio
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity: 03-14-2012						15,898
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity: 03-28-2012						15,278
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity: 02-29-2012						5,165
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity: 02-15-2012						3,114
Subtotal Central Bank of Argentina Notes at market value - Own portfolio						39,455
Subtotal Instruments issued by the Central Bank of Argentina				3,181,702		865,468		774,762			774,762

- 37 -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

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

(Figures stated in thousands of pesos)

	09/30/2012			12/31/2011		09/30/2012
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)			3,181,702		865,468		774,762				774,762
Central Bank of Argentina Notes - Under Repo Transactions
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% – Maturity: 11-07-2012			36,947
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 05-15-2013					52,625
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 05-22-2013					42,144
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 10-03-2013					36,216
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 05-23-2012					21,000
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 07-18-2012					19,376
Subtotal Central Bank of Argentina Notes - Under repo Transactions			36,947		171,361
Central Bank of Argentina Notes at amortized cost - Own portfolio
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 03-21-2012					212,372
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 04-04-2012					5,826
Subtotal Central Bank of Argentina Notes at amortized cost - Own portfolio					218,198
Total Instruments issued by the Central Bank of Argentina			3,218,649		1,255,027		774,762				774,762
Total Government securities			4,323,740		4,087,636		1,693,023		14,364		1,707,387
Total government and private Securities			4,323,740		4,087,636		1,693,023		14,364		1,707,387

(1) Position without options as of September 30, 2012, includes “Holdings” plus: “loans” and “spot and forward purchases pending settlement", less “deposits” and "spot and forward sales pending settlement".

Jorge H. Brito

Chairperson

- 38 -

EXHIBIT B

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

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

(Figures stated in thousands of pesos)

	09/30/2012		12/31/2011
COMMERCIAL
In normal situation		12,681,679		11,374,254
With Senior “A” guarantees and counter-guarantees		495,462		477,898
With Senior “B” guarantees and counter-guarantees		1,606,546		1,671,039
Without Senior guarantees or counter-guarantees		10,579,671		9,225,317
Subject to special monitoring		232,089		13,335
In observation
With Senior “B” guarantees and counter-guarantees		34,947		1,016
Without Senior guarantees or counter-guarantees		197,142		12,319
Troubled		22,060		49,857
With Senior “B” guarantees and counter-guarantees		13,292		9,693
Without Senior guarantees or counter-guarantees		8,768		40,164
With high risk of insolvency		71,066		27,341
With Senior “B” guarantees and counter-guarantees		21,359		17,186
Without Senior guarantees or counter-guarantees		49,707		10,155
Irrecoverable		6,379		14,336
With Senior “B” guarantees and counter-guarantees		1,395		2,207
Without Senior guarantees or counter-guarantees		4,984		12,129
Subtotal Commercial		13,013,273		11,479,123

- 39 -

EXHIBIT B

(Continued)

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

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

(Figures stated in thousands of pesos)

	09/30/2012		12/31/2011
CONSUMER
Performing		14,408,732		12,195,418
With Senior “A” guarantees and counter-guarantees		40,012		28,979
With Senior “B” guarantees and counter-guarantees		941,971		851,667
Without Senior guarantees or counter-guarantees		13,426,749		11,314,772
Low risk		243,646		156,685
With Senior “A” guarantees and counter-guarantees		35		267
With Senior “B” guarantees and counter-guarantees		10,580		7,547
Without Senior guarantees or counter-guarantees		233,031		148,871
Medium risk		161,929		100,451
With Senior “A” guarantees and counter-guarantees		255		28
With Senior “B” guarantees and counter-guarantees		6,082		2,770
Without Senior guarantees or counter-guarantees		155,592		97,653
High risk		115,081		122,064
With Senior “B” guarantees and counter-guarantees		5,109		4,084
Without Senior guarantees or counter-guarantees		109,972		117,980
Irrecoverable		78,283		53,878
With Senior “A” guarantees and counter-guarantees				12
With Senior “B” guarantees and counter-guarantees		6,453		8,294
Without Senior guarantees or counter-guarantees		71,830		45,572
Irrecoverable according to Central Bank's rules		139		384
With Senior “B” guarantees and counter-guarantees				38
Without Senior guarantees or counter-guarantees		139		346
Subtotal Consumer		15,007,810		12,628,880
Total		28,021,083		24,108,003

Jorge H. Brito

Chairperson

- 40 -

EXHIBIT C

FINANCING-FACILITIES CONCENTRATION

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

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

(Figures stated in thousands of pesos)

	09/30/2012				12/31/2011
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		3,063,020		10.93		2,377,863		9.86
50 next largest customers		3,496,830		12.48		3,010,737		12.49
100 next largest customers		2,139,973		7.64		1,830,873		7.59
Other customers		19,321,260		68.95		16,888,530		70.06
Total		28,021,083		100.00		24,108,003		100.00

Jorge H. Brito

Chairperson

- 41 -

EXHIBIT D

BREAKDOWN BY FINANCING TERMS

AS OF SEPTEMBER 30, 2012

(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		57		13,966		10,558		7,101		11,945		21,945		282,016		347,588
Financial sector				375,912		71,318		8,946		60,628		51,550		4,223		572,577
Non-financial private sector and foreign residents		273,156		7,934,157		3,784,270		3,206,476		3,259,911		3,313,035		5,329,913		27,100,918
Total		273,213		8,324,035		3,866,146		3,222,523		3,332,484		3,386,530		5,616,152		28,021,083

Jorge H. Brito

Chairperson

- 42 -

EXHIBIT E

DETAIL OF INVESTMENTS IN OTHER COMPANIES

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

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

(Figures stated in thousands of pesos)

												Information on the issuer
	09/30/2012									12/31/2011		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		418,927		333,985	Financial institution	09-30-12		43,960		465,826		94,451
Banco Privado de Inversiones S.A.	Common		1		1		85,925,820		94,176		86,465	Financial institution	09-30-12		86,659		94,980		7,777
Macro Securities S.A. Sociedad de Bolsa	Common		1		1		12,776,680		34,488		31,444	Brokerage house	09-30-12		12,886		35,106		8,172
Macro Fiducia S.A.	Common		1		1		6,475,143		12,190		12,194	Services	09-30-12		6,567		12,192		1,067
Macro Fondos S.G.F.C.I.S.A.	Common		1		1		327,183		3,705		2,817	Mutual funds management	09-30-12		1,713		18,776		9,037
Foreign
Macro Bank Limited	Common		1		1		9,816,899		217,369		192,993	Financial institution	09-30-12		9,817		217,370		24,377
Subtotal subsidiaries									780,855		659,898
- Non-subsidiaries
In Argentina
Banelco S.A.	Common		1		1		1,071,716		2,500		2,500	Network administration	12-31-11		23,599		60,663		23,809
Provincanje S.A.	Common		1		1		600,000		603		603	Swap of securities	12-31-11		7,200		7,705		(329	)
Visa Argentina S.A.	Common		1		1		904,503		625		625	Business services	05-31-12		15,000		231,208		169,876
C.O.E.L.S.A.	Common		1		1		77,942		119		119	Financial Services	12-31-11		1,000		2,605		527
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		113	Electronic market	12-31-11		242		15,943		1,512
Argentina Clearing S.A.	Common		2,500		1		30		31		31	Services	07-31-12		10,250		33,071		8,307
Garantizar S.G.R.	Common		1		1		10,000		10		10	Mutual guarantee association	12-31-11		10,287		307,288		2,709
Foreign
Banco Latinoamericano de Exportaciones S.A.	Common		10		1		7,303		370		339	Financial institution	12-31-11		1,204,810		3,267,342		357,940
Banco Latinoamericano de Exportaciones S.A.	Com "E"		1		1		3,729		275		250	Financial institution	12-31-11		1,204,810		3,267,342		357,940
Banco Latinoamericano de Exportaciones S.A.											13
Subtotal non-subsidiaries									4,842		4,799
Total in financial institutions, supplementary  and authorized activities									785,697		664,697
In other companies
- Non-subsidiaries
In Argentina
Other									1,620		1,551
Foreign
SWIFT S.A.	Common		1		1		5		23		21	Services	12-31-11		758,955		1,625,098		61,448
Total in other companies									1,643		1,572
Total (1)									787,340		666,269

(1) As of September 30, 2012 and December 31, 2011 the Bank booked allowances for impairment in value amounting for 311 and 1,142, respectively (see Exhibit J).

Jorge H. Brito

Chairperson

- 43 -

EXHIBIT F

MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS

AS OF SEPTEMBER 30, 2012

(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 period
Bank premises and equipment
Buildings		309,732		25,032		22,705			2,991		50		9,712		344,766
Furniture and facilities		61,599		22,839		(2	)		510		10		7,529		76,397
Machinery and equipment		111,880		50,666		2			1		5		33,414		129,133
Vehicles		36,465		3,791					1,816		5		7,432		31,008
Total		519,676		102,328		22,705			5,318				58,087		581,304
Other assets
Works in progress		22,548		44,450		(22,723	)		77						44,198
Works of art		1,221							59						1,162
Prepayments for the purchase of assets		2,639		7,648					100						10,187
Foreclosed assets		9,111		190		18			3,387		50		101		5,831
Leased buildings		2,374							1,779		50		23		572
Stationery and office supplies		8,862		24,267					22,536						10,593
Other assets		181,498		13,839					13,982		50		788		180,567
Total		228,253		90,394		(22,705	)		41,920				912		253,110

Jorge H. Brito

Chairperson

- 44 -

EXHIBIT G

DETAIL OF INTANGIBLE ASSETS

AS OF SEPTEMBER 30, 2012

(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		Years of useful life		Amount			value at end of the period
Goodwill (a)		86,893				10		10,539			76,354
Organization and development costs (b)		222,479		83,494		5		107,985	(c)		197,988
Total		309,372		83,494				118,524			274,342

(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.

(c) It includes 44,980 related to the accelerated amortization of differences due to court orders – nondeductible for the determination of the computable equity (see Note 3.5.l.2)

Jorge H. Brito

Chairperson

- 45 -

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

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

(Figures stated in thousands of pesos)

	09/30/2012				12/31/2011
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		6,200,333		19.97		5,226,074		19.77
50 next largest customers		3,529,043		11.36		2,686,237		10.16
100 next largest customers		1,689,291		5.44		1,466,461		5.55
Other customers		19,636,840		63.23		17,054,399		64.52
Total		31,055,507		100.00		26,433,171		100.00

Jorge H. Brito

Chairperson

- 46 -

EXHIBIT I

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND

SUBORDINATED CORPORATE BONDS

AS OF SEPTEMBER 30, 2012

(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		24,855,414		5,096,099		763,165		330,395		7,481		2,953		31,055,507
Other liabilities from financial intermediation
Central Bank of Argentina		3,306								4,439		13,830		21,575
Banks and International Institutions		36,928		130,271		97,965		21,862						287,026
Non-subordinated corporate bonds						6,957						499,439		506,396
Financing received from Argentine financial institutions		47,248		918		1,377		2,754		7,543		31,329		91,169
Other		1,181,436		213		691		1,081		1,395		84,221		1,269,037
		1,268,918		131,402		106,990		25,697		13,377		628,819		2,175,203
Subordinated corporate bonds				19,452								704,130		723,582
Total		26,124,332		5,246,953		870,155		356,092		20,858		1,335,902		33,954,292

Jorge H. Brito

Chairperson

- 47 -

EXHIBIT J

CHANGES IN ALLOWANCES AND PROVISIONS

AS OF SEPTEMBER 30, 2012

(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		557,586		427,498		251,071		17,750		716,263
Other receivables from financial intermediation
For uncollectibility risk and impairment in value		232,314		592		4,565		1,743		226,598
Receivables from financial leases
For uncollectibility risk		5,583		56		28		86		5,525
Investments in other companies
For impairment in value		1,142						831		311
Other receivables
For uncollectibility risk		12,339		955		3,779		623		8,892
Total allowances		808,964		429,101		259,443		21,033		957,589
PROVISIONS
Contingent commitments		24						18		6
For other contingencies		78,687		22,580		15,035		13		86,219
Difference from court deposits dollarization		9,453		854		75				10,232
Total Provisions		88,164		23,434		15,110		31		96,457

(1)  See notes 3.5.f). and 3.5.o).

Jorge H. Brito

Chairperson

- 48 -

EXHIBIT K

CAPITAL STRUCTURE

AS OF SEPTEMBER 30, 2012

(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		573,249		10,000		583,249
Total		594,485,168				584,485		10,000		594,485

(1) See Note 9.

Jorge H. Brito

Chairperson

- 49 -

EXHIBIT L

FOREIGN CURRENCY BALANCES

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

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

(Figures stated in thousands of pesos)

	09/30/2012																																12/31/2011
	Total Parent company and		Total per currency
	Argentine				Pound		Swiss		Danish		Canadian		Australian		Neozalen				Swedish		Norwegian		Uruguayan		Chilean
Items	Branches		US dollar		sterling		franc		krone		dollar		dollar		dollar		Yen		krone		krone		pesos		pesos		Guaraníes		Real		Euro		Total
ASSETS
Cash		2,750,707		2,735,512		1,044		554		69		400		2		167		310		28		224		453		228		48		510		11.158		1,290,849
Government and private securities		99,223		99,223																														2,032,582
Loans		2,525,872		2,525,639																												233		2,937,363
Other receivables from financial intermediation		227,794		214,691																												13,103		2,369,873
Receivables from financial leases		41,581		41,581																														51,589
Investments in other companies		218,037		218,037																														193,616
Other receivables		158,263		158,242																												21		47,247
Items pending allocation		522		522																														581
Total		6,021,999		5,993,447		1,044		554		69		400		2		167		310		28		224		453		228		48		510		24,515		8,923,700
LIABILITIES
Deposits		2,311,607		2,311,607																														3,595,283
Other liabilities from financial intermediation		1,129,966		1,110,239		459		119				40										2										19,107		2,932,203
Other liabilities		2,441		2,441																														2,560
Subordinated corporate bonds		723,582		723,582																														647,753
Items pending allocation		3		3																														7
Total		4,167,599		4,147,872		459		119				40										2										19,107		7,177,806
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS
(except contra debit-balance accounts)
Contingent		1,170,006		1,170,006																														1,213,262
Control		808,264		799,460		261																										8,543		766,579
Derivatives																																		43,550
CREDIT-BALANCE ACCOUNTS
(except contra credit-balance accounts)
Contingent		325,779		319,911								733																				5,135		363,044
Control		52		52																														234

Jorge H. Brito

Chairperson

- 50 -

EXHIBIT N

CREDIT ASSISTANCE TO RELATED PARTIES

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

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

(Figures stated in thousands of pesos)

Item	09/30/2012 (1)		12/31/2011 (1)
Loans
Overdrafts		66,395		8,343
With Senior “A” guarantees and counter-guarantees				2
Without Senior guarantees or counter-guarantees		66,395		8,341
Documents				34,245
Without Senior guarantees or counter-guarantees				34,245
Mortgage and pledge		3,486		4,322
With Senior “B” guarantees and counter-guarantees		3,486		4,057
Without Senior guarantees or counter-guarantees				265
Personal		18		204
Without Senior guarantees or counter-guarantees		18		204
Credit cards		11,964		13,939
Without Senior guarantees or counter-guarantees		11,964		13,939
Other		10,219		183,107
Without Senior guarantees or counter-guarantees		10,219		183,107
Total loans		92,082		244,160
Other receivables from financial intermediation		528		5,918
Receivables from financial leases		8,072		8,565
Contingent Commitments		3,829		3,904
Investments in other companies		781,542		660,561
Total		886,053		923,108
Allowances / Provisions		1,159		557

(1) As of September 30, 2012 and December 31, 2011 all debtors are classified in performing situation.

Jorge H. Brito

Chairperson

- 51 -

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF SEPTEMBER 30, 2012

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

(Figures stated in thousands of pesos)

Originally

Weighted daily

Purpose of the

agreed

Residual

average term of

Type of

transactions

Underlying

Type of

Negotiation environment

weighted

weighted

settlement of

contract

performed

asset

settlement

or counter-party

average term

average term

differences

Amount

Argentine

Over The Counter  - Residents

Options

Intermediation - own account

government securities

Other

in Argentina - Non-financial sector

126

7

14,364

With delivery of

Over The Counter  - Residents

Options

Intermediation - own account

Other

underlying asset

in Argentina - Non-financial sector

7

7

55,088

Argentine

With delivery of

MAE (over-the-counter

Repo transactions

Intermediation - own account

government securities

underlying asset

electronic market)

1

1

2,690,513

Intermediation

Foreign

Daily settlement of

MAE (over-the-counter

Futures

- own account

currency

differences

electronic market)

5

2

1

2,300,889

Intermediation

Foreign

Daily settlement of

Rosario Futures

Futures

- own account

currency

differences

Exchange (ROFEX)

5

1

1

287,360

Foreign

Maturity settlement

Over The Counter  - Residents

Forward

Intermediation - own account

currency

of differences

in Argentina - Non-financial sector

3

2

30

43,476

Intermediation

MAE (over-the-counter

Swaps

- own account

Other

Other

electronic market)

55

18

30

85,000

Jorge H. Brito

Chairperson

- 52 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2012			12/31/2011
ASSETS
A.	CASH
	Cash on hand		1,753,820		2,338,283
	Due from banks and correspondents
	Central Bank of Argentina		4,893,986		3,308,007
	Local Other		29,203		15,782
	Foreign		716,401		510,105
	Other		294		269
			7,393,704		6,172,446
B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit I)
	Holdings booked at market value		1,333,474		963,618
	Government securities under repo transactions with Central Bank of Argentina				1,992,625
	Holdings booked at amortized cost		141,570		112,887
	Instruments issued by the Central Bank of Argentina		3,709,352		1,303,871
	Investments in listed private securities		19,559		23,861
			5,203,955		4,396,862
C.	LOANS
	To the non-financial government sector		330,279		336,189
	To the financial sector
	Interfinancing - (granted call)		372,980		150,000
	Other financing to Argentine financial institutions		152,812		187,909
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		2,278		5,373
	To the non-financial private sector and foreign residents
	Overdrafts		4,552,254		2,712,718
	Documents		2,951,739		3,178,058
	Mortgage loans		1,128,979		1,142,944
	Pledge loans		638,415		667,102
	Personal loans		10,285,550		9,023,260
	Credit cards		3,928,503		3,068,819
	Other		4,741,395		4,158,915
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		464,663		360,245
	less:  Unearned discount		(73,033	)	(74,050)
	less:  Allowances (Note 4.)		(780,085	)	(599,224)
			28,696,729		24,318,258

- 53 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2012			12/31/2011
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		486,342			2,371,466
	Amounts receivable from spot and forward sales pending settlement		3,181,065			1,279,799
	Securities and foreign currency receivable from spot and forward purchases pending settlement		194,963			50,754
	Unlisted corporate bonds		137,018			313,656
	Receivables from forward transactions without delivery of underlying asset					880
	Other receivables not covered by debtors classification standards		662,687			648,434
	Other receivables covered by debtors classification standards		128,269			68,610
	Accrued interest receivables covered by debtors classification standards		3			1,641
	less:  Allowances (Note 4.)		(228,585	)		(238,712	)
			4,561,762			4,496,528
E.	RECEIVABLES FROM FINANCIAL LEASES
	Receivables from financial leases		291,476			326,783
	Accrued interest and adjustments		4,828			5,644
	less:  Allowances (Note 4.)		(5,565	)		(5,620	)
			290,739			326,807
F.	INVESTMENTS IN OTHER COMPANIES
	In financial institutions		644			602
	Other		10,923			10,853
	less:  Allowances (Note 4.)		(1,304	)		(2,129	)
			10,263			9,326
G.	OTHER RECEIVABLES
	Receivables from sale of assets		6,345			6,240
	Other		749,566			598,182
	Accrued interest and adjustments receivable on from sale of assets		393			231
	Other accrued interest and adjustments receivables		426			447
	less:  Allowances (Note 4.)		(9,354	)		(12,908	)
			747,376			592,192
H.	BANK PREMISES AND EQUIPMENT, NET		641,847			575,410
I.	OTHER ASSETS		256,139			229,699
J.	INTANGIBLE ASSETS
	Goodwill		76,354			86,893
	Organization and development costs		207,066			232,625
			283,420			319,518
K.	ITEMS PENDING ALLOCATION		3,870			5,080
TOTAL ASSETS			48,089,804			41,442,126

- 54 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2012		12/31/2011
LIABILITIES
L.	DEPOSITS
	From the non-financial government sector		8,227,061		5,836,211
	From the financial sector		21,915		17,731
	From the non-financial private sector and foreign residents
	Checking accounts		6,072,183		4,911,863
	Savings accounts		6,161,063		6,175,482
	Time deposits		13,309,141		11,433,220
	Investment accounts		102,804		44,512
	Other		623,681		618,491
	Accrued interest, adjustments, foreign exchange and quoted price differences payables		177,096		129,568
			34,694,944		29,167,078
M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina
	Other		21,757		9,155
	Banks and International Institutions		284,510		154,942
	Non-subordinated Corporate Bonds		499,439		654,905
	Amounts payable for spot and forward purchases pending settlement		179,578		66,100
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		3,252,683		3,291,065
	Financing received from Argentine financial institutions
	Interfinancing (received call)		46,650		1
	Other financing received from Argentine financial institutions		14,168		15,501
	Accrued interest payables		49
	Receivables from forward transactions without delivery of underlying asset		2,854		30
	Other		1,315,882		1,492,007
	Accrued interest, adjustments, foreign exchange and quoted price differences payables		39,775		48,793
			5,657,345		5,732,499
N.	OTHER LIABILITIES
	Fees		2,067		7,713
	Other		1,062,058		1,010,150
			1,064,125		1,017,863
O.	PROVISIONS (Note 4.)		122,856		112,816
P.	SUBORDINATED CORPORATE BONDS		723,582		647,753
Q.	ITEMS PENDING ALLOCATION		6,524		6,981
	MINORITY INTERESTS IN SUBSIDIARIES		47,095		37,584
	TOTAL LIABILITIES		42,316,471		36,722,574
	SHAREHOLDERS' EQUITY		5,773,333		4,719,552
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			48,089,804		41,442,126

- 55 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2012		12/31/2011
MEMORANDUM ACCOUNTS
	DEBIT-BALANCE ACCOUNTS		35,142,137		21,077,364
	Contingent		8,013,832		8,113,891
	Credit lines obtained (unused portion)				11,700
	Guarantees received		7,469,988		7,584,503
	Other not covered by debtors classification standards		183		195
	Contingent debit-balance contra accounts		543,661		517,493
	Control		23,606,920		8,491,385
	Receivables classified as irrecoverable		1,021,452		905,084
	Other		22,193,308		7,340,091
	Control debit-balance contra accounts		392,160		246,210
	Derivatives		2,786,177		3,654,793
	Notional value of put options taken		55,088		40,091
	Notional value of forward transactions without delivery of underlying asset		1,377,473		1,757,843
	Interest rate swap		85,000		158,550
	Derivatives debit-balance contra accounts		1,268,616		1,698,309
	Trust activity		735,208		817,295
	Trust funds		735,208		817,295
	CREDIT-BALANCE ACCOUNTS		35,142,137		21,077,364
	Contingent		8,013,832		8,113,891
	Credit lines granted (unused portion) covered by debtors classification standards		42,248		40,246
	Other guarantees provided covered by debtors classification standards		122,222		67,807
	Other guarantees provided not covered by debtors classification standards		150,629		137,329
	Other covered by debtors classification standards		228,562		272,111
	Contingent credit-balance contra accounts		7,470,171		7,596,398
	Control		23,606,920		8,491,385
	Checks to be credited		392,160		246,210
	Control credit-balance contra accounts		23,214,760		8,245,175
	Derivatives		2,786,177		3,654,793
	Notional value of put options sold		14,364		36,657
	Notional value of forward transactions without delivery of underlying asset		1,254,252		1,661,652
	Derivatives credit-balance contra account		1,517,561		1,956,484
			735,208		817,295
	Trust activity
	Trust activity credit-balance contra accounts		735,208		817,295

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.

- 56 -

CONSOLIDATED STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2012 AND 2011

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2012		09/30/2011
A.	FINANCIAL INCOME
	Interest on cash and due from banks		129		137
	Interest on loans to the financial sector		34,847		14,023
	Interest on overdrafts		511,853		294,234
	Interest on documents		294,494		149,131
	Interest on mortgage loans		139,528		111,131
	Interest on pledge loans		90,658		58,747
	Interest on credit card loans		533,610		244,517
	Interest on financial leases		45,121		38,799
	Interest on other loans		2,538,623		1,655,499
	Net income from government and private securities		286,043		387,235
	Net income from options				1,052
	Interest on other receivables from financial intermediation		628		518
	Income from guaranteed loans - Presidential Decree No. 1,387/01		10,670		4,897
	CER (Benchmark Stabilization Coefficient) adjustment		14,436		3,981
	CVS (Salary Variation Coefficient) adjustment		303		268
	Difference in quoted prices of gold and foreign currency		273,286		212,293
	Other		208,753		51,089
			4,982,982		3,227,551
B.	FINANCIAL EXPENSE
	Interest on checking accounts		211		142
	Interest on savings accounts		24,229		17,455
	Interest on time deposits		1,553,063		800,282
	Interest on interfinancing received loans (received call)		3,261		3,468
	Interest on other financing from financial institutions		10		6
	Interest on other liabilities from financial intermediation		47,549		47,821
	Interest on subordinated bonds		49,029		44,807
	Other interest		2,195		1,308
	CER adjustment		3,265		3,165
	Contribution to Deposit Guarantee Fund		40,984		32,287
	Other		305,254		199,207
			2,029,050		1,149,948
	GROSS INTERMEDIATION MARGIN - GAIN		2,953,932		2,077,603
C.	PROVISION FOR LOAN LOSSES		403,094		164,264
D.	SERVICE-CHARGE INCOME
	Related to lending transactions		87,057		91,680
	Related to deposits		1,152,667		839,979
	Other commissions		30,238		30,705
	Other		644,006		441,172
			1,913,968		1,403,536

- 57 -

CONSOLIDATED STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2012 AND 2011

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2012			09/30/2011
E.	SERVICE-CHARGE EXPENSE
	Commissions		108,579			81,145
	Other		351,811			218,932
			460,390			300,077
F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		1,317,817			1,051,690
	Directors' and statutory auditors' fees		48,006			36,827
	Other professional fees		76,944			66,711
	Advertising and publicity		64,289			55,038
	Taxes		120,640			99,279
	Depreciation of equipment		62,080			53,968
	Amortization of organization costs		53,722			42,798
	Other operating expenses		305,955			235,131
	Other		170,155			134,337
			2,219,608			1,775,779
	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		1,784,808			1,241,019
G.	OTHER INCOME
	Income from long-term investments		5,347			4,789
	Penalty interest		29,967			23,397
	Recovered loans and allowances reversed		57,722			58,307
	CER adjustments		56			61
	Others		49,758			62,474
			142,850			149,028
H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		19			45
	Charges for other receivables uncollectibility and other allowances		28,989			27,562
	Amortization of differences related to court orders		59,965			14,044
	Depreciation and loss of other assets		1,300			1,568
	Goodwill amortization		10,539			10,539
	Other		23,274			18,163
			124,086			71,921
	MINORITY INTEREST IN SUBSIDIARIES		(9,531	)		(7,444	)
	NET INCOME BEFORE INCOME TAX - GAIN		1,794,041			1,310,682
I.	INCOME TAX		726,185			481,014
	NET INCOME FOR THE PERIOD - GAIN		1,067,856			829,668

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.

- 58 -

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2012 AND 2011

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2012			09/30/2011
CHANGES IN CASH AND CASH EQUIVALENTS  (Note 1.5.)
Cash at beginning of the fiscal year		6,172,446			5,990,480
Cash at end of the period		7,991,908			6,602,032
Net increase in cash		1,819,462			611,552
CAUSES OF CHANGES IN CASH
Operating activities
Net collections / (payments) for:
Government and private securities		(254,696	)		2,443,802
Loans
To the financial sector		51,234			(195,958	)
To the non-financial government sector		30,481			(9,588	)
To the non-financial private sector and foreign residents		(489,151	)		(4,644,069	)
Other receivables from financial intermediation		145,137			663,515
Receivables from financial leases		80,955			(19,895	)
Deposits
From the financial sector		4,183			1,862
From the non-financial government sector		2,184,625			1,490,438
From the non-financial private sector and foreign residents		1,987,341			2,419,216
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		(157,686	)		270
Others (except liabilities included under financing activities)		(61,713	)		(144,889	)
Collections related to service-charge income		1,900,378			1,394,140
Payments related to service-charge expenses		(447,274	)		(292,603	)
Administrative expenses paid		(2,150,107	)		(1,699,972	)
Payment of organization and development costs		(79,327	)		(68,321	)
Net collections from penalty interest		29,689			23,359
Differences from payments related to court orders		(8,782	)		(10,073	)
Collections of dividends from other companies					2,460
Other collections related to other income and losses		53,151			52,737
Net payments from other operating activities		(653,961	)		(39,364	)
Payment of income tax / minimum presumed income tax		(421,945	)		(175,413	)
Net cash flows generated in operating activities		1,742,532			1,191,654

- 59 -

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2012 AND 2011

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2012			09/30/2011
Investing activities
Net payments for bank premises and equipment		(109,671	)		(205,283	)
Net payments for other assets		(48,695	)		31,420
Other collections for investing activities		2,853			5,765
Net cash flows used in investing activities		(155,513	)		(168,098	)
Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(248,003	)		(47,467	)
Central Bank of Argentina:
Other		11,820			48
Banks and International Institutions		124,935			109,926
Subordinated corporate bonds		(32,899	)		(29,945	)
Financing received from Argentine financial institutions		(1,796	)		(1,338	)
Payment of dividends		(19	)		(505,339	)
Other payments from financing activities
Own shares reacquired					(7,767	)
Net cash flows used in financing activities		(145,962	)		(481,882	)
Financial income and holding gains on cash and cash equivalents		378,405			69,878
Net increase in cash		1,819,462			611,552

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.

- 60 -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2012		12/31/2011
COMMERCIAL
In normal situation		12,965,523		11,459,913
With Senior “A” guarantees and counter-guarantees		497,169		486,443
With Senior “B” guarantees and counter-guarantees		1,621,687		1,675,828
Without Senior guarantees or counter-guarantees		10,846,667		9,297,642
Subject to special monitoring		232,089		14,523
In observation
With Senior “B” guarantees and counter-guarantees		34,947		1,988
Without Senior guarantees or counter-guarantees		197,142		12,535
Troubled		22,060		49,857
With Senior “B” guarantees and counter-guarantees		13,292		9,693
Without Senior guarantees or counter-guarantees		8,768		40,164
With high risk of insolvency		72,407		27,350
With Senior “B” guarantees and counter-guarantees		22,369		17,186
Without Senior guarantees or counter-guarantees		50,038		10,164
Irrecoverable		6,379		14,336
With Senior “B” guarantees and counter-guarantees		1,395		2,207
Without Senior guarantees or counter-guarantees		4,984		12,129
Subtotal Commercial		13,298,458		11,565,979

- 61 -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2012		12/31/2011
CONSUMER
Performing		16,482,158		13,991,475
With Senior “A” guarantees and counter-guarantees		46,129		31,956
With Senior “B” guarantees and counter-guarantees		979,414		882,926
Without Senior guarantees or counter-guarantees		15,456,615		13,076,593
Low risk		267,068		166,451
With Senior “A” guarantees and counter-guarantees		35		267
With Senior “B” guarantees and counter-guarantees		11,568		7,566
Without Senior guarantees or counter-guarantees		255,465		158,618
Medium risk		177,746		106,973
With Senior “A” guarantees and counter-guarantees		255		28
With Senior “B” guarantees and counter-guarantees		6,437		2,770
Without Senior guarantees or counter-guarantees		171,054		104,175
High risk		131,109		134,539
With Senior “B” guarantees and counter-guarantees		5,317		4,128
Without Senior guarantees or counter-guarantees		125,792		130,411
Irrecoverable		81,498		54,644
With Senior “A” guarantees and counter-guarantees				12
With Senior “B” guarantees and counter-guarantees		6,539		8,328
Without Senior guarantees or counter-guarantees		74,959		46,304
Irrecoverable according to Central Bank's rules		141		390
With Senior “B” guarantees and counter-guarantees				38
Without Senior guarantees or counter-guarantees		141		352
Subtotal Consumer		17,139,720		14,454,472
Total		30,438,178		26,020,451

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.

- 62 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

(Translation of financial statements originally issued in Spanish –

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

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, 2012 and December 31, 2011 and (ii) the statements of income and cash flows for the nine-month periods ended September 30, 2012, and December 31, 2011, 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, 2012):

	Banco Macro S.A.’s direct equity interest									Banco Macro S.A.’s direct and indirect equity interest
	Shares			Percentage of						Percentage of
Company	Type	Number		Capital stock			Possible votes			Capital stock			Possible votes
Banco del Tucumán S.A.	Common		395,341		89.932	%		89.932	%		89.932	%		89.932	%
Banco Privado de Inversiones S.A. (a)	Common		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	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 Macro S.A.’s indirect equity interest derives from Macro Fiducia S.A. and Macro Securities S.A. Sociedad de Bolsa.

(b) Consolidated with Sud Asesores (ROU) S.A. (voting rights: 100%, equity interest: 258).

(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.

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:

- 63 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

(Translation of financial statements originally issued in Spanish –

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

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, 2012, and the year ended December 31, 2011.

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 statements of income for the nine-month periods ended September 30, 2012, and 2011, 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, 2012, considering the translation process mentioned above are as follows:

	Macro Bank Limited
	In thousands of USD		In thousands of Ps.
Assets		257,217		1,207,428
Liabilities		210,911		990,058
Shareholders’ equity		46,306		217,370

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, 2012:

	Banco Macro S.A.		Banco del Tucumán S.A.		Banco Privado de Inversiones S.A.		Macro Bank Limited (1)		Other subsidiaries (2)		Eliminations			Banco Macro S.A. (consolidated)
Assets		43,680,896		3,832,710		101,571		1,207,428		89,692		822,493			48,089,804
Liabilities		37,907,563		3,366,884		6,591		990,058		42,548		(2,827	)		42,316,471
Shareholders’ equity		5,773,333		465,826		94,980		217,370		47,144		825,830			5,773,333
Income		1,067,856		94,451		7,777		24,377		9,343		135,948			1,067,856

(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.

- 64 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

(Translation of financial statements originally issued in Spanish –

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

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 consolidated statement of cash flows with the related consolidated balance sheets accounts:

	09/30/2012		12/31/2011		09/30/2011
Cash		7,393,704		6,172,446		6,298,309
Government and private securities
Holdings booked at market value		347,347				243,856
Instruments issued by the Central Bank		250,857				59,867
Cash and cash equivalents		7,991,908		6,172,446		6,602,032

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, 2012 and 2011, subsidiary Banco del Tucumán S.A. estimated income tax in the amount of 69,040 and 42,296, respectively; hence, no minimum presumed income tax should be assessed. In addition, as of September 30, 2012, the Bank capitalized income tax prepayments for 29,906 for 2012 tax year, which were recorded in the “Other receivables” account.

As of September 30, 2012, and 2011, 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 154 and 140, respectively. The estimated accumulated NOL totaled 31,312 as of December 31, 2011. Additionally, as of September 30, 2012 the subsidiary booked a minimum presumed income tax credit of 3,251, which was fully accrued, prepayments for an amount of 69 related to tax year 2012 and a 247 credit which were booked under “Other receivables”.

3. RESTRICTED ASSETS

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

3.1. Banco del Tucumán S.A.:

Item	09/30/2012		12/31/2011
Other receivables from financial intermediation
•      Special guarantee checking accounts opened in the Central Bank for transactions related to the electronic clearing houses and similar entities.		53,387		49,158
Subtotal other receivables from financial intermediation		53,387		49,158

- 65 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

(Translation of financial statements originally issued in Spanish –

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

Item	09/30/2012		12/31/2011
Other receivables
•      Deposits mainly provided in guarantee for credit card transactions and related to court deposits.		7,145		5,560
Subtotal other receivables		7,145		5,560
Total		60,532		54,718

3.2. Banco Privado de Inversiones S.A.:

Item	09/30/2012		12/31/2011
Other receivables from financial intermediation
•      Special guarantee checking accounts opened in the Central Bank for transactions related to the electronic clearing houses.				403
Subtotal other receivables from financial intermediation				403
Other receivables
•      Sundry receivables includes an item related to the attachment ordered in the context of a claim initiated by Buenos Aires City tax authorities on turnover tax differences.		827		827
•      Security deposits.		15		15
Subtotal other receivables		842		842
Total		842		1,245

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

Item	09/30/2012		12/31/2011
Investments in other companies
•      Other.		1,453		1,453
Total		1,453		1,453

- 66 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

(Translation of financial statements originally issued in Spanish –

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

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, 2012:

	Balances at				Decreases				Balances at
Breakdown	beginning of year		Increases		Charge off		Reversals		end of period
Allowances
For loans		599,224		461,053		261,811		18,381		780,085
For other receivables from financial intermediation		238,712		2,033		4,631		7,529		228,585
For receivables from financial leases		5,620		69		28		96		5,565
For interests in other companies		2,129		9				834		1,304
For other receivables		12,908		1,212		4,143		623		9,354
Total		858,593		464,376		270,613		27,463		1,024,893
Provisions
For contingent commitments		24						18		6
For other contingencies		98,038		26,427		17,586		272		106,607
For differences from court deposits dollarization		14,754		1,564		75				16,243
Total		112,816		27,991		17,661		290		122,856

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, 2012, and December 31, 2011:

Type of contract / underlying asset	09/30/2012		12/31/2011
Futures / foreign currency		2,588,249		3,390,773
Repo transactions		3,223,425		3,285,652
Forward contracts / foreign currency		43,476		28,722
Options / BODEN coupons		14,364		36,657
Swaps / Other		85,000		158,550
Options / other		55,088		40,091

- 67 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

(Translation of financial statements originally issued in Spanish –

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

Additionally, positions of transactions effective as of September 30, 2012, and December 31, 2011, are as follows:

Transaction	09/30/2012			12/31/2011
Net position of repurchase agreements		(3,108,035	)		(3,231,730	)
Net asset position of forward transactions without delivery of the underlying asset		123,221			96,191
Interest rate swap		85,000			158,550
Position of put options sold on BODEN 2012 and 2013 coupons		14,364			36,657
Position of put options taken		55,088			40,091

6. PORTFOLIO MANAGEMENT

In addition to what was mentioned in Note 12 to the Bank’s stand-alone financial statements, as of September 30, 2012, and December 31, 2011, Banco del Tucumán S.A., manages the following portfolios:

	Managed portfolio as of
Item	09/30/2012		12/31/2011
• On December 31, 2008, the Bank and Macro Fiducia S.A. entered into a management and custody agreement regarding the “BATUC 1” trust loan portfolio.		16,352		16,759
• Other managed portfolios.		11,324		10,625
Total		27,676		27,384

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, 2012, and December 31, 2011:

7.1. Financial trusts for investment purposes

Financial trust	09/30/2012		12/31/2011
Certificates of participation:
TST & AF  (a)		52,825		48,262	(1)
Other		20,355		10,215
Total certificates of participation		73,180		58,477

(1) Net of allowances in the amount of 5,385.

- 68 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

(Translation of financial statements originally issued in Spanish –

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

(a) TST & AF trust

As of September 30, 2012, and December 31, 2011, 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 in which the Bank’s subsidiaries act as trustees (administration).

As mentioned in Note 15.3 to the stand-alone financial statements, and in addition to those included in that note, in these trusts the Bank, through Macro Fiducia S.A. (subsidiary) only carries out administrative duties regarding the corpus assets, in accordance with the agreements.

As of September 30, 2012, and December 31, 2011, considering the latest available accounting information as of the date of the financial statements, the trusts’ assets managed through Macro Fiducia S.A. (subsidiary) of these types of trusts amount to 591,251 and 613,743, respectively.

Jorge H. Brito
Chairperson

- 69 -

EXHIBIT I

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2012				12/31/2011
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				456,454		227,251
Federal government bonds in pesos at Badlar Private + 3.00 % - Maturity: 2015				132,322		6,171
GDP - Related Securities - Maturity: 2035				95,958		46,936
Secured bonds under Presidential Decree No. 1,579/02				84,551		186,456
Discount bonds denominated in pesos - Maturity 2033				51,727		163,855
Federal government bonds in pesos at Badlar Private + 3.50 % - Maturity: 2013				45,602		46,062
Federal government bonds in US dollars at 7.00% - Maturity 2017				32,911		2,934
Federal government bonds in US dollars at 7% - Maturity: 2015				30,616		633
Debt Securities at 12% in US dollars Córdoba Province - Maturity: 2017				17,217		16,275
Federal government bonds in US dollars at 7.00% - Maturity: 2013				9,271
Others				29,498		51,898
Subtotal holdings booked at market value - Local				986,127		748,471
- Foreign
Treasury Bill - Maturity 11-08-12				300,406
Treasury Bill - Maturity 10-11-12				46,941
Treasury Bill - Maturity 04-19-12						215,147
Subtotal holdings booked at market value - Foreign				347,347		215,147
Subtotal holdings booked at market value				1,333,474		963,618
Government securities under repo transactions with Central Bank of Argentina
- Local
Federal government bonds in US dollars at 7% - Maturity: 2013						1,992,625
Subtotal government securities under repo transactions with Central Bank of Argentina						1,992,625
Government securities at amortized cost
- Local
Province of Buenos Aires Treasury Bills in pesos - Maturity: 01-31-2013		52,099		52,056
Province of Buenos Aires Treasury Bills in pesos - Maturity: 06-06-2013		52,210		51,784
Province of Entre Ríos Treasury Bills in pesos - Maturity: 10-01-2012		25,000		25,000
Province of Tucumán bonds - Second series in dollars at 9.45% - Maturity: 2015		6,239		5,012		6,425
Province of Chaco Treasury Bills in pesos - Maturity: 12-17-2012		4,881		4,879
Province of Tucumán bonds - First series in pesos - Maturity: 2018		3,043		2,839		2,846
Province of Buenos Aires Treasury Bills in pesos - Maturity: 02-16-2012						51,705
Province of Buenos Aires Treasury Bills in pesos - Maturity: 06-07-2012						51,911
Subtotal government securities at amortized cost				141,570		112,887

Jorge H. Brito
Chairperson

- 70 -

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2012				12/31/2011
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: 10-30-2013				2,193,540
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-10-2013				315,390
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-17-2012		109,494		109,494
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-31-2012		73,298		73,298
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-14-2012		40,468		40,468
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-20-2013				39,501
Central Bank of Argentina Internal Bills in pesos – Maturity: 12-19-2012				26,424
Central Bank of Argentina Internal Bills in pesos – Maturity: 11-21-2012				13,359
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-30-2012				12,988
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-08-2012						753,978
Central Bank of Argentina Internal Bills in pesos – Maturity: 06-13-2012						27,148
Central Bank of Argentina Internal Bills in pesos – Maturity: 05-02-2012						21,305
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-22-2012						19,577
Central Bank of Argentina Internal Bills in pesos – Maturity: 07-04-2012						12,623
Central Bank of Argentina Internal Bills in pesos – Maturity: 06-20-2012						12,188
Subtotal Central Bank of Argentina Internal Bills - Under repo Transactions				2,824,462		846,819
Central Bank of Argentina Internal Bills at market value – Own Portfolio
Central Bank of Argentina Internal Bills in pesos - Maturity 11-14-2012				197,153
Central Bank of Argentina Internal Bills in pesos - Maturity 10-31-2012				92,818
Subtotal Central Bank of Argentina Internal Bills at market value – Own Portfolio				289,971
Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio
Central Bank of Argentina Internal Bills in pesos - Maturity 12-05-2012				180,480
Central Bank of Argentina Internal Bills in pesos - Maturity 12-26-2012				126,278
Central Bank of Argentina Internal Bills in pesos - Maturity 11-21-2012				123,518
Central Bank of Argentina Internal Bills in pesos - Maturity 10-03-2012				64,960
Central Bank of Argentina Internal Bills in pesos - Maturity 12-12-2012				34,169
Central Bank of Argentina Internal Bills in pesos - Maturity 11-07-2012				9,882
Central Bank of Argentina Internal Bills in pesos - Maturity 12-19-2012				9,748
Central Bank of Argentina Internal Bills in pesos - Maturity 10-24-2012				8,937
Central Bank of Argentina Internal Bills in pesos - Maturity 01-04-2012						499
Subtotal Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio				557,972		499
Central Bank of Argentina notes at market value - Own portfolio
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity: 03-14-2012						15,898
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity: 03-28-2012						15,278
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity: 02-29-2012						5,165
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity: 02-15-2012						3,114
Subtotal Central Bank of Argentina notes at market value - Own portfolio						39,455
Subtotal instruments issued by the Central Bank of Argentina				3,672,405		886,773

Jorge H. Brito
Chairperson

- 71 -

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2012				12/31/2011
Name	Market value or Present Value		Book balance		Book balance
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)				3,672,405		886,773
Central Bank of Argentina Notes - Under Repo Transactions
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 11-07-2012				36,947
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 05-15-2013						52,625
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 05-22-2013						42,144
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 10-03-2013						36,216
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 05-23-2012						21,000
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 07-18-2012						19,376
Subtotal Central Bank of Argentina Notes - Under repo Transactions				36,947		171,361
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 03-21-2012						239,911
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity 04-04-2012						5,826
Subtotal Central Bank of Argentina internal notes at amortized cost - Own portfolio						245,737
Total Instruments issued by the Central Bank of Argentina				3,709,352		1,303,871
Total Government securities				5,184,396		4,373,001
INVESTMENTS IN LISTED PRIVATE  SECURITIES
Petroleo Brasileiro S.A. - Petrobras		12,587		12,587		12,502
Grupo Financiero Galícia S.A.		6,619		6,619		5,347
IRSA Inversiones y Representaciones S.A.		352		352		372
Tenaris S.A.		1		1
Pampa Energía S.A.						5,640
Total investment in listed private securities				19,559		23,861
Total government and private securities				5,203,955		4,396,862

Jorge H. Brito
Chairperson

- 72 -

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: November 19, 2012

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