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

March 1, 2013

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-	x	Form 40-	¨
F		F

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 ¨ 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 ¨ 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 ¨ No   x

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

BANCO MACRO S.A.

Financial Statements as of December 31, 2012,

together with the Independent Auditor´s Report

CONTENTS

·	Independent Auditor´s Report
·	Cover
·	Balance sheets	1
·	Statements of income	5
·	Statements of changes in shareholders’ equity	7
·	Statements of cash flows	8
·	Notes to the financial statements	10
·	Exhibits A through L, N and O	44 - 60
·	Consolidated balance sheets	61
·	Consolidated statements of income	65
·	Consolidated statements of cash flows	67
·	Consolidated statements of debtors by situation	69
·	Notes to the consolidated financial statements with subsidiaries	70 - 77
·	Exhibit l to the consolidated financial statements with subsidiaries	78 - 80
·	Earnings distribution proposal

INDEPENDENT AUDITOR´S REPORT

Translation into English – Originally issued in Spanish

See Note 24 to the Financial Statements

To the Directors of

BANCO MACRO S.A.

Registered office: Sarmiento 447

City of Buenos Aires

1. We have audited the accompanying balance sheet of BANCO MACRO S.A. as of December 31, 2012, and the related statements of income, changes in shareholders’ equity and cash flows for the year then ended. We have also audited the accompanying consolidated balance sheet of BANCO MACRO S.A. and its subsidiaries as of December 31, 2012, and the related consolidated statements of income and cash flows for the year then ended, which are disclosed as supplementary information.

2. The Bank’s Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting standards established by the BCRA (Central Bank of Argentina). This responsibility includes designing, implementing and maintaining an adequate internal control system so that such financial statements are free from material misstatement whether due to errors or irregularities; selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances. Our responsibility is to express an opinion on these financial statements based on our audit.

3. We conducted our audit in accordance with auditing standards effective in Argentina and the “Minimum external auditing standards” issued by the BCRA. Those standards require that the auditor plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatements.

An audit includes performing procedures, on a selective test basis, to obtain judgmental evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment who, to this end, assesses the risks of material misstatement of the financial statements, whether due to errors or irregularities. In making these risk assessments, the auditor considers the Bank’s internal controls relevant to the preparation and fair presentation of the financial statements in order to select the appropriate audit procedures in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank’s internal control system. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Bank’s Management, as well as evaluating the overall presentation of the financial statements.

We believe that the judgmental evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

4. 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.

5. As further explained in note 24, 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.

6. In our opinion, the financial statements mentioned in the first paragraph present fairly, in all material respects, the financial position of BANCO MACRO S.A. and the consolidated financial position of BANCO MACRO S.A. and its subsidiaries as of December 31, 2012, and the related results of its operations and cash flows for the year then ended, in accordance with the accounting standards established by the BCRA and, except for the effect that is mentioned in the fourth paragraph, with respect to the professional accounting standards effective in Argentina.

- 2 -

7. 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, 2012, and the related statements of income, changes in shareholders’ equity and cash flows for the year then ended, which were presented for comparative purposes, we report that, on February 15, 2012, we expressed a qualified opinion 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.

8. 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 and, in our opinion, were prepared in all material respects, in conformity with the applicable BCRA rules, Argentine Business Associations Law provisions and CNV (Argentine Securities Commission) regulations.

b) The financial statements of BANCO MACRO S.A. arise from books kept, in their formal respects, pursuant to current legal requirements and the rules of the BCRA and in conformity with the provisions of CNV Resolutions Nos. 1,032/EMI and 1,996/EMI dated March 17, and May 20, 2004, respectively.

  c) As of December 31, 2012, liabilities accrued for employer and employee contributions to the National Social Security Administration, as recorded in the Bank’s books, amounted to Ps. 29,925,953, none of which was due as of that date.

d) We applied the anti-money laundering and anti-terrorist financing procedures provided in the related professional standards issued by the Professional Council in Economic Sciences of the City of Buenos Aires.

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e) During the fiscal year ended December 31, 2012, we invoiced fees for auditing services rendered to the Bank, which represent 99% of total invoicing to the Bank for any item, 72% of total auditing services invoiced to the Bank and its subsidiaries, and 71% of total invoicing to the Bank and its subsidiaries for any item.

City of Buenos Aires,

February 14, 2013

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

DECEMBER 31, 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, November 14, 2012.

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

BALANCE SHEETS

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	12/31/2012			12/31/2011
ASSETS
A.   CASH
Cash on hand		2,451,367			1,945,713
Due from banks and correspondents
Central Bank of Argentina		5,961,897			2,875,512
Local Other		13,591			15,400
Foreign		294,691			103,434
Other		308			269
		8,721,854			4,940,328
B.    GOVERNMENT AND PRIVATE SECURITIES (Exhibit A)
Holdings booked at market value		956,071			736,368
Government securities under repo transactions with Central Bank of Argentina					1,992,625
Holdings booked at amortized cost		345,427			103,616
Instruments issued by the Central Bank of Argentina		350,607			1,255,027
		1,652,105			4,087,636
C.    LOANS (Exhibits B, C and D)
To the non-financial government sector		586,349			335,726
To the financial sector
Interfinancing (granted call)		48,546			250,000
Other financing to Argentine Financial Institutions		126,767			176,100
Accrued interest, adjustments, foreign exchange and quoted price differences receivables		1,927			5,226
To the non-financial private sector and foreign residents
Overdrafts		4,242,281			2,683,707
Documents		3,614,176			3,138,189
Mortgage loans		1,439,935			1,108,456
Pledge loans		905,051			665,549
Personal loans		9,149,092			7,490,051
Credit cards		4,364,439			2,851,876
Other (Note 6.1.)		4,706,073			4,115,741
Accrued interest, adjustments, foreign exchange and quoted price differences receivables		526,709			349,757
less: Unearned discount		(93,983	)		(71,182	)
less: Allowances (Exhibit J)		(828,838	)		(557,586	)
		28,788,524			22,541,610

Jorge H. Brito

Chairperson

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BALANCE SHEETS

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	12/31/2012			12/31/2011
D.   OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina		461,630			2,321,905
Amounts receivable from spot and forward sales pending settlement		435,434			1,141,336
Securities and foreign currency receivable from spot and forward purchases pending settlement (Exhibit O)		129,844			50,719
Unlisted corporate bonds (Exhibits B, C and D)		80,326			251,864
Receivables from forward transactions without delivery of underlying asset		12			880
Other receivables not covered by debtors classification standards (Note 6.2.)		757,490			564,910
Other receivables covered by debtors classification standards (Exhibits B, C and D)		130,005			33,144
Accrued interest receivables covered by debtors classification standards (Exhibit B, C y D)		515
less: Allowances (Exhibit J)		(228,023	)		(232,314	)
		1,767,233			4,132,444
E.    RECEIVABLES FROM FINANCIAL LEASES (Exhibits B, C and D)
Receivables from financial leases		328,307			330,605
Accrued interest and adjustments		4,984			5,512
less: Allowances (Exhibit J)		(6,585	)		(5,583	)
		326,706			330,534
F.    INVESTMENTS IN OTHER COMPANIES (Exhibit E)
In financial institutions		773,355			614,045
Other		63,354			52,224
less: Allowances (Exhibit J)		(311	)		(1,142	)
		836,398			665,127
G.   OTHER RECEIVABLES
Receivables from sale of assets (Exhibits B, C and D)		6,195			6,240
Other (Note 6.3.)		767,659			530,551
Accrued interest and adjustments receivables from sales of assets (Exhibits B, C and D)		332			231
Other accrued interest and adjustments receivable		35			447
less: Allowances (Exhibit J)		(8,744	)		(12,339	)
		765,477			525,130
H.    BANK PREMISES AND EQUIPMENT, NET (Exhibit F)		593,558			519,676
I.     OTHER ASSETS (Exhibit F)		263,373			228,253
J.     INTANGIBLE ASSETS (Exhibit G)
Goodwill		72,841			86,893
Organization and development costs		206,088			222,479
		278,929			309,372
K.    ITEMS PENDING ALLOCATION		4,501			3,120
TOTAL ASSETS		43,998,658			38,283,230

Jorge H. Brito

Chairperson

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BALANCE SHEETS

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	12/31/2012		12/31/2011
LIABILITIES
L.    DEPOSITS (Exhibits H and I)
From the non-financial government sector		6,771,268		4,875,273
From the financial sector		24,072		17,419
From the non-financial private sector and foreign residents
Checking accounts		5,946,947		4,429,772
Savings accounts		6,018,303		5,599,541
Time deposits		12,717,720		10,756,676
Investment accounts		149,325		43,766
Other (Note 6.4.)		695,067		585,082
Accrued interest, adjustments, foreign exchange and quoted price differences payables		171,269		125,642
		32,493,971		26,433,171
M.   OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina (Exhibit I)
Other		21,645		9,043
Banks and International Institutions (Exhibit I)		273,968		154,942
Non-subordinated Corporate Bonds (Note 10. and Exhibit I)		523,176		654,905
Amounts payable for spot and forward purchases pending settlement		116,092		48,523
Securities and foreign currency to be delivered under spot and forward sales pending settlement (Exhibit O)		470,703		3,160,058
Financing received from Argentine financial institutions (Exhibit I)
Interfinancing - (received call)		40,000		1
Other financing received from Argentine financial institutions		13,724		15,501
Accrued interest payables		52
Receivables from forward transactions without delivery of underlying asset				30
Other (Note 6.5. and Exhibit I)		1,813,258		1,391,206
Accrued interest, adjustments, foreign exchange and quoted price differences payables (Exhibit I)		52,724		48,793
		3,325,342		5,483,002
N.   OTHER LIABILITIES
Fees		7,076		7,523
Other (Note 6.6.)		1,128,139		897,827
		1,135,215		905,350
O.   PROVISIONS (Exhibit J)		98,289		88,164
P.    SUBORDINATED CORPORATE BONDS (Note 10. andExhibit I)		740,192		647,753
Q.   ITEMS PENDING ALLOCATION		6,554		6,238
TOTAL LIABILITIES		37,799,563		33,563,678
SHAREHOLDERS' EQUITY (As per related statement)		6,199,095		4,719,552
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		43,998,658		38,283,230

Jorge H. Brito

Chairperson

- 3 -

BALANCE SHEETS

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	12/31/2012		12/31/2011
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS		34,516,450		18,082,033
Contingent		8,960,163		7,916,106
Credit lines obtained (unused portion)				11,700
Guarantees received		8,557,643		7,385,671
Other not covered by debtors classification standards		165		195
Contingent debit-balance contra accounts		402,355		518,540
Control		25,169,946		6,511,301
Receivables classified as irrecoverable		953,335		876,232
Other (Note 6.7.)		23,718,970		5,388,859
Control debit-balance contra accounts		497,641		246,210
Derivatives (Exhibit O)		386,341		3,654,626
Notional value of put options taken (Note 11.d))		56,045		40,091
Notional value of forward transactions without delivery of underlying asset (Note 11.a))		127,918		1,757,843
Interest rate swap (Note 11.b))		85,000		158,550
Derivatives debit-balance contra accounts		117,378		1,698,142
CREDIT-BALANCE ACCOUNTS		34,516,450		18,082,033
Contingent		8,960,163		7,916,106
Credit lines granted (unused portion) covered by debtors classification standards (Exhibits B, C and D)		19,669		38,729
Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)		131,488		70,371
Other guarantees provided not covered by debtors classification standards		153,762		137,329
Other covered by debtors classification standards (Exhibits B, C and D)		97,436		272,111
Contingent credit-balance contra accounts		8,557,808		7,397,566
Control		25,169,946		6,511,301
Checks to be credited		497,641		246,210
Control credit-balance contra accounts		24,672,305		6,265,091
Derivatives (Exhibit O)		386,341		3,654,626
Notional value of put options sold (Note 11.c))		14,713		36,490
Notional value of forward transactions without delivery of underlying asset (Note 11.a))		102,665		1,661,652
Derivatives credit-balance contra account		268,963		1,956,484

The accompanying notes 1 through 24 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 YEARS ENDED DECEMBER 31, 2012 AND 2011

(Translation on financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	12/31/2012		12/31/2011
A.    FINANCIAL INCOME
Interest on cash and due from banks		184		179
Interest on loans to the financial sector		44,259		22,934
Interest on overdrafts		709,327		449,141
Interest on documents		407,211		228,180
Interest on mortgage loans		193,209		154,421
Interest on pledge loans		126,072		91,221
Interest on credit card loans		669,924		344,861
Interest on financial leases		60,308		56,531
Interest on other loans		3,052,719		2,070,021
Net income from government and private securities (Note 6.8.)		332,685		451,151
Interest on other receivables from financial intermediation		438		191
Income from guaranteed loans - Presidential Decree No. 1,387/01		17,015		4,904
CER (Benchmark Stabilization Coefficient) adjustment		22,946		4,412
CVS (Salary Variation Coefficient) adjustment		512		362
Difference in quoted prices of gold and foreign currency		350,634		260,850
Other (Note 6.9.)		252,746		103,757
		6,240,189		4,243,116
B.    FINANCIAL EXPENSE
Interest on savings accounts		32,185		23,823
Interest on time deposits		2,031,536		1,137,276
Interest on interfinancing received loans (received call)		4,696		4,930
Interest on other financing from Financial Institutions		12		8
Interest on other liabilities from financial intermediation		62,529		64,751
Interest on subordinated bonds		66,897		60,592
Other interest		3,024		2,545
CER adjustment		4,405		4,107
Contribution to Deposit Guarantee Fund		51,501		40,330
Other (Note 6.10.)		381,839		256,814
		2,638,624		1,595,176
GROSS INTERMEDIATION MARGIN - GAIN		3,601,565		2,647,940
C.    PROVISION FOR LOAN LOSSES		560,379		252,724
D.    SERVICE-CHARGE INCOME
Related to lending transactions		126,062		107,297
Related to deposits		1,482,611		1,098,154
Other commissions		41,977		39,736
Other (Note 6.11.)		805,625		576,572
		2,456,275		1,821,759

Jorge H. Brito

Chairperson

- 5 -

STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

(Translation on financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	12/31/2012		12/31/2011
E.    SERVICE-CHARGE EXPENSE
Commissions		142,834		106,687
Other (Note 6.12.)		491,848		290,094
		634,682		396,781
F.    ADMINISTRATIVE EXPENSES
Personnel expenses		1,689,864		1,364,820
Directors' and statutory auditors' fees		63,384		50,457
Other professional fees		95,586		77,405
Advertising and publicity		89,668		72,932
Taxes		148,733		115,128
Depreciation of equipment		79,550		68,802
Amortization of organization costs		67,609		55,295
Other operating expenses (Note 6.13.)		393,205		294,869
Other		208,503		155,909
		2,836,102		2,255,617
NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		2,026,677		1,564,577
G.   OTHER INCOME
Income from long-term investments		190,714		119,885
Penalty interest		38,772		31,315
Recovered loans and allowances reversed		68,895		67,116
CER adjustments		76		78
Other (Note 6.14.)		66,989		77,939
		365,446		296,333
H.   OTHER EXPENSE
Penalty interest and charges payable to the Central Bank of Argentina		11		9
Charges for other receivables uncollectibility and other allowances		30,848		34,028
Amortization of differences related to court orders		57,735		17,933
Depreciation and loss of other assets		1,465		1,961
Goodwill amortization		14,052		14,052
Other (Note 6.15.)		34,394		24,830
		138,505		92,813
NET INCOME BEFORE INCOME TAX - GAIN		2,253,618		1,768,097
I.     INCOME TAX (Note 4.)		760,000		592,000
NET INCOME FOR THE FISCAL YEAR - GAIN		1,493,618		1,176,097

Jorge H. Brito

Chairperson

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STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	12/31/2012																			12/31/2011
							Earnings reserved
Changes	Capital stock		Stock issuance premium		Adjustments to Shareholders' equity		Legal		Subordinated Debt Instruments (2)			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)																					(92,919	)
Distribution of unappropriated earnings, as approved by the Shareholders’ Meeting held on April 16, 2012 and April 26, 2011, respectively:
-Legal Earning Reserved								235,219							(235,219	)
-Cash Dividends																					(505,312	)
-Special reserve for subordinated debt securities (2)										62,934					(62,934	)
-Voluntary reserve for futures distribution of earings													2,443,141		(2,443,141	)
-Tax on Personal Assets															(14,075	)		(14,075	)		(11,156	)
Reversal of special reserve from Subordinated debt instruments										(62,934	)				62,934
Net income for the fiscal year - Gain															1,493,618			1,493,618			1,176,097
Balances at the end of the fiscal year		594,485		398,750		4,511		1,201,445					2,443,352		1,556,552			6,199,095			4,719,552

(1) See Notes 3.5.q.2) and 9 and Exhibit K

(2) See Note 3.5.q.3)

The accompanying notes 1 through 24 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 YEARS ENDED DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	12/31/2012			12/31/2011
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 fiscal year		8,741,880			4,940,328
Net increase in cash		3,801,552			392,017
CAUSES OF CHANGES IN CASH
Operating activities
Net collections / (payments):
Government and private securities		(302,300	)		3,306,617
Loans
To the financial sector		298,345			(329,750	)
To the non-financial government sector		(211,412	)		7,563
To the non-financial private sector and foreign residents		(1,666,550	)		(4,372,196	)
Other receivables from financial intermediation		2,772,994			(699,814	)
Receivables from financial leases		63,107			(31,288	)
Deposits
From the financial sector		6,652			1,819
From the non-financial government sector		1,600,099			514,594
From the non-financial private sector and foreign residents		2,605,408			3,569,064
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		35,355			(34,956	)
Others (except liabilities included under financing activities)		462,262			116,403
Collections related to service-charge income		2,451,571			1,818,349
Payments related to service-charge expenses		(630,743	)		(395,765	)
Administrative expenses paid		(2,668,289	)		(2,090,445	)
Payment of organization and development costs		(100,554	)		(94,011	)
Net collections from penalty interest		38,761			31,306
Differences from payments related to court orders		(8,399	)		(14,996	)
Collections of dividends from other companies		7,078			10,865
Other collections related to other income and losses		53,142			67,341
Net payments from other operating activities		(345,022	)		(28,980	)
Payment of income tax		(771,812	)		(210,013	)
Net cash flows generated in operating activities		3,689,693			1,141,707

Jorge H. Brito

Chairperson

- 8 -

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	12/31/2012			12/31/2011
Investing activities
Net payments for bank premises and equipment		(125,868	)		(92,463	)
Net payments for other assets		(64,038	)		(125,928	)
Net cash flows used in investing activities		(189,906	)		(218,391	)
Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(248,003	)		(58,059	)
Central Bank of Argentina
Other		11,413			7,207
Banks and International Institutions		111,656			107,788
Subordinated corporate bonds		(68,650	)		(61,315	)
Financing received from Argentine financial institutions		(1,789	)		(1,785	)
Payment of dividends					(505,312	)
Other payments for financing activities
Own shares reacquired					(92,919	)
Net cash flows used in financing activities		(195,373	)		(604,395	)
Financial income and holding gains on cash and cash equivalents		497,138			73,096
Net increase in cash		3,801,552			392,017

The accompanying notes 1 through 24 and exhibits A through L, N, O and the consolidated financial statements are an integral part of theses financial statements

Jorge H. Brito

Chairperson

- 9 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

(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).

The Bank´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 (NYSE).

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. In addition, 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 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.

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

As of December 31, 2012 and 2011, the deposits of the Misiones Provincial Government amounted to 1,472,825 and 1,267,178 (including 39,518 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.

On February 22, 2005, such agreement was extended through March 1, 2016.

As of, December 31, 2012 and 2011, the deposits of the Salta Provincial Government amounted to 1,694,001 and 870,880 (including 177,611 and 137,286 related to court deposits), respectively.

- 10 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

(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.

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

As of December 31, 2012 and 2011, the deposits of the Jujuy Provincial Government amounted to 717,115 and 701,483 (including 88,244 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.

On June 30, 2010, the service agreement with the Tucumán Provincial Government was extended through July 8, 2021, while the agreement executed with the Municipality of San Miguel de Tucumán was automatically extended through July 8, 2018, as set forth in the original agreement.

As of December 31, 2012 and 2011, the deposits of the Tucumán Provincial Government and the Municipality of San Miguel de Tucumán in Banco del Tucumán S.A. amounted to 1,296,416 and 807,822 (including 399,832 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 December 31, 2012 and 2011, the net assets of such joint ventures recorded in the Bank’s financial statements through the proportionate consolidation method amounted to 10,686 and 11,656, respectively.

Also, as of December 31, 2012 and 2011, the net income recorded through the method mentioned in the previous paragraph amounted to 32,542 and 34,824, respectively.

- 11 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

(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 December 31, 2012, and supplementary information, as well as the statements of income, changes in shareholders’ equity and cash flows for the year then ended, are presented comparatively with data as of 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 December 31, 2012 and 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.

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.

- 12 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

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 at acquisition date.

As of December 31, 2012 and 2011, the present value calculated by the Bank for these securities amounts to 352,521 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 the benchmark stabilization coefficient (CER), net of the related offset account, compared in turn with the present values reported by the Central Bank.

As of December 31, 2012 and 2011, the present value reported by the Central Bank for these securities amounted to 272,589 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.

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 fiscal year, 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 fiscal year.

- 13 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

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 according 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 (government securities) 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.

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.

- 14 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

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 December 31, 2012 and 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.

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.

- 15 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

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). This reserve is reversed on a monthly basis as the related interest is recorded in the related statement of income.

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).

- 16 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

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:

Item	12/31/2012		12/31/2011
Cash		8,721,854		4,940,328
Government and private securities
Instruments issued by the Central Bank		20,026
Cash and cash equivalents		8,741,880		4,940,328

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 fiscal year, 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 December 31, 2012 and 2011, the Bank estimated an income tax charge of 760,000 and 592,000, respectively; hence, no minimum presumed income tax should be assessed for fiscal years ended on such dates.

Additionally, as of December 31, 2012, the Bank made income tax prepayments for 433,770 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 DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

5.1. Valuation standards

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

	Adjustments under professional accounting standards
	Stand-alone financial statements									Consolidated financial statements
	to equity						to income			to equity						to income
Item	12/31/2012			12/31/2011			12/31/2012			12/31/2012			12/31/2011			12/31/2012
Government securities and assistance to the government sector (a)
Government securities - Holdings booked at amortized cost		6,300			45			6,255			6,583			72			6,511
Instruments issued by the Central Bank and booked at amortized cost		21			777			(756	)		63			767			(704	)
Secured loans – Presidential Decree No. 1,387/01		(16,350	)		(30,091	)		13,741			(16,350	)		(30,092	)		13,742
Business combinations (b)
Acquisition of Nuevo Banco Bisel S.A.		(102,276	)		(110,496	)		8,220			(102,276	)		(110,496	)		8,220
Other		(62,762	)		(69,393	)		6,631			(62,762	)		(69,393	)		6,631
Interests in other companies (c)		16,761			9,311			7,450
Intangible assets – Organization and development expenses (d)					(49,336	)		49,336						(50,410	)		50,410
Deferred assets – Income tax (e)		67,950			36,195			31,755			84,386			46,564			37,822
Other assets (f)		(477	)		7,679			(8,156	)		(477	)		7,679			(8,156	)
Liabilities – Provisions (g)		(59,351	)		(54,866	)		(4,485	)		(59,351	)		(54,866	)		(4,485	)
Total		(150,184	)		(260,175	)		109,991			(150,184	)		(260,175	)		109,991

(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 financing to the nonfinancial government sector is not subject to loan-loss provisioning, whereas professional accounting standards require that assets in general to 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 and, if the purchase price exceeds the book value, the excess amount is recorded in the acquiring company´s books as a positive goodwill. On the other hand, if the purchase price is lower than book value, the difference is recorded in the acquiring company´s books as a negative goodwill. If the 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 the 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 DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

(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 and the difference between the purchase price and the identifiable net asset measurement value is recorded as either a positive or a negative goodwill, as the case may be. If a positive goodwill is recognized, this goodwill will be amortized systematically over the estimated useful life, unless it has an indefinite useful life considering the estimates made by the Bank´s Management, in which case it shall not be amortized, but compared with its recoverable value as of each year-end. If a negative goodwill is recognized due to expected losses or future expenses of the acquired entity and which should not have been recorded as liabilities as of the acquisition date, it will either be charged to the statement of income according to the change in specific circumstances that gave rise to it or systematically, taking into account an average weighted useful life of the acquired entity’s assets subject to depreciation and amortization.

(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. These exchange differences do not constitute a recoverable asset and, according to current professional accounting standards, should have been charged to income (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 the deferred tax method, according to which (i) in addition to the current tax payable , either an asset (if certain conditions are met) or a liability is recognized for deferred taxes related to the tax effect of the temporary differences between the book and tax valuation of assets and liabilities, and (ii) a tax expense (income) is recognized in relation to the portion involving the current tax expense (income) as well as the one involving the deferred tax expense (income), resulting from the creation and reversal of the abovementioned temporary differences in the year. Under professional accounting standards a deferred tax asset is recognized when there are unused NOLs or tax credits that can be deducted from future taxable income, provided they are likely.

(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 using variables 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 December 31, 2012 and 2011 would have decreased by around 150,184 and 260,175, respectively. On the other hand, income for the fiscal years ended December 31, 2012 and 2011 would have increased by 109,991 and 9,492, 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) There are differences between the cash flow information disclosed and the requirements established by the professional accounting standard, such as the lack of segregation of the interest earned and paid by the Bank, considering that this statement is prepared according to specific standards applicable to financial institutions.

- 19 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

d) There are differences between the disclosure required by current professional accounting standards and the disclosure made by the Bank regarding its income statement items, as this statement is prepared according to specific standards applicable to financial institutions.

e) The supplementary information presented by the Bank, is the information specifically required by Central Bank regulations. This regulation does not contemplate all disclosure requirements of the current professional accounting standards, such as the disclosure of due dates for all receivables and payables together with their interest rates or adjustments, certain information about transactions with related parties, the exchange rate applicable to different foreign currencies assets and liabilities at year end, etc.

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

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

12/31/2012 12/31/2011

6.1) Loans - Other

Other loans	3,715,721	3,234,006
Export financing and prefinancing	990,352	881,735
	4,706,073	4,115,741

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

Debt securities issued by financial trusts	421,755	278,014
Certificates of participation in financial trusts	335,703	286,884
Other	32	12
	757,490	564,910

6.3) Other receivables – Other

Tax prepayments	440,593	229,188
Sundry receivables	227,647	173,413
Security deposits	51,938	64,638
Advanced prepayments	36,631	50,951
Other	10,850	12,361
	767,659	530,551

6.4) Deposits - Other

Expired time deposits	441,603	351,115
Unemployment fund for workers of the construction industry	145,572	124,663
Attachments	87,487	53,367
Security deposits	1,606	1,687
Special deposits related to inflows of foreign funds	1,539	13,649
Other	17,260	40,601
	695,067	585,082

- 20 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

12/31/2012 12/31/2011

6.5) Other liabilities from financial intermediation - Other

Purchase financing payables	602,147	365,413
Miscellaneous not subject to minimum cash requirements	461,905	293,705
Other withholdings and additional withholdings	279,894	170,857
Other payment orders pending settlement	152,063	251,056
Collections and other transactions on account and behalf of others	130,190	113,956
Sociedad Seguro de Depósitos (SEDESA) – Purchase of preferred shares of former Nuevo Banco Bisel S.A. (see note 7.)	83,832	80,600
Retirement pension payment orders pending settlement	41,208	34,572
Miscellaneous subject to minimum cash requirements	25,216	50,249
Other	36,803	30,798
	1,813,258	1,391,206

6.6) Other Liabilities - Other

Taxes payable	896,397	701,137
Salaries and payroll taxes payable	103,186	100,102
Miscellaneous payables	94,105	57,807
Withholdings on salaries	29,876	24,298
Prepayment for the sale of assets	4,575	14,483
	1,128,139	897,827

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

Checks and securities in custody – ANSES (Argentine social security administration)	15,843,687
Checks and securities in custody	4,425,794	3,027,436
Checks and securities not yet collected	2,238,872	1,649,744
Checks and securities to be debited	627,706	294,554
Managed portfolios (see note 12)	458,591	322,942
Checks and securities to be collected	124,320	94,183
	23,718,970	5,388,859

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

Net Income from government securities	280,901	395,745
Net Income from participations in financial trusts	44,928	37,525
Other	6,856	17,881
	332,685	451,151

6.9) Financial income – Other

Premiums on reverse repurchase agreements with the financial sector	180,397	38,402
Interests on loans for export prefinancing and financing	55,792	24,255
Forward foreign-currency transactions offset	14,547	38,031
Other	2,010	3,069
	252,746	103,757

- 21 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

12/31/2012 12/31/2011

6.10) Financial expense – Other

Turnover tax	376,647	242,307
Premiums on repurchase agreements with the financial sector	3,151	11,786
Other	2,041	2,721
	381,839	256,814

6.11) Service-charge income - Other

Debit and credit card income	508,460	344,277
Service commissions – Joint ventures (see Note 2.5)	64,073	67,296
Rental of safe deposit boxes	62,492	47,875
Other	170,600	117,124
	805,625	576,572

6.12) Service-charge expense - Other

Debit and credit card expenses	307,597	152,054
Turnover tax	90,116	70,336
Commissions paid to lending agents	70,486	36,468
Other	23,649	31,236
	491,848	290,094

6.13) Administrative expenses – Other operating expenses

Security services	117,513	81,861
Maintenance, conservation and repair expenses	117,456	89,853
Electric power and communications	76,514	53,597
Leases	55,218	47,110
Stationery and office supplies	13,526	11,708
Insurance	12,978	10,740
	393,205	294,869

6.14) Other income - Other

Other adjustments and interest on other receivables	12,674	7,147
Gain on sale of bank premises and equipment, and other assets	10,013	15,212
Services provided to Banco del Tucumán S.A.	8,729	7,426
Other	35,573	48,154
	66,989	77,939

6.15) Other expense – Other

Donations	12,296	8,793
Turnover tax	3,157	3,278
Other	18,941	12,759
	34,394	24,830

- 22 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

7. RESTRICTED ASSETS

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

Item	12/31/2012		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)		88,984		86,205
•     Argentine Government bond in Argentine pesos at private Badlar + 275 basis points maturing in 2014, as of December 31, 2012, and Central Bank bills (LEBACs) and notes (NOBACs), as of December 31, 2011, used to perform forward foreign currency trading transactions.		5,322		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).		35,906		34,118
•     Argentine Government bond in Argentine pesos at private Badlar + 275 basis points, maturing in 2014 used as security for the role of custodian of FGS (sustainability guarantee fund) investments securities.		35,768
•     Other government and private securities		13,830		10,552
Subtotal government and private securities		179,810		174,645
Loans
•     Guaranteed Loans under Presidential Decree No. 1387/01 – Global 17 at a variable rate provided as guarantee in favor of the Central Bank in relation to the auctions of advances intended for the production sector under the Bicentennial Production Financing Program.		37,664		34,306
•      Other.				163
Subtotal Loans		37,664		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.		461,630		325.633
•    Interests resulting in contributions made in the Bank´s capacity by contributory partner of the following venture funds: (2)		5,460		5,000
-      Risk Fund of Compañía General de Avales SGR (mutual guarantee association), formerly Macroaval SGR, with an original contribution of 5,000 made on December 28, 2011.
-      Risk Fund of Garantizar SGR, with an original contribution of 20,000 made on December 13, 2012.		20,000
-       Risk Fund of Los Grobo SGR, with an original contribution of 20,000 made on December 12, 2012.		20,000
Subtotal other receivables from financial intermediation		507,090		330,633

- 23 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

Item	12/31/2012		12/31/2011
Other receivables
•     Security deposits related to credit card transactions.		46,080		57,053
•     Other security deposits		5,858		7,585
Subtotal other receivables		51,938		64,638
Total		776,502		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, maturing on August 11, 2021.

(2) In order to keep tax benefits related to these contributions, they must be maintained between two and three years from the date they were made.

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)		12/31/2012		12/31/2011
ASSETS
Cash						3,692						3,692		3,289
Loans										137,809		137,809		286,908
Other receivables from financial intermediation								3,208		107,965		111,173		114,599
Receivables from financial leases								6,542		1,937		8,479		8,589
Other receivables														13
Items pending allocation		39										39		11
Total assets		39				3,692		9,750		247,711		261,192		413,409
LIABILITIES
Deposits				197		481		7,454		489,273		497,405		250,471
Other liabilities from financial intermediation				75				1,959				2,034		12,564
Total liabilities				272		481		9,413		489,273		499,439		263,035

- 24 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

(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)			12/31/2012			12/31/2011
MEMORANDUM ACCOUNTS
Debit-balance accounts –Contingent												64,596			64,596			5,875
Debit-balance accounts –Control								11,270				278,727			289,997			163,021
Credit-balance accounts – Contingent		923								2,213					3,136			3,136
Credit-balance accounts – Derivates												2,060			2,060			1,744
INCOME (EXPENSE)
Financial income		964								745		21,849			23,558			1,868
Financial expense		(413	)									(12,533	)		(12,946	)		(16,641	)
Service-charge income		28			1			1		1,177		4,424			5,631			1,429
Service-charge expense																		(1,162	)
Administrative expenses		(12	)		(1,089	)									(1,101	)		(835	)
Other income		9,291										438			9,729			8,076
Other expense																		(208	)
Total income / (loss)		9,858			(1,088	)		1		1,922		14,178			24,871			(7,473	)

(1) Includes amounts generated by the Bank and its subsidiaries with related parties regarding 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 December 31, 2012, amounts to 594,485. It has remained unchanged for the last three years.

On the other hand, as mentioned in note 21, 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 DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

(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 12/31/2012		12/31/2012		12/31/2011
Subordinated – Class 1		USD 150,000,000	(a.1)		USD 150,000,000		740,192		647,753
Non Subordinated – Class 2		USD 150,000,000	(a.2)		USD 106,395,000		541,705		474,054
Non Subordinated – Class 3		USD 100,000,000	(a.3)						198,478
Total							1,281,897		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 (see Note 3.5.q.3)).

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

- 26 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

(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 December 31, 2012 and 2011 are as follows:

Transaction	12/31/2012			12/31/2011
Net liability of repurchase agreements		(324,454	)		(3,100,775	)
Net asset position of forward transactions without delivery of the underlying asset (a)		25,253			96,191
Interest rate swaps (b)		85,000			158,550
Position of put options sold on BODEN 2012 and 2013 coupons (c)		14,713			36,490
Position of put options taken (d)		56,045			40,091

Net income (loss) resulting from these transactions for the fiscal years ended December 31, 2012, and 2011, amount to income (loss):

Transaction	12/31/2012			12/31/2011
Premiums on reverse repurchase agreements		180,449			38,437
Premiums on repurchase agreements		(3,151	)		(11,786	)
Interest rate swap		(83	)		313
Forward foreign-currency transactions offset		14,547			38,031
Total		191,762			64,995

- 27 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

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

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

b.1) As of December 31, 2012, and 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 will expire between April 30, 2013, and October 31, 2014. The purpose of these transactions is to place medium- and long-term loans in accordance with 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. These swap agreements were terminated due to the prepayment of the loan in September 2012.

(c) Related 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 December 31, 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 December 31, 2012, this is related to a put option taken of trust securities to be issued by the financial trust Best Consumer Finance Series XXVI, which may be received by the Bank as payment of the assignment value established in the agreement executed on November 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 21%, 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, 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.

12. PORTFOLIO MANAGEMENT

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

	Managed portfolio as of
Item	12/31/2012		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.		14,053		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.		42,274		42,520

- 28 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

	Managed portfolio as of
Item	12/31/2012		12/31/2011
• 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.		89,477		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”. (a)		77,767		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.		58,085		58,166
• On November 22, 2012, the Bank (trustor) and Macro Fiducia SA (trustee), created the financial trust “SECANE”; in the trust agreement the trustor assumes the role of collection agent, administration and custodian.		93,566
• Other portfolios managed by the Bank.		83,369		60,892
Total		458,591		322,942

(a) 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.

13. MUTUAL FUNDS

As of December 31, 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		326,311,961		540,302		401,000
Pionero Renta Ahorro		122,767,869		258,876		245,524
Pionero F F		146,170,058		269,037		260,407
Pionero Renta		43,198,378		192,275		190,966
Pionero Acciones		1,225,855		3,309		3,225
Pionero Renta Dólares		11,770		28
Pionero Empresas F.C.I. Abierto PYMES		100,000		104		101
Pionero Consumo		100,000		99
Argenfunds Ahorro Pesos		184,863,777		203,731		202,519
Argenfunds Renta Privada		134,337,685		139,254		140,565

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

- 29 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

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 the requirements under Presidential Decree No. 540/95 and any others established by the enforcement agency, are met. On the other hand, Central Bank established that the deposits made by other financial institutions, those made by persons related to the Bank, and 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 December 31, 2012, and 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:

Financial trust	12/31/2012		12/31/2011
Certificates of participation:
TST & AF (a)		57,731		55,993
Frávega Créditos I y II (b)		50,977
Other		3,163		3,764
Subtotal certificates of participation		111,871		59,757
Debt securities:
Underwriting agreements (c)		238,182		86,396
Loma Blanca (d)		76,350		60,637
Other (e)		107,223		130,984
Subtotal debt securities		421,755		278,017
Total		533,626		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. In addition, as of December 31, 2012, and 2011, the Bank is the direct beneficiary of 53.34% of the certificates of participation issued by the TST & AF Financial Trust (see also Note 7.1.a) to the consolidated financial statements).

- 30 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

On January 20, 2011, TST & AF Financial Trust acquired 100% of certificates of participation of San Isidro Trust (see note 15.1.(e) v)).

According to the latest accounting information available as of the date of issuance of these financial statements, the corpus assets totaled around 119,259.

(b) Frávega Créditos I and II Trust

On June 28, and December 20, 2012, Frávega S.A.C.I. e I. as trustor, collection agent and beneficiary, Macro Fiducia S.A. as trustee and Banco Sáenz S.A. as the loan portfolio manager, entered into two trust agreements called Frávega Créditos I and Frávega Créditos II, respectively, whereby each trust issued Class “A” and Class “B” certificates of participation.

The purpose of both trusts is to pay the certificates of participation in full once the receivables and promissory notes transferred by the trustor have been collected. Upon expiration of the trusts, the holders of Class “B” certificates of participation will receive the remaining receivables.

As of December 31, 2012, the Bank is the direct beneficiary of 100% of the Class “A” certificates of participation issued by the trusts Frávega Créditos I and Frávega Créditos II.

According to the latest accounting information available as of the date of issuance of these financial statements, the corpus assets totaled around 81,903.

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

(d) 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.

According to the latest accounting information available as of the date of issuance of these financial statements, the corpus assets totaled around 500,845.

(e) 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.

- 31 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

iii)	TATSA (formerly SAETA)
	It manages the credit transferred by the trustor, resulting from the sale agreement of passenger transport units with the purpose of financing their manufacturing. As of December 31, 2012, the Bank is a direct beneficiary of 100% of the debt securities and certificates of participation included in “Others”, issued by the trust.

iv)	Galtrust I financial Trust
	It manages investments in federal government securities for the purpose of settling the securities issued by the trust.

v)	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.

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

15.2. Trusts created using financial assets transferred by the Bank

The Bank transferred financial assets (loans) to trusts for the purpose of issuing and selling securities the collection of which is guaranteed by the cash flow resulting from such assets or group of assets. This way the funds that were originally used to finance the loans are obtained earlier.

As of December 31, 2012, and 2011, considering the latest available accounting information as of the date of the financial statements, the assets managed through Macro Fiducia S.A. (subsidiary) of this type of trusts total 7,147 and 5,921, 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 created with corpus assets transferred by the Bank’s subsidiaries.

15.3. Trusts guaranteeing loans granted by the Bank

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

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

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

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

As of December 31, 2012, and 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 667,866 and 301,857, respectively.

- 32 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

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

The Bank performs management duties of 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.

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

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

- Promoting the production development of the private economic sector at a provincial level.

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

As of December 31, 2012, and 2011, considering the latest available accounting information as of the date of the financial statements, the assets managed by the Bank amount to 400,026 and 386,787, respectively.

Additionally, note 7.3. 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. MINIMUM CASH AND MINIMUM CAPITAL REQUIREMENTS

17.1. Accounts identifying compliance with the minimum cash requirements:

The items computed by the Bank to constitute the minimum cash requirement effective for December 2012 are listed below, indicating the balances as of month-end of the related accounts:

Item	12/31/2012
Cash
Amounts in Central Bank accounts		5,961,897
Other receivables from financial intermediation
Special guarantee accounts with the Central Bank		461,630
Total		6,423,527

17.2. Minimum capital requirements:

As the table disclosed, the minimum capital requirements related to credit risk, interest rate risk, market risk and operational risk measured on an individual basis, effective for December 2012, along with its computable capital as of the end of that month:

- 33 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

Item	31/12/2012
Minimum capital requirement		3,735,623
Computable capital		5,509,813
Excess amount		1,774,190

Effective as from January and February 2013, through Communiqué “A” 5369, as supplemented, the Central Bank introduced changes to the current system of minimum capital requirements, regarding both the requirement and the computable capital, respectively.

Those changes mean that as regards the requirement, among other matters, there will be changes in the risk weighting factors and in the treatment of the retail portfolio and the nonperforming portfolio, an inclusion of the credit risk hedging and credit conversion factor items, the elimination of the requirement related to interest rate risk (despite the fact that it will have to continue to be managed by the Bank), and changes in how securitizations are computed, having to keep capital depending on the degree of the exposure of the originating entity.

In relation to the computable capital, among other aspects, new criteria have been included related to the computable items, changes have been made to the deductible items and regulations have been established with regard to the limits that are to be complied with by financial institutions.

Bank’s Management believes these changes will not have significant effects in terms of the Bank’s current situation, as the computable capital currently exceeds the regulatory requirement.

18. RISK MANAGEMENT POLICIES

Within the framework of the Corporate Governance policy, the Board of Directors of the Bank approved the creation of a Risk Management Committee, the duties of which include ensuring that an independent risk management be established, coordinating the management of the various types of risks and the respective persons in charge.

In this regard, the coordination of the Committee includes the heads of financial risk, credit risk and operational risk, which are in charge of implementing the guidelines contained in the Risk Management framework policy.

The Risk Management framework policy establishes the environment for the risk management process under the notions of risk identification, measurement, monitoring and mitigation. In addition, it lays out the duties of each organizational level in the process.

The risk management process includes the establishment of the exposure limits for each risk by the Board of Directors, a follow-up on the exposure to each limit by the persons in charge, the preparation of regular reports for the Risk Management Committee, a follow-up on the alerts and the implementation of action plans regarding the alerts. The process also includes the guidelines for developing stress tests, which began to be performed in current fiscal year based on an Action Plan approved by the Risk Management Committee.

Additionally, the system is supplemented with policies and procedures specific to each risk (financial, credit, operational risks).

Financial risk

Financial risk is understood to be the group comprising Liquidity, Market and Interest Rate risks, which, independently or in an interrelated manner, can affect the Bank’s liquidity and solvency.

Definitions

Liquidity Risk is mainly understood to be the funding liquidity risk, defined as Grupo Macro being unable to efficiently meet cash flows that are both expected and unexpected, current and noncurrent and with guarantees, without hindering daily operations or the financial situation. Market Liquidity Risk is understood to be the risk that the Bank may not be able to offset or unwind a position at market price.

- 34 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

Market Risk is defined as the possibility of incurring losses in on- and off-balance sheet positions as a result of adverse fluctuations in the market price for various assets.

Interest Rate Risk is defined as the possibility that there may be changes in the Bank’s financial situation as a result of fluctuations in the interest rates, which may have adverse effects on the Bank’s net financial income and financial value.

Process

The Bank has strategies, policies and limits defined for each exposure which have been approved by the Board of Directors within the framework of Market, Liquidity and Interest Rate Risk management. These are also applicable to the subsidiaries in a consolidated framework. This process is reviewed periodically by the Risk Management Committee in accordance with the guidelines set forth by Central Bank Communiqué “A” 5203 and the adjustments or amendments approved by the Board of Directors.

The purpose of the Financial Risk Policy is to ensure that the Risk Management Committee and Senior Management have the proper procedures, tools and information enabling them to measure, manage and control the applicable risks.

The Risk heads will report to the Assets and Liabilities (CAP) and the Risk Management Committees on a monthly basis on the financial risk exposure and the effects that may be caused in the Bank’s financial margin. A set of predetermined reports is prepared enabling a clear comparison between the existing exposure and the policy limits.

The CAP is in charge of setting out the Bank’s financial strategy, analyzing the markets and establishing the policies on assets and liabilities, management of market, liquidity, interest rate and currency risks.

The Financial Risk area uses the following instruments in preparing its reports: sensitivity analysis, stress tests, index curves and other simulations. The adoption of measures regarding the detected departures based on the information provided is left to Senior Management’s discretion, for which it must take into consideration several factors such as the market conditions or the complexity and variety of transactions, considering the defined action plans. The Risk Management Committee learns about these situations and the plans implemented, analyzing the impact on risk exposure. As a result, it may require an explanation about the case from Senior Management or, based on its survey, recommend adjustments to the policies, procedures and limits to the Board of Directors.

The goal set by the Board of Directors is to maintain an adequate degree of liquidity through the prudent management of assets and liabilities, in regard to both the cash flow as well as the concentration thereof.

The administration of liquidity is supported by an adequate planning process that considers the current and future cash needs, as well as possible changes in economic, political, regulatory conditions, among other.

This makes it necessary to identify forecast and possible cash outflows, as well as alternative strategies to handle assets and liabilities in critical situations.

The reports prepared contemplate the following aspects: changes in yield curves; a mismatch of assets and liabilities in relation to currency, rates, terms and based on their volatility and speed of realization; changes, rates and volatility of term deposits, and the participation of institutional investors; liquidity and interest rate risk; established limits and issuance of warnings.

The Bank evaluates the liquidity risk situation through different tools, some of which include:

· Liquidity Test: this is used to define the amount of funding required in a predetermined series of future dates assuming normal market circumstances and without there being any significant changes in the business.

· Stress Tests: used to quantify the impact of individual or systemic illiquidity scenarios.

· Mismatch control: the Risk Management Committee defines the amount of the accumulated mismatch that is acceptable for each one of the tranches or gaps in the liquidity test, both in the normal and stress scenarios.

· Assets and Liabilities Assumptions: in the process of constructing the liquidity mismatches, whether in normal market or stress situations, assumptions are to be included for the assets and liabilities of the balance sheet, taking into account the stability, diversification, and historical renovation percentages.

Market risk is evaluated by computing the value at risk (VAR), which consists in the maximum expected loss for a trading portfolio over a certain period of time and with a 99% confidence level.

The tool used for the interest rate risk is the computation of income at risk, which is used for measuring the risk of portfolios that accrue interest, measuring the impact of an adverse change in interest rates on income.

- 35 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

The Contingency Plans were adjusted during current fiscal year based on the Action Plan approved by the Risk Management Committee.

Credit risk

Credit risk results from the possibility of loss derived from customers or counter-parties from fully or partially breaching financial obligations they have undertaken with the Bank.

The Bank has counter-party and credit risk policies the purpose of which is to ensure risks fall within a risk tolerance level decided by the Board of Directors and the tolerance level established the Central Bank regulations effective to this end.

The Credit Risk Department is in charge of applying the policies, managing and monitoring the exposure to risk. Regulations, procedures and tools (information systems, rating and monitoring systems, measuring models, recovery policies) have been developed, which, as a whole, allow for a risk treatment that is more efficient based on the type of customers in question.

The Management of Corporate and Individual Risks and Micro-projects analyze the credit risks of the different segments and provide technical support for credit decisions. The different Credit Committees and senior-level officers with customer-rating powers all participate in the credit approval process, within the framework of a progressive scale of credit capacity levels in relation to the amount of principal being requested and the transaction’s terms and conditions.

The Credit Administration and Transactions Department is also required to mitigate credit risks through its Credit Review, Lending Transactions and Credit Administration sectors. To do so, it controls the implementation and settlement of transactions and periodically reviews the classification of debtors and the debtors’ guarantees so as to determine the sufficiency of the provisions in conformity with the standards established by the Central Bank in this regard.

Within the Credit Risk Department, the Analysis and Planning area’s duties involve monitoring risk exposure using tools such as alerts and indicators, which are used in preparing periodic reports that serve as a source of information for managing the portfolio by the Bank's Management, the Credit Risk Department and the commercial areas.

The Prelegal Recovery Department defines and carries out the recovery tasks involving the arrears portfolio.

It should be noted that by including the Legal Recovery Department within the Credit Risk structure, the Bank managed to integrate the legal recovery proceedings with the rest of the risk stages, increasing the efficiency of the processes completing the credit cycle.

Additionally, the Department has a specific area focused on creating, amending and formalizing the standards and procedures that regulate the credit cycle and the purpose of which is to curb the credit risks.

Pursuant to the guidelines of Central Bank Communiqué “A” 5203, related to risk management, the following systems for managing credit risk were also adjusted and updated:

· Depository of financial statements and quantitative and qualitative information on corporate customers for the purpose of unifying and homogenizing the historical data of qualified customers, while creating a data reservoir that allows for the improvement of the control processes and grants access to the necessary information for implementing expected loss and rating models.

· Rating and scoring models that allow assigning a credit rating to each client, assessing the risk/profit relationship for each transaction and customer, and preparing follow-up guidelines, estimating probabilities of default.

· Implementation of specific software for modeling information and decision engines to process scoring and rating models at the stipulated frequency.

· Definition of policies, Credit Risk Tolerance Limits and action plans in case of excess or contingency situations.

· These projects will be accompanied by changes in the Risk Department and the strengthening thereof through the addition of human resources and specific training.

- 36 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

Stress Tests

The development of the Stress Test Program was established and planned. The process includes documenting and formalizing the program, including the persons in charge of carrying it out, the frequency of testing and the validation of the system. It also provides for the development of a Contingency Plan based on the test results. The Risk Management Committee leads and coordinates this application.

Operational risk

The Bank adopted the definition of Operational risk under the Basel 2 Accord and the definition established by the Central Bank through its Communiqué “A” 4793, which consists in the risk of suffering losses due to the lack of adjustment or defects in the internal processes, systems or persons, or due to external events.

This definition includes legal risk but excludes strategic and reputation risk.

The Bank has policies, procedures and structures, appointing a Head of Operational Risk. There is a Risk Management Committee, which main mission is to ensure an Operational Risk Management plan which includes policies, programs, measurements and competences for identifying, assessing and managing risks, with the purpose of assisting Area Managers and the Bank’s Board of Directors, in an environment of rapidly changing and significant risks.

In this context, the Evolutionary Comprehensive Operational Risk Management Model was developed, which involves the identification, measurement, management and monitoring of operational risks. A training plan was designed to begin conveying the concepts inherent to Operational Risk and the cultural change that this generates, and an implementation plan of the model was put into practice to achieve full implementation of all of its stages.

During fiscal year 2012, the Bank began working on a quantitative approach to measure Operational Risk and Technological Risk, which includes:

· assessing all relevant processes;

· integrating the operational and technological risk assessment models;

· applying risk impact and frequency evaluation matrices for the assessment of processes and subprocesses;

· the quantitative assessment of the risks, identifying action plans and proposals for improving the critical processes, all in full compliance with the objectives set forth;

· the procedure to gather information on events and losses, the purpose of which is to reduce incidents and loss amounts, thus incorporating a quantitative assessment into the risk management model, by registering risk events and losses in a centralized database;

· the IT tool put into practice to manage operational risk, used to manage identified risks and calculate the different indicators so as to have an information system providing an overall view of the results of the different practices and tools involved in operational risk management; and

· the methodology through which the IT areas identify, assess, control and report the risks related to the Bank’s information assets.

As regards Risk Management related to the IT and information systems, the Bank has contingency and business continuity plans in place to minimize the risks that could affect the Bank’s continuity of operations.

The Bank has an incentive policy to manage operational risk in such a way that it would encourage involvement and risk assessment. The risk assessment policy has also been reinforced for new products and in modifications to existing products.

In addition, the implementation of improvements on the different functions of the risk management system also continued.

- 37 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

19. CORPORATE GOVERNANCE TRANSPARENCY POLICY

As a financial institution, Banco Macro S.A.’s business activity is governed by Financial Institutions Law No. 21.526, as supplemented, and the regulations issued by the Central Bank. Moreover, the Bank adheres to the good banking practices laid out in Central Bank Communiqué “A” 5201 – Guidelines for Corporate Governance in Financial Institutions.

The Bank publicly trades its shares on the BCBA and, thus, it is subject to the regulations issued by the CNV.

Through Resolution No. 606/12, the CNV approved the minimum contents of the Corporate Governance Code, adding notions of good corporate governance to corporate management as guidelines or recommendations that seek to provide transparency thereto. The CNV does not require that the recommendations be implemented, although it does require that the Bank explain the reasons why it decided not to adopt the good practices described in such resolution by publishing a document called Information Report on Corporate Governance together with the letter to the shareholders for the fiscal year; the report is available on the Bank´s website and that of such enforcement agency.

This regulation reinforces the notions contained in Presidential Decree No. 677/01 on the public offering transparency system (published in the Official Bulletin on May 28, 2001), establishing principles such as “full disclosure”, “transparency”, “efficiency”, “public investor protection”, “equal footing between investors” and “protection of the stability of financial institutions and financial intermediaries”.

Moreover, as the Bank lists its shares on the NYSE, qualifying as a foreign private issuer, it is required to comply with certain corporate governance standards as established in section 303A of the NYSE’s Listed Company Manual, as amended.

The main guidelines under Communiqué ”A” 5293 are as follows:

· Board of Directors, Senior Management and Committees

The Bank’s Board of Directors is made up of thirteen members. Members are renewed by thirds and the appointed Directors remain in office for three fiscal years. Directors are appointed by the Shareholders’ Meeting.

Five directors are independent, according to the guidelines set by CNV regulations, section 4, chapter XXI, and the provisions of Central Bank Communiqué “A” 5201.

Directors should be morally suitable, experienced, knowledgeable in the banking business and meet the requirements established in the effective regulations.

Compliance with these requirements is assessed when the Shareholders’ Meeting appoints the directors and on a regular basis during their term of office.

In this regard, through its CREFI (Creation, Operation and Expansion of Financial Institutions) circulars, the Central Bank establishes the assessment criteria used for granting the authorization to the directors appointed by the Shareholders’ Meeting.

The Board of Directors delegates the usual affairs related to management and corporate activities to an Executive Committee with the assignment of specific duties as defined in the Bank’s bylaws.

- 38 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

· Ownership structure

As of December 31, 2012, the Bank’s shareholders are:

Full name / Corporate name	Percentage of capital stock		Percentage of votes
Brito Jorge Horacio		20.40		22.32
Carballo Delfín Jorge Ezequiel		18.79		20.53
ANSES FGS (Sustainability Guarantee Fund) under Law No. 26.425		30.97		28.79
Grouped shareholders (Argentine stock exchanges)		10.72		10.58
Grouped shareholders (foreign stock exchanges)		19.12		17.78

· Organizational structure

Senior management

Two deputy general managers report to the Executive Committee; one is in charge of the commercial areas and the other is in charge of the operating areas. Six first-line managers report to each deputy general manager. Additionally, the Bank has ten staff areas reporting directly to the Executive Committee.

Committees

The bylaws establish that the Board of Directors may create the committees it may deem convenient for the Bank’s activities and appoint its members. The following committees currently operate in the Bank:

Committee	Roles
Audit Committee	They are established in section 15 of Presidential Decree No. 677/2001 – Public Offering Transparency System.
Internal Audit Committee	Overseeing the proper operation of the internal control systems defined at the Bank through a periodic assessment thereof and contributing to improving the effectiveness of internal controls.
Risk Management Committee	The Risk Management Committee is in charge of monitoring Senior Management’s activities involving the management of credit, market, liquidity, operational, compliance and reputation risks, among others. It advises the Board of Directors on the Bank’s risks.
Assets and Liabilities Committee	Setting out the Bank’s financial strategy, analyzing the markets and establishing the policies on assets and liabilities, management of market, liquidity, interest rate and currency risks.
IT Committee	Overseeing the proper operation of the information technology environment and contributing to improving the effectiveness thereof.
Receivables Committee	Approving credit transactions based on credit capacity.
Legal Recovery Department	Incumbent in defining payment arrangements exceeding the predetermined parameters, as well as reclassifying portfolio to be subject to legal proceedings or accounting retirements.
Personnel Incentives Committee	Ensuring the financial incentives for personnel system is consistent with the culture, the objectives, the business in the long term, the strategy and the control environment of the Bank.
Ethics and Compliance Committee	Ensuring the Bank has the proper means with which to promote correct decision-making and compliance with internal and external regulations.

- 39 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

Committee	Roles
Corporate Governance and Appointments Committee	The Committee’s duties include those related to the process of renewing and replacing Senior Management members and the succession plans. It is also in charge of applying the Corporate Governance Code at the Bank and at its subsidiaries.
Anti-money Laundering Committee	Planning and coordinating compliance with the policies established by the Board of Directors on the matter.

Branches

We have a broad network of branches (399) throughout Argentina.

Subsidiaries

We carry out certain transactions through its subsidiaries, which are identified in note 1(2) to the Bank’s consolidated financial statements.

Business lines

The Bank’s business lines and transactions with trusts are mentioned in notes 1 and 15, respectively.

· Incentive practices

We have a personnel incentives system based on the identification of officers’ “outstanding performance”, which is understood to be their contribution in connection with the obtained results and their manner of conducting management.

The incentives system is consistent with the culture, the objectives, the business in the long term, the strategy and the control environment of the Bank and the prudent assumption of risks.

· Codes of ethics and conduct

The Bank adheres to the best practices and requires that all its employees act according to the highest standards of personal and professional integrity in all aspects of their activities.

In addition, compliance with its Code of Conduct and other policies and procedures governing employee conduct is considered to be essential. Moreover, the Code of Ethics for directors and officers is supplemental to the Bank’s Code of Conduct.

· Role of financial agent

The Bank is the financial agent for the Provinces of Misiones, Salta and Jujuy. In addition, the subsidiary Banco del Tucumán S.A. is a financial agent for the Province of Tucumán and the Municipality of San Miguel de Tucumán. See also notes 2(1) through 2(4).

· Transactions with related parties – Policy on conflict of interest

As an authorized financial institution, the Bank complies with the provisions and reporting requirements established in Financial and Foreign Exchange Institutions Law No. 21.526 and the regulations issued by the regulatory agency (Central Bank).

As established by the legislation (Argentine Business Associations Law No. 19.550), specific applicable regulations (Decree No. 677/01), professional accounting standards (Technical Resolution No. 21) and best practice recommendations, the Bank reports on related parties transactions in notes to the financial statements. Such transactions are carried out under usual market conditions. See also note 8.

Under current Argentine legislation, directors are required to perform their duties with the loyalty and diligence of a prudent business man. Directors are jointly and severally liable before the Bank, the shareholders and third parties for a poor performance of duties and infringements to the law, bylaws and regulations, as the case may be, and are responsible for repairing the damages caused by fraud, abuse of authority or negligence.

- 40 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

The loyal duties of a director are considered to include: (i) the ban from using corporate assets and the confidential information to which he/she may have access for personal purposes; (ii) the ban from taking advantage or, due to errors or omissions, allowing a third party to take advantage of the Bank’s business opportunities, (iii) the obligation of acting as director only for the purposes established in the law, the Bank’s bylaws or the intention of the shareholders or the Board of Directors; and (iv) the obligation of taking extreme care so that the acts conducted by the Board of Directors have no direct or indirect effects against the Bank’s interest.

A director should notify the Board of Directors and the Audit Committee about any conflict of interest there may be in a transaction proposal and should refrain from voting on the matter.

· Public information

The information related to corporate governance at the Bank is included within the transparency policy contained in such precepts and, hence, is available to interested members of the public on the website www.macro.com.ar (Información institucional” - Institutional information -and “Inversores” – Investors) and, additionally, some guidelines are disclosed in other notes and exhibits to these financial statements. Moreover, the Bank’s public information is disclosed on the websites of the Central Bank (www.bcra.gob.ar) and the CNV (www.cnv.gob.ar).

20. 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 effective 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 matter under discussion that as yet has not been resolved and on which the regulatory agency bases its position is the impossibility of deducting credits that have collateral security, an issue that has been addressed by the Federal Administrative Tax Court and the Argentine Supreme Court in similar cases, which have issued resolutions that are favorable to the Bank’s position.

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.

21. CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT, AND THE SITUATIONS OF THE FINANCIAL AND CAPITAL 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, certain variables affecting the Bank’s costs have been subject to significant changes. In the last few months, the prices of financial assets have also shown high volatility, as well as an increase in the price of money. From a regulatory point of view, foreign exchange regulations have increased and a new Capital Markets Law has been enforced, which shall become effective as soon as its administrative order is issued.

- 41 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

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.

Additionally, as of December 31, 2012, and 2011, the Bank recorded the additional payables related to such regulation under the “Provisions” account in the amount of 10,719 and 9,453 at the stand-alone level, respectively, and a total of 17,112 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.

22. 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. Consequently, the upcoming Shareholders’ Meeting shall be required to apply 298,724 out of “unappropriated retained earnings” to increase such legal reserve.

b) As established in the issuance conditions for the 1^st series of Class 1 Corporate Bonds mentioned in note 10(a)1, the upcoming Shareholders’ Meeting shall apply 71,916 out of “Unappropriated retained earnings” to set a special reserve for interest to be paid in June and December 2013.

c) 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).

d) As established by CNV General Resolution No. 593, the Shareholders’ Meeting considering financial statements with retained earnings should specifically decide as to how they will be used.

- 42 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish – See note 24)

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

e) 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, from unappropriated retained earnings and the voluntary reserve for future distribution of earnings, the amounts of the legal and statutory reserves which are mandatory, the positive net difference between the book value and market value or present value reported by the Central Bank, as the case may be, of government debt securities and/or instruments issued by the Central Bank not valued at market price, amounts capitalized due to legal proceedings related to deposits, among other items.

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

23. FINANCIAL STATEMENTS PUBLICATION

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

24. 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

- 43 -

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	12/31/2012				12/31/2011		12/31/2012
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				566,583		226,959		598,275				598,275
Federal government bonds in pesos at Badlar Private + 3.00% - Maturity: 2015				119,993		3,333		111,657				111,657
Secured bonds under Presidential Decree No. 1,579/02 at 2.00%				69,678		186,378		128,645				128,645
Discount bonds denominated in pesos at 5.83% - Maturity: 2033				62,879		163,855		3,337				3,337
Federal government bonds in pesos at Badlar Private + 3.50% - Maturity: 2013				47,130		46,062		47,130				47,130
Consolidation bonds in pesos - 6° serie - Maturity: 2024 at 2.00%				38,653		10,762		25				25
Debt Securities at 12% in US dollars Córdoba Province - Maturity: 2017				18,000		16,275		18,000				18,000
Federal government bonds in pesos at variable rate - Maturity: 2015				10,470		633		2,973				2,973
Federal government bonds in pesos at variable rate - Maturity: 2013				10,260
GDP - Related Securities - Maturity: 2035				3,042		46,936		3,042				3,042
Other				9,383		35,175		6,808		14,713		21,521
Subtotal holdings booked at market value				956,071		736,368		919,892		14,713		934,605
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 transactiones with Central Bank of Argentina						1,992,625
Holdings booked at amortized cost
- Local
Secured Province of Neuquén Treasury Bills Class 1 in US dollars – Maturity: 05-23-2014		152,271		146,341				146,341				146,341
Province of Buenos Aires Treasury Bills in pesos - Maturity: 01-31-2013		51,897		51,819				51,819				51,819
Province of Buenos Aires Treasury Bills in pesos - Maturity: 06-06-2013		51,669		51,525				51,525				51,525
Province of Entre Ríos government debt securities Series II in pesos Class A – Maturity: 03-26-2013		25,777		25,757				25,757				25,757
Debt securities Series II Fixed rate for 360-day term secured in US dollars – Maturity 11-14-2013		25,906		25,010				25,010				25,010
Province of Chubut Treasury Bills Series III in pesos – Maturity: 05-24-2013		20,413		20,396				20,396				20,396
Province of Chaco Treasury Bills in dolars - Maturity: 03-14-2013		19,526		19,526				19,526				19,526
Province of Entre Ríos government debt securities Series II in pesos Class A – Maturity: 02-26-2013		5,062		5,053				5,053				5,053
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				345,427		103,616		345,427				345,427

Jorge H. Brito

Chairperson

- 44 -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	12/31/2012				12/31/2011		12/31/2012
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: 09-25-2013				48,942
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-30-2013		43,529		43,529
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-06-2013				38,972
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				131,443		825,514
Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-27-2013				11,038				11,038			11,038
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-06-2013				8,988				8,988			8,988
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				20,026		499		20,026			20,026
Central Bank of Argentina notes at market value - Own portfolio
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) - Maturity: 05-15-2013				26,320				26,320			26,320
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				26,320		39,455		26,320			26,320
Subtotal Instruments issued by the Central Bank of Argentina				177,789		865,468		46,346			46,346

Jorge H. Brito

Chairperson

- 45 -

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	12/31/2012			12/31/2011		12/31/2012
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)			177,789		865,468		46,346				46,346
Central Bank of Argentina Notes - Under Repo Transactions
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 01-23-2013			139,698
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) – Maturity: 05-15-2013			33,120		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			172,818		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			350,607		1,255,027		46,346				46,346
Total Government securities			1,652,105		4,087,636		1,311,665		14,713		1,326,378
Total government and private Securities			1,652,105		4,087,636		1,311,665		14,713		1,326,378

(1) Position without options as of December 31, 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

- 46 -

EXHIBIT B

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	12/31/2012		12/31/2011
COMMERCIAL
In normal situation		13,254,939		11,374,254
With Senior “A” guarantees and counter-guarantees		598,104		477,898
With Senior “B” guarantees and counter-guarantees		1,987,574		1,671,039
Without Senior guarantees or counter-guarantees		10,669,261		9,225,317
Subject to special monitoring		142,630		13,335
In observation
With Senior “B” guarantees and counter-guarantees		25,625		1,016
Without Senior guarantees or counter-guarantees		117,005		12,319
Troubled		19,854		49,857
With Senior “B” guarantees and counter-guarantees		11,516		9,693
Without Senior guarantees or counter-guarantees		8,338		40,164
With high risk of insolvency		71,126		27,341
With Senior “B” guarantees and counter-guarantees		22,723		17,186
Without Senior guarantees or counter-guarantees		48,403		10,155
Irrecoverable		91,931		14,336
With Senior “B” guarantees and counter-guarantees		1,642		2,207
Without Senior guarantees or counter-guarantees		90,289		12,129
Subtotal Commercial		13,580,480		11,479,123

Jorge H. Brito

Chairperson

- 47 -

EXHIBIT B

(Continued)

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	12/31/2012		12/31/2011
CONSUMER
Performing		16,203,898		12,195,418
With Senior “A” guarantees and counter-guarantees		46,170		28,979
With Senior “B” guarantees and counter-guarantees		1,226,121		851,667
Without Senior guarantees or counter-guarantees		14,931,607		11,314,772
Low risk		265,584		156,685
With Senior “A” guarantees and counter-guarantees		157		267
With Senior “B” guarantees and counter-guarantees		12,499		7,547
Without Senior guarantees or counter-guarantees		252,928		148,871
Medium risk		169,675		100,451
With Senior “A” guarantees and counter-guarantees		9		28
With Senior “B” guarantees and counter-guarantees		4,520		2,770
Without Senior guarantees or counter-guarantees		165,146		97,653
High risk		108,676		122,064
With Senior “A” guarantees and counter-guarantees		69
With Senior “B” guarantees and counter-guarantees		4,407		4,084
Without Senior guarantees or counter-guarantees		104,200		117,980
Irrecoverable		88,172		53,878
With Senior “A” guarantees and counter-guarantees				12
With Senior “B” guarantees and counter-guarantees		7,063		8,294
Without Senior guarantees or counter-guarantees		81,109		45,572
Irrecoverable according to Central Bank's rules		134		384
With Senior “B” guarantees and counter-guarantees				38
Without Senior guarantees or counter-guarantees		134		346
Subtotal Consumer		16,836,139		12,628,880
Total		30,416,619		24,108,003

Jorge H. Brito

Chairperson

- 48 -

EXHIBIT C

FINANCING-FACILITIES CONCENTRATION

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	12/31/2012				12/31/2011
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		2,684,306		8.83		2,377,863		9.86
50 next largest customers		3,817,902		12.55		3,010,737		12.49
100 next largest customers		2,177,917		7.16		1,830,873		7.59
Other customers		21,736,494		71.46		16,888,530		70.06
Total		30,416,619		100.00		24,108,003		100.00

Jorge H. Brito

Chairperson

- 49 -

EXHIBIT D

BREAKDOWN BY FINANCING TERMS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish - See note 24)

(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		18		25,538		15,513		4,000		11,946		127,185		420,603		604,803
Financial sector				107,746		9,575		5,353		55,701		50,250		4,085		232,710
Non-financial private sector and foreign residents		267,946		9,618,442		3,621,239		3,940,797		2,489,588		3,658,819		5,982,275		29,579,106
Total		267,964		9,751,726		3,646,327		3,950,150		2,557,235		3,836,254		6,406,963		30,416,619

Jorge H. Brito

Chairperson

- 50 -

EXHIBIT E

DETAIL OF INVESTMENTS IN OTHER COMPANIES

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

												Information on the issuer
	12/31/2012									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		456,898		333,985	Financial institution		12-31-12		43,960		508,048		136,673
Banco Privado de Inversiones S.A.	Common		1		1		85,925,820		96,779		86,465	Financial institution		12-31-12		86,659		97,605		10,402
Macro Securities S.A. Sociedad de Bolsa	Common		1		1		12,776,680		39,367		31,444	Brokerage house		12-31-12		12,886		39,239		12,305
Macro Fiducia S.A (former Sud Inversiones & Análisis S.A.)	Common		1		1		6,475,143		12,555		12,194	Services		12-31-12		6,567		12,523		1,398
Macro Fondos S.G.F.C.I.S.A.	Common		1		1		327,183		4,321		2,817	Mutual funds management		12-31-12		1,713		21,791		12,052
Foreign
Macro Bank Limited	Common		1		1		9,816,899		219,002		192,993	Financial institution		12-31-12		9,817		219,002		26,009
Subtotal subsidiaries									828,922		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		1,033,503		2,086		625	Business services		05-31-12		15,000		231,208		169,876
C.O.E.L.S.A.	Common		1		1		81,707		124		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		12-31-11		650		371		153
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		388		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		288		250	Financial institution		12-31-11		1,204,810		3,267,342		357,940
Banco Latinoamericano de Exportaciones S.A.											13	Financial institution
Subtotal non-subsidiaries									6,339		4,799
Total in financial institutions, supplementary and authorized activities									835,261		664,697
In other companies
- Non-subsidiaries
In Argentina
Other									1,424		1,551
Foreign
SWIFT S.A.	Common		1		1		5		24		21	Services		12-31-11		758,955		1,625,098		61,448
Total in other companies									1,448		1,572
Total (1)									836,709		666,269

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

Jorge H. Brito

Chairperson

- 51 -

EXHIBIT F

MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	Net book value at									Depreciation for the year				Net book
Item	Beginning of fiscal year		Increases		Transfers			Decreases		Years of useful life		Amount		value at end of fiscal year
Bank premises and equipment
Buildings		309,732		31,034		22,705			3,735		50		13,183		346,553
Furniture and facilities		61,599		29,092		(2	)		510		10		10,323		79,856
Machinery and equipment		111,880		63,936		2			1		5		45,064		130,753
Vehicles		36,465		5,217		7,548			1,854		5		10,980		36,396
Total		519,676		129,279		30,253			6,100				79,550		593,558
Other assets
Works in progress		22,548		60,314		(22,723	)		6,746						53,393
Works of art		1,221		32					76						1,177
Prepayments for the purchase of assets		2,639		18,265		(7,548	)		100						13,256
Foreclosed assets		9,111		190		18			4,004		50		120		5,195
Leased buildings		2,374							1,779		50		23		572
Stationery and office supplies		8,862		30,645					30,242						9,265
Other assets		181,498		14,957					14,909		50		1,031		180,515
Total		228,253		124,403		(30,253	)		57,856				1,174		263,373

Jorge H. Brito

Chairperson

- 52 -

EXHIBIT G

DETAIL OF INTANGIBLE ASSETS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	Net book value at						Amortization for the year					Net book
Item	Beginning of fiscal year		Increases		Decreases		Years of useful life		Amount			value at end of fiscal year
Goodwill (a)		86,893						10		14,052			72,841
Organization and development costs (b)		222,479		111,317		2,364		5		125,344	(c)		206,088
Total		309,372		111,317		2,364				139,396			278,929

(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

- 53 -

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	12/31/2012				12/31/2011
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		5,962,115		18.35		5,226,074		19.77
50 next largest customers		3,563,116		10.97		2,686,237		10.16
100 next largest customers		1,804,974		5.55		1,466,461		5.55
Other customers		21,163,766		65.13		17,054,399		64.52
Total		32,493,971		100.00		26,433,171		100.00

Jorge H. Brito

Chairperson

- 54 -

EXHIBIT I

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND

SUBORDINATED CORPORATE BONDS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish - See note 24)

(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		26,125,507		4,999,427		1,112,840		244,956		8,677		2,564		32,493,971
Other liabilities from financial intermediation
Central Bank of Argentina		3,482						430		5,414		12,319		21,645
Banks and International Institutions		37,416		83,621		154,782		985						276,804
Non-subordinated corporate bonds				18,529								523,176		541,705
Financing received from Argentine financial institutions		40,635		942		1,413		2,827		8,637		30,681		85,135
Other		1,723,192		760		612		1,597		2,152		84,945		1,813,258
		1,804,725		103,852		156,807		5,839		16,203		651,121		2,738,547
Subordinated corporate bonds						2,597						737,595		740,192
Total		27,930,232		5,103,279		1,272,244		250,795		24,880		1,391,280		35,972,710

Jorge H. Brito

Chairperson

- 55 -

EXHIBIT J

CHANGES IN ALLOWANCES AND PROVISIONS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	Balances at beginning of		Increases		Decreases				Balances at end of fiscal
Breakdown	fiscal year		(1)		Charge off		Reversals		year
ALLOWANCES
Loans
For uncollectibility risk and impairment in value		557,586		648,659		358,905		18,502		828,838
Other receivables from financial intermediation
For uncollectibility risk and impairment in value		232,314		2,476		5,024		1,743		228,023
Receivables from financial leases
For uncollectibility risk		5,583		1,116		28		86		6,585
Investments in other companies
For impairment in value		1,142						831		311
Other receivables
For uncollectibility risk		12,339		1,086		3,952		729		8,744
Total allowances		808,964		653,337		367,909		21,891		1,072,501
PROVISIONS
Contingent commitments		24						19		5
For other contingencies		78,687		28,750		19,859		13		87,565
Difference from court deposits dollarization		9,453		1,341		75				10,719
Total Provisions		88,164		30,091		19,934		32		98,289

(1) See notes 3.5.f). and 3.5.o).

Jorge H. Brito

Chairperson

- 56 -

EXHIBIT K

CAPITAL STRUCTURE

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish - See note 24)

(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

- 57 -

EXHIBIT L

FOREIGN CURRENCY BALANCES

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

	12/31/2012																																12/31/2011
	Total Parent
	company and		Total per currency
	Argentine				Pound		Swiss		Danish		Canadian		Australian		Neozalen				Swedish		Norwegian		Uruguayan		Chileno
Items	Branches		US dollar		sterling		franc		krone		dollar		dollar		dollar		Yen		krone		krone		peso		peso		Guarani		Real		Euro		Total
ASSETS
Cash		2,897,285		2,880,832		1,477		614		75		563		188		157		144		29		272		797		500		48		493		11,096		1,290,849
Government and private securities		213,179		213,179																														2,032,582
Loans		2,430,839		2,429,190																												1,649		2,937,363
Other receivables from financial intermediation		170,176		170,176																														2,369,873
Receivables from financial leases		38,029		38,029																														51,589
Investments in other companies		219,702		219,702																														193,616
Other receivables		119,688		119,688																														47,247
Items pending allocation		1,025		1,025																														581
Total		6,089,923		6,071,821		1,477		614		75		563		188		157		144		29		272		797		500		48		493		12,745		8,923,700
LIABILITIES
Deposits		2,273,803		2,273,803																														3,595,283
Other liabilities from financial intermediation		1,048,945		1,039,838		304		163				55										18										8,567		2,932,203
Other liabilities		2,315		2,315																														2,560
Subordinated corporate bonds		740,192		740,192																														647,753
Items pending allocation		43		43																														7
Total		4,065,298		4,056,191		304		163				55										18										8,567		7,177,806
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS
(except contra debit-balance accounts)
Contingent		1,292,471		1,292,461																												10		1,213,262
Control		959,384		948,460																												10,924		766,579
Derivatives																																		43,550
CREDIT-BALANCE ACCOUNTS
(except contra credit-balance accounts)
Contingent		177,724		172,187																												5,537		363,044
Control																																		234

Jorge H. Brito

Chairperson

- 58 -

EXHIBIT N

CREDIT ASSISTANCE TO RELATED PARTIES

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

Item	12/31/2012 (1)		12/31/2011 (1)
Loans
Overdrafts		33,561		8,343
With Senior “A” guarantees and counter-guarantees				2
Without Senior guarantees or counter-guarantees		33,561		8,341
Documents				34,245
Without Senior guarantees or counter-guarantees				34,245
Mortgage and pledge		6,283		4,322
With Senior “B” guarantees and counter-guarantees		6,283		4,057
Without Senior guarantees or counter-guarantees				265
Personal		307		204
Without Senior guarantees or counter-guarantees		307		204
Credit cards		14,960		13,939
Without Senior guarantees or counter-guarantees		14,960		13,939
Other		33,933		183,107
Without Senior guarantees or counter-guarantees		33,933		183,107
Total loans		89,044		244,160
Other receivables from financial intermediation		451		5,918
Receivables from financial leases		8,602		8,565
Contingent Commitments		4,522		3,904
Investments in other companies		829,397		660,561
Total		932,016		923,108
Allowances / Provisions		1,133		1,743

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

Jorge H. Brito

Chairperson

- 59 -

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish - See note 24)

(Figures stated in thousands of pesos)

Originally

agreed

Residual

Weighted daily

Type of

Purpose of the transactions

Underlying

Type of

Negotiation environment

weighted monthly

weighted monthly

average term of settlement of

contract

performed

asset

settlement

or counter-party

average term

average term

differences

Amount

Intermediation

Argentine

Over The Counter - Residents

Options

- own account

government securities

Other

in Argentina - Non-financial sector

126

4

14,713

Intermediation

With delivery of

Over The Counter - Residents

Options

- own account

Other

underlying asset

in Argentina - Non-financial sector

7

6

56,045

Intermediation

Argentine

With delivery of

MAE (over-the-counter

Repo transactions

- own account

government securities

underlying asset

electronic market)

1

1

576,816

Intermediation

Foreign

Daily settlement of

MAE (over-the-counter

Futures

- own account

currency

differences

electronic market)

4

2

1

202,805

Intermediation

Foreign

Daily settlement of

Rosario Futures

Futures

- own account

currency

differences

Exchange (ROFEX)

4

3

1

25,725

Intermediation

Foreign

Maturity settlement

Over The Counter - Residents

Forward

- own account

Currency

of differences

in Argentina - Non-financial sector

3

3

30

2,053

Intermediation

MAE (over-the-counter

Swaps

- own account

Other

Other

electronic market)

55

15

30

85,000

Jorge H. Brito

Chairperson

- 60 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish -

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2012			12/31/2011
ASSETS
A.   CASH
Cash on hand		2,794,916			2,338,283
Due from banks and correspondents
Central Bank of Argentina		6,543,996			3,308,007
Local Other		13,628			15,782
Foreign		694,200			510,105
Other		308			269
		10,047,048			6,172,446
B.   GOVERNMENT AND PRIVATE SECURITIES (Exhibit I)
Holdings booked at market value		1,357,022			963,618
Government securities under repo transactions with Central Bank of Argentina					1,992,625
Holdings booked at amortized cost		353,174			112,887
Instruments issued by the Central Bank of Argentina		612,889			1,303,871
Investments in listed private securities		19,993			23,861
		2,343,078			4,396,862
C.   LOANS
To the non-financial government sector		586,557			336,189
To the financial sector
Interfinancing - (granted call)		166,546			150,000
Other financing to Argentine financial institutions		130,612			187,909
Accrued interest, adjustments, foreign exchange and quoted price differences receivables		2,092			5,373
To the non-financial private sector and foreign residents
Overdrafts		4,280,640			2,712,718
Documents		3,651,390			3,178,058
Mortgage loans		1,508,463			1,142,944
Pledge loans		928,693			667,102
Personal loans		10,826,601			9,023,260
Credit cards		4,725,177			3,068,819
Other		4,808,641			4,158,915
Accrued interest, adjustments, foreign exchange and quoted price differences receivables		570,281			360,245
less: Unearned discount		(95,940	)		(74,050	)
less: Allowances (Note 4.)		(887,156	)		(599,224	)
		31,202,597			24,318,258

Jorge H. Brito

Chairperson

- 61 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish -

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2012			12/31/2011
D.   OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina		517,360			2,371,466
Amounts receivable from spot and forward sales pending settlement		697,854			1,279,799
Securities and foreign currency receivable from spot and forward purchases pending settlement		216,144			50,754
Unlisted corporate bonds		141,560			313,656
Receivables from forward transactions without delivery of underlying asset		12			880
Other receivables not covered by debtors classification standards		863,436			648,434
Other receivables covered by debtors classification standards		176,483			68,610
Accrued interest receivables covered by debtors classification standards		515			1,641
less: Allowances (Note 4.)		(233,123	)		(238,712	)
		2,380,241			4,496,528
E.   RECEIVABLES FROM FINANCIAL LEASES
Receivables from financial leases		323,077			326,783
Accrued interest and adjustments		5,069			5,644
less: Allowances (Note 4.)		(6,599	)		(5,620	)
		321,547			326,807
F.   INVESTMENTS IN OTHER COMPANIES
In financial institutions		676			602
Other		12,267			10,853
less: Allowances (Note 4.)		(1,379	)		(2,129	)
		11,564			9,326
G.   OTHER RECEIVABLES
Receivables from sale of assets		6,195			6,240
Other		857,896			598,182
Accrued interest and adjustments receivable on from sale of assets		332			231
Other accrued interest and adjustments receivables		35			447
less: Allowances (Note 4.)		(9,282	)		(12,908	)
		855,176			592,192
H.   BANK PREMISES AND EQUIPMENT, NET		654,002			575,410
I.    OTHER ASSETS		268,445			229,699
J.    INTANGIBLE ASSETS
Goodwill		72,841			86,893
Organization and development costs		215,690			232,625
		288,531			319,518
K.   ITEMS PENDING ALLOCATION		6,766			5,080
TOTAL ASSETS		48,378,995			41,442,126

Jorge H. Brito

Chairperson

- 62 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish -

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2012		12/31/2011
LIABILITIES
L.   DEPOSITS
From the non-financial government sector		8,318,383		5,836,211
From the financial sector		24,222		17,731
From the non-financial private sector and foreign residents
Checking accounts		6,716,911		4,911,863
Savings accounts		6,467,168		6,175,482
Time deposits		13,596,225		11,433,220
Investment accounts		149,325		44,512
Other		737,870		618,491
Accrued interest, adjustments, foreign exchange and quoted price differences payables		178,568		129,568
		36,188,672		29,167,078
M.  OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina
Other		21,725		9,155
Banks and International Institutions		273,968		154,942
Non-subordinated Corporate Bonds		523,176		654,905
Amounts payable for spot and forward purchases pending settlement		202,313		66,100
Securities and foreign currency to be delivered under spot and forward sales pending settlement		739,730		3,291,065
Financing received from Argentine financial institutions
Interfinancing (received call)		40,000		1
Other financing received from Argentine financial institutions		13,724		15,501
Accrued interest payables		52
Receivables from forward transactions without delivery of underlying asset				30
Other		1,917,546		1,492,007
Accrued interest, adjustments, foreign exchange and quoted price differences payables		52,724		48,793
		3,784,958		5,732,499
N.   OTHER LIABILITIES
Fees		7,470		7,713
Other		1,268,162		1,010,150
		1,275,632		1,017,863
O.   PROVISIONS (Note 4.)		131,683		112,816
P.   SUBORDINATED CORPORATE BONDS		740,192		647,753
Q.   ITEMS PENDING ALLOCATION		7,408		6,981
MINORITY INTERESTS IN SUBSIDIARIES		51,355		37,584
TOTAL LIABILITIES		42,179,900		36,722,574
SHAREHOLDERS' EQUITY		6,199,095		4,719,552
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		48,378,995		41,442,126

Jorge H. Brito

Chairperson

- 63 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish -

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2012		12/31/2011
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS		37,863,919		21,077,364
Contingent		9,176,324		8,113,891
Credit lines obtained (unused portion)				11,700
Guarantees received		8,776,152		7,584,503
Other not covered by debtors classification standards		165		195
Contingent debit-balance contra accounts		400,007		517,493
Control		27,487,838		8,491,385
Receivables classified as irrecoverable		995,622		905,084
Other		25,994,575		7,340,091
Control debit-balance contra accounts		497,641		246,210
Derivatives		386,341		3,654,793
Notional value of put options taken		56,045		40,091
Notional value of forward transactions without delivery of underlying asset		127,918		1,757,843
Interest rate swap		85,000		158,550
Derivatives debit-balance contra accounts		117,378		1,698,309
Trust activity		813,416		817,295
Trust funds		813,416		817,295
CREDIT-BALANCE ACCOUNTS		37,863,919		21,077,364
Contingent		9,176,324		8,113,891
Credit lines granted (unused portion) covered by debtors classification standards		19,669		40,246
Other guarantees provided covered by debtors classification standards		129,140		67,807
Other guarantees provided not covered by debtors classification standards		153,762		137,329
Other covered by debtors classification standards		97,436		272,111
Contingent credit-balance contra accounts		8,776,317		7,596,398
Control		27,487,838		8,491,385
Checks to be credited		497,641		246,210
Control credit-balance contra accounts		26,990,197		8,245,175
Derivatives		386,341		3,654,793
Notional value of put options sold		14,713		36,657
Notional value of forward transactions without delivery of underlying asset		102,665		1,661,652
Derivatives credit-balance contra account		268,963		1,956,484
Trust activity		813,416		817,295
Trust activity credit-balance contra accounts		813,416		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.

Jorge H. Brito

Chairperson

- 64 -

CONSOLIDATED STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish -

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2012		12/31/2011
A.   FINANCIAL INCOME
Interest on cash and due from banks		185		179
Interest on loans to the financial sector		46,084		29,137
Interest on overdrafts		721,000		456,904
Interest on documents		414,815		234,928
Interest on mortgage loans		198,809		158,449
Interest on pledge loans		126,822		91,550
Interest on credit card loans		740,670		371,352
Interest on financial leases		60,037		56,712
Interest on other loans		3,537,074		2,398,336
Net income from government and private securities		361,538		493,920
Net income from options				1,077
Interest on other receivables from financial intermediation		1,040		684
Income from guaranteed loans - Presidential Decree No. 1,387/01		17,017		4,918
CER (Benchmark Stabilization Coefficient) adjustment		22,947		4,428
CVS (Salary Variation Coefficient) adjustment		512		362
Difference in quoted prices of gold and foreign currency		386,989		283,189
Other		268,831		112,523
		6,904,370		4,698,648
B.   FINANCIAL EXPENSE
Interest on checking accounts		317		203
Interest on savings accounts		33,972		25,184
Interest on time deposits		2,167,614		1,225,052
Interest on interfinancing received loans (received call)		4,283		4,903
Interest on other financing from financial institutions		12		8
Interest on other liabilities from financial intermediation		62,529		64,752
Interest on subordinated bonds		66,897		60,592
Other interest		3,033		2,679
CER adjustment		4,405		4,107
Contribution to Deposit Guarantee Fund		55,937		44,248
Other		428,591		286,993
		2,827,590		1,718,721
GROSS INTERMEDIATION MARGIN - GAIN		4,076,780		2,979,927
C.   PROVISION FOR LOAN LOSSES		600,424		273,224
D.   SERVICE-CHARGE INCOME
Related to lending transactions		141,048		124,059
Related to deposits		1,571,838		1,169,977
Other commissions		42,078		39,884
Other		889,767		635,253
		2,644,731		1,969,173

Jorge H. Brito

Chairperson

- 65 -

CONSOLIDATED STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish -

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2012			12/31/2011
E.   SERVICE-CHARGE EXPENSE
Commissions		153,191			114,597
Other		532,216			313,424
		685,407			428,021
F.   ADMINISTRATIVE EXPENSES
Personnel expenses		1,844,336			1,485,554
Directors' and statutory auditors' fees		75,005			59,773
Other professional fees		109,906			90,425
Advertising and publicity		92,526			75,925
Taxes		169,291			131,816
Depreciation of equipment		85,037			72,972
Amortization of organization costs		72,721			59,213
Other operating expenses		429,752			323,990
Other		236,796			188,842
		3,115,370			2,488,510
NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		2,320,310			1,759,345
G.   OTHER INCOME
Income from long-term investments		13,299			8,358
Penalty interest		39,592			31,743
Recovered loans and allowances reversed		78,901			77,780
CER adjustments		76			78
Others		64,794			72,601
		196,662			190,560
H.   OTHER EXPENSE
Penalty interest and charges payable to the Central Bank of Argentina		22			50
Charges for other receivables uncollectibility and other allowances		43,046			44,345
Amortization of differences related to court orders		59,828			18,870
Depreciation and loss of other assets		2,065			2,152
Goodwill amortization		14,052			14,052
Other		37,076			26,370
		156,089			105,839
MINORITY INTEREST IN SUBSIDIARIES		(13,790	)		(10,111	)
NET INCOME BEFORE INCOME TAX - GAIN		2,347,093			1,833,955
I.     INCOME TAX		853,475			657,858
NET INCOME FOR THE FISCAL YEAR - GAIN		1,493,618			1,176,097

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

Jorge H. Brito

Chairperson

- 66 -

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish -

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2012			12/31/2011
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 fiscal year		10,526,353			6,172,446
Net increase in cash		4,353,907			181,966
CAUSES OF CHANGES IN CASH
Operating activities
Net collections / (payments) for:
Government and private securities		(48,420	)		3,131,541
Loans
To the financial sector		291,597			(358,161	)
To the non-financial government sector		(211,154	)		7,590
To the non-financial private sector and foreign residents		(1,547,040	)		(4,747,693	)
Other receivables from financial intermediation		2,546,616			(353,689	)
Receivables from financial leases		63,862			(22,403	)
Deposits
From the financial sector		6,490			1,965
From the non-financial government sector		2,186,276			484,690
From the non-financial private sector and foreign residents		2,837,330			3,750,341
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		(165,661	)		164,735
Others (except liabilities included under financing activities)		513,117			(31,866	)
Collections related to service-charge income		2,626,865			1,952,285
Payments related to service-charge expenses		(668,688	)		(417,852	)
Administrative expenses paid		(2,947,585	)		(2,314,629	)
Payment of organization and development costs		(106,956	)		(99,004	)
Net collections from penalty interest		39,312			31,701
Differences from payments related to court orders		(8,644	)		(15,377	)
Collections of dividends from other companies		300			9,293
Other collections related to other income and losses		59,346			66,996
Net payments from other operating activities		(404,327	)		(68,403	)
Payment of income tax / minimum presumed income tax		(851,953	)		(257,945	)
Net cash flows generated in operating activities		4,210,683			914,115

Jorge H. Brito

Chairperson

- 67 -

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish -

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2012			12/31/2011
Investing activities
Net payments for bank premises and equipment		(136,649	)		(101,036	)
Net payments for other assets		(67,766	)		(134,391	)
Other collections for investing activities		(2,050	)		(498	)
Net cash flows used in investing activities		(206,465	)		(235,925	)
Financing activities
Net collections / (payments) for:
Non-subordinated corporate bonds		(248,003	)		(58,059	)
Central Bank of Argentina:
Other		11,381			7,240
Banks and International Institutions		111,656			107,788
Subordinated corporate bonds		(68,650	)		(61,315	)
Financing received from Argentine financial institutions		(2,246	)		(1,785	)
Payment of dividends		(19	)		(505,339	)
Other payments for financing activities
Own shares reacquired					(92,919	)
Net cash flows used in financing activities		(195,881	)		(604,389	)
Financial income and holding gains on cash and cash equivalents		545,570			108,165
Net increase in cash		4,353,907			181,966

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

Jorge H. Brito

Chairperson

- 68 -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish -

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2012		12/31/2011
COMMERCIAL
In normal situation		13,636,481		11,459,913
With Senior “A” guarantees and counter-guarantees		599,868		486,443
With Senior “B” guarantees and counter-guarantees		2,017,671		1,675,828
Without Senior guarantees or counter-guarantees		11,018,942		9,297,642
Subject to special monitoring		142,630		14,523
In observation
With Senior “B” guarantees and counter-guarantees		25,625		1,988
Without Senior guarantees or counter-guarantees		117,005		12,535
Troubled		19,854		49,857
With Senior “B” guarantees and counter-guarantees		11,516		9,693
Without Senior guarantees or counter-guarantees		8,338		40,164
With high risk of insolvency		71,126		27,350
With Senior “B” guarantees and counter-guarantees		22,723		17,186
Without Senior guarantees or counter-guarantees		48,403		10,164
Irrecoverable		91,931		14,336
With Senior “B” guarantees and counter-guarantees		1,642		2,207
Without Senior guarantees or counter-guarantees		90,289		12,129
Subtotal Commercial		13,962,022		11,565,979

Jorge H. Brito

Chairperson

- 69 -

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish -

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2012		12/31/2011
CONSUMER
Performing		18,342,839		13,991,475
With Senior “A” guarantees and counter-guarantees		50,594		31,956
With Senior “B” guarantees and counter-guarantees		1,283,516		882,926
Without Senior guarantees or counter-guarantees		17,008,729		13,076,593
Low risk		281,551		166,451
With Senior “A” guarantees and counter-guarantees		157		267
With Senior “B” guarantees and counter-guarantees		12,760		7,566
Without Senior guarantees or counter-guarantees		268,634		158,618
Medium risk		185,635		106,973
With Senior “A” guarantees and counter-guarantees		9		28
With Senior “B” guarantees and counter-guarantees		5,401		2,770
Without Senior guarantees or counter-guarantees		180,225		104,175
High risk		122,980		134,539
With Senior “A” guarantees and counter-guarantees		69
With Senior “B” guarantees and counter-guarantees		4,888		4,128
Without Senior guarantees or counter-guarantees		118,023		130,411
Irrecoverable		94,066		54,644
With Senior “A” guarantees and counter-guarantees				12
With Senior “B” guarantees and counter-guarantees		8,086		8,328
Without Senior guarantees or counter-guarantees		85,980		46,304
Irrecoverable according to Central Bank's rules		136		390
With Senior “B” guarantees and counter-guarantees				38
Without Senior guarantees or counter-guarantees		136		352
Subtotal Consumer		19,027,207		14,454,472
Total		32,989,229		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.

Jorge H. Brito

Chairperson

- 70 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish –

See note 24 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 its balance sheets as of December 31, 2012, and 2011, and the statements of income and cash flows for the year then ended, 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 December 31, 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: 283).

(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:

a) Assets and liabilities were converted at the reference exchange rate at the closing of transactions on the last business day of the years ended December 31, 2012, and 2011.

- 71 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish –

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

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 years ended December 31, 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 fiscal year (difference between retained earnings at beginning of fiscal year and retained earnings at year-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 December 31, 2012, considering the translation process mentioned above are as follows:

	Macro Bank Limited
	In thousands of USD		In thousands of Ps.
Assets		240,013		1,180,218
Liabilities		195,476		961,216
Shareholders’ equity		44,537		219,002

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 December 31, 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		43,998,658		3,845,333		104,192		1,180,218		104,477		853,883			48,378,995
Liabilities		37,799,563		3,337,285		6,587		961,216		52,042		(23,207	)		42,179,900
Shareholders’ equity		6,199,095		508,048		97,605		219,002		52,435		877,090			6,199,095
Income		1,493,618		136,673		10,402		26,009		14,634		187,718			1,493,618

(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.

- 72 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish –

See note 24 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:

	12/31/2012		12/31/2011
Cash		10,047,048		6,172,446
Government and private securities
Holdings booked at market value		388,462
Instruments issued by the Central Bank		90,843
Cash and cash equivalents		10,526,353		6,172,446

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 December 31, 2012 and 2011, subsidiary Banco del Tucumán S.A. estimated income tax in the amount of 85,200 and 61,296, respectively; hence, no minimum presumed income tax should be assessed. In addition, as of December 31, 2012, the Bank capitalized income tax prepayments for 44,859 for 2012 tax year, which were recorded in the “Other receivables” account.

As of December 31, 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 210 and 192, respectively. The estimated accumulated NOL totaled 19,581 as of December 31, 2012. Additionally, as of December 31, 2012 the subsidiary booked a minimum presumed income tax credit of 3,251, which was fully accrued, prepayments for an amount of 120 related to tax year 2012 and a 160 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:

Item	12/31/2012		12/31/2011
3.1.   Banco del Tucumán S.A.:
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.		55,730		49,158
Subtotal other receivables from financial intermediation		55,730		49,158

- 73 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish –

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

Item	12/31/2012		12/31/2011
3.1.  Banco del Tucumán S.A.: (Cont.)
Other receivables
• Deposits mainly provided in guarantee for credit card transactions and related to court deposits.		7,268		5,560
Subtotal other receivables		7,268		5,560
Total		62,998		54,718
3.2.  Banco Privado de Inversiones S.A.:
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:
Investments in other companies
• Other.		1,453		1,453
Total		1,453		1,453

- 74 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish –

See note 24 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 December 31, 2012:

					Decreases
Breakdown	Balances at beginning of year		Increases		Charge off		Reversals		Balances at end of period
Allowances
For loans		599,224		688,966		376,539		24,495		887,156
For other receivables from financial intermediation		238,712		7,044		5,104		7,529		233,123
For receivables from financial leases		5,620		1,147		70		98		6,599
For interests in other companies		2,129		84				834		1,379
For other receivables		12,908		1,512		4,409		729		9,282
Total		858,593		698,753		386,122		33,685		1,137,539
Provisions
For contingent commitments		24						19		5
For other contingencies		98,038		39,468		22,550		390		114,566
For differences from court deposits dollarization		14,754		2,433		75				17,112
Total		112,816		41,901		22,625		409		131,683

5. DERIVATIVE FINANCIAL INSTRUMENTS

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 December 31, 2012, and 2011:

Type of contract / underlying asset	12/31/2012		12/31/2011
Futures / foreign currency		228,530		3,390,773
Repo transactions		882,661		3,285,652
Forward contracts / foreign currency		2,053		28,722
Options / BODEN coupons		14,713		36,657
Swaps / Other		85,000		158,550
Options / Other		56,045		40,091

- 75 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish –

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

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

Transaction	12/31/2012			12/31/2011
Net position of repurchase agreements		(507,199	)		(3,231,730	)
Net asset position of forward transactions without delivery of the underlying asset		25,253			96,191
Interest rate swap		85,000			158,550
Position of put options sold on BODEN 2012 and 2013 coupons		14,713			36,657
Position of put options taken		56,045			40,091

6. PORTFOLIO MANAGEMENT

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

	Managed portfolio as of
Item	12/31/2012		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.		16,163		16,759
• On October 30, 2012, the Bank, Banco de Valores S.A. and Banco del Tucumán S.A. entered into a management and custody agreement regarding the “Fideicomiso Financiero Tucumán Personal I” financial trust loan portfolio.		86,332		10,625
• Other managed portfolios.		12,717		10,625
Total		115,212		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 December 31, 2012, and 2011:

7.1. Financial trusts for investment purposes

Financial trust	12/31/2012		12/31/2011
Certificates of participation:
TST & AF (a)		52,845		48,262	(1)
Other		24,989		10,215
Total certificates of participation		77,834		58,477

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

- 76 -

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

NOTES TO THE FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish –

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

(a) TST & AF trust

As of December 31, 2012, and 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 created using financial assets transferred by the Bank’s subsidiaries.

In addition to what has been mentioned in note 15.2. to the stand-alone financial statements, which includes the trusts created with financial assets transferred by Banco Macro S.A., subsidiaries Banco del Tucumán S.A. and Banco Privado de Inversiones S.A. transferred financial assets (loans) to trusts for the purpose of issuing and selling securities, the collection of which is guaranteed by the cash flow resulting from such assets or group of assets. This way, the funds originally used to finance loans are recovered earlier, increasing the entities lending capacity.

As of December 31, 2012, and 2011, considering the latest available accounting information as of the date of the financial statements, the trusts’ assets managed by the trustors of these types of trusts amount to 86,576 and 1,036, respectively.

7.3. 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 December 31, 2012, and 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 727,596 and 613,743, respectively.

Jorge H. Brito

Chairperson

- 77 -

EXHIBIT I

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish -

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2012				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				566,873		227,251
Federal government bonds in pesos at Badlar Private + 3.00 % - Maturity: 2015				124,044		6,171
Secured bonds under Presidential Decree No. 1,579/02 at 2%				71,649		186,456
Discount bonds denominated in pesos - Maturity 2033 at 5.83%				62,879		163,855
Federal government bonds in pesos at Badlar Private + 3.50 % - Maturity: 2013				47,130		46,062
Consolidation bonds in pesos - 6° serie at 2%				38,789		10,762
Debt Securities at 12% in US dollars Córdoba Province - Maturity: 2017				18,000		16,275
Federal government bonds in US dollars at 7% - Maturity: 2015				10,484		633
Federal government bonds in US dollars at 7% - Maturity: 2013				10,260
Consolidation bonds of social security payables in pesos – Fourth Series				5,328		8,740
Others				13,124		82,266
Subtotal holdings booked at market value - Local				968,560		748,471
- Foreign
Treasury Bill - Maturity 01-10-13				314,705
Treasury Bill - Maturity 01-24-13				49,172
Treasury Bill - Maturity 03-14-13				24,585
Treasury Bill - Maturity 04-19-12						215,147
Subtotal holdings booked at market value - Foreign				388,462		215,147
Subtotal holdings booked at market value				1,357,022		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
Secured Province of Neuquén Treasury Bills Class 1 in US dollars – Maturity: 05-23-2014		152,271		146,341
Province of Buenos Aires Treasury Bills in pesos - Maturity: 01-31-2013		51,897		51,819
Province of Buenos Aires Treasury Bills in pesos - Maturity: 06-06-2013		51,669		51,525
Province of Entre Ríos government debt securities Series II in pesos Class A – Maturity: 03-26-2013		25,777		25,757
Debt securities Series II Fixed rate for 360-day term secured in US dollars – Maturity 11-14-2013		25,906		25,010
Province of Chubut Treasury Bills Serie III in pesos - Maturity: 05-24-2013		20,396		20,396
Province of Chaco Treasury Bills in dolars - Maturity: 03-14-2013		19,526		19,526
Province of Entre Ríos government debt securities Series II in pesos Class A – Maturity: 02-26-2013		5,062		5,053
Province of Tucumán bonds - Second series in dollars at 9.45% - Maturity: 2015		4,972		4,972		6,425
Province of Tucumán bonds - First series in pesos - Maturity: 2018		3,090		2,775		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				353,174		112,887

Jorge H. Brito

Chairperson

- 78 -

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish -

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2012				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: 04-10-2013				182,745
Central Bank of Argentina Internal Bills in pesos – Maturity: 09-25-2013				48,942
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-30-2013		43,529		43,529
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-06-2013				38,972
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				314,188		846,819
Central Bank of Argentina Internal Bills at market value – Own Portfolio
Central Bank of Argentina Internal Bills in pesos – Maturity: 03-27-2013				8,720
Subtotal Central Bank of Argentina Internal Bills at market value – Own Portfolio				8,720
Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio
Central Bank of Argentina Internal Bills in pesos - Maturity 02-06-2013				49,384
Central Bank of Argentina Internal Bills in pesos - Maturity 02-27-2013				20,847
Central Bank of Argentina Internal Bills in pesos - Maturity 02-20-2013				15,746
Central Bank of Argentina Internal Bills in pesos - Maturity 03-20-2013				4,866
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				90,843		499
Central Bank of Argentina notes at market value - Own portfolio
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 05-15-2013				26,320
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 03-14-2012						15,898
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 03-28-2012						15,278
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 02-29-2012						5,165
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 02-15-2012						3,114
Subtotal Central Bank of Argentina notes at market value - Own portfolio				26,320		39,455
Subtotal instruments issued by the Central Bank of Argentina				440,071		886,773

Jorge H. Brito

Chairperson

- 79 -

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF DECEMBER 31, 2012 AND 2011

(Translation of financial statements originally issued in Spanish -

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	12/31/2012				12/31/2011
Name	Market value or Present Value		Book balance		Book balance
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)				440,071		886,773
Central Bank of Argentina Notes - Under Repo Transactions
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2,5% - Maturity 01-23-13		139,698		139,698
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2,5% - Maturity 05-15-13		33,120		33,120		52,625
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2,5% - Maturity 05-22-13						42,144
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2,5% - Maturity 10-03-13						36,216
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2,5% - Maturity 05-23-12						21,000
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2,5% - Maturity 07-18-12						19,376
Subtotal Central Bank of Argentina Notes - Under repo Transactions				172,818		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) + 2,5% - Maturity 03-21-12						239,911
Central Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2,5% - Maturity 04-04-12						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				612,889		1,303,871
Total Government securities				2,323,085		4,373,001
INVESTMENTS IN LISTED PRIVATE SECURITIES
Petroleo Brasileiro S.A. - Petrobras		11,194		11,194		12,502
Grupo Financiero Galícia S.A.		8,414		8,414		5,347
IRSA Inversiones y Representaciones S.A.		384		384		372
Tenaris S.A.		1		1
Pampa Energía S.A.						5,640
Total investment in listed private securities				19,993		23,861
Total government and private securities				2,343,078		4,396,862

Jorge H. Brito

Chairperson

- 80 -

EARNINGS DISTRIBUTION PROPOSAL

FOR THE FISCAL YEAR

ENDED DECEMBER 31, 2012

(Translation of financial statements originally issued in Spanish -

See note 24 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

UNAPPROPRIATED RETAINED EARNINGS (1)	3,999,693
To legal reserve (20% of 1,493,618)	(298,724	)
SUBTOTAL 1	3,700,969
To the reserve under Central Bank rules - Special for subordinated corporate bonds (2)	(71,916	)
SUBTOTAL 2	3,629,053
DISTRIBUTABLE AMOUNT (3)	-

(1)	Includes voluntary reserve for future distribution of earings.
(2)	See Note 22.b).
(3)	Relates to the lower amount between SUBTOTAL 2 and that arising from calculating the excess of computable capital over required minimum capital as of December 31, 2012, also considering the restrictions further described in note 22. as established by Central Bank rules regarding "Distribution of earnings".

Jorge H. Brito

Chairperson

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: March 1, 2013

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