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<SEC-DOCUMENT>0000950123-07-011062.txt : 20070808
<SEC-HEADER>0000950123-07-011062.hdr.sgml : 20070808
<ACCEPTANCE-DATETIME>20070808155312
ACCESSION NUMBER:		0000950123-07-011062
CONFORMED SUBMISSION TYPE:	F-4
PUBLIC DOCUMENT COUNT:		17
FILED AS OF DATE:		20070808
DATE AS OF CHANGE:		20070808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Macro Bank Inc.
		CENTRAL INDEX KEY:			0001347426
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-145240
		FILM NUMBER:		071035622

	BUSINESS ADDRESS:	
		STREET 1:		SARMIENTO 447
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			1041
		BUSINESS PHONE:		54-11-5222-6500

	MAIL ADDRESS:	
		STREET 1:		SARMIENTO 447
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			1041

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Macro Bansud Bank Inc.
		DATE OF NAME CHANGE:	20051220
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-4
<SEQUENCE>1
<FILENAME>y37853fv4.htm
<DESCRIPTION>FORM F-4
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM F-4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As filed with the Securities and Exchange Commission on August&nbsp;8, 2007</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 0pt"><B>Registration No.&nbsp;333-</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM F-4</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>BANCO MACRO S.A.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>MACRO BANK INCORPORATED</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Translation of Registrant&#146;s name into English)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Republic of Argentina</B><BR>
(State or other jurisdiction of <BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>6029</B><BR>
(Primary Standard Industrial<BR>
Classification Code Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B><BR>
(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Sarmiento 447<BR>
Buenos Aires C104AAI<BR>
Republic of Argentina<BR>
(&#043; 54-11-5222-6500)</B><BR>
(Address, including zip code, and telephone number, including area code, of Registrant&#146;s principal executive offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CT Corporation System<BR>
111 Eighth Ave.<BR>
New York, New York 10011<BR>
(1-800-223-7564)</B><BR>
(Name, address, including zip code, and telephone number, including area code, of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B><I>With copies to:</I></B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt">Antonia E. Stolper, Esq.<BR>
Shearman &#038; Sterling LLP<BR>
599 Lexington Avenue<BR>
New York, New York 10022</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;<B>Approximate date of commencement of proposed sale of the securities to the public: </B>As
soon as practicable after this Registration Statement becomes effective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;If this Form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same
offering. <FONT face="Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities
Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. <FONT face="Wingdings">&#111;</FONT>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>aggregate</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of each class of</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>aggregate</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registration</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>securities to be registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>per unit (1)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering (1)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee (2)</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD valign="top" style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">8.50% Notes Due 2017
</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" valign="bottom" style="border-top: 2px solid #000000">150,000,000</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" valign="bottom" style="border-top: 2px solid #000000">100</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">%</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" valign="bottom" style="border-top: 2px solid #000000">150,000,000</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" valign="bottom" style="border-top: 2px solid #000000">4,605</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The bonds are being offered (i)&nbsp;in exchange for 8.50% Notes Due 2017 previously
sold in transactions exempt from registration under the Securities Act of 1933 and (ii)
upon certain resales of the notes by broker-dealers.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The registration fee was computed based on total face value of the 8.50% Notes
Due 2017 solely for the purpose of calculating the registration fee pursuant to Rule&nbsp;457
of the Securities Act of 1933.</TD>
</TR>

</TABLE>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Registrant hereby amends this Registration Statement on such date or dates as may be
necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act, or until this Registration Statement shall
become effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may
determine.</B>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"></TD>
    <TD>&nbsp;</TD>
    <TD>The information in this prospectus is not complete and may be changed. We may not sell
these securities until the registration statement filed with the Securities and Exchange Commission
is effective. This prospectus is not an offer to sell these securities and it is not soliciting an
offer to buy these securities in any state or jurisdiction where the offer or sale is not
permitted.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SUBJECT TO COMPLETION, DATED AUGUST 8, 2007</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PROSPECTUS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="y37853y3785300.gif" alt="(MACRO LOGO)">

</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><B>Offer to Exchange<BR>
US$150,000,000<BR>
8.50% Notes Due 2017<BR>
that have been registered under the Securities Act of 1933<BR>
for<BR>
any and all outstanding 8.50% Notes Due 2017<BR>
that have not been registered under the Securities Act of 1933</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 12pt"><B>The Registered Notes</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The terms of the 8.50% Notes Due 2017 that have been registered
under the Securities Act of 1933 (the &#147;Registered Notes&#148;) are identical to those of the
outstanding 8.50% Notes Due 2017 that have not been registered under the Securities Act of
1933 (the &#147;Notes&#148;), except that the Registered Notes have been registered under the
Securities Act, and will not contain terms with respect to transfer restrictions. In
addition, following completion of this exchange offer, none of the Notes will be entitled
to the benefits of the registration rights agreement relating to contingent increases in
the interest rates applicable to the Notes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will pay interest on the Registered Notes on February 1 and
August 1 of each year. The Registered Notes will mature on February&nbsp;1, 2017.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registered Notes will not be redeemable prior to maturity
except as provided herein. The Registered Notes will constitute our direct, unconditional,
unsecured and unsubordinated obligations and will rank at all times <I>pari passu </I>in right of
payment with all our other existing and future unsecured and unsubordinated indebtedness
(other than obligations preferred by statute or operation of law).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 12pt"><B>The Exchange Offer</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The exchange offer will expire at 5:00 p.m., New York City time, on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2007 unless extended.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will exchange all Notes that are validly tendered and not validly withdrawn.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may withdraw tenders of Notes at any time before 5:00 p.m.,
New York City time, on the date of the expiration of the exchange offer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will pay the expenses of the exchange offer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will not receive any proceeds from the exchange offer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No dealer-manager is being used in connection with the exchange offer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The exchange of Notes for Registered Notes will not be a
taxable exchange for U.S. federal income tax purposes.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>See
&#147;Risk Factors&#148; beginning on page 11 for a discussion of factors that you should consider in
connection with this exchange offer and an exchange of Notes for Registered Notes. We are not
asking you for a proxy, and you are requested not to send us a proxy.</B>
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither the SEC nor any state securities commission has approved or disapproved of these
securities or determined that this prospectus is accurate or complete or passed upon the adequacy
or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">The date of this prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2007
</DIV>


</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">Special Note About Forward-Looking Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" nowrap>iii&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">Summary</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">Risk Factors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">Exchange rates</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105">Exchange Controls</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">Reasons For The Offer And Use Of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107">Ratio of Earnings to Fixed Charges</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108">The Exchange Offer</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109">Description of Registered Notes</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">Clearing and Settlement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#111">Taxation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#112">Certain ERISA Considerations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#113">Plan of Distribution</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#114">Legal Matters</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#115">Experts</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#116">Enforcement of Civil Liabilities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#117">Where You Can Find More Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#118">Incorporation Of Certain Documents By Reference</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Definitions</I>. In this prospectus, we use the terms &#147;we,&#148; &#147;us,&#148; &#147;our,&#148; and the &#147;bank&#148; to refer to
Banco Macro S.A. and its subsidiaries on a consolidated basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The term &#147;Argentina&#148; refers to the Republic of Argentina. The terms &#147;Argentine government&#148; or the
&#147;government&#148; refers to the federal government of Argentina and the term &#147;Central Bank&#148; refers to
the <I>Banco Central de la Rep&#250;blica Argentina</I>, or the Argentine Central Bank. The terms &#147;U.S. dollar&#148;
and &#147;U.S. dollars&#148; and the symbol &#147;US$&#148; refer to the legal currency of the United States. The terms
&#147;peso&#148; and &#147;pesos&#148; and the symbol &#147;Ps.&#148; refer to the legal currency of Argentina. &#147;U.S. GAAP&#148;
refers to generally accepted accounting principles in the United States, &#147;Argentine GAAP&#148; refers to
generally accepted accounting principles in Argentina and &#147;Central Bank Rules&#148; refers to the
accounting rules of the Central Bank. The term &#147;GDP&#148; refers to gross domestic product and all
references in this prospectus to GDP growth are to real GDP growth.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>You should rely only on the information contained in this prospectus. We have not authorized
anyone to provide you with information that is different from the information contained in this
prospectus. We are offering the Registered Notes only in jurisdictions where offers are permitted.
This prospectus does not constitute an offer or solicitation to exchange any notes by any person in
any jurisdiction in which it is unlawful for such person to make such an offer.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a registration statement that we filed with the Securities and
Exchange Commission and has been prepared by us solely for use in connection with the exchange
offer. We make no representation to you regarding the legality of the exchange offer. This
prospectus will be delivered with the Company&#146;s annual report filed on July&nbsp;13, 2007 on Form 20-F.
This prospectus incorporates important business and financial information about us that is not
included in or delivered with the prospectus and the annual report. You should only rely on the
information contained in or incorporated by reference in this prospectus. You should consult with
your own advisors as to legal, tax, business, financial and related aspects of the exchange offer.
You must comply with all laws applicable in any place in which you participate in the exchange
offer or buy, offer or sell the Registered Notes or possess or distribute this prospectus and
annual report, you must obtain all applicable consents and approvals, and we shall have no
responsibility for any of the foregoing legal requirements. The registration statement containing
this prospectus, including the exhibits to the registration statement, and other information
incorporated into this prospectus is available without charge to the holders of the Notes upon
written or oral request to Banco Macro S.A., 401 Sarmiento, 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor, Buenos
Aires&#151;C1004AAI, Argentina, Attention: Mr.&nbsp;Jorge Scarinci; Head of Investor Relations and Finance
Manager, or by telephoning us at (&#043;54-11-5222-6731).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each broker-dealer that receives Registered Notes for its own account under the exchange offer
must acknowledge that it will deliver a prospectus and annual report in connection with any resale
of those Registered Notes. This prospectus, as it may be amended or supplemented from time to time,
may be used by a broker-dealer for resales of Registered Notes received in exchange for Notes that
had been acquired as a result of market-making or other trading activities. We have agreed that,
for a period of 90&nbsp;days after the expiration date of the exchange offer, we will make this
prospectus, as it may be amended or supplemented, and annual report available to any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">broker-dealer
for use in connection with any such resale. Any broker-dealers required to use this prospectus and
any amendments or supplements to this prospectus and annual report for resales of the Registered
Notes must notify us of this fact by requesting additional copies of these documents.
Notwithstanding the foregoing, we are entitled under the registration rights agreements to suspend
the use of this prospectus by broker-dealers under specified circumstances. See &#147;Plan of
Distribution&#148;.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Market position. </I>We make statements in this prospectus about our competitive position and market
share in, and the market size of, the Argentine banking industry. We have made these statements on
the basis of statistics and other information from third-party sources that we believe are
reliable. Although we have no reason to believe any of this information or these reports are
inaccurate in any material respect, neither we or the Arranger have independently verified the
competitive position, market share and market size or market growth data provided by third parties
or by industry or general publications.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Rounding. </I>Certain figures included in this prospectus have been subject to rounding adjustments.
Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the
figures that precede them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Accounting practices. </I>We maintain our financial books and records in Argentine pesos and prepare
and publish our consolidated financial statements in Argentina in conformity with the Central Bank
Rules, which differ in certain significant respects from U.S. GAAP and, to a certain extent, from
Argentine GAAP. Our consolidated financial statements contain a description of the principal
differences between Central Bank Rules and Argentine GAAP. Under Central Bank Rules, our financial
statements were adjusted to account for the effects of wholesale-price inflation in Argentina for
the periods through February&nbsp;28, 2003. For the periods subsequent to February&nbsp;28, 2003, the
inflation adjustments were no longer applied to our financial statements under Central Bank Rules,
as inflation returned to normalized levels during 2003. In addition, in December&nbsp;2004, in May&nbsp;2006
and in August&nbsp;2006, we acquired Nuevo Banco Suqu&#237;a S.A., Banco del Tucum&#225;n S.A. (&#147;Banco del
Tucum&#225;n&#148;) and Nuevo Banco Bisel S.A. (&#147;Nuevo Banco Bisel&#148;), respectively, which significantly
enhanced the size and scope of our business. As a result of our acquisition of Nuevo Banco Suqu&#237;a
S.A. (&#147;Nuevo Banco Suqu&#237;a&#148;), our results of operations for the year ended December&nbsp;31, 2004 differ
significantly from our results of operations for the year ended December&nbsp;31, 2005 and as a result
of our acquisitions of Banco del Tucum&#225;n and Nuevo Banco Bisel, our results of operations for the
year ended December&nbsp;2005 differ significantly from our results of operations for the year ended
December&nbsp;31, 2006. Given the instability and regulatory and economic changes that Argentina has
experienced since the beginning of the economic crisis in 2001 as well as our acquisitions, the
financial information set forth in our annual report on Form 20-F and incorporated herein by
reference may not be fully indicative of our anticipated results of operations or business
prospects after the dates indicated. These factors also affect comparability among periods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our audited consolidated financial statements for the three years ended December&nbsp;31, 2006 included
in our annual report on Form 20-F are incorporated herein by reference have been reconciled to U.S.
GAAP. See note 33 to our audited consolidated financial statements as of and for the three years
ended December&nbsp;31, 2006 for a reconciliation of our financial statements to U.S. GAAP.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus includes forward-looking statements, principally under the captions &#147;Summary&#148; and
&#147;Risk factors.&#148; We have based these forward-looking statements largely on our current beliefs,
expectations and projections about future events and financial trends affecting our business. Many
important factors, in addition to those discussed elsewhere in this prospectus, could cause our
actual results to differ substantially from those anticipated in our forward-looking statements,
including, among other things:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#216;</FONT> changes in general economic, business, political, legal, social or other conditions in Argentina;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#216;</FONT> inflation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#216;</FONT> changes in interest rates and the cost of deposits;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#216;</FONT> government regulation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#216;</FONT> adverse legal or regulatory disputes or proceedings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#216;</FONT> credit and other risks of lending, such as increases in defaults by borrowers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#216;</FONT> fluctuations and declines in the value of Argentine public debt;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#216;</FONT> competition in banking, financial services and related industries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#216;</FONT> deterioration in regional and national business and economic conditions in Argentina;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#216;</FONT> fluctuations in the exchange rate of the peso; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#216;</FONT>
the risk factors discussed under &#147;Risk factors&#148; beginning on page 11.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The words &#147;believe,&#148; &#147;may,&#148; &#147;will,&#148; &#147;aim,&#148; &#147;estimate,&#148; &#147;continue,&#148; &#147;anticipate,&#148; &#147;intend,&#148;
&#147;expect,&#148; &#147;forecast&#148; and similar words are intended to identify forward-looking statements.
Forward-looking statements include information concerning our possible or assumed future results of
operations, business strategies, financing plans, competitive position, industry environment,
potential growth opportunities, the effects of future regulation and the effects of competition.
Forward-looking statements speak only as of the date they were made, and we undertake no obligation
to update publicly or to revise any forward-looking statements after we distribute this prospectus
because of new information, future events or other factors. In light of the risks and uncertainties
described above, the forward-looking events and circumstances discussed in this prospectus might
not occur and are not guarantees of future performance.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->iii<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left">
<A name="102"></A>
</DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>SUMMARY</B></U>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Banco Macro S.A.</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our legal and commercial name is Banco Macro S.A. We are a financial institution incorporated
on November&nbsp;21, 1966 as a <I>sociedad an&#243;nima</I>, a stock corporation, duly incorporated under the laws
of Argentina for a 99-year period and registered on March&nbsp;8, 1967 with the Public Registry of
Commerce of the City of Buenos Aires, Argentina under Nr. 1154 of Book 2, Volume 75 of <I>sociedades
an&#243;nimas</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are one of the leading banks in Argentina. With the most extensive private-sector branch
network in the country, we provide standard banking products and services to a nationwide customer
base. We distinguish ourselves from our competitors by our strong financial position and by our
focus on low- and middle-income individuals and small and medium-sized businesses, generally
located outside of the Buenos Aires metropolitan area. We believe this strategy offers significant
opportunity for continued growth in our banking business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, given the relatively low level of banking intermediation in Argentina currently,
there are limited products and services being offered. We are focusing on the overall growth of our
loan portfolio by expanding our customer base and encouraging them to make use of our lending
products. We have a holistic approach to our banking business; we do not manage the bank by
segments or divisions or by customer categories, by products and services, by regions, or by any
other segmentation for the purpose of allocating resources and assessing profitability. We have
savings and checking accounts, credit and debit cards, consumer finance loans and other
credit-related products and transactional services available to our individual customers and small
and medium-sized businesses through our branch network. We also offer <I>Plan Sueldo </I>payroll services,
lending, corporate credit cards, mortgage finance, transaction processing and foreign exchange. In
addition, our <I>Plan Sueldo </I>payroll processing services for private companies and the public sector
give us a large and stable customer deposit base.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our principal executive offices are located at Sarmiento 447, Buenos Aires, Argentina. Our
telephone number is
(&#043; 54-11-5222-6500) . Our corporate website is located at <u><I>http://www.macro.com.ar</I></u> and is available
in Spanish and in English. <B>Information contained on our website or that can be accessed through our
website is not incorporated into this prospectus, and investors should not rely on any such
information in making the decision whether to purchase the offered securities. </B>Our authorized
representative in the United States is Mr.&nbsp;Donald J. Puglisi, Managing Director of Puglisi &#038;
Associates, located at 850 Library Avenue, Suite&nbsp;204, Newark, Delaware 19711. Our agent for service
of process in the United States is CT Corporation System, located at 111 Eighth Avenue, New York,
New York, 10011.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE EXCHANGE OFFER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;29, 2007, we issued US$150.0&nbsp;million principal amount of Notes pursuant to
exemptions from, or in transactions not subject to, the registration requirements of the Securities
Act and applicable state securities laws. This exchange offer relates to the exchange of up to
US$150.0&nbsp;million aggregate principal amount of Registered Notes for an equal aggregate principal
amount of Notes. The form and terms of the Registered Notes are the same as the form and terms of
the Notes, except that the Registered Notes, having been registered under the Securities Act, and
will not contain terms with respect to transfer restrictions. In addition, following completion of
this exchange offer, none of the notes will be entitled to the benefits of the registration rights
agreement relating to contingent increases in the interest rates applicable to the notes. See &#147;The
Exchange Offer&#151;Terms of the Exchange Offer&#148;.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Securities Offered</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We are offering up to
US$150,000,000 aggregate principal
amount of 8.50% Notes Due 2017, or
Registered Notes, which have been
registered under the Securities
Act.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>The Exchange Offer</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We are exchanging the new 8.50%
Notes Due 2017, for a like
principal amount of unregistered
old 8.50% Notes Due 2017, or
Notes. We are offering to exchange
the Registered Notes to satisfy
our obligations contained in the
registration rights agreement
entered into when the Notes were
sold in transactions permitted by
Rule&nbsp;144A and Regulation&nbsp;S under
the Securities Act and therefore
not registered with the SEC.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Resale of the Registered Notes</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We believe that you will be
allowed to resell the Registered
Notes to the public without
registration under the Securities
Act, and without delivering a
prospectus that satisfies the
requirements of Section&nbsp;10 of the
Securities Act, if you can make
certain representations. However,
if you intend to participate in a
distribution of the Registered
Notes; are a broker-dealer that
acquired the Notes from us in the
initial offering with an intent to
distribute those Notes and not as
a result of market-making
activities; or are an &#147;affiliate&#148;
of ours as that term is defined in
Rule&nbsp;405 of the Securities Act,
you will not be eligible to
participate in the exchange offer
and you must comply with the
registration and prospectus
delivery requirements of the
Securities Act in connection with
the resale of your Notes.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Tenders, Expiration Date, Withdrawal</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The exchange offer will expire at
5:00 p.m., New York City time, on
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2007 unless it is
extended. If you decide to tender
your Notes in the exchange offer,
you may withdraw them at any time
prior to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2007. If we
decide for any reason not to
accept any Notes for exchange,
your Notes will be returned to you
without expense to you promptly
after the exchange offer expires.
See &#147;The Exchange Offer&#151;Withdrawal
of Tenders of Notes.&#148;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Argentine Tax Considerations</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">After the registration of the
Registered Notes under the
Securities Act of 1933, holders of
the Notes may exchange the Notes
for Registered Notes in the
exchange offer. This exchange
will not constitute a taxable
event to Holders for Argentine
income tax purposes. See
&#147;Taxation&#151;Argentine Tax
Considerations&#148; for further
details.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>United States Federal Income Tax
Considerations</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Your exchange of Notes for
Registered Notes in the exchange
offer will not result in any
income, gain or loss to you for
U.S. federal income tax purposes.
See the section of this prospectus
entitled &#147;Taxation &#151; Material U.S.
Federal Income Tax Considerations&#148;
for further details.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Accrued Interest</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest accrued on the Notes
accepted for exchange will not be
payable under such Notes but will
instead be payable under the
Registered Notes for which such
Notes were exchanged.
Consequently, holders who exchange
their Notes for Registered Notes
will receive the same interest
payment on each interest payment
date following the issue of the
Registered Notes that they would
have received had they not
accepted the exchange offer.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Exchange Agent</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank USA, National Association</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Procedures for Tendering the Notes</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Offers to exchange may be
submitted only by direct
participants in The Depository
Trust Company, Inc. (&#147;DTC&#148;),
Euroclear Bank S.A./N.V.
(&#147;Euroclear&#148;) and Clearstream
Banking, <I>soci&#233;t&#233; anonyme</I>
(&#147;Clearstream, Luxembourg&#148;) (each,
a &#147;Direct Participant&#148;) in
compliance with applicable law.
If you wish to submit Notes
pursuant to the exchange offer,
you, the custodial entity or
direct participant (as the case
may be) through which you hold
your Notes, as the case may be,
must submit, at or prior to 5:00
P.M., New York City time, on the
Expiration Date, your offer to
exchange Notes, by properly
instructing the applicable
clearing system (DTC, Euroclear or
Clearstream, Luxembourg) in
accordance with the procedures and
deadlines established by such
clearing system.
If you do not hold your Notes
through an account with DTC,
Euroclear or Clearstream,
Luxembourg, you must arrange to
have your Notes transferred to a
DTC, Euroclear or Clearstream,
Luxembourg account. Once your
Notes have been transferred to a
DTC, Euroclear or Clearstream,
Luxembourg account, you may then
submit the &#147;blocking instructions&#148;
as described in &#147;The Exchange
Offer&#151;Procedures for Tendering the
Notes.&#148;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Special Procedures for Beneficial Owners</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If you beneficially own the Notes
and you hold those Notes through a
broker, dealer, commercial bank,
trust company, or other nominee
and you want to tender your Notes,
you should contact that nominee
promptly and instruct it to tender
your Notes on your behalf.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Failure to Tender the Notes</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If you fail to tender your Notes
in the exchange offer, you will
not have any further rights under
the registration rights agreement,
including any right to require us
to register your Notes or to pay
you additional interest. Also, the
market liquidity of the Notes may
decrease as a result of the
exchange offer which could
adversely affect their market
value. See &#147;Risk Factors&#151;If the
exchange offer is</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">completed, the
trading market for the Notes
exchanged may become illiquid,
which may adversely affect the
market value of the Notes.&#148;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





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<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE REGISTERED NOTES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The terms of the Registered Notes and the Notes are identical in all material respects, except
that the Registered Notes have been registered under the Securities Act, and the transfer
restrictions and registration rights relating to Notes do not apply to the Registered Notes.</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Issuer</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco Macro S.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Securities</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US$ 150,000,000 8.50% Notes Due 2017.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Series&nbsp;No</B>.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;2</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Specified Currency</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S. dollars</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Interest Rate</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The notes will accrue interest at a fixed annual rate
equal to 8.50% payable semi-annually in arrears as
described in &#147;Description of the Registered
Notes&#151;Interest Rate.&#148;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Maturity</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;1, 2017.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Interest Payment Date</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest on the notes will be payable semiannually on
February 1 and August 1 of each year.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Regular Record Dates</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;15 or July&nbsp;15 immediately preceding the
relevant Interest Payment Date</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Book-Entry and Form of the Notes</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Upon the issuance of a global note, DTC, Euroclear or
Clearstream, Luxembourg, as the case may be, will
credit, on its book-entry registration and transfer
system, the respective principal amounts of the notes
represented by such global note. Ownership of
beneficial interests in a global note will be limited
to participants or persons that may hold interests
through participants. Ownership of beneficial
interests in such global note will be shown on, and the
transfer of that ownership will be effected only
through, records maintained by DTC and its
participants, including Euroclear or Clearstream,
Luxembourg, as the case may be (with respect to
interests of participants), or by participants or
persons that hold through participants (with respect to
interests of persons other than participants). The
Registered Notes will not be issued in definitive form
except under certain limited circumstances described
herein. See &#147;Description of Registered Notes&#151;Global
Notes.&#148;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Redemption at the Option of the Bank</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We may redeem the notes at our option, in whole or in
part, at any time and from time to time, at a
redemption price equal to the greater of (1)&nbsp;100% of
the principal amount of the notes being redeemed and
(2)&nbsp;the sum of the present values of each remaining
scheduled payment of principal and interest on the
notes being redeemed (exclusive of interest accrued to
the redemption date) discounted to the redemption date
on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury
Rate plus 50 basis points (the &#147;Make-Whole</TD>
</TR>
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</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>


<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amount&#148;),
<I>plus</I>, in each case, accrued and unpaid interest and any
Additional Amounts to the redemption date; <I>provided</I>
that, if the notes are not redeemed in whole, at least
$50&nbsp;million aggregate principal amount of notes must
remain outstanding immediately after any such partial
redemption. See &#147;Description of Registered
Notes&#151;Redemption and Repurchase&#151;Optional Redemption.&#148;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Treasury Rate&#148; means, with respect to any redemption
date, the rate per annum equal to the semi-annual
equivalent yield to maturity or interpolated maturity
(on a day count basis) of the Comparable Treasury
Issue, assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such
redemption date.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Comparable Treasury Issue&#148; means the United States
Treasury security or securities selected by an
Independent Investment Banker as having an actual or
interpolated maturity comparable to the remaining term
of the notes being redeemed that would be utilized, at
the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate
debt securities of a comparable maturity to the
remaining term of such notes.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Independent Investment Banker&#148; means one of the
Reference Treasury Dealers appointed by us.<BR>
<BR>

&#147;Comparable Treasury Price&#148; means, with respect to any
redemption date (i)&nbsp;the average of the Reference
Treasury Dealer Quotations for such redemption date
after excluding the highest and lowest of such
Reference Treasury Dealer Quotations or (ii)&nbsp;if the
Trustee obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Reference Treasury Dealer&#148; means Credit Suisse
Securities (USA)&nbsp;LLC or its affiliates which are
primary United States government securities dealers and
two other primary United States government securities
dealers in New York City reasonably designated by us;
<I>provided </I>that if any of the foregoing shall cease to be
a primary United States government securities dealer in
New York City (a &#147;Primary Treasury Dealer&#148;), we will
substitute therefor another Primary Treasury Dealer.<BR>
<BR>

&#147;Reference Treasury Dealer Quotation&#148; means, with
respect to each Reference Treasury Dealer and any
redemption date, the average, as determined by the
Trustee, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the
Trustee by such Reference Treasury Dealer at 3:30 pm
New York City time on the third Business Day preceding
such redemption date.</TD>
</TR>
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</TABLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Redemption at the Option of the
Bank for Taxation Reasons</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We may redeem the notes, in whole but not in part, at
any time in the event of certain changes affecting
Argentine taxes at a price equal to 100% of the
principal amount plus accrued and unpaid interest and
any Additional Amounts. In order to exercise this
redemption option, we must provide the trustee an
officers&#146; certificate and an opinion of an independent
Argentine legal counsel of nationally recognized
standing in such tax matters, stating that the
conditions set forth in the indenture for such exercise
have been met. See &#147;Description of Registered
Notes&#151;Redemption and Repurchase&#151;Redemption for Taxation
Reasons&#148;.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Negative Pledge</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We will not, and will not permit any of our
Subsidiaries to, directly or indirectly, create, incur,
assume or suffer to exist any Lien (as defined below),
except a Permitted Lien (as defined below), upon our or
its present or future assets to secure any Indebtedness
unless, at the same time or prior thereto, our
obligations under the notes and the Indenture, as the
case may be, are secured equally and ratably therewith.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;<I>Lien</I>&#148; means any mortgage, charge, security interest,
pledge, hypothecation or similar encumbrance.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;<I>Permitted Lien</I>&#148; means: (a)&nbsp;any Lien existing on the
date hereof; (b)&nbsp;any landlord&#146;s, workmen&#146;s, carriers&#146;,
warehousemen&#146;s, mechanics&#146;, materialmen&#146;s, repairmen&#146;s
or other like Liens arising in the ordinary course of
business (excluding, for the avoidance of doubt, Liens
in connection with any Indebtedness) that are not
overdue for a period of more than 30&nbsp;days, that are
being contested in good faith by appropriate
proceedings and that do not materially adversely affect
the use of the property to which they relate; (c)&nbsp;any
Lien on any asset securing Indebtedness incurred or
assumed solely for the purpose of financing all or any
part of the cost of acquiring such asset, which Lien
attached to such asset concurrently with or within 90
days after the acquisition thereof; (d)&nbsp;any Lien
required to be created in connection with: (i)&nbsp;special
lines of credit or advances granted to us by or through
local or foreign governmental entities (including,
without limitation, the Central Bank, Banco de
Inversi&#243;n y Comercio Exterior S.A. (&#147;BICE&#148;), <I>Fondo
Fiduciario para la Reconstrucci&#243;n de Empresas </I>(&#147;FFR&#148;),
Seguro de Dep&#243;sitos S.A. (&#147;SEDESA&#148;) and banks and
export credit agencies) or international multilateral
lending organizations (including, without limitation,
the International Bank for Reconstruction and
Development and the Inter-American Development Bank),
directly or indirectly, in order to promote or develop
the Argentine economy (the &#147;<I>l&#237;neas especiales de
cr&#233;dito</I>&#148;); or (ii)&nbsp;rediscount loans (<I>redescuentos</I>) or
advances granted by the Central Bank and by other
Argentine government entities (including, without
limitation, BICE, FFR and SEDESA) in response to
circumstances of short-term, extraordinary</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">illiquidity
(the &#147;<I>redescuentos</I>&#148; or &#147;<I>adelantos</I>&#148;), each obtained in
accordance with the applicable rules and regulations of
the Central Bank or such other applicable rules and
regulations governing <I>l&#237;neas especiales de cr&#233;dito </I>or
<I>redescuentos or adelantos</I>; (e)&nbsp;any Lien on any property
existing thereon at the time of acquisition of such
property and not created in connection with such
acquisition; (f)&nbsp;any Lien securing an extension,
renewal or refunding of Indebtedness secured by an Lien
referred to in (a), (c), (d)&nbsp;or (e)&nbsp;above, <I>provided</I>
that such new Lien is limited to the property which was
subject to the prior Lien immediately before such
extension, renewal or refunding and <I>provided </I>that the
principal amount of Indebtedness secured by the prior
Lien immediately before such extension, renewal or
refunding is not increased; (g) (i)&nbsp;any inchoate Lien
for taxes, assessments or governmental charges or
levies not yet due (including any relevant extensions)
or (ii)&nbsp;any Lien in the form of a tax or other
statutory Lien or any other Lien arising by operation
of law, <I>provided further </I>that any such Lien will be
discharged within 30&nbsp;days after the date it is created
or arises (unless contested in good faith and for which
adequate reserves have been established, in which case
it will be discharged within 30&nbsp;days after final
adjudication); or (h)&nbsp;any other Lien on our assets or
those of any of our Subsidiaries, <I>provided </I>that on the
date of the creation or assumption of such Lien, the
Indebtedness secured by such Lien, together with all
our and our Subsidiaries&#146; indebtedness secured by any
Lien under this clause, will have an aggregate amount
outstanding of no greater than 10% of our total
consolidated assets as set forth in our most recent
consolidated financial statements.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Defeasance</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The defeasance provisions in Article&nbsp;XI of the
indenture will apply to the notes.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Additional Issuances</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We may from time to time, without the consent of the
existing holders of the notes, create and issue
additional notes having the same terms and conditions
as the notes in all respects, except for Issue Date,
Issue Price, the Interest Commencement Date and, if
applicable, the first Interest Payment Date. Such
additional notes will be consolidated with and will
form a single series with the notes. See &#147;Description
of Registered Notes&#151;General.&#148;</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Additional
Amounts</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All payments of principal, premium or interest by us in
respect of the notes will be made without deduction or
withholding for or on account of any present or future
taxes, penalties, fines, duties, assessments or other
governmental charges imposed or levied by or on behalf
of Argentina, or any political subdivision thereof or
any authority therein having power to tax, unless we
are compelled by law to deduct or withhold such
Argentine taxes. In the event that such withholdings or
deductions are required by law, we will, subject to
certain exceptions, pay such additional amounts to
ensure that the holders receive the same amount as the
holders would otherwise have received in respect of
payments on the notes in the absence of such
withholdings or deductions. See &#147;Description of
Registered Notes&#151;Additional Amounts.&#148;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Events of Default</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Indenture provides that certain events involving
our bankruptcy will constitute &#147;Events of Default&#148; with
respect to the notes. Upon the occurrence of any such
event involving our bankruptcy, the payment of the
principal and accrued interest on the notes will
automatically, without any declaration or other act on
the part of the Trustee or any holder of the notes,
become immediately due and payable.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Listing</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The notes are listed on the Luxembourg Stock Exchange.
The notes are listed on the Buenos Aires Stock Exchange.
The notes are eligible for trading on the MAE.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Denominations</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US$100,000 and multiples of US$1,000 in excess thereof.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Value for Purposes of Computing
Voting Rights</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Each U.S.$1 of face amount of the notes entitles the
holder to one vote for purposes of computing voting
rights</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Trustee, Co-Registrar, Principal
Paying Agent and Transfer Agent</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank USA, National Association.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Registrar, Paying Agent, Transfer
Agent, and Representative of the
Trustee in Argentina</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Argentina S.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Luxembourg Paying Agent and
Transfer Agent</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dexia Banque Internationale &#224; Luxembourg<I>, soci&#233;t&#233;
anonyme.</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Indenture and Form</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The notes were issued under an Indenture dated December
18, 2006, by and among us, the Trustee, Co-Registrar,
Principal Paying Agent and Transfer Agent and the
Registrar, Paying Agent, Transfer Agent and
Representative of the Trustee in Argentina establishing
the terms of the notes.</TD>
</TR>
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<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Governing Law</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Negotiable Obligations Law establishes the
requirements for the notes to qualify as
non-convertible <I>obligaciones negociables </I>thereunder,
and Argentine laws and regulations will govern our
capacity and corporate authorization to execute and
deliver the Indenture and to issue, execute and deliver
the notes. Argentine laws and regulations will also
govern the subordination provisions of the Indenture.
All other matters with respect to the Indenture and the
notes will be governed by, and construed in accordance
with, the laws of the State of New York.</TD>
</TR>
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<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><b>RISK
FACTORS </b>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>An investment in the offered securities involves risks. Before making an investment decision
to invest in the offered securities, you should carefully consider the specific risk factors
described in the documents incorporated by reference and the risk factors described below.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>RISKS RELATING TO THE NOTES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>The Registered Notes will be effectively subordinated to our secured creditors and our depositors.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registered Notes will rank at least <I>pari passu </I>in right of payment with all of our
existing and future unsecured and unsubordinated indebtedness, other than obligations preferred by
statute or by operation of law, including, without limitation, tax and labor-related claims and our
obligations to depositors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In particular, under the Financial Institutions Law, all of our existing and future depositors
will have a general priority right over holders of Registered Notes. The Financial Institutions Law
provides that in the event of judicial liquidation or insolvency, all depositors would have
priority over all of our other creditors (including holders of Registered Notes), except certain
labor creditors and secured creditors. Moreover, depositors would have priority over all other
creditors, with the exception of certain labor creditors, to funds held by the Argentine Central
Bank (<I>Banco Central de la Rep&#250;blica Argentina </I>or the &#147;Central Bank&#148;) as reserves, any other funds
at the time of any revocation of our banking license and proceeds from any mandatory transfer of
our assets by the Central Bank.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Exchange controls and restrictions on transfers abroad may impair your ability to receive payments
on the notes.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2001 and 2002, Argentina imposed exchange controls and transfer restrictions, substantially
limiting the ability of companies to retain foreign currency or make payments abroad. These
restrictions have been substantially eased, including those requiring the Central Bank&#146;s prior
authorization for the transfer of funds abroad in order to pay principal and interest on debt
obligations. However, Argentina may re-impose exchange controls and transfer restrictions in the
future, among other things, in response to capital flight or a significant depreciation of the
peso. In such event, your ability to receive payments on the notes may be impaired.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>We may redeem the Registered Notes prior to maturity.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registered Notes are redeemable at our option, in the event of certain changes in
Argentine taxes and the Registered Notes may also be redeemable at our option for any other reason.
We may choose to redeem the Registered Notes at times when prevailing interest rates may be
relatively low. Accordingly, an investor may not be able to reinvest the redemption proceeds in a
comparable security at an effective interest rate as high as that of the Registered Notes.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>As a financial institution, any bankruptcy proceeding against us would be subject to intervention
by the Central Bank, which may limit remedies otherwise available and extend the duration of
proceedings.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we are unable to pay our debts as they come due, the Central Bank would typically intervene
by appointing a reviewer, request us to file a reorganization plan, transfer certain of our assets
and liabilities and possibly revoke our banking license and file a liquidation petition before a
local court. Upon any such intervention, noteholders&#146; remedies may be restricted and the claims and
interests of our depositors and other creditors may be prioritized over those of noteholders. As a
result, the noteholders may realize substantially less on their claims than they would in a
bankruptcy proceeding in Argentina, the United States or any other country.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Holders of Registered Notes may find it difficult to enforce civil liabilities against us or our
directors, officers and controlling persons.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are organized under the laws of Argentina and our principal place of business (<I>domicilio
social</I>) is in the City of Buenos Aires, Argentina. Most of our directors, officers and controlling
persons reside outside the United States. In addition, all or a substantial portion of our assets
and their assets are located outside of the United States. As a result, it may be difficult for
holders of Registered Notes to effect service of process within the United States on such persons
or to enforce judgments against them, including any action based on civil liabilities under the
U.S. federal securities laws. Based on the opinion of our Argentine counsel, there is doubt as to
the enforceability against such persons in Argentina, whether in original actions or in actions to
enforce judgments of U.S. courts, of liabilities based solely on the U.S. federal securities laws.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>If the exchange offer is completed, the trading market for the Notes exchanged may become illiquid,
which may adversely affect the market value of the Notes.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes not exchanged pursuant to the exchange offer will remain outstanding. The exchange offer
will reduce the aggregate principal amount of Notes that otherwise might trade in the market, which
could adversely affect the liquidity and market value of any Notes not exchanged. See &#147;The Exchange
Offer&#151;Consequences of Failure to Exchange.&#148;
</DIV>

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<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXCHANGE RATES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;7, 2002, the Argentine congress enacted the Public Emergency Law, abandoning over
ten years of fixed peso-U.S. dollar parity at Ps.1.00 per US$1.00. After devaluing the peso and
setting the official exchange rate at Ps.1.40 per US$1.00, on February&nbsp;11, 2002, the government
allowed the peso to float. The shortage of U.S. dollars and their heightened demand caused the peso
to further devalue significantly in the first half of 2002. Since June&nbsp;30, 2002, the peso has
appreciated versus the U.S. dollar from an exchange rate of Ps.3.80 per US$1.00 to an exchange rate
of Ps. 3.0748 per US$1.00 at July&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the annual high, low, average and period-end exchange rates for
the periods indicated, expressed in pesos per U.S. dollar and not adjusted for inflation. There can
be no assurance that the peso will not depreciate again in the future, particularly while the
restructuring of a substantial portion of Argentina&#146;s foreign debt remains unresolved. The Federal
Reserve Bank of New York does not report a noon buying rate for pesos.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>Exchange Rates(1)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Average(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Period-end</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.8675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.9785</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3630</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.7485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.9493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.9330</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.8037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.9424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.9738</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.8592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.9230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0315</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1072</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0695</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0898</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">May&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0727</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0785</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0908</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">July&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0748</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007 through July&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0928</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0748</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><I>(1)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Until June&nbsp;2002, asked closing quotations as quoted by Banco de la Naci&#243;n Argentina. Since
July&nbsp;2002, the reference exchange rate as published by the Central Bank.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(2)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Based on daily averages.</I></TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXCHANGE CONTROLS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2001 and 2002 and until February&nbsp;7, 2003, the Central Bank, among other restrictive
measures, restricted the transfer of U.S. dollars abroad without its prior approval. In 2003 and
2004, the government substantially eased these restrictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, in June&nbsp;2005, the Argentine government imposed certain additional restrictions on
inflows and outflows of foreign currency to the Argentine foreign exchange market. New indebtedness
and debt refinancings with non-Argentine residents from the private sector entered in the local
foreign exchange market must have a term of at least 365 calendar days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, the regulation prohibits the prepayment of such indebtedness before the
expiration of such term, irrespective of the payment method and whether or not liquidation includes
a foreign exchange trade in the local market. The following transactions are exempted from this
restriction: (i)&nbsp;foreign trade financings; (ii)&nbsp;primary debt security issuances through public
offerings and listed on self-regulated markets; and (iii)&nbsp;the income of foreign financial
indebtedness, provided that (a)&nbsp;the proceeds from the exchange settlement, net of taxes and
expenses, are used for the purchase of foreign currency to cancel principal on foreign debt and/or
to invest in long term foreign assets; or (b)&nbsp;they are agreed to and settled in an average term of
not less than two years, including payments of the principal and interest contemplated in the
calculation, and to the extent they are applied to invest in non-financial assets, as defined by
the Central Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result, any inflow of funds to the local foreign exchange market arising from, but not
limited to: (i)&nbsp;foreign indebtedness, except in the above-mentioned instances; (ii)&nbsp;primary stock
issuances of companies residing in Argentina not made pursuant to public offerings and not listed
on self-regulated markets, to the extent they do not constitute direct investments; (iii)
non-residents&#146; portfolio investments to hold Argentine currency and assets and liabilities in the
financial and non-financial private sector, to the extent that they do not arise from the primary
subscription of debt securities issued pursuant to a public offering and listed on a self-regulated
market and/or the primary subscription of stock of companies residing in Argentina pursuant to a
public offering and listed on a self-regulated market; and (iv)&nbsp;non-residents&#146; portfolio
investments to purchase any right on securities issued by the public sector in the over-the-counter
market, must comply with the following requirements, among others:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fund inflows may only be transferred out of the local foreign exchange market
upon the lapse of a term of 365 calendar days as from the date on which the funds
entered the country; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the placement of a nominative, non-transferable and non-compensated deposit in an
amount equal to the 30% of the amount involved in the transaction for a term of 365
calendar days, pursuant to the terms and under the conditions established in the
applicable regulations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date hereof, original maturity of certain debt securities issued pursuant to a
primary public offering and listed on a self-regulated market shall be exempt from the minimum stay
period of 365 calendar days for purposes of purchasing foreign currency to repay such debt. These
restrictions do not apply to the proceeds received by us from the issuance and sale of notes under
this program.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REASONS FOR THE OFFER AND USE OF PROCEEDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any proceeds from the exchange offer described in this prospectus. This
offering is being undertaken to comply with our obligations to register and remove the legends from
the Notes we issued January&nbsp;29, 2007.
</DIV>
<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RATIO OF EARNINGS TO FIXED CHARGES</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>As of and for the year ended December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2002</B>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B>(2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B>(3)</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Under Argentine GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of earnings
to fixed charges
(excluding interest
on deposits)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.39x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.96x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.69x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.01x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.76x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of earnings
to fixed charges
(including interest
on deposits)(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.19x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.26x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.02x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.14x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.49x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Under U.S. GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of earnings
to fixed charges
(excluding interest
on deposits)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.19x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.45x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.71x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.29x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of earnings
to fixed charges
(including interest
on deposits)(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.36x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.05x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.10x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.62x</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><I>(1)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Calculated on the basis of amounts expressed in constant pesos as of February&nbsp;23, 2003.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(2)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Nuevo Banco Suqu&#237;a consolidated with Banco Macro from December&nbsp;22, 2004.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(3)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Banco del Tucum&#225;n and Nuevo Banco Bisel consolidated with Banco Macro from May&nbsp;5, 2006 and
August&nbsp;11, 2006, respectively.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(4)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>For the purpose of computing the ratio of earnings to fixed charges excluding interest on
deposits, earnings consist of income before income taxes plus fixed charges; fixed charges
excluding interest on deposits consist of gross interest expense minus interest on deposits.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(5)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>For the purpose of computing the ratio of earnings to fixed charges including interest on
deposits, earnings consist of income before income taxes plus fixed charges; fixed charges
including gross interest on deposits is equal to interest expense.</I></TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE EXCHANGE OFFER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Purpose and Effect of the Exchange Offer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We sold the Notes pursuant to a program agreement dated as of December&nbsp;11, 2006, among us and
Credit Suisse Securities (USA)&nbsp;LLC, Credit Suisse Securities (Europe) Limited, Raymond James &#038;
Associates Inc. and Raymond James Argentina Sociedad de Bolsa S.A., and pursuant to a terms
agreement dated as of January&nbsp;23, 2007, among us and Credit Suisse Securities (USA)&nbsp;LLC, Credit
Suisse Securities (Europe) Limited, Raymond James &#038; Associates Inc. and Raymond James Argentina
Sociedad de Bolsa S.A., to whom we refer in this prospectus as the initial purchasers. The initial
purchasers subsequently sold the Notes to &#147;qualified institutional buyers&#148;, as defined in Rule&nbsp;144A
under the Securities Act, in reliance on Rule&nbsp;144A, and to non-U.S. persons pursuant to offers and
sales that occurred outside the United States within the meaning of Regulation&nbsp;S.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a condition to the initial sale of the Notes, we and the initial purchasers entered into a
registration rights agreement dated as of January&nbsp;29, 2007. Under the registration rights
agreement, we agreed to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>file a registration statement under the Securities Act with the SEC with respect to the Registered Notes; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cause that registration statement to be declared effective within 315&nbsp;days after the closing date.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We agreed to exchange the Registered Notes for all Notes validly tendered and not validly
withdrawn before the expiration of the exchange offer. We are sending this prospectus to all of the
beneficial holders known to us. For each Note validly tendered to us pursuant to the exchange offer
and not validly withdrawn, the holder will receive a Registered Note having a principal amount
equal to that of its tendered Note. We have filed a copy of the registration rights agreement as an
exhibit to the registration statement that includes this prospectus. The registration statement is
intended to satisfy some of our obligations under the registration rights agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;holder&#148; with respect to the exchange offer means any person in whose name Notes are
registered on the register maintained by the registrar, any other person who has obtained a
properly completed bond power from the registered holder or any person whose Notes are held of
record by The Depository Trust Company, which we refer to as the Depositary or DTC, who desires to
deliver the Note by book-entry transfer at DTC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Resale of the Registered Notes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that you will be allowed to resell the Registered Notes to the public without
registration under the Securities Act, and without delivering a prospectus that satisfies the
requirements of Section&nbsp;10 of the Securities Act, if you can make the representations set forth
below under &#147;&#151;Procedures for Tendering Notes&#148;. However, if you (1)&nbsp;intend to participate in a
distribution of the Registered Notes, (2)&nbsp;are a broker-dealer that acquired the Notes from us in
the initial offering with an intent to distribute those notes and not as a result of market-making
activities or (3)&nbsp;are an &#147;affiliate&#148; of ours as that term is defined in Rule&nbsp;405 of the Securities
Act, you will not be eligible to participate in the exchange offer and you must comply with the
registration and prospectus delivery requirements of the Securities Act in connection with the
resale of your notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We base our view on interpretations by the staff of the SEC in no-action letters issued to
other issuers in exchange offers similar to ours. However, we have not asked the SEC to consider
this particular exchange offer in the context of a no-action letter. Therefore, you cannot be sure
that the SEC will treat it in the same way it has treated other exchange offers in the past.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A broker-dealer that has acquired Notes as a result of market-making or other trading
activities has to deliver a prospectus in order to resell any Registered Notes it receives for its
own account in the exchange offer. This prospectus may be used by such broker-dealer to resell any
of its Registered Notes. We have agreed that we will make this prospectus, as it may be amended or
supplemented, available to any broker-dealer for use in connection with any such resale. See &#147;Plan
of Distribution&#148; for more information regarding broker-dealers.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange offer is not being made to, nor will we accept tenders for exchange from, holders
of Notes in any jurisdiction in which the exchange offer or the acceptance of the exchange offer
would not comply with the securities or blue sky laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange offer is not subject to any federal or state regulatory requirements other than
securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Terms of the Exchange Offer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General</I>. Based on the terms and conditions set forth in this prospectus, we will accept any
and all Notes validly tendered and not validly withdrawn on or before the expiration date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the minimum denomination requirements of the Registered Notes, we will issue $1,000
principal amount of Registered Notes in exchange for each $1,000 principal amount of outstanding
Notes validly tendered pursuant to the exchange offer and not validly withdrawn on or before the
expiration date. Holders may tender some or all of their Notes pursuant to the exchange offer.
However, Notes may be tendered only in amounts of $100,000 and integral multiples of $1,000
principal amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The form and terms of the Registered Notes are the same as the form and terms of the Notes
except that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registered Notes will be registered under the
Securities Act and, therefore, will not bear legends restricting the transfer of the
Registered Notes; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>holders of the Registered Notes will not be entitled
to any of the exchange offer provisions under the registration rights agreement, which
rights will terminate upon the consummation of the exchange offer, or to the additional
interest provisions of the registration rights agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this prospectus, US$150.0&nbsp;million aggregate principal amount of the Notes
are outstanding, all of which are registered in the name of Cede &#038; Co., as nominee for DTC. Solely
for reasons of administration, we have set the close of business on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2007 as the record
date for the exchange offer for purposes of determining the persons to whom we will initially mail
this prospectus. There will be no fixed record date for determining holders of the Notes entitled
to participate in the exchange offer, and all holders of Notes may tender their Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to conduct the exchange offer in accordance with the provisions of the registration
rights agreement and the applicable requirements of the Securities Exchange Act of 1934, which we
refer to as the Exchange Act, and the related rules and regulations of the SEC. Notes that are not
tendered for exchange in the exchange offer will remain outstanding and interest on these Notes
will continue to accrue at a rate equal to 8.50% per year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will be deemed to have accepted validly tendered Notes if and when we give written notice
of our acceptance to HSBC Bank USA, National Association , which is acting as the exchange agent.
The exchange agent will act as agent for the tendering holders of Notes for the purpose of
receiving the Registered Notes from us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you validly tender Notes in the exchange offer, you will not be required to pay brokerage
commissions or fees. In addition, subject to the instructions in this prospectus, you will not have
to pay transfer taxes for the exchange of Notes. We will pay all charges and expenses in connection
with the exchange offer, other than certain applicable taxes described under &#147;&#151;Fees and Expenses&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Expiration Date; Extensions; Amendments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The &#147;expiration date&#148; means 5:00 p.m., New York City time, on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2007, unless we
extend the exchange offer, in which case the expiration date is the latest date and time to which
we extend the exchange offer. We do not currently intend to extend the exchange offer. However, if
we elect to extend the exchange offer on one or more occasions, we will not extend the exchange
offer for more than an aggregate of 5&nbsp;days.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to extend the exchange offer, we will:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>notify the exchange agent of any extension by written
communication; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue a press release or other public announcement,
which will report the approximate number of Notes tendered, before 9:00 a.m., New York
City time, on the next business day after the previously scheduled expiration date.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During any extension of the exchange offer, all Notes previously validly tendered and not
validly withdrawn will remain subject to the exchange offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We reserve the right:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to delay accepting any Notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to amend the terms of the exchange offer in
compliance with the provisions of the Exchange Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to extend the exchange offer; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if, in the opinion of our counsel, the consummation
of the exchange would violate any law or interpretation of the staff of the SEC, to
terminate or amend the exchange offer by giving written notice to the exchange agent.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any delay in acceptance, extension, termination, or amendment will be followed as soon as
practicable by a press release or other public announcement. If we amend the exchange offer in a
manner that we determine constitutes a material change, we will promptly disclose that amendment by
means of a prospectus supplement that will be distributed to the registered holders of the Notes,
and we will extend the exchange offer for a period of time that we will determine to comply with
the Exchange Act, depending upon the significance of the amendment and the manner of disclosure to
the registered holders, if the exchange offer would have otherwise expired.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In all cases, issuance of the Registered Notes for Notes that are accepted for exchange will
be made only after timely receipt by the exchange agent of a properly completed book-entry
confirmation with an agent&#146;s message. However, we reserve the right to waive any conditions of the
exchange offer, which we, in our reasonable discretion, determine are not satisfied, or any defects
or irregularities in the tender of Notes. If we do not accept any tendered Notes for any reason set
forth in the terms and conditions of the exchange offer or if you submit Notes for a greater
principal amount than you want to exchange, we will return the unaccepted or non-exchanged Notes to
you, or substitute Notes evidencing the unaccepted or non-exchanged portion, as appropriate. See
&#147;&#151;Return of Notes&#148;. We will deliver Registered Notes issued in exchange for Notes validly tendered
and accepted for exchange, and we will promptly return any Notes not accepted for exchange for any
reason, to the applicable tendering holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Interest on the Registered Notes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on the Registered Notes will be payable on each interest payment date on which the
Registered Notes are outstanding. Interest on the Registered Notes will accrue at the fixed rate of
8.50% per annum from the most recent interest payment date to which interest on the Notes has been
paid or duly provided for until February&nbsp;1, 2017(as defined in &#147;Description of the Registered
Notes&#151;Interest Rate&#148;). Interest accrued on the Notes accepted for exchange will not be payable
under such Notes but will instead be payable under the Registered Notes for which such Notes were
exchanged. Consequently, holders who exchange their Notes for Registered Notes will receive the
same interest payment on each interest payment date following the issue of the Registered Notes
that they would have received had they not accepted the exchange offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Procedures for Tendering Notes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you wish to exchange your Notes for Registered Notes, you, the custodial entity or direct
participant (as the case may be) through which you hold your Notes must submit, at or prior to 5:00
P.M., New York City time, on the Expiration Date, your offer to exchange Notes in the applicable
manner described below.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By submitting an exchange offer with respect to the Notes pursuant to the exchange offer, you
are deemed to make certain acknowledgments, representations, warranties and undertakings to us, the
exchange agent as set forth under &#147;Holders&#146; Representations, Warranties and Undertakings.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold any Notes through DTC, you must arrange for a direct participant in DTC to submit
your exchange offer or tender offer to DTC through DTC&#146;s Automated Tender Offer Program (&#147;ATOP&#148;)
and follow the procedure for book-entry transfer set forth below. DTC has confirmed that the
exchange offer is eligible for ATOP. Accordingly, a DTC participant whose name appears on a
security position listing as the holder of the relevant Notes must electronically transmit its
submission of an exchange offer by causing DTC to transfer Notes in the participant&#146;s account to
the exchange agent&#146;s account at DTC in accordance with DTC&#146;s ATOP procedures for such a transfer.
DTC will then send an Agent&#146;s Message to the exchange agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;Agent&#146;s Message&#148; means a message, transmitted by DTC, received by the exchange agent
and forming a part of a book-entry confirmation, which states that DTC has received an express
acknowledgment from the tendering participant, which acknowledgment states that such participant
has received and agrees to be bound by the terms of the exchange offer (as set forth in this
prospectus) and that we may enforce such agreement against such participant. Holders who intend to
tender their Notes on the Expiration Date should allow sufficient time for completion of the ATOP
procedures during the normal business hours of DTC on such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although transfer of the Notes to the exchange agent&#146;s account at DTC may be effected through
book-entry at DTC, an Agent&#146;s Message must be transmitted by DTC and received by the exchange agent
on or prior to the Expiration Date in order to validly tender your Notes pursuant to the exchange
offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your offer must be submitted through DTC&#146;s ATOP system in accordance with the deadlines and
procedures established by DTC, and an Agent&#146;s Message with respect to your exchange offer or tender
offer must be received by the exchange agent at or prior to 5:00 P.M., New York City time, on the
Expiration Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold your Notes through Euroclear or Clearstream, Luxembourg, you must arrange for a
direct participant in Euroclear or Clearstream, Luxembourg, as the case may be, to deliver your
exchange offer, which includes &#147;blocking&#148; instructions (as defined below), to Euroclear or
Clearstream, Luxembourg in accordance with the procedures and deadlines specified by Euroclear or
Clearstream, Luxembourg at or prior to 5:00 P.M., New York City time, on the Expiration Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Blocking instructions&#148; means:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>irrevocable instructions to block any attempt to
transfer your Notes on or prior to the settlement date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>irrevocable instructions to debit your account
on the settlement date in respect of all of your Notes upon receipt of an instruction by
the exchange agent to receive your Notes for us, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an irrevocable authorization to disclose, to the
exchange agent, the identity of the participant account holder and account information;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the automatic withdrawal of the
irrevocable instruction in the event that the exchange offer is terminated by us and
your right to withdraw your offer to exchange or tender prior to 5:00 P.M., New York
City time, on the Expiration Date.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your exchange offer, which includes your &#147;blocking&#148; instructions, must be delivered and
received by Euroclear or Clearstream, Luxembourg in accordance with the procedures established by
them and on or prior to the deadlines established by each of those clearing systems. You are
responsible for informing yourself of these deadlines and for arranging the due and timely delivery
of &#147;blocking&#148; instructions to Euroclear or Clearstream, Luxembourg.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold your Notes through a custodian, you may not submit an exchange offer directly. You
should contact that custodian to submit an exchange offer on your behalf.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to &#147;block&#148; the Notes accepted for exchange, you must instruct the direct participant
that holds your Notes at the applicable clearing system to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of DTC, irrevocably deliver such
amount of your Notes to the exchange agent&#146;s account at DTC, using DTC&#146;s ATOP system as
described above; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of Euroclear or Clearstream,
Luxembourg, submit irrevocable &#147;blocking&#148; instructions (defined above) with respect to such
amount of your Notes;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you do not hold your Notes through an account with DTC, Euroclear or Clearstream,
Luxembourg, you must arrange to have your Notes transferred to a DTC, Euroclear or Clearstream,
Luxembourg account. Once your Notes have been transferred to a DTC, Euroclear or Clearstream,
Luxembourg account, you may then submit the &#147;blocking instructions&#148; as described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are responsible for arranging the timely delivery of your &#147;blocking&#148; instructions and your
offer to exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of us or the exchange agent will be responsible for the communication of exchange offers
by:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>holders of Notes to the direct participant in
DTC, Euroclear or Clearstream, Luxembourg through which they hold the Notes; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>holders of Notes or the direct participant to
the exchange agent, DTC, Euroclear or Clearstream, Luxembourg.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold Notes through a broker, dealer, commercial bank or financial institution, you
should consult with that institution as to whether it will charge any service fees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will make the final determination regarding all questions relating to the validity, form
and eligibility, including time of receipt of tenders and withdrawals of tendered Notes. Our
determination will be final and binding on all parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We reserve the absolute right to reject any and all Notes improperly tendered. We will not
accept any Notes if our acceptance of them would, in the opinion of our counsel, be unlawful. We
also reserve the absolute right to waive any defects, irregularities, or conditions of tender as to
any particular Note. Our interpretation of the terms and conditions of the exchange offer will be
final and binding on all parties. Unless waived, you must cure any defects or irregularities in
connection with tenders of Notes on or before the expiration date. Although we intend to notify
holders of defects or irregularities in connection with tenders of Notes, neither we, the exchange
agent, nor anyone else will incur any liability for failure to give that notice. Tenders of Notes
will be deemed to have been made until any defects or irregularities have been cured or waived. All
conditions of the exchange offer will be satisfied or waived prior to the expiration of the
exchange offer. We will not waive any condition of the exchange offer with respect to any
noteholder unless we waive such condition for all noteholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have no current plan to acquire, or to file a registration statement to permit resales of
any Notes that are not validly tendered pursuant to the exchange offer. However, we reserve the
right in our sole discretion to purchase or make offers for any Notes that remain outstanding after
the expiration date. To the extent permitted by law, we also reserve the right to purchase Notes in
the open market, in privately negotiated transactions, or otherwise. The terms of any future
purchases or offers could differ from the terms of the exchange offer.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Holders&#146; Representations, Warranties and Undertakings</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you elect to tender Notes in exchange for Registered Notes, you must exchange, assign, and
transfer the Notes to us and irrevocably constitute and appoint the exchange agent as your true and
lawful agent and attorney-in-fact with respect to the tendered Notes, with full power of
substitution, among other things, to cause the Notes to be assigned, transferred, and exchanged. By
making your exchange offer, you make the representations and warranties set forth below to us. By
making the exchange offer, you also promise, upon our request, to execute and deliver any
additional documents that we consider necessary to complete the exchange of Notes for Registered
Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under existing interpretations of the SEC contained in several no-action letters to third
parties, we believe that the Registered Notes will be freely transferable by the holders after the
exchange offer without further registration under the Securities Act. However, each holder who
wishes to exchange its Notes for Registered Notes will be deemed to represent:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the holder has full power and authority to
tender, exchange, assign and transfer the Notes tendered;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that we will acquire good title to the Notes
being tendered, free and clear of all security interests, liens, restrictions, charges,
encumbrances, conditional sale agreements or other obligations relating to their sale or
transfer, and not subject to any adverse claim when we accept the Notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the holder is acquiring the Registered
Notes in the ordinary course of its business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the holder is not participating in and
does not intend to participate in a distribution of the Registered Notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the holder has no arrangement or
understanding with any person to participate in the distribution of the Registered
Notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the holder is not an &#147;affiliate&#148;, as
defined in Rule&nbsp;405 under the Securities Act, of us; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that if the holder is a broker-dealer and it
will receive Registered Notes for its own account in exchange for Notes that it acquired
as a result of market-making activities or other trading activities, it will deliver a
prospectus in connection with any resale of the Registered Notes.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you cannot make any of these representations, you will not be eligible to participate in
the exchange offer, you should not rely on the interpretations of the staff of the SEC in
connection with the exchange offer and you must comply with the registration and prospectus
delivery requirements of the Securities Act in connection with the resale of your notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participation in the exchange offer is voluntary. You are urged to consult your financial and
tax advisors in deciding whether to participate in the exchange offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any proceeds from any sale of Registered Notes by broker-dealers.
Registered Notes received by broker-dealers for their own account under the exchange offer may be
sold from time to time in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on those Registered Notes or a combination of those
methods, at market prices prevailing at the time of resale, at prices related to prevailing market
prices or at negotiated prices. Any resales may be made directly to purchasers or through brokers
or dealers who may receive compensation in the form of commissions or concessions from the selling
broker-dealer or the purchasers of the Registered Notes. Any broker-dealer that resells Registered
Notes received by it for its own account under the exchange offer and any broker or dealer that
participates in a distribution of the Registered Notes may be deemed to be an &#147;underwriter&#148; within
the meaning of the Securities Act and any profit on any resale of Registered Notes and any
commissions or concessions received by these persons may be deemed to be underwriting compensation
under the Securities Act. By acknowledging that it will deliver and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an &#147;underwriter&#148; within the meaning of the
Securities Act.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Return of Notes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Notes are not accepted for any reason described in this prospectus, or if Notes are
validly withdrawn or are submitted for a greater principal amount than you want to exchange, the
exchange agent will return the unaccepted, withdrawn, or non-exchanged Notes to you or, in the case
of Notes tendered by book-entry transfer, into an account for your benefit at DTC, Euroclear or
Clearstream, as the case may be, from whence there were tendered. The Notes will be credited
promptly to an account maintained with DTC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Withdrawal of Tenders of Notes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any exchange offer can be withdrawn prior to the expiration of the exchange offer on the Expiration
Date by withdrawing the offer to exchange or tender in accordance with the procedures established
by, and within the respective deadlines of, DTC, Euroclear or Clearstream, Luxembourg, as the case
may be. If we terminate the exchange offer without accepting any exchange offers, all exchange
offers shall automatically be deemed to be withdrawn. If we accept any exchange offers, any
exchange offers not so accepted shall automatically be deemed to be withdrawn.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conditions of the Exchange Offer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other term of the exchange offer, or any extension of the exchange offer,
we may terminate the exchange offer before acceptance of the Notes if in our reasonable judgment:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the exchange offer would violate applicable
law or any applicable interpretation of the staff of the SEC;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any action or proceeding has been instituted
or threatened in any court of New York by any governmental agency that might materially
impair our ability to proceed with or complete the exchange offer or any material
adverse development has occurred with respect to us; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we have not obtained any governmental approval
which we deem necessary for the consummation of the exchange offer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we, in our reasonable discretion, determine that any of the above conditions is not
satisfied, we may:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>refuse to accept any Notes and return all
tendered Notes to the tendering holders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>extend the exchange offer and retain all Notes
tendered on or before the expiration date, subject to the holders&#146; right to withdraw the
tender of the Notes; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>waive any unsatisfied conditions regarding the
exchange offer and accept all properly tendered Notes that have not been withdrawn. If
this waiver constitutes a material change to the exchange offer, we will promptly
disclose the waiver by means of a prospectus supplement that will be distributed to the
registered holders of the Notes, and we will extend the exchange offer for a period of
time that we determine to be appropriate, depending upon the significance of the waiver
and the manner of disclosure to the registered holders, if the exchange offer would have
otherwise expired.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All conditions to the exchange offer will be satisfied or waived prior to the expiration of
the exchange offer. We will not waive any conditions of the exchange offer with respect to any
noteholder unless we waive such condition for all noteholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we fail to consummate the exchange offer or file, have declared effective or keep effective
a shelf registration statement within time periods specified by the registration rights agreement,
we may be required to pay additional interest in respect of the Notes.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exchange Agent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have appointed HSBC Bank USA, National Association to act as exchange agent for the
exchange offer. Questions and requests for assistance, requests for additional copies of this
prospectus should be directed to the exchange agent at the following addresses:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>HSBC BANK USA, NATIONAL ASSOCIATION</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Information (800)&nbsp;622-9844</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B><I>By Registered or Certified Mail:</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B><I>Regular Mail &#038; Overnight Courier:</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B><I>In Person by Hand Only:</I></B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">HSBC Bank USA, National Association
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">HSBC Bank USA, National Association
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">HSBC Bank USA, National Association</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Corporate Trust &#038; Loan Agency
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Corporate Trust &#038; Loan Agency
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Corporate Trust &#038; Loan Agency</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">2 Hanson Place &#151; 14<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2 Hanson Place &#151; 14<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2 Hanson Place &#151; 14<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Brooklyn, New York 11217-1409
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Brooklyn, New York 11217-1409
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Brooklyn, New York 11217-1409</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Attn: Client Services
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Attn: Client Services
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Attn: Client Services</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B><I>By Facsimile Transmission:</I></B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(718) 488-4488</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fees and Expenses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will pay all expenses incurred in connection with the performance of our obligations in the
exchange offer, including registration fees, fees and expenses of the exchange agent, the transfer
agent and registrar, and printing costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will also bear the expenses of soliciting tenders. The principal solicitation is being made
by mail; however, additional solicitations may be made by facsimile, telephone, in person by our
officers and regular employees or by officers and employees of our affiliates. We will pay no
additional compensation to any officers and employees who solicit tenders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not retained any dealer-manager or other soliciting agent for the exchange offer and
will not make any payments to brokers, dealers, or others soliciting acceptances of the exchange
offer. We will, however, pay the exchange agent reasonable and customary fees for its services and
will reimburse it for related, reasonable out-of-pocket expenses. We may also reimburse brokerage
houses and other custodians, nominees and fiduciaries for reasonable out-of-pocket expenses they
incur in forwarding copies of this prospectus and related documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will pay all transfer taxes, if any, applicable to the exchange of the Notes. If, however,
Registered Notes, or Notes for principal amounts not tendered or accepted for exchange, are to be
delivered to, or are to be issued in the name of, any person other than the registered holder of
the Notes tendered, or if a transfer tax is imposed for any reason other than the exchange, then
the amount of any transfer taxes will be payable by the person tendering the Notes. If you do not
submit satisfactory evidence of payment of those taxes or exemption from payment of those taxes, we
will bill the amount of those transfer taxes directly to you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consequences of Failure to Exchange</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes that are not exchanged will remain &#147;restricted securities&#148; within the meaning of Rule
144(a)(3) of the Securities Act. Accordingly, Notes may not be offered, sold, pledged or otherwise
transferred except:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to us or a dealer or by, through or in a
transaction approved by a dealer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>within the United States to a qualified
institutional buyer in a transaction complying with Rule&nbsp;144A under the Securities Act;</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in compliance with Rule&nbsp;903 or 904 under the
Securities Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pursuant to the exemption from registration
provided by Rule&nbsp;144 under the Securities Act (if available); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pursuant to an effective registration
statement under the Securities Act.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The liquidity of the Notes could be adversely affected by the exchange offer. See &#147;Risk
Factors&#151;If the exchange offer is completed, the trading market for the Notes exchanged may become
illiquid, which may adversely affect the market value of the Notes.&#148; Following consummation of the
exchange offer, we will not be required to register under the Securities Act any Notes that remain
outstanding except in the limited circumstances in which we are obligated to file a shelf
registration statement for certain holders of Notes not eligible to participate in the exchange
offer pursuant to the registration rights agreement. Interest on any Notes not tendered or
otherwise accepted for exchange in the exchange offer will continue to accrue at a rate equal to
8.50% per year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Accounting Treatment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For accounting purposes, under U.S. GAAP we will recognize no gain or loss as a result of the
exchange offer. We will amortize the expenses of the exchange offer and the unamortized expenses
related to the issuance of the Notes over the remaining term of the notes.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF REGISTERED NOTES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registered Notes are to be issued under an Indenture (the &#147; Indenture&#148;) entered into on
December&nbsp;18, 2006, by and among us, HSBC Bank USA, National Association, as trustee (in such
capacity, the &#147;Trustee&#148;), co-registrar (in such capacity, the &#147;Co-Registrar&#148;), principal paying
agent (in such capacity, the &#147;Principal Paying Agent,&#148; and together with any other paying agents
under the Indenture, the &#147;Paying Agents&#148;) and transfer agent (in such capacity, a &#147;Transfer Agent,&#148;
and together with any other transfer agents under the Indenture, the &#147;Transfer Agents&#148;), and HSBC
Bank Argentina S.A., as registrar (in such capacity, the &#147;Registrar&#148;), Paying Agent, Transfer Agent
and representative of the Trustee in Argentina (in such capacity, the &#147;Representative of the
Trustee in Argentina&#148;). The following summaries of certain provisions of the Indenture and the
Registered Notes do not purport to be complete and are subject to, and are qualified in their
entirety by reference to, all of the provisions of the Indenture and the Registered Notes,
including the definitions therein of certain terms. Capitalized terms not otherwise defined herein
shall have the meanings given to them in the Indenture. The Indenture has been qualified under the
U.S. Trust Indenture Act of 1939, as amended (the &#147;Trust Indenture Act&#148;). By its terms, the
Indenture incorporates by reference certain provisions of the Trust Indenture Act and the Indenture
will be governed by, and subject to, the Trust Indenture Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes were initially issued in an aggregate principal amount of US$150,000,000 and will
mature on February&nbsp;1, 2017 (subject to adjustment if such date is not a Business Day (as defined
below)) (the &#147;Stated Maturity&#148;), unless earlier redeemed. We may from time to time, without the
consent of the existing Holders, create and issue additional notes having the same terms and
conditions as the notes in all respects, except for the issue date, issue price and, if applicable,
the date from which interest will accrue or first be paid. Such additional notes will be
consolidated with and will form a single series with the notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For so long as the notes are listed on the Luxembourg Stock Exchange and admitted for trading
on the EuroMTF, we will also maintain a Paying Agent and Transfer Agent in Luxembourg. We have
initially appointed Dexia Banque Internationale, a Luxembourg <I>soci&#232;te anonyme</I>, as Luxembourg Paying
Agent and Transfer Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Denominations</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registered Notes shall be issued in denominations of US$100,000 in principal amount and
integral multiples of US$1,000 in excess thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Global Notes</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A global note may not be transferred except as a whole by its Depositary to a nominee of such
Depositary or by a nominee of such Depositary to such Depositary or another nominee of such
Depositary or by such Depositary or any such nominee to a successor of such Depositary or a nominee
of such successor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of a global note, DTC, Euroclear or Clearstream, Luxembourg, as the case may
be, will credit, on its book-entry registration and transfer system, the respective principal
amounts of the notes represented by such global note to the accounts of institutions that have
accounts with DTC and its participants, including Euroclear or Clearstream, Luxembourg, as the case
may be (&#147;participants&#148;). The accounts to be credited shall be designated by the dealers of such
notes or by us, if such notes are offered and sold directly by us. Ownership of beneficial
interests in a global note will be limited to participants or persons that may hold interests
through participants. Ownership of beneficial interests in such global note will be shown on, and
the transfer of that ownership will be effected only through, records maintained by DTC, Euroclear
or Clearstream, Luxembourg, as the case may be (with respect to interests of participants), or by
participants or persons that hold through participants (with respect to interests of persons other
than participants). The laws of some states require that certain purchasers of securities take
physical delivery of such securities in definitive form. Such limits and such laws may impair the
ability to transfer beneficial interests in a global note.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as a Depositary, or its nominee, is the Holder of a global note, such Depositary
or its nominee, as the case may be, will be considered the sole registered owner or Holder of the
notes represented by such global note for all purposes under the Indenture. Except as set forth
below under &#147;&#151;Certificated Notes,&#148; owners of beneficial interests in a global note will not be
entitled to have notes represented by such global note registered in their names, will not receive
or be entitled to receive physical delivery of notes of such tranche in definitive form and will
not be considered the owners or Holders thereof under the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of principal of and premium (if any) and interest on notes registered in the name of
or held by a Depositary or its nominee will be made to such Depositary or its nominee, as the case
may be, as the registered owner or the Holder of the global note representing such notes. Neither
we nor the Trustee or any Paying Agent will have any responsibility or liability for any aspect of
the records relating to or payments made on account of beneficial ownership interests in a global
note or for maintaining, supervising or reviewing any records relating to such beneficial ownership
interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect that DTC, Euroclear or Clearstream, Luxembourg, as the case may be, upon receipt of
any payment of principal of or premium (if any) or interest in respect of a global note, will
credit immediately participants&#146; accounts with payments in amounts proportionate to their
respective beneficial ownership interests in the principal amount of such global note as shown on
the records of DTC, Euroclear or Clearstream, Luxembourg, as the case may be. We also expect that
payments by participants to owners of beneficial interests in such global note held through such
participants will be governed by standing instructions and customary practices, as is now the case
with securities held for the accounts of customers in bearer form or registered in &#147;street name,&#148;
and will be the responsibility of such participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Certificated Notes</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests in a global note deposited with DTC or Euroclear and/or Clearstream, Luxembourg will
be exchanged for certificated notes only if (i)&nbsp;in the case of a global note deposited with DTC,
DTC notifies us and the Trustee that it is unwilling or unable to continue as depositary for such
global note or at any time DTC ceases to be a clearing agency registered under the Exchange Act,
and a successor depositary so registered is not appointed by us within 90&nbsp;days of such notice, (ii)
in the case of a global note deposited with Euroclear and/or Clearstream, Luxembourg, the clearing
system(s) through which it is cleared and settled is closed for business for a continuous period of
14&nbsp;days (other than by reason of holidays, statutory or otherwise) or announces an intention to
cease business permanently or does in fact do so, (iii)&nbsp;an Event of Default has occurred and is
continuing or (iv)&nbsp;we in our sole discretion notify the Trustee in writing that certificated notes
will be delivered in exchange for such global note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Trustee nor any Transfer Agent will be required to register the transfer or
exchange of any certificated notes for a period of 15&nbsp;days preceding any interest payment date, or
register the transfer or exchange of any certificated notes previously called for redemption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificated notes may be presented for registration of transfer, or for exchange for new
certificated notes of authorized denominations, at the corporate trust office of the Trustee in the
Borough of Manhattan, New York City, or at the office of any Transfer Agent. Upon the transfer,
exchange or replacement of certificated notes bearing a restrictive legend, or upon specific
request for removal of such legend, we will deliver only certificated notes that bear such legend,
or will refuse to remove such legend, as the case may be, unless there is delivered to us such
satisfactory evidence, which may include an opinion of New York counsel, as may reasonably be
required by us, that neither the legend nor the restrictions on transfer set forth therein are
required to ensure compliance with the provisions of the Securities Act. In the case of a transfer
of less than the principal amount of any certificated note, a new certificated note will be issued
to the transferee in respect of the amount transferred and another certificated note will be issued
to the transferor in respect of the portion not transferred. Such certificated notes will be
available within three Business Days at the corporate trust office of the Trustee in New York City
or at the office of any Transfer Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No service charge will be made for any registration of transfer or exchange of notes, but we
or the Trustee may require payment of a sum sufficient to cover any stamp tax or other governmental
duty payable in connection therewith.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Replacement of Notes</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notes that become mutilated, destroyed, stolen or lost will be replaced upon delivery to
the Trustee of the notes, or delivery to us and the Trustee of evidence of the loss, theft or
destruction thereof satisfactory to us and the Trustee. In the case of a lost, stolen or destroyed
note, an indemnity satisfactory to us and the Trustee may be required at the expense of the Holder
of such note before a replacement note will be issued. Upon the issuance of any new note, we may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other expenses (including the fees and the expenses of the
Trustee, its counsel and its agents) connected therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Status and Ranking</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notes will qualify as &#147;<I>obligaciones negociables</I>&#148; under the Negotiable Obligations Law and
Joint Resolution 470-1738/2004, and will be entitled to the benefits set forth therein and subject
to the procedural requirements thereof. In particular, pursuant to Article&nbsp;29 of the Negotiable
Obligations Law, in the event of a default by us in the payment of any amount due under a note, the
Holder of such note will be entitled to institute summary judicial proceedings (<I>juicio ejecutivo</I>)
in Argentina to recover payment of any such amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, under the Financial Institutions Law, all of our existing and future depositors
will have a general priority right over Holders of notes. The Financial Institutions Law provides
that in the event of judicial liquidation or insolvency, all depositors, regardless of the type,
amount or currency of their deposits, whether individuals or corporations, would have priority over
all of our other creditors (including Holders of notes), except certain labor creditors and secured
creditors. In addition, depositors would have priority over all other creditors, with the
exception of certain labor creditors, to funds held by the Central Bank as reserves, any other
funds at the time of any revocation of our banking license and proceeds from any mandatory transfer
of our assets by the Central Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Interest Rate</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registered Notes will accrue interest at an annual rate of 8.50%. Interest will be
payable semi-annually in arrears on February 1 and August 1 of each year (each a &#147;Interest Payment
Date&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of interest payable will be computed on the basis of a 360-day year consisting of
twelve 30-day months. In the event that any Interest Payment Date is not a Business Day, then
payment of the interest payable on such date will be made on the next succeeding day that is a
Business Day (and without any interest or other payment in respect of any such delay), with the
same force and effect as if made on the date such payment was originally payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Regular Record Date for each Interest Payment Date will be January&nbsp;15 or July&nbsp;15
immediately preceding the relevant Interest Payment Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Business Day&#148; means any day, other than a Saturday or Sunday, that is neither a legal holiday
nor a day on which commercial banks are authorized or required by law, regulation or executive
order to close in New York City or the City of Buenos Aires.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Redemption and Repurchase</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Optional Redemption</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may redeem the notes at our option, in whole or in part, at any time and from time to time,
at a redemption price equal to the greater of (1)&nbsp;100% of the principal amount of the notes being
redeemed and (2)&nbsp;the sum of the present values of each remaining scheduled payment of principal and
interest on the notes being redeemed (exclusive of interest accrued to the redemption date)
discounted to the redemption date on a semi-annual
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50
basis points (the &#147;Make-Whole Amount&#148;), <I>plus</I>, in each case, accrued and unpaid interest and any
Additional Amounts to the redemption date; <I>provided </I>that, if the notes are not redeemed in whole,
at least $50&nbsp;million aggregate principal amount of notes must remain outstanding immediately after
any such partial redemption.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Treasury Rate&#148; means, with respect to any redemption date, the rate per annum equal to the
semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such redemption
date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Comparable Treasury Issue&#148; means the United States Treasury security or securities selected
by an Independent Investment Banker as having an actual or interpolated maturity comparable to the
remaining term of the notes being redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of
a comparable maturity to the remaining term of such Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Independent Investment Banker&#148; means one of the Reference Treasury Dealers appointed by us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Comparable Treasury Price&#148; means, with respect to any redemption date (i)&nbsp;the average of the
Reference Treasury Dealer Quotations for such redemption date after excluding the highest and
lowest of such Reference Treasury Dealer Quotations or (ii)&nbsp;if the Trustee obtains fewer than four
such Reference Treasury Dealer Quotations, the average of all such quotations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Reference Treasury Dealer&#148; means Credit Suisse Securities (USA)&nbsp;LLC or its affiliates which
are primary United States government securities dealers and two other primary United States
government securities dealers in New York City reasonably designated by us; <I>provided </I>that if any of
the foregoing shall cease to be a primary United States government securities dealer in New York
City (a &#147;Primary Treasury Dealer&#148;), we will substitute therefor another Primary Treasury Dealer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Reference Treasury Dealer Quotation&#148; means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30 pm New York City time on
the third Business Day preceding such redemption date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Redemption for Taxation Reasons</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notes may be redeemed at our option in whole, but not in part, at any time, on giving not
less than 30 nor more than 60&nbsp;days&#146; written notice (which will be irrevocable) to the Trustee and,
if applicable, the CNV, in writing, at the principal amount thereof, together with any accrued but
unpaid interest and any Additional Amounts to the date fixed for redemption, if, as a result of any
change in, or amendment to, the laws (or any regulations or rulings issued thereunder) of Argentina
or any political subdivision of or any taxing authority in Argentina or any change in the
application, administration or official interpretation of such laws, regulations or rulings,
including, without limitation, the holding of a court of competent jurisdiction, we have or will
become obligated to pay Additional Amounts on or in respect of such notes, which change or
amendment becomes effective on or after the date of issuance of the notes of such series, and we
determine in good faith that such obligation cannot be avoided by our taking reasonable measures
available to us. Prior to the distribution of any notice of redemption pursuant to this paragraph,
we will deliver to the Trustee a certificate signed by a duly authorized officer stating that we
have or will become obligated to pay Additional Amounts as a result of such change or amendment,
and that such obligation cannot be avoided by our taking reasonable measures available to us. We
will also deliver to the Trustee, prior to the distribution of such notice, an opinion of counsel
to the effect that as a result of such change or amendment we will be obligated to pay Additional
Amounts. The Trustee will be entitled to accept such certificate as sufficient evidence of the
satisfaction of the conditions precedent contained in the second preceding sentence, in which event
it will be conclusive and binding on the holders.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Repurchase of Notes</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and our Subsidiaries, may at any time purchase or otherwise acquire any notes in the open
market or otherwise at any price and may resell or otherwise dispose of such note at any time;
<I>provided </I>that in determining at any time whether the holders of the requisite principal amount of
the notes outstanding have given any request, demand, authorization, direction, notice, consent or
waiver under the Indenture, notes then owned by us or any of our Subsidiaries will be disregarded
and deemed not outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Cancellation</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notes redeemed in full by us will be immediately canceled and may not be reissued or
resold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Procedure for Payment upon Redemption</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If notice of redemption has been given in the manner set forth in the Indenture, the notes to
be redeemed will become due and payable on the redemption date specified in such notice, and upon
presentation and surrender of the notes at the place or places specified in such notice, the notes
will be paid and redeemed by us at the places and in the manner and currency therein specified and
at the redemption price therein specified together with accrued interest and Additional Amounts, if
any, to the redemption date. From and after the redemption date, if monies for the redemption of
notes called for redemption will have been made available at the corporate trust office of the
Trustee for redemption on the redemption date, the notes called for redemption will cease to bear
interest and the only right of the Holders of such notes will be to receive payment of the
redemption price together with accrued interest and Additional Amounts, if any, to the redemption
date as aforesaid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional Amounts</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All payments of principal, premium or interest by us in respect of the notes will be made
without deduction or withholding for or on account of any present or future taxes, penalties,
fines, duties, assessments or other governmental charges of whatever nature imposed or levied by or
on behalf of Argentina, or any political subdivision thereof or any authority therein having power
to tax (&#147;Argentine Taxes&#148;), unless we are compelled by law to deduct or withhold such Argentine
Taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any such event, we will pay such additional amounts (&#147;Additional Amounts&#148;) in respect of
Argentine Taxes as may be necessary to ensure that the amounts received by Holders of such notes
after such withholding or deduction will equal the respective amounts that would have been
receivable in respect of such notes in the absence of such withholding or deduction, except that no
such Additional Amounts will be payable:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to or on behalf of a Holder or beneficial owner of a note that is liable for
Argentine Taxes in respect of such note by reason of having a present or former connection
with Argentina other than merely the holding or owning of such note or the enforcement of
rights with respect to such note or the receipt of income or any payments in respect
thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to or on behalf of a Holder or beneficial owner of a note in respect of Argentine
Taxes that would not have been imposed but for the failure of the Holder or beneficial owner
of a note to comply with any certification, identification, information, documentation or
other reporting requirement (within 30 calendar days following a written request from us to
the Holder for compliance) if such compliance is required by applicable law, regulation,
administrative practice or an applicable treaty as a precondition to exemption from, or
reduction in the rate of deduction or withholding of, Argentine Taxes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to or on behalf of a Holder or beneficial owner of a note in respect of any estate,
inheritance, gift, sales, transfer, personal assets or similar tax, assessment or other
governmental charge;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to or on behalf of a Holder or beneficial owner of a note in respect of Argentine
Taxes payable otherwise than by withholding from payment of principal of, premium, if any,
or interest on the notes;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) to or on behalf of a Holder or beneficial owner of a note in respect of Argentine
Taxes that would not have been imposed but for the fact that the Holder presented such note
for payment (where presentation is required) more than 30&nbsp;days after the later of (x)&nbsp;the
date on which such payment became due and (y)&nbsp;if the full amount payable has not been
received by the Trustee on or prior to such due date, the date on which, the full amount
having been so received, notice to that effect will have been given to the Holders by the
Trustee; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any combination of items (1)&nbsp;to (5)&nbsp;above;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">nor will Additional Amounts be paid with respect to any payment of the principal of, or any premium
or interest on, any notes to any Holder or beneficial owner of a note who is a fiduciary or
partnership or limited liability company or other than the sole beneficial owner of such payment to
the extent such payment would be required by the laws of Argentina to be included in the income for
tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such
partnership, limited liability company or beneficial owner who would not have been entitled to such
Additional Amounts had it been the Holder of such notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will provide the Trustee with documentation reasonably satisfactory to the Trustee
evidencing the payment of any amounts deducted or withheld promptly upon our payment thereof, and
copies of such documentation will be made available by the Trustee to Holders upon written request
to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will pay promptly when due any present or future stamp, court or documentary taxes or any
excise or property taxes, charges or similar levies that arise in any jurisdiction from the
execution, delivery or registration of each note or any other document or instrument referred to in
the Indenture or such note, excluding any such taxes, charges or similar levies imposed by any
jurisdiction outside Argentina except those resulting from, or required to be paid in connection
with, the enforcement of such note after the occurrence and during the continuance of any Event of
Default with respect to the note in default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Covenants</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For as long as any note is outstanding, we will, and to the extent specified below will cause
our Subsidiaries to, comply with the terms of the following covenants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Ranking</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notes will constitute our direct, unconditional, unsecured and unsubordinated obligations
and will rank at all times at least <I>pari passu </I>in right of payment with all of our other existing
and future unsecured and unsubordinated indebtedness (other than obligations preferred by statute
or by operation of law, including, without limitation, tax and labor related claims and our
obligations to depositors).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Payment of Principal and Interest</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will duly and punctually pay the principal of and interest and any Additional Amounts on
the notes in accordance with the terms of the notes and the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Maintenance of Corporate Existence; Properties</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will, and will cause each of our Subsidiaries to, (a)&nbsp;maintain in effect its corporate
existence and all registrations necessary therefor, (b)&nbsp;take all actions to maintain all rights,
privileges, titles to property or franchises necessary in the normal conduct of its business and
(c)&nbsp;keep all its property used or useful in the conduct of its business in good working order and
condition; <I>provided </I>that this covenant will not require us to maintain any such right, privilege,
title to property or franchises or to preserve the corporate existence of any Subsidiary, if our
Board of Directors determines in good faith that the maintenance or preservation thereof is no
longer necessary or desirable in the conduct of our business.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Compliance with Law</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will, and will cause each of our Subsidiaries to, comply with all applicable laws, rules,
regulations, orders and resolutions of each Government Agency (as defined below) having
jurisdiction over it or its business except where the failure to so comply would not have a
material adverse effect on our and our Subsidiaries&#146; business, assets, operations or financial
condition taken as a whole.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Reports to Trustee</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will furnish to the Trustee:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) within 120&nbsp;days after the end of each of our fiscal years (or, if later, the date
on which we are required to deliver to the CNV or to the Central Bank financial statements
for the relevant fiscal period), a copy of our audited consolidated balance sheet as of the
end of such year and our consolidated statements of income and statements of shareholders&#146;
equity and statements of cash flows for such fiscal year, prepared in accordance with
Central Bank Rules applied consistently throughout the periods reflected therein (except as
otherwise expressly noted therein) and delivered in both the English and Spanish languages;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) within 60&nbsp;days after the end of the first three fiscal quarters of each of our
fiscal years (or, if later, the date on which we are required to deliver to the CNV or to
the Central Bank financial statements for the relevant fiscal period), a copy of our
unaudited consolidated balance sheet as of the end of each such quarter and our unaudited
consolidated statements of income and statements of shareholders&#146; equity and statements of
cash flows for such quarter, prepared in accordance with Central Bank Rules applied
consistently throughout the periods reflected therein (except as otherwise expressly noted
therein) and delivered in both the English and Spanish languages; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) within 195&nbsp;days after the end of each of our fiscal years, an English language
version of our annual audited consolidated financial statements prepared in accordance with
U.S. GAAP (or, if we are not preparing consolidated financial statements in accordance with
U.S. GAAP, a reconciliation of our financial statements described in clause (1)&nbsp;above to
U.S. GAAP), together with a &#147;management&#146;s discussion and analysis&#148; thereof, in form and
substance to the effect generally required of foreign private issuers subject to the
reporting requirements of Section&nbsp;13 or 15(d) of the Exchange Act; <I>provided </I>that, in the
event we are no longer required to submit reports to the SEC, we will not be required to
provide a reconciliation of our financial statements to U.S. GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Notice of Default</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will give written notice to a Responsible Officer of the Trustee, promptly after we become
aware thereof, of the occurrence and continuance of any Event of Default, accompanied by an
Officer&#146;s Certificate signed by the Chief Executive Officer or Chief Financial Officer of the Bank
setting forth the details of such Event of Default and stating what action we propose to take with
respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Maintenance of Books and Records</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will maintain books, accounts and records in accordance with the Central Bank Rules and
current legal requirements in Argentina.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Further Actions</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will use our reasonable best efforts to take any action, satisfy any condition or do any
thing (including the obtaining or effecting of any necessary consent, approval, authorization,
exemption, filing, license, order, recording or registration) at any time required in accordance
with the applicable laws and regulations to be taken, fulfilled or done in order (a)&nbsp;to enable us
lawfully to enter into, exercise our rights and perform and comply with our payment obligations
under the notes and the Indenture, as the case may be, (b)&nbsp;to ensure that those obligations are
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">legally binding and enforceable, and (c)&nbsp;to make the notes and the Indenture admissible in
evidence in the courts of Argentina.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Negative Pledge</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not, and will not permit any of our Subsidiaries to, directly or indirectly, create,
incur, assume or suffer to exist any Lien (as defined below), except a Permitted Lien (as defined
below), upon our or its present or future assets to secure any Indebtedness unless, at the same
time or prior thereto, our obligations under the notes and the Indenture, as the case may be, are
secured equally and ratably therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mergers, Consolidations, Sales, Leases</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not merge, consolidate or amalgamate with or into, or convey or transfer or lease all
or substantially all of our properties and assets, whether in one transaction or a series of
transactions, to any Person unless (a)&nbsp;immediately after giving effect to such transaction, no
Event of Default will have occurred and be continuing, (b)&nbsp;any Person formed by any such merger,
consolidation or amalgamation, or the Person which acquires by conveyance or transfer, or which
leases, such properties and assets (the &#147;Successor Person&#148;) (i)&nbsp;is a corporation organized and
validly existing under the laws of Argentina, the United States, or any other country that is a
member country of the European Union or any political subdivision thereof and (ii)&nbsp;expressly
assumes, by a supplemental indenture, executed and delivered to the Trustee, in form reasonably
satisfactory to the Trustee, the due and punctual payment of the principal of, and interest on
(including Additional Amounts, if any, that may result due to withholding by any authority having
the power to tax to which the Successor Person is or may be subject) all of the notes and all of
our other obligations under the notes and the Indenture, (c)&nbsp;the Successor Person agrees to
indemnify each Holder against any tax, assessment or governmental charge thereafter imposed on such
Holder by a Government Agency solely as a consequence of such consolidation, merger, amalgamation,
conveyance, transfer or lease with respect to the payment of principal of, or interest on, the
notes and (d)&nbsp;the Successor Person (except in the case of leases), if any, succeeds to and becomes
substituted for us with the same effect as if it had been named in the notes as us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Certain Definitions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of the covenants and the events of default:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Affiliate</I>&#148; of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, &#147;control&#148; when used with respect to any specified Person means the
power to direct or cause the direction of the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the
terms &#147;controlling&#148; and &#147;controlled&#148; have meanings correlative to the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Authorized Person</I>&#148; means any of our officers duly authorized in writing to take actions under
the Indenture on our behalf.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Capital Stock&#148; </I>means, with respect to any Person, any and all shares, interests,
participations, warrants, options, rights or other equivalents of or interests in (however
designated and whether voting or non voting) corporate stock of a corporation and any and all
equivalent ownership interests in a Person (other than a corporation), in each case whether now
outstanding or hereafter issued, including any preferred stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Central Bank Rules</I>&#148; means the accounting rules of the Central Bank as in effect from time to
time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Government Agency</I>&#148; means any public legal entity or public agency, created by federal, state
or local government, or any other legal entity now existing or hereafter created, or now or
hereafter owned or controlled, directly or indirectly, by any public legal entity or public agency,
including any central bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Hedging Obligations</I>&#148; means, with respect to any Person, the obligations of such Person
pursuant to any interest rate swap agreement, foreign currency exchange agreement, interest rate
collar agreement, option or futures
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">contract or other similar agreement or arrangement designed to protect such person against
changes in interest rates or foreign exchange rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indebtedness</I>&#148; means, with respect to any Person, without duplication: (a)&nbsp;all obligations of
such Person for borrowed money; (b)&nbsp;all obligations of such Person evidenced by bonds, debentures,
notes or other similar instruments; (c)&nbsp;all obligations of such Person under any lease that are
required to be classified and accounted for as capital lease obligations under the Central Bank
Rules; (d)&nbsp;all obligations of such Person issued or assumed as the deferred purchase price of
property or services, all conditional sale obligations and all obligations under any title
retention agreement (but excluding trade accounts payable and other accrued liabilities arising in
the ordinary course of business); (e)&nbsp;all letters of credit, banker&#146;s acceptances or similar credit
transactions, including reimbursement obligations in respect thereof; (f)&nbsp;guarantees and other
contingent obligations of such Person in respect of Indebtedness referred to in clauses (a)&nbsp;through
(e)&nbsp;above and clause (h)&nbsp;below; (g)&nbsp;all Indebtedness of any other Person of the type referred to in
clauses (a)&nbsp;through (f)&nbsp;which is secured by any Lien on any property or asset of such Person; and
(h)&nbsp;all obligations due and payable under Hedging Obligations of such Person; <I>provided</I>, <I>however</I>,
that the term &#147;Indebtedness&#148; will not include any of the following liabilities or obligations
incurred by us or any of our Subsidiaries in the ordinary course of business: (1)&nbsp;any deposits
with or funds collected by us or any of our Subsidiaries (but not funds borrowed or raised by us or
any of our Subsidiaries), (2)&nbsp;any check, note, certificate of deposit, draft or bill of exchange,
issued, accepted or endorsed by us or any of our Subsidiaries, (3)&nbsp;any transaction in which we or
any of our Subsidiaries act solely in a fiduciary or agency capacity, (4)&nbsp;any banker&#146;s acceptance,
(5)&nbsp;any agreement to purchase or repurchase securities or loans or currency or to participate in
loans, and (6)&nbsp;letters of credit to the extent they are issued by us or any of our Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Lien</I>&#148; means any mortgage, charge, security interest, pledge, hypothecation or similar
encumbrance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Permitted Lien</I>&#148; means: (a)&nbsp;any Lien existing on the date hereof; (b)&nbsp;any landlord&#146;s,
workmen&#146;s, carriers&#146;, warehousemen&#146;s, mechanics&#146;, materialmen&#146;s, repairmen&#146;s or other like Liens
arising in the ordinary course of business (excluding, for the avoidance of doubt, Liens in
connection with any Indebtedness) that are not overdue for a period of more than 30&nbsp;days, that are
being contested in good faith by appropriate proceedings and that do not materially adversely
affect the use of the property to which they relate; (c)&nbsp;any Lien on any asset securing
Indebtedness incurred or assumed solely for the purpose of financing all or any part of the cost of
acquiring such asset, which Lien attached to such asset concurrently with or within 90&nbsp;days after
the acquisition thereof; (d)&nbsp;any Lien required to be created in connection with: (i)&nbsp;special lines
of credit or advances granted to us by or through local or foreign governmental entities
(including, without limitation, the Central Bank, Banco de Inversi&#243;n y Comercio Exterior S.A.
(&#147;BICE&#148;), <I>Fondo Fiduciario para la Reconstrucci&#243;n de Empresas </I>(&#147;FFR&#148;), Seguro de Dep&#243;sitos S.A.
(&#147;SEDESA&#148;) and banks and export credit agencies) or international multilateral lending
organizations (including, without limitation, the International Bank for Reconstruction and
Development and the Inter-American Development Bank), directly or indirectly, in order to promote
or develop the Argentine economy (the &#147;<I>l&#237;neas especiales de cr&#233;dito</I>&#148;); or (ii)&nbsp;rediscount loans
(<I>redescuentos</I>) or advances granted by the Central Bank and by other Argentine government entities
(including, without limitation, BICE, FFR and SEDESA) in response to circumstances of short-term,
extraordinary illiquidity (the &#147;<I>redescuentos</I>&#148; or &#147;<I>adelantos</I>&#148;), each obtained in accordance with the
applicable rules and regulations of the Central Bank or such other applicable rules and regulations
governing <I>l&#237;neas especiales de cr&#233;dito </I>or <I>redescuentos or adelantos</I>; (e)&nbsp;any Lien on any property
existing thereon at the time of acquisition of such property and not created in connection with
such acquisition; (f)&nbsp;any Lien securing an extension, renewal or refunding of Indebtedness secured
by an Lien referred to in (a), (c), (d)&nbsp;or (e)&nbsp;above, <I>provided </I>that such new Lien is limited to the
property which was subject to the prior Lien immediately before such extension, renewal or
refunding and <I>provided </I>that the principal amount of Indebtedness secured by the prior Lien
immediately before such extension, renewal or refunding is not increased; (g) (i)&nbsp;any inchoate Lien
for taxes, assessments or governmental charges or levies not yet due (including any relevant
extensions) or (ii)&nbsp;any Lien in the form of a tax or other statutory Lien or any other Lien arising
by operation of law, <I>provided further </I>that any such Lien will be discharged within 30&nbsp;days after
the date it is created or arises (unless contested in good faith and for which adequate reserves
have been established, in which case it will be discharged within 30&nbsp;days after final
adjudication); or (h)&nbsp;any other Lien on our assets or those of any of our Subsidiaries, <I>provided</I>
that on the date of the creation or assumption of such Lien, the Indebtedness secured by such Lien,
together with all our and our Subsidiaries&#146; indebtedness secured by any Lien under this clause,
will have an aggregate amount outstanding of no greater than 10% of our total consolidated assets
as set forth in our most recent consolidated financial statements.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Person</I>&#148; means any individual, corporation (including a business trust), limited liability
company, partnership, joint venture, association, joint stock company, trust, unincorporated
organization or other entity, or government or any agency or political subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Significant Subsidiary</I>&#148; means, at any relevant time, any of our Subsidiaries which is a
&#147;significant subsidiary&#148; of ours within the meaning of Rule&nbsp;1-02 under Regulation&nbsp;S-X promulgated
by the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Subsidiary</I>&#148; means, with respect to any Person, any corporation, association or other business
entity of which more than 50% of the voting power of the Capital Stock thereof is at the time owned
or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of
such Person or a combination thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Events of Default</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case one or more of the following events (each an &#147;Event of Default&#148;) will have occurred
and be continuing:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) we fail to pay any principal or interest (or Additional Amounts, if any) on the
notes on the date when it becomes due and payable in accordance with the terms thereof, and
such failure continues for a period of seven days (in the case of principal) or 14&nbsp;days (in
the case of interest or Additional Amounts, if any);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) we fail duly to perform or observe any other covenant or obligation applicable to
such notes under the Indenture or such notes and such failure continues for a period of 30
days after written notice to that effect is received by us or by us and the Trustee from the
Holders of at least 25% in aggregate principal amount of the outstanding notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) we or any of our Subsidiaries fail to pay when outstanding interest due on or
principal of any of our or such Subsidiary&#146;s Indebtedness in an aggregate principal amount
of at least US$20,000,000 (or the equivalent thereof at the time of determination) and such
failure continues after the grace period, if any, applicable thereto; or any other event of
default occurs under any agreement or instrument relating to any such Indebtedness in an
aggregate principal amount of at least US$20,000,000 (or the equivalent thereof at the time
of determination) which results in the acceleration of the maturity thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) one or more final judgments or decrees for the payment of money in excess of
US$20,000,000 (or the equivalent thereof at the time of determination) in the aggregate are
rendered against us or any of our Subsidiaries and are not discharged and, in the case of
each such judgment or decree, either (a)&nbsp;an enforcement proceeding has been commenced by any
creditor upon such judgment or decree and is not dismissed within 30&nbsp;days following
commencement of such enforcement proceedings or (b)&nbsp;there is a period of 60&nbsp;days following
such judgment during which such judgment or decree is not discharged, waived or the
execution thereof stayed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (a)&nbsp;a court having jurisdiction enters a decree or order for (x)&nbsp;relief in respect
of us or any of our Significant Subsidiaries in an involuntary case under the Financial
Institutions Law, Argentine Law No.&nbsp;24,522, as amended (the &#147;Bankruptcy Law&#148;), or any other
applicable bankruptcy, insolvency or other similar law now or hereafter in effect or (y)
appointment of an administrator, receiver, trustee or intervenor for us or any or our
Significant Subsidiaries for all or substantially all of the property of us or any or of our
Significant Subsidiaries and, in each case, such decree or order remains unstayed and in
effect for a period of 60 consecutive days or (b)&nbsp;the Central Bank (x)&nbsp;initiates a
proceeding under Section&nbsp;34, 35 or 35(bis) of the Financial Institutions Law, requesting us
or any of our Significant Subsidiaries to submit a plan under such Section, or (y)&nbsp;orders a
temporary, total or partial suspension of our or any of our Significant Subsidiaries&#146;
activities pursuant to Article&nbsp;49 of the charter of the Central Bank;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) we or any of our Significant Subsidiaries (a)&nbsp;commence a voluntary case under the
Financial Institutions Law, the Bankruptcy Law or any other applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, (b)&nbsp;consent to the appointment
of or taking possession by an
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;administrator, receiver, trustee or intervenor for us or any of our Significant
Subsidiaries for all or substantially all of our or any of our Significant Subsidiaries&#146;
properties or (c)&nbsp;effect any general assignment for the benefit of creditors;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a resolution is passed or adopted by our Board of Directors or shareholders, or
an order is adopted by the Central Bank, or a ruling or judgment of a governmental entity or
court of competent jurisdiction is made, that we be wound up or dissolved (other than
pursuant to a merger, consolidation, amalgamation or other transaction otherwise permitted
in accordance with the terms of the Indenture as described in &#147;&#151;Mergers, Consolidations,
Sales and Leases&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) it becomes unlawful for us to perform or comply with any of our payment
obligations under the Registered Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Indenture for any reason ceases to be in full force and effect in accordance
with its terms, or we deny that we have any further liability or obligation thereunder or in
respect thereof; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) a moratorium is agreed or declared in respect of any of our Indebtedness;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then the Trustee will, upon the request of the Holders of not less than 25% in aggregate principal
amount of the notes, by written notice to us declare all the notes then outstanding to be
immediately due and payable; <I>provided </I>that in the case of any of the Events of Default described in
paragraphs (v), (vi)&nbsp;and (vii)&nbsp;above with respect to us, all notes will, without any notice to us
or any other act by the Trustee or any Holder of the notes, become immediately due and payable. In
the event an Event of Default set forth in clause (iii)&nbsp;above has occurred and is continuing with
respect to the notes of any series, such Event of Default will be automatically rescinded and
annulled once the event of default or payment default triggering such Event of Default pursuant to
clause (iii)&nbsp;remedied or cured by us and/or the relevant Subsidiary or waived by the Holders of the
relevant Indebtedness. No such recission and annulment will affect any subsequent Event of Default
or impair any right consequent thereto. Upon any such declaration of acceleration, the principal
of the notes so accelerated and the interest accrued thereon and all other amounts payable with
respect to such notes will become and be immediately due and payable. If the Event of Default or
Events of Default giving rise to any such declaration of acceleration are cured following such
declaration, such declaration may be rescinded by the Holders of such notes in the manner set forth
in the Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Meetings, Modification and Waiver</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and the Trustee may, without the vote or consent of any Holder of Registered Notes, modify
or amend the Indenture or the Registered Notes for the purpose of:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adding to our covenants such further covenants, restrictions, conditions or
provisions as are for the benefit of the Holders of such Registered Notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>surrendering any right or power conferred upon us;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>securing the Registered Notes pursuant to the requirements thereof or otherwise;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evidencing the succession of another person to us and the assumption by any such
successor of our covenants and obligations in the Registered Notes and in the Indenture
pursuant to any merger, consolidation or sale of assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>establishing the form or terms of any new series of Registered Notes as permitted
under the Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>complying with any requirement of the CNV in order to effect and maintain the
qualification of the Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>complying with any requirements of the SEC in order to qualify the Indenture under
the Trust Indenture Act;</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>making any modification which is of a minor or technical nature or correcting or
supplementing any ambiguous, inconsistent or defective provision contained in the
Indenture or in such notes, <I>provided </I>that any such modification, correction or
supplement will not adversely affect the interests of the Holders of the Registered
Notes; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>making any other modification, or granting any waiver or authorization of any breach
or proposed breach, of any of the terms and conditions of such Registered Notes or any
other provisions of the Indenture in any manner which does not adversely affect the
interest of the Holders of the Registered Notes of such series in any material respect.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modifications to and amendments of the Indenture and the notes may be made, and future
compliance or past default by us may be waived, by us and the Trustee by the adoption of a
resolution at a meeting of Holders of notes as set forth below, but no such modification or
amendment and no such waiver may, without the unanimous consent of the Holders of all notes
adversely affected thereby, (i)&nbsp;extend the due date for the payment of principal of, premium, if
any, or any installment of interest on any such note, (ii)&nbsp;reduce the principal amount of, the
portion of such principal amount which is payable upon acceleration of the maturity of, the rate of
interest on or the premium payable upon redemption of any such note, (iii)&nbsp;reduce our obligation to
pay Additional Amounts on any such note, (iv)&nbsp;shorten the period during which we are not permitted
to redeem any such note, or permit us to redeem any such note if, prior to such action, we are not
permitted to do so, (v)&nbsp;amend the circumstances under which the notes of such series may be
redeemed, (vi)&nbsp;change the Specified Currency in which or the required places at which any such note
or the premium or interest thereon is payable, (vii)&nbsp;reduce the percentage of the aggregate
principal amount of such notes necessary to modify, amend or supplement the Indenture or such
notes, or for waiver of compliance with certain provisions thereof or for waiver of certain
defaults, (viii)&nbsp;reduce the percentage of aggregate principal amount of outstanding notes required
for the adoption of a resolution or the quorum required at any meeting of Holders of such notes at
which a resolution is adopted or (ix)&nbsp;modify any provisions of the Indenture relating to meetings
of Holders of such notes, modifications or waivers as described above, except to increase any such
percentage or to provide that certain other provisions of the Indenture cannot be modified or
waived without the consent of the Holder of each security adversely affected thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture contains provisions for convening meetings of Holders of notes to consider
matters affecting their interests. A meeting of the Holders of notes may be called by our Board of
Directors, our Supervisory Committee, the Trustee or upon the request of the Holders of at least 5%
in principal amount of the outstanding notes of such series. If a meeting is held pursuant to the
written request of Holders of notes, such meeting will be convened within 40&nbsp;days from the date
such written request is received by us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such meeting will be held simultaneously in the City of Buenos Aires and New York City by
means of telecommunications which permit the participants to hear and speak to each other. Notice
of any meeting of Holders of notes (which will include the date, place and time of the meeting, the
agenda therefor and the requirements for attendance) will be given as set forth under &#147;&#151;Notices&#148;
not less than 10 nor more than 30&nbsp;days prior to the date fixed for the meeting and will be
published for five business days in Argentina in the Official Gazette of Argentina (<I>Bolet&#237;n
Oficial</I>), a newspaper of general circulation in Argentina and the Bulletin of the Buenos Aires
Stock Exchange (as long as the notes are listed on the Buenos Aires Stock Exchange). Meetings of
Holders may be simultaneously convened for two dates, in case the initial meeting were to be
adjourned for lack of quorum. However, for meetings that include in the agenda items requiring
unanimous approval by the Holders, notice of a new meeting resulting from adjournment of the
initial meeting for lack of quorum will be given not less than eight days prior to the date fixed
for such new meeting and will be published for three business days in the Official Gazette of
Argentina, a newspaper of general circulation in Argentina and the Bulletin of the Buenos Aires
Stock Exchange (as long as the notes are listed on the Buenos Aires Stock Exchange).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To be entitled to vote at a meeting of Holders, a person shall be (i)&nbsp;a Holder of one or more
notes as of the relevant record date or (ii)&nbsp;a person appointed by an instrument in writing as
proxy by such a Holder of one or more notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The quorum at any meeting called to adopt a resolution will be persons holding or representing
a majority in aggregate principal amount of the outstanding notes and at any reconvened adjourned
meetings will be the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">person(s) present at such reconvened adjourned meeting. At a meeting or a reconvened
adjourned meeting duly convened and at which a quorum is present, any resolution to modify or
amend, or to waive compliance with, any provision of the notes of any series (other than the
provisions referred to in the fourth preceding paragraph) will be validly passed and decided if
approved by the persons entitled to vote a majority in aggregate principal amount of the notes of
such series then outstanding represented and voting at the meeting. Any instrument given by or on
behalf of any Holder of a note in connection with any consent to any such modification, amendment
or waiver will be irrevocable once given and will be conclusive and binding on all subsequent
Holders of such note. Any modifications, amendments or waivers to the Indenture or to the notes
will be conclusive and binding upon all Holders of notes whether or not they have given such
consent or were present at any meeting, and on all notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee will designate the record date for determining the Holders of notes entitled to
vote at any meeting and will provide notice to Holders of notes in the manner set forth in the
Indenture. The Holder of a note may, at any meeting of Holders of notes at which such Holder is
entitled to vote, cast one vote for each U.S. dollar in principal amount of the notes held by such
Holder in which such notes are denominated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the above, any note authenticated and delivered pursuant to the Indenture
will, as of any date of determination, be deemed to be &#147;outstanding,&#148; except:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notes theretofore canceled by the Trustee or delivered to the Trustee for
cancellation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notes that have been called for redemption in accordance with their terms or which
have become due and payable at maturity or otherwise and with respect to which monies
sufficient to pay the principal thereof and any premium, interest, Additional Amounts or
other amount thereon have been deposited with the Trustee; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notes in lieu of or in substitution for which other notes have been authenticated
and delivered pursuant to the Indenture;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>provided</I>, <I>however</I>, that in determining whether the Holders of the requisite principal amount of
outstanding notes are present at a meeting of Holders of notes for quorum purposes or have
consented to or voted in favor of any notice, consent, waiver, amendment, modification or
supplement under the Indenture, notes owned directly or indirectly by us or any of our Affiliates,
including any Subsidiary, will be disregarded and deemed not to be outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly after the execution by us and the Trustee of any supplement or amendment to the
Indenture, we will give notice thereof to the Holders of the notes and, if applicable, to the CNV,
setting forth in general terms the substance of such supplement or amendment. If we fail to give
such notice to the Holders of the notes within 15&nbsp;days after the execution of such supplement or
amendment, the Trustee will give notice to the Holders at our expense. Any failure by us or the
Trustee to give such notice, or any defect therein, will not, however, in any way impair or affect
the validity of any such supplement or amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the notes are listed on the Luxembourg Stock Exchange for trading on the Luxembourg
Stock Exchange, meetings of Holders and notices thereof will also comply with the applicable rules
of the EuroMTF.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Enforcement by Holders of Notes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as described in the next paragraph, no Holder of a note will have any right by virtue
of or by availing itself of any provision of the Indenture or such note to institute any suit,
action or proceeding in equity or at law upon or under or with respect to the Indenture or the
notes or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless
(i)&nbsp;such Holder previously has given to the Trustee written notice of a default with respect to the
notes, (ii)&nbsp;Holders of not less than 25% in aggregate principal amount of the notes have made
written request upon the Trustee to institute such action, suit or proceeding in its own name as
Trustee under the Indenture and have offered to the Trustee such reasonable indemnity as it may
require against the costs, expenses and liabilities to be incurred therein or thereby and (iii)&nbsp;the
Trustee for 60&nbsp;days after its receipt of such notice,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">request and offer of indemnity has failed to institute any such action, suit or proceeding and
no direction inconsistent with such written request has been given to the Trustee pursuant to the
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision in the Indenture and any provision of any note, the right
of any Holder of notes to receive payment of the principal of and interest on such note (including
Additional Amounts) on or after the respective due dates expressed in such note, or to institute
suit, including a summary proceeding (<I>acci&#243;n ejecutiva individual) </I>pursuant to Article&nbsp;29 of the
Argentine Negotiable Obligations Law, for the enforcement of any such payment on or after such
respective dates, will not be impaired or affected without the consent of such Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any beneficial owner of notes represented by a global note will be able to obtain from the
relevant depositary, upon request and subject to certain limitations set forth in the Indenture, a
certificate representing its interest in the relevant global note in accordance with Argentine
Decree No.&nbsp;677/2001. This certificate will enable such beneficial owner to initiate legal action
before any competent court in Argentina, including a summary proceeding, to obtain overdue amounts
under the notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Defeasance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may, at our option, elect to terminate (1)&nbsp;all of our obligations with respect to the notes
(&#147;legal defeasance&#148; ), except for certain obligations, including those regarding any trust
established for defeasance and obligations relating to the transfer and exchange of the notes, the
replacement of mutilated, destroyed, lost or stolen notes and the maintenance of agencies with
respect to the notes or (2)&nbsp;our obligations under certain of the covenants in the Indenture, so
that any failure to comply with such obligations will not constitute an event of default (&#147;covenant
defeasance&#148;). In order to exercise either legal defeasance or covenant defeasance, we must
irrevocably deposit with the Trustee money or U.S. government obligations, or any combination
thereof, in such amounts as will be sufficient to pay the principal, premium, if any, and interest
(including Additional Amounts) in respect of the notes then outstanding on the Stated Maturity of
the notes, and comply with certain other conditions, including, without limitation, the delivery to
the Trustee of an opinion of a nationally recognized counsel in the United States, experienced in
such tax matters to the effect that the deposit and related defeasance would not cause the holders
of the notes to recognize income, gain or loss under the tax laws of the applicable jurisdictions
as well as to other relevant matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we elect either legal defeasance or covenant defeasance with respect to the notes of a
series, we must so elect it with respect to all of the notes of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Repayment of Monies; Prescription</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any monies deposited with or paid to the Trustee or any Paying Agent for the payment of the
principal of or interest or any other amounts payable on or in respect of any note (including
Additional Amounts) and not applied but remaining unclaimed for two years after the date upon which
such principal or interest or other amounts have become due and payable will, unless otherwise
required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be
repaid to us by the Trustee or such Paying Agent, and the Holder of such note will, unless
otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property
laws, thereafter look only to us for any payment that such Holder may be entitled to collect, and
all liability of the Trustee or any Paying Agent with respect to such monies will thereupon cease.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All claims against us for payment of principal of or interest or any other amounts payable on
or in respect of any note (including Additional Amounts) will prescribe unless made within ten
years for principal and four years for interest from the later of (i)&nbsp;the date on which such
payment first became due and (ii)&nbsp;if the full amount payable has not been received by the Trustee
on or prior to such due date, the date on which, the full amount having been so received, notice
has been given to the Holders of the notes by the Trustee that the full amount has been received.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Notices</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices to Holders of notes will be deemed to be validly given (i)&nbsp;if sent by first class mail
to them (or, in the case of joint Holders, to the first-named in the Register) at their respective
addresses as recorded in the Register,
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and will be deemed to have been validly given on the fourth Business Day after the date of
such mailing, and for notices mailed to Holders of notes located in Argentina, upon receipt, (ii)
for as long as such notes are listed on the Buenos Aires Stock Exchange and MAE, upon publication
in the City of Buenos Aires in the Bulletin of the Buenos Aires Stock Exchange, MAE and in a widely
circulated newspaper in Argentina, and (iii)&nbsp;for as long as such notes are listed on the Luxembourg
Stock Exchange for trading on the EuroMTF, upon publication in a leading daily newspaper of general
circulation in Luxembourg (however, if such publication is not practicable, notice will be
considered to be validly given if otherwise made in accordance with the rules of the Luxembourg
Stock Exchange). It is expected that notices in Luxembourg will be published in the <I>d&#146;Wort </I>and
notices in the City of Buenos Aires will be published in <I>La Naci&#243;n </I>or <I>El Cronista Comercial</I>. Any
such notice will be deemed to have been given on the date of such publication or, if published more
than once or on different dates, on the last date on which publication is required and made as so
required. In the case of global notes, notices will be sent to DTC, Euroclear or Clearstream,
Luxembourg, as the case may be, or their nominees (or any successors), as the Holder thereof, and
such clearing agency or agencies will communicate such notices to their participants in accordance
with their standard procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we will be required to cause all such other publications of such notices as may
be required from time to time by applicable Argentine law. Neither the failure to give notice nor
any defect in any notice given to any particular Holder of a note will affect the sufficiency of
any notice with respect to any other notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Judgment Currency Indemnity</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a judgment or order given or made by any court for the payment of any amount in respect of
any note is expressed in a currency (the &#147;judgment currency&#148;) other than the currency (the
&#147;denomination currency&#148;) in which such notes are denominated or in which such amount is payable, we
will indemnify the relevant Holder against any deficiency arising or resulting from any variation
in rates of exchange between the date as of which the amount in the denomination currency is
notionally converted into the amount in the judgment currency for the purposes of such judgment or
order and the date of actual payment thereof. This indemnity will constitute a separate and
independent obligation from the other obligations contained in the terms and conditions of the
notes, will give rise to a separate and independent cause of action, will apply irrespective of any
indulgence granted from time to time and will continue in full force and effect notwithstanding any
judgment or order for a liquidated sum or sums in respect of amounts due in respect of the relevant
note or under any such judgment or order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Governing Law, Judgments, Jurisdiction, Service of Process, Waiver of Immunities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture and the notes are governed by, and will be construed in accordance with, the law
of the State of New York; <I>provided</I>, <I>however</I>, that all matters relating to the due authorization,
execution, issuance and delivery of the notes by us, and matters relating to the legal requirements
necessary in order for the notes to qualify as &#147;<I>obligaciones negociables</I>&#148; under Argentine law, will
be governed by the Negotiable Obligations Law together with Argentine Business Companies Law No.
19,550, as amended and other applicable Argentine laws and regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have irrevocably submitted to the non-exclusive jurisdiction of any state or federal court
sitting in the Borough of Manhattan, City and State of New York, any Argentine court sitting in the
City of Buenos Aires, including the ordinary courts for commercial matters and the <I>Tribunal de
Arbitraje General de la Bolsa de Comercio de Buenos Aires </I>(Permanent Arbitral Tribunal of the
Buenos Aires Stock Exchange) under the provisions of Article&nbsp;38 of Argentine Decree No.&nbsp;677/2001,
and any competent court in the place of our corporate domicile for purposes of any action or
proceeding arising out of or related to the Indenture or the notes. We have irrevocably waived, to
the fullest extent permitted by law, any objection which it may have to the laying of the venue of
any such action or proceeding brought in such a court and any claim that any such action or
proceeding brought in such a court has been brought in an inconvenient forum. We have also agreed
that final judgment in any such action or proceeding brought in such court will be conclusive and
binding upon us and may be enforced in any court in the jurisdiction to which we are subject by a
suit upon such judgment; <I>provided</I>, <I>however</I>, that service of process is effected upon us in the
manner specified in the following paragraph or as otherwise permitted by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As long as any note remains outstanding, we will at all times have an authorized agent in the
Borough of Manhattan in the City and State of New York upon whom process may be served in any legal
action or proceeding arising out of or relating to the notes or the Indenture. Service of process
upon such agent and written notice of such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">service mailed or delivered to the party being joined in such action or proceeding will, to
the extent permitted by law, be deemed in every respect effective service of process upon such
party in any such legal action or proceeding. We have appointed CT Corporation System, 111 Eight
Avenue, New York, New York 10011 as our agent for service of process in any proceedings in the
Borough of Manhattan, City and State of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trustee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notes will be issued in accordance with the Indenture. HSBC Bank USA, National
Association has been appointed as the Trustee under the Indenture. The Indenture contains
provisions relating to the duties and responsibilities of the Trustee and its obligations to the
Holders of the notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may resign at any time and the Holders of a majority in aggregate principal amount
of the notes may remove the Trustee at any time. If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such
interest or resign in accordance with the Trust Indenture Act. We may remove the Trustee if the
Trustee becomes ineligible to serve as Trustee under the terms of the Indenture, becomes incapable
of acting as Trustee, or is adjudged insolvent or bankrupt. If the Trustee resigns or is removed,
a successor Trustee will be appointed in accordance with the terms of the Indenture. We will give
notice of any resignation, termination or appointment of the Trustee to the Holders of the notes
and to the CNV.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the Indenture, we covenant to indemnify and defend the Trustee for, and to hold it harmless
against, any loss, liability or expense (including the reasonable costs and expenses of its
counsel) arising out of or in connection with the acceptance or administration of the Indenture or
the trusts thereunder and the performance of its duties and the exercise of its rights thereunder,
including in each of its capacities thereunder as Co-Registrar, Principal Paying Agent and Transfer
Agent, except to the extent such loss, liability or expense is due to its own negligence or willful
misconduct.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture provides that the Trustee or any affiliate or agent of the Trustee may become
the owner or pledgee of securities with the same rights it would have if it were not the Trustee or
any agent of the Trustee and may otherwise deal with us and receive, collect, hold and retain
collections from us with the same rights it would have if it were not the Trustee or an affiliate
or agent. The Trustee and its affiliates and agents are entitled to enter into business
transactions with us or any of our affiliates without accounting for any profit resulting from such
transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Paying Agents; Transfer Agents; Registrars</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrar, Principal Paying Agent and Transfer Agent for these notes is HSBC Bank USA,
National Association. The Registrar, Paying Agent, and Transfer Agent is HSBC Bank Argentina S.A.
The Luxembourg Paying Agent and Transfer Agent is Dexia Banque Internationale. We may at any time
appoint additional or other Registrars, Paying Agents and Transfer Agents and terminate the
appointment thereof; <I>provided</I>, <I>however</I>, that (i)&nbsp;while notes are outstanding, we will maintain a
Registrar, a Paying Agent and a Transfer Agent in New York City; (ii)&nbsp;as long as the notes are
listed on the Luxembourg Stock Exchange for trading on the Luxembourg Stock Exchange and the rules
of the EuroMTF so require, at least one Paying Agent and transfer agent will be located in
Luxembourg; and (iii)&nbsp;as long as it is required by Argentine law or by the CNV, we will maintain a
Registrar, a Paying Agent and a Transfer Agent in the City of Buenos Aires. In the event required
by the Indenture, notice of any resignation, termination or appointment of any Registrar, Paying
Agent or Transfer Agent, and of any change in the office through which any Registrar, Paying Agent
or Transfer Agent will act, will be promptly given to the Holders of the notes in the manner
described under &#147;&#151;Notices&#148; above and to the CNV.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee, the Paying Agents, the Transfer Agents, Registrar, Co-Registrar and Exchange Agent
make no representation regarding this Prospectus and Registration Statement, any supplement or the
matters contained herein or therein.
</DIV>


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<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CLEARING AND SETTLEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrangements have been made with each of DTC, Euroclear and Clearstream, Luxembourg to
facilitate the issuance of the Registered Note deposited with, or on behalf of, DTC (&#147;DTC Global
Notes&#148;). See &#147;Description of Registered Notes&#151;General&#151;Global Notes.&#148; Transfers within DTC,
Euroclear and Clearstream, Luxembourg will be made in accordance with the usual rules and operating
procedures of the relevant system. Cross-market transfers between investors who hold or who will
hold DTC Global Notes through DTC and investors who hold or will hold DTC Global Notes through
Euroclear and/or Clearstream, Luxembourg will be effected in DTC through the respective
depositaries of Euroclear and Clearstream, Luxembourg.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>DTC</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC has advised us as follows: DTC is a limited-purpose trust company organized under the
laws of the State of New York, a &#147;banking organization&#148; within the meaning of the New York Banking
Law, a member of the Federal Reserve System, a &#147;clearing corporation&#148; within the meaning of the New
York Uniform Commercial Code and a &#147;clearing agency&#148; registered pursuant to the provisions of
Section&nbsp;17A of the Exchange Act. DTC was created to hold securities for its participating
organizations (&#147;DTC Participants&#148;) and to facilitate the clearance and settlement of securities
transactions between DTC Participants through electronic book-entry changes in accounts of the DTC
Participants, thereby eliminating the need for physical movement of certificates. DTC Participants
include securities brokers and dealers, brokers, banks, trust companies and clearing corporations
and may include certain other organizations. Indirect access to the DTC system is also available to
others such as banks, brokers, dealers and trust companies that clear through or maintain a
custodial relationship with a DTC Participant, either directly or indirectly (&#147;Indirect DTC
Participants&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the rules, regulations and procedures creating and affecting DTC and its operations (the
&#147;Rules&#148;), DTC is required to make book-entry transfers between DTC Participants on whose behalf it
acts with respect to the Registered Notes and is required to receive and transmit distributions of
principal of and interest on the Registered Notes. DTC Participants and Indirect DTC Participants
with which investors have accounts with respect to the Registered Notes similarly are required to
make book-entry transfers and receive and transmit such payments on behalf of their respective
investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because DTC can only act on behalf of DTC Participants, who in turn act on behalf of Indirect
DTC Participants and certain banks, the ability of a person having a beneficial interest in a
Registered Notes held in DTC to transfer or pledge such interest to persons or entities that do not
participate in the DTC system, or otherwise take actions in respect of such interest, may be
affected by the lack of a physical certificate of such interest. The laws of some states of the
United States require that certain persons take physical delivery of securities in definitive form.
Consequently, the ability to transfer beneficial interests in a Registered Notes held in DTC to
such persons may be limited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC has advised us that it will take any action permitted to be taken by a holder of
Registered Notes (including, without limitation, the presentation of Registered Notes for exchange
as described above) only at the direction of one or more participants to whose account with DTC
interests in the relevant Registered Notes are credited, and only in respect of such portion of the
aggregate principal amount of the Registered Notes as to which such participant or participants has
or have given such direction. However, in certain circumstances, DTC will exchange the DTC Global
Notes held by it for certificated notes, which it will distribute to its participants and which, if
representing interests in the Registered Notes, will be legended. See &#147;Description of Registered
Notes&#151;Certificated Notes.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Euroclear</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euroclear was created in 1968 to hold securities for participants of Euroclear and to clear
and settle transactions between Euroclear participants through simultaneous electronic book-entry
delivery against payment, thus eliminating the need for physical movement of certificates and risk
from lack of simultaneous transfers of securities and cash. Transactions may now be settled in many
currencies, including United States dollars and Japanese yen. Euroclear provides various other
services, including securities lending and borrowing and interfaces
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with domestic markets in several countries generally similar to the arrangements for
cross-market transfers with DTC described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euroclear is operated by Euroclear Bank S.A./N.V. (the &#147;Euroclear Operator&#148;), under contract
with Euroclear Clearance System plc, a U.K. corporation (&#147;Euroclear&#148;). The Euroclear Operator
conducts all operations, and all Euroclear securities clearance accounts and Euroclear cash
accounts are accounts with the Euroclear Operator, not Euroclear. The Euroclear Operator
establishes policy for Euroclear on behalf of Euroclear participants. Euroclear participants
(&#147;Euroclear Participants&#148;) include banks (including central banks), securities brokers and dealers
and other professional financial intermediaries and may include the dealers. Indirect access to
Euroclear is also available to other firms that clear through or maintain a custodial relationship
with a Euroclear participant, either directly or indirectly. Euroclear is an indirect participant
in DTC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Euroclear Operator is a Belgian bank. The Belgian Banking Commission and the National Bank
of Belgium regulate and examine the Euroclear Operator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Terms and Conditions Governing Use of Euroclear (the &#147;Euroclear Terms and Conditions&#148;) and
the related Operating Procedures of Euroclear and applicable Belgian law govern securities
clearance accounts and cash accounts with the Euroclear Operator. Specifically, these terms and
conditions govern:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transfers of securities and cash within Euroclear;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>withdrawal of securities and cash from Euroclear; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receipts of payments with respect to securities in Euroclear.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All securities in Euroclear are held on a fungible basis without attribution of specific
certificates to specific securities clearance accounts. The Euroclear Operator acts under the terms
and conditions only on behalf of Euroclear Participants and has no record of or relationship with
persons holding securities through Euroclear Participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions with respect to Registered Notes held beneficially through Euroclear will be
credited to the cash accounts of Euroclear Participants in accordance with the Euroclear Terms and
Conditions, to the extent received by the Euroclear Operator and by Euroclear.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Clearstream, Luxembourg</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearstream Banking, soci&#233;t&#233; anonyme (&#147;Clearstream, Luxembourg&#148;), was incorporated as a
limited liability company under Luxembourg law. Clearstream, Luxembourg is owned by Cedel
International, soci&#233;t&#233; anonyme, and Deutsche B&#246;rse AG. The shareholders of these two entities are
banks, securities dealers and financial institutions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearstream, Luxembourg holds securities for its customers and facilitates the clearance and
settlement of securities transactions between Clearstream, Luxembourg customers through electronic
book-entry changes in accounts of Clearstream, Luxembourg customers, thus eliminating the need for
physical movement of certificates. Clearstream, Luxembourg provides to its customers, among other
things, services for safekeeping, administration, clearance and settlement of internationally
traded securities, securities lending and borrowing and collateral management. Clearstream,
Luxembourg interfaces with domestic markets in a number of countries. Clearstream, Luxembourg has
established an electronic bridge with the Euroclear Operator to facilitate settlement of trades
between Clearstream, Luxembourg and Euroclear.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a registered bank in Luxembourg, Clearstream, Luxembourg is subject to regulation by the
Luxembourg Commission for the Supervision of the Financial Sector. Clearstream, Luxembourg
customers (&#147;Clearstream, Luxembourg Participants&#148;) are recognized financial institutions around the
world, including agents, securities brokers and dealers, banks, trust companies and clearing
corporations. In the United States, Clearstream, Luxembourg customers are limited to securities
brokers and dealers and banks, and may include the dealers for the Registered Notes. Other
institutions that maintain a custodial relationship with a Clearstream, Luxembourg customer
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">may obtain indirect access to Clearstream, Luxembourg. Clearstream, Luxembourg is an indirect
participant in DTC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions with respect to the Registered Notes held beneficially through Clearstream,
Luxembourg will be credited to cash accounts of Clearstream, Luxembourg Participants in accordance
with its rules and procedures, to the extent received by Clearstream, Luxembourg.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Initial Settlement in Relation to DTC Global Notes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of a DTC Global Note, DTC or its custodian will credit, on its internal
system, the respective principal amount of the individual beneficial interests represented by such
DTC Global Note to the accounts of persons who have accounts with DTC. Such accounts initially will
be designated by or on behalf of the relevant dealer or us, in the case of a Registered Notes sold
directly by us. Ownership of beneficial interests in a DTC Global Note will be limited to DTC
Participants, including Euroclear and Clearstream, Luxembourg, or Indirect DTC Participants.
Ownership of beneficial interests in DTC Global Notes will be shown on, and the transfer of that
ownership will be effected only through, records maintained by DTC or its nominee (with respect to
interests of DTC Participants) and the records of DTC Participants (with respect to interests of
Indirect DTC Participants).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euroclear and Clearstream, Luxembourg will hold omnibus positions on behalf of their
participants through customers&#146; securities accounts for Euroclear and Clearstream, Luxembourg on
the books of their respective depositaries, which in turn will hold such positions in customers&#146;
securities accounts in such depositaries&#146; names on the books of DTC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors that hold their interests in a DTC Global Note through DTC will follow the
settlement practices applicable to global bond issues. Investors&#146; securities custody accounts will
be credited with their holdings against payment in same-day funds on the settlement date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors that hold their interests in a DTC Global Note through Euroclear or Clearstream,
Luxembourg accounts will follow the settlement procedures applicable to conventional eurobonds in
registered form. The interests will be credited to the securities custody accounts on the
settlement date against payment in same-day funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Secondary Market Trading in Relation to DTC Global Notes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the purchaser determines the place of delivery, it is important to establish at the time
of the trade where both the purchaser&#146;s and the seller&#146;s accounts are located to ensure that
settlement can be made on the desired value date. Although DTC, Euroclear and Clearstream,
Luxembourg have agreed to the following procedures in order to facilitate transfers of interests
among participants of DTC, Euroclear and Clearstream, Luxembourg, they are under no obligation to
perform or continue to perform such procedures, and such procedures may be discontinued at any
time. Neither we nor the Trustee, the Registrar, the Co-Registrar or any Paying Agent or Transfer
Agent will have any responsibility for the performance by DTC, Euroclear or Clearstream, Luxembourg
or their respective participants or indirect participants of their respective obligations under the
rules and procedures governing their operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Trading between DTC Participants</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secondary market trading between DTC Participants will be settled using the procedures
applicable to global bond issues in same-day funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Trading between Euroclear and/or Clearstream, Luxembourg Participants</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secondary market trading between Euroclear Participants and/or Clearstream, Luxembourg
Participants will be settled using the procedures applicable to conventional eurobonds in same-day
funds.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Trading between DTC Sellers and Euroclear or Clearstream, Luxembourg Purchasers</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When interests are to be transferred from the account of a DTC Participant to the account of a
Euroclear Participant or a Clearstream, Luxembourg Participant, the purchaser will send
instructions to Euroclear or Clearstream, Luxembourg through a Euroclear Participant or a
Clearstream, Luxembourg Participant, as the case may be, at least one business day prior to
settlement. The Euroclear Operator or Clearstream, Luxembourg will instruct its respective
depositary to receive such interest against payment. Payment will then be made by the depositary to
the DTC Participant&#146;s account against delivery of the interest in the DTC Global Note. After
settlement has been completed, the interest will be credited to the respective clearing system, and
by the clearing system, in accordance with its usual procedures, to the Euroclear Participant&#146;s or
Clearstream, Luxembourg Participant&#146;s account. The securities credit will appear the next day
(European time), and the cash debit will be back-valued to, and the interest on the DTC Global Note
will accrue from, the value date (which would be the preceding day, when settlement occurred in New
York). If settlement is not completed on the intended value date (i.e., the trade fails), the
Euroclear or Clearstream, Luxembourg cash debit will be valued instead as of the actual settlement
date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euroclear Participants and Clearstream, Luxembourg Participants will need to make available to
the relevant clearing system the funds necessary to process same-day funds settlement. The most
direct means of doing so is to preposition funds for settlement, either from cash on-hand or
existing lines of credit, as such Participants would for any settlement occurring with Euroclear or
Clearstream, Luxembourg. Under this approach, such Participants may take on credit exposure to the
Euroclear Operator or Clearstream, Luxembourg until the interests in the relevant DTC Global Note
are credited to their accounts one day later.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As an alternative, if the Euroclear Operator or Clearstream, Luxembourg has extended a line of
credit to a Euroclear Participant or a Clearstream, Luxembourg Participant, as the case may be,
such Participant may elect not to preposition funds and allow the credit line to be drawn upon to
finance settlement. Under this procedure, Euroclear Participants or Clearstream, Luxembourg
Participants purchasing interests in a DTC Global Note would incur overdraft charges for one day,
assuming they cleared the overdraft when the interests in the relevant DTC Global Note were
credited to their accounts. However, interest on the relevant DTC Global Note would accrue from the
value date. Therefore, in many cases the investment income on the interest in the relevant DTC
Global Note earned during that one-day period may substantially reduce or offset the amount of such
overdraft charges, although this result will depend on each Participant&#146;s particular cost of funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since settlement takes place during New York business hours, DTC Participants can employ their
usual procedures for transferring global bonds to the respective depositaries of Euroclear or
Clearstream, Luxembourg for the benefit of Euroclear Participants or Clearstream, Luxembourg
Participants. The sale proceeds will be available to the DTC seller on the settlement date. Thus,
to DTC Participants, a cross-market sale transaction will settle no differently from a trade
between two DTC Participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Trading between Euroclear or Clearstream, Luxembourg Sellers and DTC Purchasers</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to time zone differences in their favor, Euroclear Participants and Clearstream,
Luxembourg Participants may employ their customary procedures for transactions in which interests
in a DTC Global Note are to be transferred by the relevant clearing system, through its respective
depositary, to a DTC Participant at least one business day prior to settlement. In these cases,
Euroclear or Clearstream, Luxembourg will instruct its respective depositary to deliver the
interest in the relevant DTC Global Note to the DTC Participant&#146;s account against payment. The
payment will then be reflected in the account of the Euroclear Participant or Clearstream,
Luxembourg Participant the following day, and receipt of the cash proceeds in the Euroclear
Participant&#146;s or Clearstream, Luxembourg Participant&#146;s account would be back-valued to the value
date (which would be the preceding day, when settlement occurred in New York City). Should the
Euroclear Participant or Clearstream, Luxembourg Participant have a line of credit in its
respective clearing system and elect to be in debt in anticipation of receipt of the sale proceeds
in its account, the back-valuation will extinguish any overdraft charges incurred over that one-day
period. If settlement is not completed on the intended value date (i.e., the trade fails), receipt
of the cash proceeds in the Euroclear Participant&#146;s or Clearstream, Luxembourg Participant&#146;s
account would instead be valued as of the actual settlement date.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally, day traders that use Euroclear or Clearstream, Luxembourg to purchase interests in a
DTC Global Note from DTC Participants for delivery to Euroclear Participants or Clearstream,
Luxembourg Participants should note that these trades will automatically fail on the sale side
unless affirmative action is taken. At least three techniques should be readily available to
eliminate this potential problem:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>borrowing through Euroclear or Clearstream, Luxembourg for one day (until the
purchase side of the day trade is reflected in their Euroclear or Clearstream,
Luxembourg accounts) in accordance with the clearing system&#146;s customary procedures;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>borrowing the interests in the DTC Global Note in the United States from a DTC
Participant no later than one day prior to settlement, which would give sufficient time
for the Registered Notes to be reflected in their Euroclear or Clearstream, Luxembourg
account in order to settle the sale side of the trade; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>staggering the value date for the buy and sell sides of the trade so that the value
date for the purchase from the DTC Participant is at least one day prior to the value
date for the sale to the Euroclear Participant or Clearstream, Luxembourg Participant.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TAXATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Argentine Tax Considerations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following summary is based upon tax laws of Argentina as in effect on the date of this
prospectus and is subject to any change in Argentine law that may come into effect after such date.
Prospective holders of the Registered Notes are advised to consult their own tax advisers as to the
consequences under the tax laws of the country of which they are residents of an exchange of the
Notes for the Registered Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Exchange of Notes for Registered Notes in the Exchange Offer</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the registration of the Registered Notes under the Securities Act of 1933, Holders of
the Notes may change the Notes for Registered <B><I>Notes </I></B>in the exchange offer. This exchange will not
constitute a taxable event to Holders for Argentine income tax purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Income Tax</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Interest</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as described below, interest payments on the notes (including original issue discount,
if any) will be exempt from Argentine income tax, provided that the notes are issued in accordance
with the Negotiable Obligations Law, and qualify for tax exempt treatment under Article&nbsp;36 of such
law. Under Article&nbsp;36, interest on the notes shall be exempt if the following conditions (the
&#147;Article&nbsp;36 Conditions&#148;) are satisfied:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the notes must be placed through a public offering authorized by the CNV in
compliance with Joint Resolution 470-1738/2004;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the proceeds of the issue of such notes must be, pursuant to corporate
resolutions authorizing the offering, applied either to (i)&nbsp;investments in tangible
assets in Argentina, (ii)&nbsp;working capital in Argentina, (iii)&nbsp;refinancing of debt,
whether at its original maturity or prior to such maturity, (iv)&nbsp;capital contributions
to controlled or affiliated corporations, provided that such corporations use the
proceeds of such contributions for the purposes set forth in (i), (ii)&nbsp;or (iii)&nbsp;above
or (v)&nbsp;making loans in accordance with Central Bank regulations; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we must provide evidence to the CNV in the time and manner prescribed by
regulations that the proceeds of the issue have been used for the purposes described in
section (b).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolution 470-1738/2004 provides, to a certain extent, interpretation of &#147;public offering tax
exemption&#148; which, until the date of its issuance, had not been clearly construed by the Argentine
Tax Authority. Although the interpretation of the Resolution 470-1738/2004 is not free from doubt
given its recent issuance, many of the matters concerning such concept have been clarified by it.
The main points of the Joint Resolution 470-1738/2004 are as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether a securities offering is a &#147;public offering placement&#148; is exclusively
to be construed under Argentine law (Article&nbsp;16 of the Argentine Public Offering Law).
Under the Argentine Public Offering Law notes offered to qualified institutional buyers
under Rule&nbsp;144A or offered pursuant to Regulation&nbsp;S can be made under the concept of a
public offering set forth by such law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Public offering efforts should be properly carried out and documentation of
such efforts should be kept by the issuer. Notes will not be considered tax exempt by
virtue of the authorization of the CNV to conduct a public offering.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Public offering efforts may be made not only in Argentina but also abroad.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Offerings may be made to the &#147;general public&#148; or to a &#147;specified group of
investors&#148; (such as qualified institutional buyers).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The offering may be underwritten pursuant to an &#147;underwriting agreement&#148;. The
notes placed pursuant to such agreement will be considered placed by means of a public
offering to the extent that the underwriter effectively carries out public offering
efforts in accordance with the Argentine Public Offering Law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The refinancing of &#147;bridge loans&#148; is an accepted use of proceeds from the
offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordingly, we must undertake that each series of notes will be issued in compliance with the
Article&nbsp;36 Conditions and placed by means of a public offering as defined in the Joint Resolution
470-1738/2004. CNV has authorized the establishment of this program, pursuant to Resolution No.
15480 dated September&nbsp;28, 2006. For that purpose, after the issue of a series of notes, we must
file with the CNV the documents required by Resolution No.&nbsp;368/01 of the CNV, as amended, and Joint
Resolution 470-1738/2004. Upon approval by the CNV of such filing, and provided that Article&nbsp;36
Conditions are met, the notes will qualify for the tax-exempt treatment set forth under Articles 36
and 36bis of the Negotiable Obligations Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, in accordance with Article&nbsp;38 of the Negotiable Obligations Law, if we are
subsequently found to have violated or not complied with the Article&nbsp;36 Conditions, the
responsibility for payment of the taxes from which the holders of the notes would have been exempt
otherwise will rest on us. Consequently, the specified exemptions will benefit the holders of the
notes regardless of any subsequent violation or non-compliance by us, and holders of the notes will
be entitled to receive the full amount due as if no withholding had been required. See also
&#147;Description of Registered Notes&#151;Additional Amounts&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According to Decree No.&nbsp;1,076 of July&nbsp;2, 1992, as amended by Decree No.&nbsp;1,157 of July&nbsp;10,
1992, ratified by Argentine Law No.&nbsp;24,307 of December&nbsp;30, 1993 (&#147;Decree No.&nbsp;1,076&#148;), taxpayers
subject to the tax adjustment for inflation rules pursuant to Title VI of the Income Tax Law
(&#147;ITL&#148;) (in general, entities organized or incorporated under Argentine law, Argentine branches of
foreign entities, sole proprietorships and individuals carrying on certain commercial activities in
Argentina) (&#147;Argentine entities&#148;) do not enjoy the aforementioned exemption under Article&nbsp;36 of the
Negotiable Obligations Law. As a result thereof, payments of interest on the notes to Argentine
entities are subject to income tax in Argentina at a rate of 35%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although in certain cases payments of interest to Argentine entities (except to financial
entities subject to the Financial Institutions Law) are also subject to a 35% withholding tax on
account of the income tax mentioned above, when the debtor is a bank such withholding tax should
not be applicable (Article&nbsp;81 of the ITL). In addition, the regime established by the Argentine Tax
Authority through General Resolution No.&nbsp;830 provides for withholdings of 3% or 10%, depending on
whether the beneficiary shall or shall not be registered as an income tax taxpayer, respectively,
on certain interest amounts, regardless of its denomination or means of payments. That withholding
shall be considered as a payment on account of the income tax of the bondholder and shall become
due unless the beneficiary alleges the occurrence of any exemption event and provided that such
events shall be evidenced by means of any of the formal requirements established by the tax
authority. In principle, such withholding does not apply to interest payments on the notes.
However, no assurance may be given that the Argentine Tax Authority may not successfully allege its
applicability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentine law generally provides that tax exemptions do not apply when, as a result of the
application of an exemption, revenue that would have been collected by the Argentine tax authority
would be collected instead by a foreign tax authority (Articles 21 of the Income Tax Law and 106 of
the Argentine Federal Tax Procedure Law).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This principle, however, does not apply to holders who are foreign beneficiaries. Therefore,
the exemption established under Article&nbsp;36 of the Negotiable Obligations Law is applicable only to:
(i)&nbsp;individuals (including undivided estates) residing in Argentina and (ii)&nbsp;foreign beneficiaries
(either individuals or entities).
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Capital Gain</I>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Article&nbsp;36 Conditions are fully complied with, resident and non-resident individuals
and foreign entities without a permanent establishment in Argentina are not subject to taxation on
capital gains derived from the sale or other disposition of the notes. As a result of the Decree
No.&nbsp;1076, Argentine entities are subject to the payment of income tax at a rate of 35% on capital
gains derived from the sale or other disposition of the notes as prescribed by Argentine tax
regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Value Added Tax</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Article&nbsp;36 Conditions are fulfilled, any financial transaction and
operation related to the issuance, placement, purchase, transfer, payment of principal and/or
interest or redemption of the notes will be exempted from value added tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Personal Assets Tax</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individuals domiciled and undivided estates located in Argentina or abroad must include
securities, such as the notes, in order to determine their tax liability for the Personal Assets
Tax (&#147;PAT&#148;). This tax levies certain taxable assets held at December&nbsp;31 of each year, at the rate
of (i)&nbsp;0.50% for those individuals domiciled and undivided estates located in Argentina whose
assets subject to the tax do not exceed an aggregate amount of Ps.302,300; or (ii)&nbsp;0.75% for those
individuals domiciled and undivided estates located in Argentina whose assets subject to the tax
exceed an aggregate amount of Ps.302,300, and for those non resident individuals and undivided
estates located outside Argentina. The tax is applicable on the market value of the notes (or the
acquisition costs plus accrued interest in the case of unlisted notes) at December&nbsp;31 of each
calendar year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is a non taxable amount of Ps.102,300 in respect of individuals domiciled and undivided
estates located in Argentina. In respect of individuals domiciled or undivided estates located
abroad, the PAT is not required to be paid if the amount of such tax is equal or less than
Ps.255.75. Although securities, such as the notes, owned by individuals domiciled or undivided
estates located outside Argentina would be technically subject to the PAT, according to the
provisions of Decree No.&nbsp;127/96, a procedure for the collection of such tax has not been
established in respect of such securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under certain circumstances, assets held by companies or other entities domiciled or
incorporated abroad (offshore entities, other than insurance companies, open-end investment funds,
pension funds and banks or financial entities whose head offices are incorporated in a country
whose Central Bank or equivalent authority has adopted the international standards of supervision
established by the Basel Committee) are presumed to be owned by individuals or undivided estates
domiciled or incorporated in Argentina and, consequently, are subject to the PAT at an aggregate
rate of 1.5%. Notwithstanding, Decree No.&nbsp;812/1996, dated July&nbsp;24, 1996, establishes that the legal
presumption discussed above shall not apply to shares and debt-related private securities, such as
the notes, whose public offering has been authorized by the CNV and which are tradable on the stock
exchanges located in Argentina or abroad.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to ensure that this legal presumption will not apply and, correspondingly, that we
will not be liable as a Substitute Obligor in respect of the notes, we will keep in our records a
duly certified copy of the CNV resolution authorizing the public offering of the shares or
debt-related private securities and evidence verifying that such certificate or authorization was
effective as of December&nbsp;31 of the year in which the tax liability occurred, as required by
Resolution N&#176; 4,203 of the Argentine Tax Authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Tax on Presumed Minimum Income</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tax on minimum presumed income (the &#147;PMIT&#148;) is levied on the potential income from the
ownership of certain income-generating assets. Corporations domiciled in Argentina, among others,
are subject to the tax at the rate of 1.0% (0.20% in the case of local financial entities, leasing
entities or insurance entities) applicable over the total value of assets, including the notes,
above an aggregate amount of Ps.200,000. The tax basis shall be the fair market value if the notes
are listed in a self regulated securities exchange market, and the adjusted acquisition cost if
they are not. This tax will only be owed if the income tax determined for any fiscal year does not
equal or exceed the amount owed under the PMIT. In such case, only the difference between the PMIT
determined for such fiscal year
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and the income tax determined for the same fiscal year shall be paid. Any PMIT paid will be applied
as a credit toward income tax owed in the immediately following ten fiscal years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Tax on Debits and Credits on Bank Accounts</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Law No.&nbsp;25,413 (published in the Official Gazette of Argentina on March&nbsp;26th, 2001), as
amended, establishes, with certain exceptions, a tax levied on debits and credits on checking
accounts maintained at financial institutions located in Argentina and on other transactions that
are used as a substitute for the use of checking accounts. The general tax rate is 0.6% for each
debit and credit (although in certain cases an increased rate of 1.2% and a reduced rate of 0.075%
may apply).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Decree No.&nbsp;534/2004 (published in the Official Gazette of Argentina on May&nbsp;3,
2004), 34.0% of the tax paid on credits levied at the 0.6% tax rate and 17.0% of the tax paid on
transactions levied at the 1.2% tax rate will be considered (subject to periodical revision by the
government) as a payment on account of income taxes and taxes on presumed minimum income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The credit of such amounts as a payment on account will be carried out, with no distinction,
against income tax and/or PMIT. The exceeding amount will not be subject to compensation with other
taxes or transfer in favor of third parties, being able to be transferred, to its exhaustion, to
other fiscal periods of the above-mentioned taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Turnover Tax</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any investors regularly engaged in activities, or presumed to be engaged in activities, in any
jurisdiction where they receive revenues from interest arising from holding notes, or from their
sale or conveyance, could be subject to the turnover tax at rates that vary according to the
specific laws of each Argentine province, unless an exemption applies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;136, item (1)&nbsp;of the Tax Code of the City of Buenos Aires establishes that the income
resulting from any transaction in respect of notes issued pursuant to the Negotiable Obligations
Law (such as interest income and the purchase value in the event of conveyance) is exempted from
the turnover tax. Although the Tax Code of the City of Buenos Aires does not require the
fulfillment of the conditions under Article&nbsp;36 of the Negotiable Obligations Law, the local tax
authority of such jurisdiction recently issued a Resolution No.&nbsp;1494/05 in which it considers that
this exemption from the turnover tax only applies when the notes fulfill the conditions under
Article&nbsp;36 of the Negotiable Obligations Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;180, item (c)&nbsp;of the Tax Code of the Province of Buenos Aires establishes that income
resulting from any transaction on notes issued pursuant to the Negotiable Obligations Law and Law
No.&nbsp;23,962, as amended, (such as interest income and the purchase value in the event of conveyance)
is exempted from the turnover tax to the extent the income tax exemption applies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Stamp and Transfer Taxes</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Article&nbsp;35 of the Negotiable Obligations Law, resolutions, agreements and
transactions related to the issuance, subscription, placement and transfer of the notes are
exempted from Argentine stamp tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The acts, contracts and transactions related to the issuance, subscription, placement and
transfer of the exchange notes shall not be subject to stamp taxes in the City of Buenos Aires.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Argentine transfer taxes are applicable on the sale or transfer of the notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Court Tax</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that it becomes necessary to institute enforcement proceedings in relation to the
notes in Argentina, a court tax (currently at a rate of 3.0%) will be imposed on the amount of any
claim brought before the Argentine courts sitting in the City of Buenos Aires.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The City of Buenos Aires imposes a special contribution to the Lawyers Social Security System
(&#147;CASSABA Contribution&#148;), in addition to the court tax of 3.0%, on any claim brought before the
Argentine courts sitting in the City of Buenos Aires. The CASSABA Contribution will be equal to
3.0% of the amount of the court tax imposed as result of the claim.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Tax Treaties</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina has entered into tax treaties with several countries. There is currently no tax
treaty in force between Argentina and the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Material U.S. Federal Income Tax Considerations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion is a general summary of the material U.S. federal income tax
considerations relating to the purchase, ownership and disposition of the Notes and the Registered
Notes received in exchange therefor. This discussion only applies to Notes and Registered Notes
that are held as capital assets by &#147;U.S. Holders&#148; (as defined below). This discussion does not
describe all of the U.S. federal income tax consequences that may be relevant to U.S. Holders in
light of their particular circumstances or to holders subject to special rules, such as certain
financial institutions, insurance companies, tax-exempt entities, dealers and traders in securities
or currencies, persons holding the Notes or Registered Notes as part of a hedge, straddle or other
integrated transaction or persons having a functional currency other than the U.S. dollar. In
addition, this discussion does not address the effect of any state, local, foreign or other tax
laws or any U.S. federal estate, gift or alternative minimum tax considerations. This discussion is
based on the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), administrative pronouncements
of the IRS, judicial decisions and final, temporary and proposed Treasury regulations, all as in
effect on the date hereof, and all of which are subject to change or differing interpretations,
possibly with retroactive effect, so as to result in U.S. federal income tax consequences different
from those discussed below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used herein, the term &#147;U.S. Holder&#148; means a beneficial owner of Notes or Registered Notes
that is, for U.S. federal income tax purposes, (i)&nbsp;an individual who is a citizen or resident of
the United States, (ii)&nbsp;a corporation, or other entity treated as a corporation for U.S. federal
income tax purposes, created or organized in the United States or under the laws of the United
States, any State thereof or the District of Columbia, (iii)&nbsp;an estate the income of which is
subject to U.S. federal income tax without regard to its source or (iv)&nbsp;a trust if a court within
the United States is able to exercise primary supervision over the administration of the trust and
one or more U.S. persons have the authority to control all substantial decisions of the trust, or
if the trust has a valid election in place to be treated as a domestic trust for U.S. federal
income tax purposes. The U.S. federal income tax treatment of a partner in a partnership that holds
Notes or Registered Notes will depend on the status of the partner and the activities of the
partnership. Partners of partnerships holding Notes or Registered Notes should consult their tax
advisors concerning the U.S. federal income tax consequences of the acquisition, ownership and
disposition of the Notes or Registered Notes by the partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE SUMMARY OF U.S. FEDERAL INCOME TAX CONSEQUENCES SET OUT BELOW IS FOR GENERAL INFORMATION
ONLY. PROSPECTIVE PURCHASERS SHOULD CONSULT THEIR TAX ADVISORS AS TO THE PARTICULAR TAX
CONSEQUENCES TO THEM OF OWNING THE NOTES OR REGISTERED NOTES, INCLUDING THE APPLICABILITY AND
EFFECT OF STATE, LOCAL, NON-U.S. AND OTHER TAX LAWS AND POSSIBLE CHANGES IN TAX LAW.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exchange of Notes for Registered Notes in the Exchange Offer</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange of the Notes for Registered Notes in the exchange offer will not constitute a
taxable event to U.S. Holders for U.S. federal income tax purposes. Consequently, a U.S. Holder
will not recognize gain or loss upon the exchange of a Note for a Registered Note, the U.S.
Holder&#146;s adjusted tax basis in the Registered Note immediately after the exchange will be the same
as its adjusted tax basis in the corresponding Note immediately before the exchange, and the U.S.
Holder&#146;s holding period in the Registered Note will include the holding period in the Note
exchanged therefor.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Payments of Interest</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stated interest on a Registered Note, other than interest that is not &#147;qualified stated
interest,&#148; generally will be taxable to a U.S. Holder as ordinary income at the time that such
interest is received or accrued, depending on the U.S. Holder&#146;s regular method of accounting for
U.S. federal income tax purposes. For this purpose, a &#147;qualified stated interest&#148; payment is
generally any one of a series of stated interest payments on a Note or Registered Note that is
unconditionally payable in cash or property, other than additional debt instruments of ours, at
least annually at a single fixed rate (with certain exceptions for lower rates paid during some
periods) or a variable rate. Interest paid by us on the Registered Notes generally will constitute
qualified stated interest and will be income from sources outside the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Bond Premium</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. Holder that purchased a Note for an amount in excess of the sum of all amounts payable
on the Note after the acquisition date other than qualified stated interest payments (as defined
above under &#147;Payments of Interest&#148;), may elect to treat the excess as &#147;amortizable bond premium,&#148;
in which case the amount required to be included in the U.S. Holder&#146;s gross income each year with
respect to interest on the Registered Note will be reduced by the amount of amortizable bond
premium allocable (based on the Registered Note&#146;s yield to maturity) to that year. Any election to
amortize bond premium shall apply to all bonds (other than bonds the interest on which is
excludable from gross income for U.S. federal income tax purposes) held by the U.S. Holder at the
beginning of the first taxable year to which the election applies or thereafter acquired by the
U.S. Holder, and is irrevocable without the consent of the IRS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Market Discount</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. Holder that purchased a Note for an amount that was less than the Note&#146;s &#147;stated
redemption price at maturity&#148; by more than a <I>de minimis </I>amount will be treated as having purchased
a Note at a market discount. For this purpose, the &#147;stated redemption price at maturity&#148; of a Note
is generally equal to the total of all payments provided by the Note that are not payments of
qualified stated interest. In general, any gain recognized on the maturity or disposition of
(including any partial principal payment on) a Registered Note, for which the related Note was
purchased with market discount (a &#147;Market Discount Note&#148;), and possibly gain realized in certain
non-recognition transactions, will be taxable as ordinary income to the extent that the gain does
not exceed the accrued market discount on the note. Alternatively, a U.S. Holder of a Market
Discount Note may elect to accrue market discount into gross income currently over the life of the
note. This election shall apply to all debt instruments with market discount acquired by the
electing U.S. Holder on or after the first day of the first taxable year to which the election
applies, and may not be revoked without the consent of the IRS. A U.S. Holder of a Market Discount
Note that does not elect to include market discount in gross income currently will generally be
required to defer deductions for interest on borrowings incurred to purchase or carry a Market
Discount Note that is in excess of the interest on the note includible in the U.S. Holder&#146;s gross
income, to the extent that this excess interest expense does not exceed the portion of the market
discount allocable to the days on which the Market Discount Note was held by the U.S. Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under current law, market discount will accrue on a straight-line basis unless the U.S. Holder
elects to accrue the market discount on a constant-yield method. This election applies only to the
Market Discount Note with respect to which it is made and is irrevocable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Fungible Issue</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may in some circumstances, without the consent of the holders of outstanding Registered
Notes, issue additional notes with identical terms. These additional notes, even if treated for
non-tax purposes as part of the same series as the original Notes and Registered Notes, in some
cases may be treated as a separate issue for U.S. federal income tax purposes. In such a case, the
additional notes may be considered to have been issued with &#147;original issue discount&#148; even if the
original Notes and Registered Notes had no original issue discount, or the additional notes may
have a greater amount of original issue discount than the original Notes and Registered Notes.
These differences may affect the market value of the original Notes and Registered Notes even if
the additional notes are not otherwise distinguishable from the original Notes and Registered
Notes.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Effect of Argentine Withholding Taxes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As discussed in &#147;Taxation&#151;Argentine Tax Considerations&#148; in this prospectus, payments of
interest in respect of the Registered Notes may be subject to Argentine withholding taxes in
certain circumstances. If so, as discussed under &#147;Description of the Registered Notes&#151;Additional
Amounts,&#148; we may become liable for the payment of additional amounts to U.S. Holders so that U.S.
Holders receive the same amounts they would have received had no Argentine withholding taxes been
imposed. For U.S. federal income tax purposes, U.S. Holders would be treated as having actually
received the amount of Argentine taxes withheld by us (as well as the additional amounts paid by us
in respect thereof) with respect to a Registered Note, and as then having actually paid over the
withheld taxes to the Argentine taxing authorities. As a result, the amount of interest income
included in gross income for U.S. federal income tax purposes by a U.S. Holder with respect to a
payment of interest may be greater than the amount of cash actually received (or receivable) by the
U.S. Holder from us with respect to the payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to certain limitations, a U.S. Holder generally will be entitled to a credit against
its U.S. federal income tax liability for Argentine income taxes, if any, withheld by us.
Alternatively, a U.S. Holder may elect to deduct such Argentine income taxes when computing its
U.S. federal taxable income, provided that such U.S. Holder elects to deduct (rather than credit)
all foreign income taxes paid or accrued for the taxable year. For purposes of the foreign tax
credit limitation, foreign source income is classified in one of several &#147;baskets,&#148; and the credit
for foreign taxes on income in any basket is limited to U.S. federal income tax allocable to such
income. In taxable years beginning before January&nbsp;1, 2007, interest generally will constitute
foreign source income in the &#147;high withholding tax interest&#148; basket if the Registered Notes are
subject to Argentine withholding tax at a rate of 5.0% or higher. If the Registered Notes are not
subject to such a withholding tax, or in any case in taxable years beginning after December&nbsp;31,
2006, interest in respect of the Registered Notes generally will be in the &#147;passive income&#148; basket.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In certain circumstances, a U.S. Holder may be unable to claim foreign tax credits (and may
instead be allowed deductions) for foreign income taxes imposed on a payment of interest if the
U.S. Holder has not held the Registered Notes or related Notes, in the aggregate, for at least 16
days during the 31&nbsp;day period beginning on the date that is 15&nbsp;days before the date on which the
right to receive the payment arises. Thus a U.S. Holder may be limited in its ability to credit or
deduct in full the Argentine income taxes in the year those taxes are actually withheld by us.
Prospective purchasers should consult their tax advisors concerning the U.S. foreign tax credit
implications of the payment of any Argentine income taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sale, Exchange, Redemption or Retirement of the Registered Notes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the sale, exchange, redemption or retirement of a Registered Note, a U.S. Holder
generally will recognize gain or loss equal to the difference between the amount realized (less any
accrued but unpaid qualified stated interest not previously included in the U.S. Holder&#146;s income,
which will be taxable as ordinary income) on the sale, exchange, redemption or retirement and such
U.S. Holder&#146;s adjusted tax basis in the Registered Note. A U.S. Holder&#146;s tax basis in the
Registered Notes generally will be its initial purchase price of the related Notes, decreased by
payments received on the Notes or Registered Notes (other than payments of qualified stated
interest). Such gain or loss generally will be capital gain or loss and generally will be
long-term capital gain or loss if the Notes and Registered Notes, in the aggregate, have been held
for more than one year. Certain U.S. Holders, including individuals, generally are entitled to
preferential tax rates for net long-term capital gains. The ability of U.S. Holders to deduct
capital losses is limited under the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Information Reporting and Backup Withholding</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, payments of stated interest, and the proceeds of a sale, exchange, redemption or
other disposition of, the Registered Notes, payable to a U.S. Holder by a U.S. Paying Agent or
other U.S. intermediary, will be reported to the IRS and to the U.S. Holder as may be required
under applicable Treasury regulations. Backup withholding may apply to these payments if the U.S.
Holder fails to provide an accurate taxpayer identification number or certification of exempt
status or fails to report all interest and dividends required to be shown on its U.S. federal
income tax returns. Certain U.S. Holders (including, among others, corporations) are not subject
to backup withholding. Backup withholding is not additional tax. Amounts withheld may be credited
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">against a U.S. Holder&#146;s U.S. federal income tax liability, and a U.S. Holder may obtain a refund of
any excess amounts withheld by filing the appropriate claim for refund with the IRS in a timely
manner. U.S. Holders should consult their tax advisors as to their qualification for exemption
from backup withholding and the procedure for obtaining an exemption.
</DIV>


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<DIV align="left">
<A name="112"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTAIN ERISA CONSIDERATIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;406 of the United States Employee Retirement Income Security Act of 1974, as amended
(&#147;ERISA&#148;), and Section&nbsp;4975 of the United States Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;), prohibit employee benefit plans and certain other retirement plans, accounts and
arrangements that are subject to Title I of ERISA and/or Section&nbsp;4975 of the Code (&#147;ERISA Plans&#148;)
from engaging in specified transactions involving plan assets with persons or entities who are
&#147;parties in interest&#148; within the meaning of ERISA, or &#147;disqualified persons&#148; within the meaning of
Section&nbsp;4975 of the Code, unless an exemption is available. A party in interest or disqualified
person who engaged in a non-exempt prohibited transaction may be subject to excise taxes and other
penalties and liabilities under ERISA and/or the Code. In addition, the fiduciary of the ERISA Plan
that engaged in such a non-exempt prohibited transaction may be subject to penalties and
liabilities under ERISA and/or the Code. The acquisition and/or holding of Registered Notes by an
ERISA Plan with respect to which we are considered a party in interest or a disqualified person may
constitute or result in a direct or indirect prohibited transaction under Section&nbsp;406 of ERISA
and/or Section&nbsp;4975 of the Code unless the investment is acquired and is held in accordance with an
applicable statutory, class or individual prohibited transaction exemption. In this regard, the
United States Department of Labor has issued prohibited transaction class exemptions, or &#147;PTCEs,&#148;
that may apply to the acquisition and holding of Registered Notes. These class exemptions include,
without limitation, PTCE 84-14 respecting transactions determined by independent qualified
professional asset managers, PTCE 90-1 respecting insurance company pooled separate accounts, PTCE
91-38 respecting bank collective investment funds, PTCE 95-60 respecting life insurance company
general accounts and PTCE 96-23 respecting transactions determined by in-house asset managers,
although there can be no assurance that all of the conditions of any such exemptions will be
satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing discussion is general in nature and is not intended to be all-inclusive. Due to
the complexity of these rules and the penalties that may be imposed upon persons involved in
non-exempt prohibited transactions, it is particularly important that fiduciaries or other persons
considering purchasing or holding Registered Notes on behalf of, or with the assets of, any
employee benefit plan or other retirement plan, account or arrangement, consult with their counsel
regarding the potential applicability of ERISA, Section&nbsp;4975 of the Code and any employee benefit
plan subject to Title I of ERISA, plan, account or other arrangement subject to Section&nbsp;4975 of the
Code or provisions under any other federal, state, local, non-U.S. or other laws or regulations
that are similar to such provisions of ERISA or the Code to such investment and whether an
exemption would be applicable to the purchase and holding of Registered Notes.
</DIV>


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<DIV align="left">
<A name="113"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLAN OF DISTRIBUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each broker-dealer that receives Registered Notes for its own account under the exchange offer
must acknowledge that it will deliver a prospectus and annual report in connection with any resale
of those Registered Notes. This prospectus, as it may be amended or supplemented from time to time,
may be used by a broker-dealer for resales of Registered Notes received in exchange for Notes that
had been acquired as a result of market-making or other trading activities. We have agreed that,
for a period of 90&nbsp;days after the expiration date of the exchange offer, we will make this
prospectus, as it may be amended or supplemented, and annual report available to any broker-dealer
for use in connection with any such resale. Any broker-dealers required to use this prospectus and
any amendments or supplements to this prospectus and annual report for resales of the Registered
Notes must notify us of this fact by requesting additional copies of these documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, we are entitled under the registration rights agreements to
suspend the use of this prospectus by broker-dealers under specified circumstances. For example, we
may suspend the use of this prospectus if:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the SEC or any state securities authority requests an amendment or
supplement to this prospectus or the related registration
statement or additional information;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the SEC or any state securities authority issues any stop order
suspending the effectiveness of the registration statement or
initiates proceedings for that purpose;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we receive notification of the suspension of the qualification of
the Registered Notes for sale in any jurisdiction or the
initiation or threatening of any proceeding for that purpose;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the suspension is required by law; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an event occurs which makes any statement in this prospectus
untrue in any material respect or which constitutes an omission to
state a material fact in this prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we suspend the use of this prospectus, the 90-day period referred to above will be extended
by a number of days equal to the period of the suspension.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any proceeds from any sale of Registered Notes by broker-dealers.
Registered Notes received by broker-dealers for their own account under the exchange offer may be
sold from time to time in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on those Registered Notes or a combination of those
methods, at market prices prevailing at the time of resale, at prices related to prevailing market
prices or at negotiated prices. Any resales may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or concessions from the
selling broker-dealer or the purchasers of the Registered Notes. Any broker-dealer that resells
Registered Notes received by it for its own account under the exchange offer and any broker or
dealer that participates in a distribution of the Registered Notes may be deemed to be an
&#147;underwriter&#148; within the meaning of the Securities Act and any profit on any resale of Registered
Notes and any commissions or concessions received by these persons may be deemed to be underwriting
compensation under the Securities Act. By acknowledging that it will deliver and by delivering a
prospectus, a broker-dealer will not be deemed to admit that it is an &#147;underwriter&#148; within the
meaning of the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have agreed to pay all expenses incidental to the exchange offer other than commissions and
concessions of any broker or dealer and will indemnify holders of the Registered Notes, including
any broker-dealers, against certain liabilities, including liabilities under the Securities Act.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="114"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEGAL MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity under New York law of the Registered Notes will be passed upon by Shearman &#038;
Sterling LLP, our New York counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters governed by Argentine law will be passed upon by Bruchou, Fern&#225;ndez
Madero &#038; Lombardi, our Argentine counsel.
</DIV>
<DIV align="left">
<A name="115"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements incorporated by reference of Banco Macro S.A at
December&nbsp;31, 2006 and 2005, and for each of the three years in the period ended December&nbsp;31, 2006,
appearing in this Prospectus and Registration Statement have been audited by Pistrelli, Henry
Martin y Asociados S.R.L., member firm of Ernst &#038; Young Global, independent registered public
accounting firm, as set forth in their report thereon incorporated by reference elsewhere herein
which, as to the year 2006 is based in part on the report of Price Waterhouse &#038; Co. S.R.L.,
independent registered public accounting firm, relating to the financial statements of Nuevo Banco
Bisel S.A. for the period from August&nbsp;11, 2006 through December&nbsp;31, 2006. The financial statements
referred to above are included in reliance upon such reports given on the authority of such firms
as experts in accounting and auditing.
</DIV>
<DIV align="left">
<A name="116"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ENFORCEMENT OF CIVIL LIABILITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are incorporated under the laws of Argentina. Substantially all of our assets are located
outside the United States. The majority of our directors and all our officers and certain advisors
named herein reside in Argentina or elsewhere outside the United States. As a result, it may not be
possible for investors to effect service of process within the United States upon such persons or
to force against them or against us judgments predicated upon the civil liability provisions of the
U.S. federal securities laws or the laws of such other jurisdictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the terms and conditions of the Registered Notes, we (i)&nbsp;agree that the courts of the State
of New York and the federal courts of the United States, in each case sitting in the Borough of
Manhattan, City and State of New York, will have non-exclusive jurisdiction to hear and determine
any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection
with the Registered Notes and, for such purposes, irrevocably submit to the jurisdiction of such
courts and (ii)&nbsp;name an agent for service of process in the Borough of Manhattan, New York City.
See &#147;Description of Registered Notes.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enforcement of foreign judgments would be recognized and enforced by the courts in Argentina
provided that the requirements of Article&nbsp;517 of the Federal Civil and Commercial Procedure Code
(if enforcement is sought before federal courts) are met, such as (i)&nbsp;the judgment, which must be
final in the jurisdiction where rendered, was issued by a court competent in accordance with
Argentine principles regarding international jurisdiction and resulted from a personal action, or
an <I>in rem </I>action with respect to personal property if such was transferred to Argentine territory
during or after the prosecution of the foreign action, (ii)&nbsp;the defendant against whom enforcement
of the judgment is sought was personally served with the summons and, in accordance with due
process of law, was given an opportunity to defend against foreign action, (iii)&nbsp;the judgment must
be valid in the jurisdiction where rendered and its authenticity must be established in accordance
with the requirements of Argentine law, (iv)&nbsp;the judgment does not violate the principles of public
policy of Argentine law, and (v)&nbsp;the judgment is not contrary to a prior or simultaneous judgment
of an Argentine court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have been advised by our Argentine counsel, Bruchou, Fern&#225;ndez Madero &#038; Lombardi, that
there is doubt as to the enforceability, in original actions in Argentine courts, of liabilities
predicated solely upon the federal securities laws of the United States and as to the
enforceability in Argentine courts of judgments of United States courts obtained in actions against
us predicated upon the civil liability provisions of the federal securities laws of the United
States.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="117"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Macro is subject to the informational requirements of the Exchange Act applicable to a
foreign private issuer (as defined by Rule&nbsp;405 of the Securities Act). We file annual and current
reports and other information with the United States Securities and Exchange Commission (the
&#147;SEC&#148;). You may read and copy any document we file with the SEC at the SEC&#146;s public reference room
at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further
information on the public reference room. The SEC maintains a website at http://www.sec.gov that
contains reports and other information regarding issuers that file electronically with the SEC. We
will also make available upon request all annual and current reports and other information that we
file with the SEC. However, the reports and other information filed with the SEC are not
incorporated by reference in this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also file our annual and quarterly financial statements and certain other information with
the CNV and the Buenos Aires Stock Exchange in Argentina. Copies of our financial statements, this
prospectus and any pricing supplement may be obtained at (i)&nbsp;our offices; (ii)&nbsp;the offices of the
dealers in Argentina and (iii)&nbsp;from the CNV&#146;s website at
<U>http://www.cnv.gov.ar</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have filed with the SEC a registration statement on Form F-4 under the Securities Act
relating to the exchange offering of the Notes for the Registered Notes. This prospectus is part
of that registration statement. As described below, you may obtain from the SEC a copy of the
registration statement and exhibits that we have filed with the SEC. The registration statement
may contain additional information that may be important to you. Statements made in this
prospectus about legal documents may not necessarily be complete, and you should read it together
with the documents filed as exhibits to the registration statement or otherwise filed with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing
the furnishing and content of the proxy statements and will not be required to file proxy
statements with the SEC, and our officers, directors and principal shareholders will be exempt from
the reporting and &#147;short-swing&#148; profit recovery provisions contained in Section&nbsp;16 of the Exchange
Act.
</DIV>
<DIV align="left">
<A name="118"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows Banco Macro to &#147;incorporate by reference&#148; the information Banco Macro files
with it, which means that we can disclose important information to you by referring you to those
documents. The information incorporated by reference is considered to be part of this prospectus
and certain later information that Banco Macro files with the SEC will automatically update and
supersede this information. The following documents are incorporated by reference:
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5"></TD>
    <TD width="5%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="right">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#216;</FONT></TD>
    <TD>Banco Macro&#146;s Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2006, filed
with the SEC on July&nbsp;13, 2007 (SEC File No.&nbsp;001-32827);</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT face="Wingdings">&#216;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Banco Macro&#146;s Current Report on Form&nbsp;6-K filed on July&nbsp;24, 2007 (SEC Film No.&nbsp;07994535);</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT face="Wingdings">&#216;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Banco Macro&#146;s Current Report on Form&nbsp;6-K filed on May&nbsp;18, 2007 (SEC Film No.&nbsp;07865207);</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT face="Wingdings">&#216;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>any future filings on Form&nbsp;20-F that Banco Macro makes with the SEC under the Exchange
Act after the date of this prospectus and prior to the termination of the offering of the
offered securities; and</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT face="Wingdings">&#216;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>any future reports on Form&nbsp;6-K that Banco Macro furnishes to the SEC after the date of
this prospectus and prior to the termination of the offering of offered securities that are
identified in such reports as being incorporated by reference in this prospectus; and</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may request a copy of any and all of the information that has been incorporated by
reference in this prospectus and that has not been delivered with this prospectus and annual
report, at no cost, by writing or telephoning us at Banco Macro&#146;s offices at Sarmiento 447, Buenos
Aires, Argentina, Attention: Jorge Scarinci, Head of Investor Relations and Finance Manager or (&#043;
54-11-5222-6500). Exhibits to the filings will not be sent, however, unless those exhibits have
been specifically incorporated by reference in this document.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->57<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INDEMNIFICATION OF DIRECTORS AND OFFICERS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the laws of Argentina nor the Registrant&#146;s bylaws or other constitutive documents
provide for indemnification of directors or officers. The Registrant does not maintain liability
insurance and has not entered into indemnity agreements which would insure or indemnify its
directors or officers in any manner against liability which he or she may incur in his or her
capacity as such<B>.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBITS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The following documents are filed as part of this Registration Statement:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">2.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture dated as of December&nbsp;18, 2006 among the Company, HSBC Bank
USA, National Association and HSBC Bank Argentina S.A. (incorporated
by reference to the registration statement on Form&nbsp;F-4 filed with
the SEC on July&nbsp;26, 2007 (SEC File No.&nbsp;333-144875)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">2.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of 8.50% Notes due 2017, Series&nbsp;2.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">2.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration Rights Agreement dated January&nbsp;29, 2007 among Banco
Macro S.A., Credit Suisse Securities (USA)&nbsp;LLC and Raymond James
Argentina Sociedad de Bolsa S.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">3.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bylaws of the Registrant, together with an English translation
(incorporated by reference to the Annual Report on Form&nbsp;20-F for the
year ended December&nbsp;31, 2006, filed with the SEC on July&nbsp;13, 2007
(SEC File No.&nbsp;001-32827)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Shearman &#038; Sterling LLP, as to the validity of the Notes
due 2017.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">5.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Bruchou, Fern&#225;ndez Madero &#038; Lombardi Abogados, Argentine
legal counsel of the Registrant, as to certain matters of Argentine
law with respect to the Notes due 2017.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">8.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Shearman &#038; Sterling LLP, as to U.S. tax matters.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">8.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Bruchou, Fern&#225;ndez Madero &#038; Lombardi Abogados, as to
Argentine tax matters.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">11.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Earnings Per Share Calculation, (See notes 9 and 33.14 to our
audited annual consolidated financial statements included on our
Annual Report on Form&nbsp;20-F filed with the SEC on July&nbsp;13, 2007 (SEC
File No.&nbsp;007-32827)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">12.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Computation of Ratio of Earnings to Fixed Charges of the Registrant
(see &#147;Ratio of Earnings to Fixed Charges&#148; section included in this
Registration Statement).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">21.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">List of subsidiaries, (incorporated by reference to the Annual
Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2006, filed with
the SEC on July&nbsp;13, 2007 (SEC File No.&nbsp;001-32827)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Pistrelli, Henry Martin y Asociados S.R.L.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Bruchou, Fern&#225;ndez Madero &#038; Lombardi Abogados, Argentine
legal counsel of the Registrant (included in Exhibits 5.2 and 8.2).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Price Waterhouse &#038; Co. S.R.L.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">23.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Shearman &#038; Sterling, LLP, U.S. legal counsel of the
Registrant (included in Exhibits 5.1 and 8.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on signature page to the Registration
Statement).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">25.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Eligibility of the Trustee on Form&nbsp;T-1.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Letter to Clients for the exchange of the new 8.50% Notes
due 2017 for a like principal amount of unregistered old 8.50% Notes
due 2017.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Instruction Letter to Registered Holders or DTC Participant.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-1<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">99.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Exchange Agent Agreement.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">99.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Letter to Participants.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><I>Previously filed</I>.</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNDERTAKINGS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">The undersigned registrant hereby undertakes:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section&nbsp;10(a)(3) of the Securities
Act of 1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to
Rule 424(b) if, in the aggregate, the changes in volume and price represent no more
than 20% in the maximum aggregate offering price set forth in the &#147;Calculation of
Registration Fee&#148; table in the effective registration statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of any of the registrant&#146;s annual reports pursuant to
Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each
filing of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that are incorporated by reference in the registration statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC
such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of any of the registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt">II-2<!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes: (i)&nbsp;to respond to requests for information that
are incorporated by reference into the prospectus pursuant to Item&nbsp;4, 10(b), 11 or 13 of this form,
within one business day of receipt of such request, and to send the incorporated documents by first
class mail or other equally prompt means and (ii)&nbsp;to arrange or provide for a facility in the
United States for the purpose of responding to such requests. This includes information contained
in documents filed subsequent to the effective date of the registration statement through the date
of responding to the request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes to
supply by means of a post-effective amendment
or the filing of a current report on <FONT style="white-space: nowrap">Form&nbsp;6-K</FONT> any financial statements required by Item&nbsp;8.A. of Form 20-F at the start of any delayed offering or
throughout a continuous offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned
registrant hereby undertakes to supply by means of a post-effective amendment
all information concerning a transaction and the company being involved therein, that was not the
subject of and included in the registration statement when it became effective.
</DIV>


<P align="center" style="font-size: 10pt">II-3<!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, Banco Macro S.A. has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
the city of Buenos Aires, Argentina on August&nbsp;8, 2007.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BANCO MACRO S.A.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jorge Horacio Brito
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Jorge Horacio Brito&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">            /s/ Delf&#237;n Jorge Ezequiel Carballo
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Delf&#237;n Jorge Ezequiel Carballo&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby
constitutes and appoints Jorge Horacio Brito, Delfin Jorge Ezequiel Carballo, Roberto Julio
Eilbaum, and each of them, individually, as his true and lawful attorneys-in-fact and agents, with
full power of substitution and resubstitution, for him and in his name, place and stead in any and
all capacities, in connection with this Registration Statement, including to sign, in the name and
on behalf of the undersigned, this Registration Statement and any and all amendments thereto
(including post-effective amendments) and to file the same, with all exhibits thereto, and other
documents in connection therewith, with the Securities and Exchange Commission, granting unto such
attorneys-in-fact and agents full power and authority to do and perform each and every act and
thing requisite and necessary to be done in and about the premises, as fully to all intents and
purposes as he might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or his substitute, may lawfully do or cause to be done by virtue
hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons on August&nbsp;8, 2007 in the capacities indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jorge Horacio Brito.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jorge Horacio Brito
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Delf&#237;n Jorge Ezequiel Carballo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Delf&#237;n Jorge Ezequiel Carballo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice Chairman and Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Juan Pablo Brito Devoto</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Juan Pablo Brito Devoto
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and Chief Accounting Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jorge Pablo Brito
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>



<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
Luis Carlos Cerolini</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Luis Carlos Cerolini
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Roberto Julio Eilbaum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Roberto Julio Eilbaum
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Alejandro Macfarlane
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Carlos Enrique Videla
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Guillermo Eduardo Stanley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Donald J. Puglisi
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Donald J. Puglisi
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Representative in the United States</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Puglisi &#038; Associates
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Authorized Signatory</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.2
<SEQUENCE>2
<FILENAME>y37853exv2w2.htm
<DESCRIPTION>EX-2.2: FORM OF 8.50% NOTES DUE 2017, SERIES 2
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-2.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;2.2</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Registered No.: R-1<BR>
CUSIP No.:<BR>
ISIN No.:<BR>
Registered Holder: CEDE &#038; CO.

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BANCO MACRO S.A.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Banco Macro S.A. was organized as a corporation with limited liability (<I>sociedad an&#243;nima</I>) under the
laws of Argentina for a term expiring on November&nbsp;21, 2065 and was registered on November&nbsp;21, 1966
under No.&nbsp;1154, Book 2, Volume 75 of <I>Sociedades An&#243;nimas </I>of the Public Registry of Commerce of the
City of Buenos Aires, Argentina, and its registered domicile is Sarmiento 447, City of Buenos
Aires, Argentina.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GLOBAL NOTE</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>representing</B>

</DIV>
<DIV align="center" style="font-size: 10pt"><B>8.50% NOTES DUE 2017</B></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNLESS (1)&nbsp;THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (&#147;DTC&#148;) TO THE BANK OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, (2)&nbsp;ANY
NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &#038; CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC AND (3)&nbsp;ANY PAYMENT IS MADE TO CEDE &#038; CO. OR TO SUCH OTHER ENTITY
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER HEREOF, CEDE &#038;
CO., HAS AN INTEREST HEREIN.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC,
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&#146;S NOMINEE, AND TRANSFERS OF INTERESTS
IN THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN
THE INDENTURE REFERRED TO HEREIN.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>SERIES: 8.50% Notes Due 2017, Series&nbsp;2<BR>
SPECIFIED CURRENCY: U.S. dollars<BR>
PRINCIPAL AMOUNT:<BR>
ORIGINAL ISSUE DATE: January&nbsp;29, 2007<BR>
STATED MATURITY: February&nbsp;1, 2017<BR>
ORIGINAL ISSUE DISCOUNT NOTE: YES <FONT face="Wingdings">&#111;</FONT> NO <FONT face="Wingdings">&#254;</FONT><BR>
FIXED RATE OF INTEREST: 8.50% per annum</B>

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>INTEREST COMMENCEMENT DATE: January&nbsp;29, 2007<BR>
INTEREST PAYMENT DATES: February 1 and August 1 or each year, commencing on August&nbsp;1, 2007<BR>
RECORD DATES: January&nbsp;15 and July&nbsp;15 of each year</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THE TERMS OF THE PRICING SUPPLEMENT ATTACHED HERETO ARE INCORPORATED BY REFERENCE HEREIN IN
THEIR ENTIRETY.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note is issued in accordance with the Indenture dated as of December&nbsp;18, 2006, among
Banco Macro S.A., as issuer (the &#147;Bank&#148;), HSBC Bank USA, National Association, as trustee (the
&#147;Trustee&#148;), co-registrar, paying agent and transfer agent and HSBC Bank Argentina S.A., as
registrar, paying agent, transfer agent and representative of the Trustee in Argentina (as amended
or supplemented from time to time, the &#147;Indenture&#148;) and is subject to the Terms and Conditions set
forth on reverse hereof (the &#147;Terms and Conditions&#148;) and the terms and conditions set forth in the
attached Pricing Supplement dated January&nbsp;23, 2007 (the &#147;Pricing Supplement&#148;). Such provisions
shall for all purposes have the same effect as if set forth in this Note.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the Indenture is on file and available for inspection at the Corporate Trust Office
of the Trustee and at the office of the Registrar in the City of Buenos Aires and, if and for so
long as the Notes are listed on the Luxembourg Stock Exchange for trading on the EuroMTF, and such
Exchange shall so require, at the office of the Paying Agent in Luxembourg, in each case as
specified in the Indenture. The Holder of this Note is entitled to the benefit of, is bound by,
and is deemed to have notice of, all the provisions of the Indenture applicable to it.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note is a global security representing an issue of duly authorized Notes of the Bank
issued and to be issued in one or more Series pursuant to the Indenture. This Note has been issued
in the initial Principal Amount shown above (as adjusted from time to time on Schedule&nbsp;A hereto,
the &#147;Principal Amount&#148;) and with the Specified Currency, Issue Date, Stated Maturity, redemption
and other provisions specified above and in the Pricing Supplement, and bearing interest on said
Principal Amount at the rate of interest specified in the Pricing Supplement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any conflict between the provisions stated herein or the provisions of the
Terms and Conditions and the terms and conditions set forth in the Pricing Supplement, the terms
and conditions in the Pricing Supplement will prevail. Terms used but not defined herein are used
as defined in the Pricing Supplement or, if not defined therein, in the Indenture and the Terms and
Conditions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank, for value received, hereby promises to pay CEDE &#038; CO., or its registered assigns,
the Principal Amount stated above (as adjusted pursuant to Schedule&nbsp;A hereto) in the Specified
Currency at the Stated Maturity specified above, unless earlier redeemed in accordance with the
terms of the Pricing Supplement, and to pay interest from the Interest Commencement Date specified
above (or from the most recent date to which interest has been paid or made available for payment)
on the unpaid Principal Amount (and, to the extent lawful, on overdue principal, premium and
interest) at the Fixed Rate of Interest per annum specified

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">above on the Interest Payment Dates specified above and at Stated Maturity or any redemption
date, until the principal hereof shall be paid or made available for payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note is subject to redemption at the option of the Bank in accordance with the terms and
conditions set forth in the Indenture and the Pricing Supplement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note is exchangeable in whole or in part for duly executed and issued Certificated Notes
in the form set forth in the Indenture, with the applicable legends as marked thereon, only if such
exchange complies with Section&nbsp;2.10 of the Indenture. Interests in this Note are exchangeable or
transferable in whole or in part for interests in a Regulation&nbsp;S Global Security of the same Series
or an Unrestricted Global Security, only if such exchange or transfer complies with Section&nbsp;2.10 of
the Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note is one of the Series designated above, which term shall mean each original issue of
Notes and shall be deemed to include any other Notes in respect of such Series issued pursuant to
the Indenture. These Notes, together with any other debt securities of the Bank issued under the
Indenture (&#147;Outstanding Notes&#148;) are limited to an aggregate principal amount outstanding at any one
time of US$400,000,000 or the equivalent thereof in one or more Specified Currencies. For purposes
of the preceding sentence, the U.S. dollar equivalent of any Note or Outstanding Note denominated
in a Specified Currency other than U.S. dollars will be determined on the basis of the Exchange
Rate as set forth in the Indenture and the Terms and Conditions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the certificate of authentication hereon has been executed by or on behalf of the
Trustee by manual signature of one of its authorized signatures, this Note shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This Note shall be governed by and construed in accordance with the laws of the State of New
York; </B><B><I>provided </I></B><B>that all matters relating to the due authorization, execution, issuance and delivery
of the Notes by the Bank, and matters relating to the legal requirements necessary in order for the
Notes to qualify as &#147;</B><B><I>obligaciones negociables</I></B><B>&#148; under Argentine law, shall be governed by the
Argentine Negotiable Obligations Law No.&nbsp;23,576, as amended, together with Argentine Business
Companies Law No.&nbsp;19,550, as amended and other applicable Argentine laws and regulations.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This Note does not qualify for the Argentine deposit insurance system established pursuant to
Argentine Law No.&nbsp;24,485, as amended, and does not benefit from the priority right granted to
depositors pursuant to Article 49(d) and (e)&nbsp;of Argentine Law No.&nbsp;21,526, as amended. This Note is
not secured by any floating lien or special guarantee nor is this Note guaranteed by any other
means or by any other entity.</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, Banco Macro S.A. has caused this Note to be duly executed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date:

</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BANCO MACRO S.A.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Member of the Supervisory Committee&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE OF AUTHENTICATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Notes referred to in the within-mentioned Indenture.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">HSBC BANK USA, National Association,<BR>
as Trustee<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE A
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal Amount of
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> Certificated
 Notes or
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Increase in Principal Amount </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">other Global Notes
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">of  this  Note due to the exchange</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Remaining</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> issued in exchange
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal
 Amount </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> or transfer  of another Note </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notation made</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-leeft:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">for or
 upon transfer of an
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap> of this Note
 Redeemed </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(or an
 interest therein)
 for </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amount of
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">on behalf of</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">interest in this
 Note
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">or
 Repurchased
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">an interest in
 this Note
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">this Note
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the Trustee by</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REVERSE OF NOTE</B>&#151;<B>TERMS AND CONDITIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IN THE EVENT OF ANY CONFLICT BETWEEN THE PROVISIONS STATED HEREIN AND THE TERMS AND CONDITIONS SET
FORTH IN A PRICING SUPPLEMENT, IF ANY, ATTACHED TO THIS NOTE, THE PROVISIONS OF THE PRICING
SUPPLEMENT WILL PREVAIL.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes are to be issued under an Indenture, dated as of December&nbsp;18, 2006 (as amended,
supplemented or otherwise modified from time to time, the &#147;Indenture&#148;), among the Bank, HSBC Bank
USA, National Association, as trustee (in such capacity, the &#147;Trustee&#148;), co-registrar (in such
capacity, the &#147;Co-Registrar&#148;), principal paying agent (in such capacity, the &#147;Principal Paying
Agent,&#148; and together with any other paying agents under the Indenture, the &#147;Paying Agents&#148;) and
transfer agent (in such capacity, a &#147;Transfer Agent&#148;, and together with any other transfer agents
under the Indenture, the &#147;Transfer Agents&#148;), and HSBC Bank Argentina S.A., as registrar (in such
capacity, the &#147;Registrar&#148;), Paying Agent, Transfer agent and representative of the Trustee in
Argentina (in such capacity, the &#147;Representative of the Trustee in Argentina&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summaries of certain provisions of the Indenture and the Notes do not purport to
be complete and are subject to, and are qualified in their entirety by reference to, all of the
provisions of the Indenture and the Notes, including the definitions therein of certain terms.
Capitalized terms not otherwise defined herein shall have the meanings given to them in the
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes may be issued from time to time in one or more Series under the Indenture. The Notes of
all Series outstanding at any one time under the Program are limited to an aggregate amount of
US$400,000,000 (or its equivalent in a Specified Currency). The particular terms of each issue of
Notes, including, without limitation, the date of issue, issue price, currency of denomination and
payment, maturity, interest rate or interest rate formula, if any, and, if applicable, redemption,
repayment and index provisions, will be set forth for each such issue in the Notes and in the
applicable Pricing Supplement. With respect to any particular Note, the description of the Notes
herein is qualified in its entirety by reference to, and to the extent inconsistent therewith is
superseded by, such Note and the applicable Pricing Supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes will qualify as &#147;<I>obligaciones negociables</I>&#148; under the Negotiable Obligations Law and
Joint Resolution No.&nbsp;470-1738/2004 and will be entitled to the benefits set forth therein and
subject to the procedural requirements thereof. The Notes will constitute direct, unconditional,
unsecured and unsubordinated obligations of the Bank and will rank at all times <I>pari passu </I>in right
of payment with all other existing and future unsecured and unsubordinated indebtedness of the Bank
(other than obligations preferred by statute or by operation of law).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless previously redeemed, a Note will mature on the date (the &#147;Stated Maturity&#148;) no less
than 30&nbsp;days from its date of issue as specified on the face thereof and in the applicable Pricing
Supplement.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Note may be denominated in any currency (a &#147;Specified Currency&#148;) as shall be specified on
the face thereof and in the applicable Pricing Supplement. Unless otherwise specified in the
applicable Pricing Supplement, payments on each Note will be made in the applicable Specified
Currency; <I>provided</I>, <I>however</I>, that in certain circumstances, as may be described in the applicable
Pricing Supplement, payments on any such Note denominated in a currency other than U.S. dollars
may, to the extent permitted by Argentine law, be made in U.S. dollars. See &#147;&#151;Payment of Principal
and Interest&#148; below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Note will bear interest, if any, at the interest rate or interest rate formula set forth
in the applicable Pricing Supplement. Unless otherwise indicated in the applicable Pricing
Supplement, each Note may bear interest at a fixed rate (a &#147;Fixed Rate Note&#148;) or at a rate
determined by reference to an interest rate basis or other interest rate formula (a &#147;Floating Rate
Note&#148;) or may bear no interest (a &#147;Zero Coupon Note&#148;). See &#147;Interest Rate&#148; below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes may also be issued with principal and/or interest payable, to the extent permitted
by Argentine law, in one or more currencies different from the currency in which such Notes are
denominated (&#147;Dual Currency Notes&#148;), or linked to an index and/or a formula (&#147;Indexed Notes&#148;). Dual
Currency and Indexed Notes may be issued to bear interest on a fixed or floating rate basis or on a
non-interest bearing basis or a combination of such bases, in which case provisions relating to
Fixed Rate Notes, Floating Rate Notes, Zero Coupon Notes or a combination thereof, respectively,
shall, where the context so admits, apply to such Dual Currency or Indexed Notes. References herein
to Notes denominated in a Specified Currency shall, unless the context otherwise requires, include
Dual Currency Notes payable in such Specified Currency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes may be issued as Original Issue Discount Notes. An &#147;Original Issue Discount Note&#148; or
&#147;OID Note&#148;, including any Zero Coupon Note, is a Note which is issued at a price lower than the
principal amount thereof, and which provides that upon redemption or acceleration of the Stated
Maturity thereof, the amount payable to the Holder of such Note will be determined in accordance
with the terms of such Note, and will be an amount that is less than the amount payable on the
Stated Maturity of such Note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in the applicable Pricing Supplement, the Notes will not be subject
to any sinking fund and will not be redeemable prior to their Stated Maturity, except in the event
of certain changes involving Argentine taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If specified in the applicable Pricing Supplement with respect to a Series of Notes, the Bank
may from time to time, without the consent of Holders of Notes outstanding, create and issue
additional Notes of such Series provided such additional Notes have the same terms and conditions
as the Notes of that Series in all respects (except for the date of issue, the issue price, the
applicable legends and, if applicable, the first payment of interest) and the additional Notes
shall form a single Series with the previously outstanding Series of Notes.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Interest Rate</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in the applicable Pricing Supplement, each Fixed Rate Note or
Floating Rate Note (each as defined below) will bear interest from (and including) the issue date
or such other date (the &#147;Interest Commencement Date&#148;) specified in the applicable Pricing
Supplement or from the most recent Interest Payment Date (or, if such Note is a Floating Rate Note
and the Interest Reset Period (as each such term is defined below) is daily or weekly, from the day
following the most recent Regular Record Date) to which interest on such Note has been paid or duly
provided for at the fixed rate per annum, or at the rate per annum determined pursuant to the
interest rate formula, stated in the applicable Pricing Supplement, until the principal thereof is
paid or made available for payment. Interest will be payable on each Interest Payment Date and at
Stated Maturity or upon redemption or acceleration, as specified under &#147;Payment of Principal and
Interest&#148; below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Note bearing interest will bear interest at either (a)&nbsp;a fixed rate or (b)&nbsp;a variable
rate determined by reference to an interest rate basis (including LIBOR (a &#147;LIBOR Note&#148;), the
Treasury Rate (a &#147;Treasury Rate Note&#148;) or such other interest rate basis as is set forth in the
applicable Pricing Supplement), which may be adjusted by adding or subtracting the Spread and/or
multiplying by the Spread Multiplier. The &#147;Spread&#148; is the number of basis points specified in the
applicable Pricing Supplement as being applicable to the interest rate for such Note, and the
&#147;Spread Multiplier&#148; is the percentage specified in the applicable Pricing Supplement as being
applicable to the interest rate for such Note. A Floating Rate Note may also have either or both of
the following as specified in the applicable Pricing Supplement: (a)&nbsp;a maximum numerical interest
rate limitation, or ceiling, on the rate of interest which may accrue during any interest period (a
&#147;Maximum Rate&#148;); and (b)&nbsp;a minimum numerical interest rate limitation, or floor, on the rate of
interest which may accrue during any interest period (a &#147;Minimum Rate&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Index Maturity&#148; means, with respect to a Floating Rate Note, the period to maturity of the
instrument or obligation on which the interest rate formula is based, as specified in the
applicable Pricing Supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Fixed Rate Notes</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Rate Notes shall bear interest from (and including) the Interest Commencement Date
specified in the applicable Pricing Supplement at the rate or rates per annum so specified (the
&#147;Fixed Rate(s) of Interest&#148;) payable in arrears on the Interest Payment Date(s) in each year and on
the Stated Maturity or upon redemption or acceleration. The first payment of interest will be made
on the Interest Payment Date next following the Interest Commencement Date and, if the period from
the Interest Commencement Date to the Interest Payment Date differs from the period between
subsequent Interest Payment Dates, will equal the &#147;Initial Broken Amount&#148; specified in the
applicable Pricing Supplement. If the Stated Maturity is not an Interest Payment Date, interest
from and including the preceding Interest Payment Date (or the Interest Commencement Date, as the
case may be) to (but excluding) the Stated Maturity will equal the &#147;Final Broken Amount&#148; specified
in the applicable Pricing Supplement.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Floating Rate Notes</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>. The applicable Pricing Supplement relating to a Floating Rate Note will
designate an interest rate basis (the &#147;Interest Rate Basis&#148;) for such Floating Rate Note. The
Interest Rate Basis for each Floating Rate Note will be: (a)&nbsp;LIBOR, in which case such Note will be
a LIBOR Note: (b)&nbsp;the Treasury Rate, in which case such Note will be a Treasury Rate Note; or (c)
such other interest rate basis as is set forth in such Pricing Supplement. The Pricing Supplement
for a Floating Rate Note will also specify, if applicable, the Calculation Agent, the Index
Maturity, the Spread and/or Spread Multiplier, the Maximum Rate, the Minimum Rate, the Regular
Record Dates and the Initial Interest Rate, the Interest Payment Dates, the Calculation Dates, the
Interest Determination Dates, the Interest Reset Period and the Interest Reset Dates (each as
defined below) with respect to such Note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rate of interest on each Floating Rate Note will be reset and become effective daily,
weekly, monthly, quarterly, semi-annually or annually or otherwise, as specified in the applicable
Pricing Supplement (each an &#147;Interest Reset Period&#148;); <I>provided, however</I>, that (a)&nbsp;the interest rate
in effect from the date of issue to the first Interest Reset Date with respect to a Floating Rate
Note will be the initial interest rate as set forth in the applicable Pricing Supplement (the
&#147;Initial Interest Rate&#148;) and (b)&nbsp;unless otherwise specified in the applicable Pricing Supplement,
the interest rate in effect for the ten days immediately prior to Stated Maturity of a Note will be
that in effect on the tenth day preceding such Stated Maturity. The dates on which the rate of
interest will be reset (each an &#147;Interest Reset Date&#148;) will be specified in the applicable Pricing
Supplement. If any Interest Reset Date for any Floating Rate Note would otherwise be a day that is
not a Business Day with respect to such Floating Rate Note, the Interest Reset Date for such
Floating Rate Note shall be postponed to the next day that is a Business Day with respect to such
Floating Rate Note, except that, in the case of a LIBOR Note, if such Business Day is in the next
succeeding calendar month, such Interest Reset Date shall be the next preceding Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in the applicable Pricing Supplement, &#147;Interest Determination
Dates&#148; will be as set forth below. The Interest Determination Date pertaining to an Interest Reset
Date for a LIBOR Note (the &#147;LIBOR Interest Determination Date&#148;) will be the second Business Day
preceding such Interest Reset Date. The Interest Determination Date pertaining to an Interest Reset
Date for a Treasury Rate Note (the &#147;Treasury Interest Determination Date&#148;) will be the day of the
week in which such Interest Reset Date falls and on which Treasury bills would normally be
auctioned. Treasury bills are usually sold at auction on the Monday of each week, unless that day
is a legal holiday, in which case the auction is usually held on the following Tuesday, except that
such auction may be on the preceding Friday. If, as the result of a legal holiday, an auction is so
held on the preceding Friday, such Friday will be the Treasury Interest Determination Date
pertaining to the Interest Reset Date occurring in the next succeeding week. If an auction date
shall fall on any Interest Reset Date for a Treasury Rate Note, then such Interest Reset Date shall
instead be the first Business Day immediately following such auction date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All percentages resulting from any calculations referred to in the applicable Pricing
Supplement will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage
point, with five one-millionths of a percentage point rounded upward (e.g., 9.876545% (or
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">.09876545) being rounded to 9.87655% (or .0987655)), and all Specified Currency amounts used
in or resulting from such calculations will be rounded to the nearest cent (with one-half cent
rounded upward) or nearest equivalent in Specified Currencies other than U.S. dollars.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to any Maximum Rate which may be applicable to any Floating Rate Note pursuant to
the above provisions, the interest rate on Floating Rate Notes will in no event be higher than the
maximum interest rate permitted by applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the request of the Holder of any Floating Rate Note, the Calculation Agent will provide
the interest rate then in effect, and, if determined, the interest rate which will become effective
on the next Interest Reset Date with respect to such Floating Rate Note. The Calculation Agent&#146;s
determination of any interest rate will be final and binding in the absence of manifest error.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Calculation Agent will cause notice of the rate of interest and the amount of interest for
each interest period and the relevant Interest Payment Date to be given to the Bank and the Trustee
as soon as possible after their determination but in no event later than the fourth Business Day
thereafter and, in the case of Notes listed on the Luxembourg Stock Exchange for trading on the
EuroMTF, no later than the first day of the relevant Interest Reset Period. Such notice will be in
accordance with the provisions of the Notes relating to notices to Holders of Notes. The amount of
interest and the Interest Payment Date may subsequently be amended (or appropriate alternative
arrangements as may be made by way of adjustment) without notice in the event of an extension or
shortening of the Interest Reset Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The manner in which the interest rate for any Floating Rate Note that is not a LIBOR Note or a
Treasury Rate Note will be determined as set forth in the applicable Pricing Supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>LIBOR Notes</U>. LIBOR Notes will bear interest at the interest rates (calculated with
reference to LIBOR and the Spread and/or Spread Multiplier, if any, subject to the Maximum Rate or
the Minimum Rate, if any), and will be payable on the dates, specified on the face of the LIBOR
Note and in the applicable Pricing Supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated in the applicable Pricing Supplement, LIBOR with respect to any
Interest Reset Date will be determined by the Calculation Agent in accordance with the following
provisions. On the relevant LIBOR Interest Determination Date, LIBOR will be determined on the
basis of either of the following, as specified in the applicable Pricing Supplement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the offered rates for deposits in the Specified Currency having the
specified Index Maturity, commencing on the next succeeding Interest Reset Date,
which appear on the display designated as page &#147;LIBOR&#148; on the Reuters Monitor Money
Rates Service (or such other page as may replace the LIBOR page on that service for
the purpose of displaying London interbank offered rates of major banks for deposits
in the Specified Currency) (&#147;Reuters Screen LIBOR Page&#148;) as of 11:00&nbsp;A.M., London
time, on such LIBOR Interest Determination Date. If at least two such offered rates
appear on the Reuters Screen LIBOR Page,
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">LIBOR with respect to such Interest Reset Date will be the arithmetic mean of
such offered rates as determined by the Calculation Agent. If fewer than two offered
rates appear, LIBOR with respect to such Interest Reset Date will be determined as
described in (ii)&nbsp;below; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the offered rates for deposits in the Specified Currency having the
specified Index Maturity, commencing on the next succeeding Interest Reset Date,
which appear on the display designated as Page 3740 or Page 3750, as applicable, on
the Dow Jones Telerate Service (or such other page as may replace any such page on
that service for the purpose of displaying London interbank offered rates of major
banks for deposits in the Specified Currency) (each a &#147;Telerate Page&#148;) as of 11:00
A.M., London time, on such LIBOR Interest Determination Date. If no such offered
rate appears, LIBOR with respect to such Interest Reset Date will be determined as
described in (ii)&nbsp;below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If neither &#147;Reuters Screen LIBOR Page&#148; nor a &#147;Telerate Page&#148; is specified in the applicable
Pricing Supplement, LIBOR will be determined as if a Telerate Page had been so specified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to a LIBOR Interest Determination Date on which fewer than two offered rates for
the applicable Index Maturity appear on the Reuters Screen LIBOR Page as described in (i)(a) above,
or on which no rate appears on Telerate Page 3740 or 3750, as the case may be, as described in
(i)(b) above, as applicable, LIBOR will be determined on the basis of the rates at approximately
11:00&nbsp;A.M., London time, on such LIBOR Interest Determination Date at which deposits in the
Specified Currency having the specified Index Maturity are offered to prime banks in the London
interbank market by four major banks in the London interbank market selected by the Calculation
Agent (after consultation with the Bank) commencing on the second Business Day immediately
following such LIBOR Interest Determination Date and in a principal amount equal to an amount of
not less than US$1,000,000 (or its approximate equivalent in a Specified Currency other than U.S.
dollars) that in the Bank&#146;s judgment is representative for a single transaction in such market at
such time (a &#147;Representative Amount&#148;). The Calculation Agent will request the principal London
office of each of such banks to provide a quotation of its rate. If at least two such quotations
are provided, LIBOR with respect to such Interest Reset Date will be the arithmetic mean of such
quotations. If fewer than two quotations are provided, LIBOR with respect to such Interest Reset
Date will be the arithmetic mean of the rates quoted at approximately 11:00&nbsp;A.M., New York City
time, on such LIBOR Interest Determination Date by three major banks in New York City, selected by
the Calculation Agent (after consultation with the Bank), for loans in the Specified Currency to
leading European banks having the specified Index Maturity commencing on the Interest Reset Date
and in a Representative Amount; <I>provided however</I>, that if fewer than three banks selected as
aforesaid by the Calculation Agent are quoting as mentioned in this sentence, LIBOR with respect to
such Interest Reset Date will be LIBOR in effect on such LIBOR Interest Determination Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Treasury Rate Notes</U>. Treasury Rate Notes will bear interest at the interest rates
(calculated with reference to the Treasury Rate and the Spread and/or Spread Multiplier, if any,
subject to the Maximum Rate or Minimum Rate, if any) and will be payable on the dates specified in
the applicable Pricing Supplement. Unless otherwise specified in the applicable
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pricing Supplement, the &#147;Calculation Date&#148; with respect to a Treasury Interest Determination
Date will be the tenth day after such Treasury Interest Determination Date or, if any such day is
not a Business Day, the next succeeding Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated in the applicable Pricing Supplement, &#147;Treasury Rate&#148; means, with
respect to any Interest Reset Date, the rate for the auction on the relevant Treasury Interest
Determination Date of direct obligations of the United States (&#147;Treasury Bills&#148;) having the Index
Maturity specified in the applicable Pricing Supplement, as such rate appears on the display on
Moneyline Telerate, Inc. (or any successor service) on page 56 (or any other page as may replace
such page) or page 57 (or any other page as may replace such page), under the heading &#147;INVESTMENT
RATE.&#148; In the event that such rate does not appear by 3:00 p.m., New York City time, on the
Calculation Date pertaining to such Treasury Interest Determination Date, then the Treasury Rate
for such Interest Reset Date shall be the rate on such date as published in H.15 Daily Update under
the heading &#147;U.S. government securities&#151;Treasury bills&#151;Auction high.&#148; In the event that the
foregoing rates do not so appear or are not so published by 3:00 p.m., New York City time, on the
Calculation Date pertaining to such Treasury Interest Determination Date, then the Treasury Rate
for such Interest Reset Date shall be the &#147;Investment Rate&#148; (expressed as a bond equivalent yield,
on the basis of a year of 365 or 366&nbsp;days, as applicable, and applied on a daily basis) as
announced by the United States Department of the Treasury for the auction held on such Treasury
Interest Determination Date, currently available on the worldwide web at:
http://www.publicdebt.treas.gov/AI/OFBills. In the event that the results of the auction of
Treasury Bills having the Index Maturity specified in the applicable pricing supplement are not
published or reported as provided above by 3:00 p.m., New York City time, on such Calculation Date
or if no such auction is held on such Treasury Interest Determination Date, then the Treasury Rate
shall be calculated by the Calculation Agent and shall be the rate for such Treasury Interest
Determination Date for the issue of Treasury Bills with a remaining maturity closest to the
specified Index Maturity (expressed as a bond equivalent yield, on the basis of a year of 365 or
366&nbsp;days, as applicable, and applied on a daily basis) as published in H.15(519), under the heading
&#147;U.S. government securities&#151;Treasury bills (secondary market).&#148; In the event that the foregoing
rates do not so appear or are not so published by 3:00 p.m., New York City time, on the Calculation
Date pertaining to such Treasury Interest Determination Date, then the Treasury Rate for such
Interest Reset Date shall be the rate for such Treasury Interest Determination Date for the issue
of Treasury Bills with a remaining maturity closest to the specified Index Maturity, as published
in H.15 Daily Update or another recognized electronic source used for the purpose of displaying
such rate, under the heading &#147;U.S. government securities&#151;Treasury bills (secondary market).&#148; In the
event that the foregoing rates do not so appear or are not so published by 3:00 p.m., New York City
time, on the Calculation Date pertaining to such Treasury Interest Determination Date, then the
Treasury Rate shall be calculated by the Calculation Agent and shall be a yield to maturity
(expressed as a bond equivalent yield, on the basis of a year of 365 or 366&nbsp;days, as applicable,
and applied on a daily basis) of the arithmetic mean of the secondary market bid rates, at
approximately 3:30 p.m., New York City time, on such Treasury Interest Determination Date, quoted
by three leading primary United States government securities dealers selected by the Calculation
Agent with the Bank&#146;s approval (such approval not to be unreasonably withheld) for the issue of
Treasury Bills with a remaining maturity closest to the specified Index Maturity; <I>provided </I>that if
the dealers selected as aforesaid by the Calculation Agent with the Bank&#146;s approval (such approval
not to be unreasonably withheld) are not quoting as mentioned in this sentence, the Treasury Rate
for such
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Reset Date shall be the Treasury Rate in effect on such Treasury Interest
Determination Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment of Principal and Interest</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest (and principal, if any, payable other than at Stated Maturity or upon acceleration or
redemption) shall be paid in immediately available funds to the Person in whose name a Note is
registered at the close of business on the Regular Record Date next preceding each Interest Payment
Date notwithstanding the cancellation of such Notes upon any transfer or exchange thereof
subsequent to such Regular Record Date and prior to such Interest Payment Date; <I>provided</I>, <I>however</I>,
that interest payable at Stated Maturity or upon acceleration or redemption shall be paid to the
Person to whom principal will be payable; <I>provided</I>, <I>further</I>, that if and to the extent the Bank
defaults in the payment of the interest, including any Additional Amounts, due on such Interest
Payment Date, such defaulted interest, including any Additional Amounts, shall be paid to the
Person in whose names such Notes are registered at the end of a subsequent record date established
by the Bank by notice given by mail by or on behalf of the Bank to the Holders of the Notes not
less than 15&nbsp;days preceding such special record date, such record date to be not less than 15&nbsp;days
preceding the date of payment in respect of such defaulted interest. Unless otherwise specified in
the applicable Pricing Supplement, the first payment of interest on any Note originally issued
between a Regular Record Date and an Interest Payment Date shall be made on the Interest Payment
Date following the next succeeding Regular Record Date to the registered owner at the close of
business on such next succeeding Regular Record Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of the principal of and any premium, interest, Additional Amounts and other amounts
on or in respect of any Note at Stated Maturity or upon acceleration or redemption shall be made to
the registered Holder on such date in immediately available funds upon surrender of such Note at
the Corporate Trust Office or at the specified office of any other Paying Agent, <I>provided </I>that the
Note is presented to the Paying Agent in time for the Paying Agent to make such payments in such
funds in accordance with its normal procedures. Payments of the principal of and any premium,
interest, Additional Amounts and other amounts on or in respect of Notes to be made other than at
Stated Maturity or upon redemption shall be made by check mailed on or before the due date for such
payments to the address of the Person entitled thereto as it appears in the Register; <I>provided </I>that
(a)&nbsp;DTC and the Common Depositary, as Holder of the Global Notes, shall be entitled to receive
payments of interest by wire transfer of immediately available funds, (b)&nbsp;a Holder of US$1,000,000
(or the approximate equivalent thereof in a Specified Currency other than U.S. dollars) in
aggregate principal or face amount of Notes of the same Series shall be entitled to receive
payments of interest by wire transfer of immediately available funds to an account maintained by
such Holder at a bank located in the United States as may have been appropriately designated by
such Holder to the Trustee in writing no later than 15&nbsp;days prior to the date such payment is due
and (c)&nbsp;to the extent that the Holder of a Note issued and denominated in a Specified Currency
other than U.S. dollars elects to receive payment of the principal of and any premiums, interest,
Additional Amounts and other amounts on or in respect of such Note at Stated Maturity or upon
redemption in such Specified Currency, such payment, except in circumstances described in the
applicable Pricing Supplement, shall be made by wire transfer of immediately available funds to an
account specified in writing not less than 15&nbsp;days
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">prior to the date such payment is due by the Holder to the Trustee. Unless such designation is
revoked, any such designation made by such Holder with respect to such Notes shall remain in effect
with respect to any future payments with respect to such Notes payable to such Holder
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of interest on any Fixed Rate Note or Floating Rate Note with respect to any Interest
Payment Date will include interest accrued to but excluding such Interest Payment Date; <I>provided</I>,
<I>however</I>, that, unless otherwise specified in the applicable Pricing Supplement, if the Interest
Reset Dates with respect to any Floating Rate Note are daily or weekly, interest payable on such
Note on any Interest Payment Date, other than interest payable on the date on which principal on
any such Note is payable, will include interest accrued to but excluding the day following the next
preceding Regular Record Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to a Floating Rate Note, accrued interest from the date of issue or from the last
date to which interest has been paid is calculated by multiplying the principal or face amount of
such Floating Rate Note by an accrued interest factor. Such accrued interest factor is computed by
adding the interest factor calculated for each day from the date of issue, or from the last date to
which interest has been paid, to but excluding the date for which accrued interest is being
calculated. Unless otherwise specified in the applicable Pricing Supplement, the interest factor
(expressed as a decimal) for each such day is computed by dividing the interest rate (expressed as
a decimal) applicable to such date by 360, in the case of LIBOR Notes, or by the actual number of
days in the year, in the case of Treasury Rate Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in the applicable Pricing Supplement, interest on Fixed Rate Notes
will be calculated on the basis of a 360-day year consisting of twelve months of 30&nbsp;days each and,
in the case of an incomplete month, the number of days elapsed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in the applicable Pricing Supplement, if any Interest Payment Date
(other than the Stated Maturity) for any Floating Rate Note would otherwise be a day that is not a
Business Day in the relevant locations specified in the Pricing Supplement and the place of
payment, such Interest Payment Date shall be the next Business Day succeeding such Business Day
(except that, in the case of a LIBOR Note, if such Business Day is in the next succeeding calendar
month, such Interest Payment Date shall be the next Business Day preceding such Business Day). If
the Stated Maturity for any Fixed Rate Note or Floating Rate Note or the Interest Payment Date for
any Fixed Rate Note falls on a day which is not a Business Day in the relevant locations specified
in the Pricing Supplement and the place of payment, payment of principal (and premium, if any) and
interest with respect to such Note will be made on the next succeeding Business Day in the place of
payment with the same force and effect as if made on the due date and no interest on such payment
will accrue from and after such due date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Specified Currency Other Than Dollars</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Note is to be denominated in a Specified Currency other than U.S. dollars, certain
provisions with respect thereto will be set forth in the applicable Pricing Supplement, which will
specify the foreign currency or currency unit in which the principal or any premium or interest
with respect to such Note are to be paid, along with any other terms relating to the non-U.S.
dollar denomination.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Bank offers Indexed Notes or Dual Currency Notes, the applicable Pricing Supplement and
such Indexed Notes or Dual Currency Notes will set forth the method by and the terms on which the
amount of principal (payable on or prior to Stated Maturity), interest and/or any premium, will be
determined, any additional tax consequences to the Holder of such Note, a description of certain
risks associated with investment in such Note and other information relating to such Note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in the terms of a Series of Notes, Notes denominated in a Specified
Currency other than U.S. dollars will provide that, in the event of an official redenomination of
the currency, the obligations of the Bank with respect to payments on such Notes shall, in all
cases, be deemed immediately following such redenomination to provide for payment of that amount of
the redenominated currency representing the amount of such obligations immediately before such
redenomination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the principal of or any premium, interest, Additional Amounts or other amounts on any note
is payable in a Specified Currency other than U.S. dollars and such Specified Currency is not
available due to the imposition of exchange controls or other circumstances beyond the Bank&#146;s
control, or is no longer used by the government of the country issuing such currency or for
settlement of transactions by public institutions of or within the international banking community,
then the Bank, until such currency is again available or so use, will be entitled, to the extent
permitted by Argentine law, to satisfy its obligations to the Holder of such Notes by making such
payment in U.S. dollars at the Exchange Rate for the Payment Date. The making of any payment in
respect of any Note in U.S. dollars under the foregoing circumstances shall not constitute an Event
of Default under such Note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of the principal, interest, Additional Amounts or other amounts to Holders of a note
denominated in a Specified Currency other than U.S. dollars who hold the Note through DTC will, to
the extent permitted by Argentine law, be made in U.S. dollars. However, any DTC Holder of a Note
denominated in a Specified Currency other than U.S. dollars may elect to receive payments by wire
transfer in the Specified Currency other than U.S. dollars by delivering a written notice to the
DTC participant through which it holds its beneficial interest, not later than the Regular Record
Date, in the case of an interest payment, or at least 15 calendar days before the Stated Maturity,
specifying wire transfer instructions to an account denominated in the Specified Currency. The DTC
participant must notify DTC of the election and wire transfer instructions on or before the twelfth
Business Day before the applicable payment of the principal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If so specified in a the applicable Pricing Supplement, payments of principal, interest,
Additional Amounts or other amounts on or in respect of any Note denominated in a Specified
Currency other than U.S. dollars shall, to the extent permitted by Argentine law, be made in U.S.
dollars, calculated at the Exchange Rate for the Payment Date, if the Holder of such Note on the
relevant Regular Record Date or at Stated Maturity, as the case may be, has transmitted a written
request for such payment in U.S. dollars to the Trustee and the applicable Paying Agent on or prior
to such Regular Record Date or the date that is 15&nbsp;days prior to the Stated Maturity, as the case
may be. Such request may be in writing (mailed or hand delivered) or by facsimile transmission. Any
such request made with respect to any Note by a Holder will remain in effect with respect to any
further payments of principal, interest, Additional Amounts or other amounts
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">on or in respect of such Note payable to such Holder, unless such request is revoked on or
prior to the relevant Regular Record Date or the date that is 15&nbsp;days prior to the Stated Maturity,
as the case may be. Holders of notes denominated in a Specified Currency other than U.S. dollars
that are registered in the name of a broker or nominee should contact such broker or nominee to
determine whether and how an election to receive payments in U.S. dollars may be made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. dollar amount to be received by a Holder of a Note denominated in a Specified
Currency other than U.S. dollars who elects to receive payment in U.S. dollars will be based on the
Exchange Rate, on the second Business Day next preceding the applicable Payment Date. If Exchange
Rate quotations are not available on the second Business Day preceding the date of payment of
principal, interest, Additional Amounts or other amounts with respect to any Note, such payment
will be made in the Specified Currency. All currency exchange costs associated with any payment in
U.S. dollars on any Note denominated in a Specified Currency other than U.S. dollars will be borne
by the Holder thereof by deductions from payment of the currency exchange being effected on behalf
of the Holder by the Exchange Rate Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in the applicable Pricing Supplement, (i)&nbsp;a Note denominated in Euro may
only be presented for payment on a day on which the TARGET system is operating and (ii)&nbsp;if interest
is required to be calculated for a period of less than one year, unless otherwise specified in the
applicable Pricing Supplement, it will be calculated on the basis of the actual number of days
elapsed divided by 365 (or, if any of the days elapsed fall in a leap year, the sum of (A)&nbsp;the
number of those days falling in a leap year divided by 366 and (B)&nbsp;the number of those days falling
in a non-leap year divided by 365).
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&nbsp;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PRICING SUPPLEMENT NO. 2<BR>
(TO OFFERING CIRCULAR DATED OCTOBER 24, 2006)

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>US$150,000,000</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><IMG src="y37853y3785300.gif" alt="(MACRO LOGO)"></DIV>



<DIV align="Center" style="font-size: 18pt; margin-top: 6pt"><B>BANCO MACRO S.A.</B>

</DIV>
<DIV align="center" style="font-size: 10pt"><B><I>(incorporated in the Republic of Argentina)</I></B></DIV>


<DIV align="center" style="font-size: 10pt"><B>8.50% Notes Due 2017, Series&nbsp;2</B></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Pricing Supplement relates to a series of notes to be issued under our global
medium-term note program for the issuance of notes in one or more series up to an aggregate
principal amount at any time outstanding of US$400,000,000. This Pricing Supplement is
supplementary to, and should be read in conjunction with, the Offering Circular dated October&nbsp;24,
2006 relating to our global medium-term note program. To the extent that information contained in
this Pricing Supplement is not consistent with the Offering Circular, this Pricing Supplement will
be deemed to supersede the Offering Circular with respect to the notes offered hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering US$150,000,000 of our 8.50% Notes Due 2017, which we refer to as the &#147;Notes.&#148;
The Notes will mature on February&nbsp;1, 2017. The notes will bear interest at a rate of 8.50% per
year, payable semi-annually in arrears on February 1 and August 1 of each year, commencing on
August&nbsp;1, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may redeem the Notes at our option, in whole or in part, at any time and from time to time,
by paying the greater of the principal amount of the notes and the &#147;make-whole&#148; amount, plus, in
each case, accrued and unpaid interest and any Additional Amounts. We may also redeem the Notes,
in whole but not in part, at any time in the event of certain changes affecting Argentine taxes at
a price equal to 100% of the principal amount plus accrued and unpaid interest and any Additional
Amounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes will constitute our direct, unconditional, unsecured and unsubordinated obligations
and will rank at all times <I>pari passu </I>in right of payment with all our other existing and future
unsecured and unsubordinated indebtedness (other than obligations preferred by statute or by
operation of law).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have applied to have the Notes listed on the Luxembourg Stock Exchange and admitted for
trading on the EuroMTF, the alternative market of the Luxembourg Stock Exchange. We have also
applied to have the Notes listed on the Buenos Aires Stock Exchange (<I>Bolsa de Comercio de Buenos
Aires </I>or &#147;BASE&#148;). We expect that the notes will be eligible for trading on the PORTAL Market and
on the <I>Mercado Abierto Electr&#243;nico S.A.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have agreed to file an exchange offer registration statement or, under certain
circumstances, a shelf registration statement with respect to the Notes with the U.S. Securities
and Exchange Commission (the &#147;SEC&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investing in the Notes involves risks. See &#147;Risk Factors&#148; commencing on pages I-5 and II-10
of the Offering Circular.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Price: 100.00%</B><BR>
plus accrued interest, if any, from January&nbsp;29, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of the Notes in book-entry form will be made on or about January&nbsp;29, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes will qualify as non-convertible <I>obligaciones negociables </I>under Argentine Law No.
23,576 of Argentina, as amended (the &#147;Negotiable Obligations Law&#148;), and Joint Resolution No.
470-1738/2004 (&#147;Joint Resolution 470-1738/2004&#148;) issued by the Argentine securities commission
(<I>Comisi&#243;n Nacional de Valores </I>or &#147;CNV&#148;) and the Argentine tax authority (<I>Administraci&#243;n Federal de
Ingresos P&#250;blicos</I>), and will be entitled to the benefits set forth in, and subject to the
procedural requirements of, such law, resolution and Argentine Decree No.&nbsp;677/2001.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes will not qualify for the Argentine deposit insurance system established pursuant to
Argentine Law No.&nbsp;24,485, as amended, and will not benefit from the priority right granted to
depositors pursuant to Article 49(d) and (e)&nbsp;of Argentine Law No.&nbsp;21,526, as amended (the
&#147;Financial Institutions Law&#148;). The Notes will not be secured by any floating lien or special
guarantee nor will the Notes be guaranteed by any other means or by any other entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The offering of Notes under our global medium-term program has been authorized by the CNV
pursuant to Resolution No.15,480, dated September&nbsp;28, 2006. The CNV authorization means only that
the information requirements of the CNV have been satisfied. The CNV has not rendered any opinion
in respect of the accuracy of the information contained in this Pricing Supplement or in the
Offering Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes have not been registered under the U.S. Securities Act of 1933, as amended (the
&#147;Securities Act&#148;). The Notes may not be offered or sold within the U.S. or to U.S. persons, except
to qualified institutional buyers in reliance on the exemption from registration provided by Rule
144A under the Securities Act and to certain non-U.S. persons in offshore transactions in reliance
on Regulation&nbsp;S under the Securities Act. Because the Notes have not been registered, they are
subject to the restrictions on resales and transfers described under &#147;Transfer Restrictions&#148; in the
Offering Circular.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>Sole Book-Running Manager</I>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Credit Suisse</B><BR>
<I>Co-Manager</I><BR>
<B>Raymond James</B><BR>
The date of this Pricing Supplement is January&nbsp;23, 2007

</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise defined herein, capitalized terms used in this Pricing Supplement shall have
the meanings given to them in the Offering Circular. In this Pricing Supplement, unless the
context requires otherwise, references to &#147;we,&#148; &#147;our,&#148; &#147;us&#148; or &#147;the bank&#148; mean Banco Macro S.A. and
its consolidated subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have translated some of the peso amounts contained in this Pricing Supplement into U.S.
dollars for convenience purposes only. The rate used to translate such amounts was Ps.3.1043 to
US$1.00, which was the <I>Tipo de Cambio Referencia</I>, or reference exchange rate, reported by the
Central Bank for U.S. dollars for September&nbsp;30, 2006. The Federal Reserve Bank of New York does
not report a noon buying rate for pesos. The U.S. dollar equivalent information presented in this
Pricing Supplement is provided solely for the convenience of investors and should not be construed
as implying that the peso amounts represent, or could have been or could be converted into, U.S.
dollars at such rates or at any other rate. See &#147;Exchange Rates&#148; in the Offering Circular for more
detailed information regarding the translation of pesos into U.S. dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information provided in this Pricing Supplement or in the Offering Circular that relates
to the Republic of Argentina (&#147;Argentina&#148;) and its economy is based upon publicly available
information, and we do not make any representation or warranty with respect thereto. Argentina,
and any governmental agency or political subdivision thereof, does not in any way guarantee, and
their credit does not otherwise back, our obligations in respect of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should rely only on the information contained in this Pricing Supplement and the Offering
Circular. We have not, and the dealers have not, authorized anyone to provide you with information
that is different from the information contained in this Pricing Supplement and the Offering
Circular. The information in this Pricing Supplement and the Offering Circular is accurate only as
of the date of this Pricing Supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In making your decision whether to invest in the Notes, you must rely on your own examination
of us and the terms of the offering, including the merits and risks involved. You should not
construe the contents of this Pricing Supplement or the Offering Circular as legal, business or tax
advice. You should consult your own attorney, business advisor or tax advisor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The distribution of this Pricing Supplement and the Offering Circular, or any part thereof,
and the offering, sale and delivery of the Notes in certain jurisdictions may be restricted by law.
We and the dealers require persons into whose possession this Pricing Supplement and/or the
Offering Circular come to become familiar with and to observe such restrictions. This Pricing
Supplement and the Offering Circular do not constitute an offer to sell or a solicitation of an
offer to buy any Notes in any jurisdiction to any person to whom it is unlawful to make the offer
or solicitation nor do this Pricing Supplement and the Offering Circular constitute an invitation
to subscribe for or purchase any Notes. For a description of restrictions on offers, sales and
deliveries of the Notes and on the distribution of this Pricing Supplement and the Offering
Circular, see &#147;Transfer Restrictions&#148; and &#147;Plan of Distribution&#148; in the Offering Circular and &#147;Plan
of Distribution&#148; in this Pricing Supplement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>FOR PURCHASES MADE IN ARGENTINA</U>: NON-BINDING EXPRESSIONS OF INTEREST IN CONNECTION
WITH THE PURCHASE OF THE NOTES MAY BE MADE TO THE DEALERS DURING THE PERIOD OF NINE (9)&nbsp;DAYS, OR
THE &#147;SOLICITATION PERIOD,&#148; COMMENCING ON THE DATE OF PUBLICATION OF THE PRICING SUPPLEMENT IN
SPANISH IN THE BUENOS AIRES STOCK EXCHANGE&#146;S BULLETIN (UNLESS SUCH PERIOD IS EXTENDED BY US, AND
NOTICE OF SUCH EXTENSION IS PROVIDED THROUGH THE BUENOS AIRES STOCK EXCHANGE&#146;S BULLETIN AND
PUBLISHED IN AN ARGENTINE NEWSPAPER OF GENERAL CIRCULATION PRIOR TO THE EXPIRATION OF THE
SOLICITATION PERIOD). ONCE THE ISSUE PRICE AND THE INTEREST RATE FOR THE NOTES HAVE BEEN
DETERMINED ON THE PRICING DATE (AS DEFINED BELOW), A NOTICE WILL BE PUBLISHED IN THE BUENOS AIRES
STOCK EXCHANGE&#146;S BULLETIN AND INVESTORS WILL BE ABLE TO CONFIRM, DURING THE BUSINESS DAY (IN BUENOS
AIRES) FOLLOWING THE DAY OF PUBLICATION OF SUCH NOTICE, ANY NON-BINDING EXPRESSIONS OF INTEREST
PLACED DURING THE SOLICITATION PERIOD. &#147;PRICING DATE&#148; MEANS THE LAST BUSINESS DAY (IN BUENOS
AIRES) IN THE SOLICITATION PERIOD. BOTH THE ISSUE PRICE AND THE INTEREST RATE FOR THE NOTES WILL
BE DETERMINED BY THE DEALERS TOGETHER WITH US.
</DIV>

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</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Pricing Supplement</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="93%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">PLACEMENT EFFORTS AND ALLOCATION PROCESS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  ALIGN="RIGHT"></TD>
    <TD  ALIGN="RIGHT">iii</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">SUMMARY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">TERMS AND CONDITIONS OF THE NOTES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-11</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">REGISTRATION RIGHTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-15</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">USE OF PROCEEDS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-17</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">CAPITALIZATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-17</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-18</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">CERTAIN ERISA CONSIDERATIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-23</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">PLAN OF DISTRIBUTION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-24</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">NOTICE TO CANADIAN RESIDENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-27</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">INDEX TO THE FINANCIAL STATEMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-1</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Offering Circular</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="93%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>

</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">INTRODUCTION TO OFFERING CIRCULAR</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">iii</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">WHERE YOU CAN FIND MORE INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">iii</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>PART I &#150; INFORMATION RELATING TO GLOBAL
MEDIUM-TERM NOTE PROGRAM</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">SUMMARY OF THE PROGRAM </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">I-1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">RISK FACTORS </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">I-5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">USE OF PROCEEDS </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">I-7</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">DESCRIPTION OF THE NOTES </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">I-8</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">CLEARING AND SETTLEMENT </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">I-35</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">TRANSFER RESTRICTIONS </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">I-40</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">TAXATION </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">I-42</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">ENFORCEMENT OF CIVIL LIABILITIES </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">I-57</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">PLAN OF DISTRIBUTION </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">I-58</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">LEGAL MATTERS </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">I-62</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>PART II &#150; INFORMATION RELATING TO BANCO
MACRO S.A.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">PRESENTATION OF FINANCIAL INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">OVERVIEW OF BANCO MACRO S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">RISK FACTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-10</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">EXCHANGE RATES AND EXCHANGE CONTROLS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-16</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">CAPITALIZATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-18</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">SELECTED FINANCIAL AND OPERATING DATA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-19</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">THE CRISIS AND RECOVERY IN ARGENTINA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-25</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-31</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">THE ARGENTINE BANKING INDUSTRY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-64</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">BUSINESS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-69</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">SELECTED STATISTICAL INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-84</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">ARGENTINE BANKING REGULATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-97</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">MANAGEMENT AND CORPORATE GOVERNANCE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-111</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">PRINCIPAL SHAREHOLDERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-119</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">RELATED PARTY TRANSACTIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-120</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">INDEPENDENT ACCOUNTANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-121</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">GENERAL INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">II-122</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"></TD>
    <TD nowrap align="right">F-1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">APPENDIX A &#150; FORM OF PRICING SUPPLEMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"></TD>
    <TD nowrap align="right">A-1</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->ii&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLACEMENT EFFORTS AND ALLOCATION PROCESS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Placement Efforts</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and the dealers named in this Pricing Supplement plan to undertake a series of marketing
and placement efforts to place the Notes in an <I>oferta p&#250;blica </I>under the Negotiable Obligations Law
and Joint Resolution 470-1738/2004. Accordingly, we and the dealers will offer the Notes to the
public in Argentina and outside Argentina to a broad group of institutional investors, including in
the United States to qualified institutional buyers in reliance on Rule&nbsp;144A of the Securities Act.
Notwithstanding the foregoing or anything to the contrary contained in this Pricing Supplement or
the Offering Circular, the Notes will be offered outside of Argentina only in private offerings in
accordance with the laws of the applicable jurisdictions. See &#147;Plan of Distribution&#148; in the
Offering Circular and in this Pricing Supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The placement efforts will consist of a variety of marketing methods, which we expect to
include the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a road show in Argentina in which potential institutional investors will be invited to participate;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a global conference call where potential institutional investors, including Argentine investors, will have the
opportunity to ask questions of the bank&#146;s management;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an &#147;electronic road show,&#148; an audio/visual presentation through the Internet which allows potential institutional
investors to have access to our road show presentation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the bank&#146;s management will also be available to potential institutional investors in Argentina, via:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one-on-one conference calls;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one-on-one meetings; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>group meetings;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>distribution (in hard copy and/or electronically) of the preliminary and final Pricing Supplement and Offering Circular
relating to the Notes and the global medium-term note program, in Spanish in Argentina and in substantially identical offering
documents in English in countries outside of Argentina;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>making available to potential Argentine investors, upon request, at our offices copies of the Pricing Supplement and Offering
Circular referred to above, and designating a contact person to respond to investor inquiries; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compliance with the local communication and publication requirements of the CNV for a public offering in Argentina.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Allocation Process</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The criteria for allocating the Notes among those investors who have placed orders with the
dealers with a price indication that is below or equal to the final pricing accepted by us will be
primarily based on such investors&#146; interest in understanding our credit profile and their intention
of maintaining a long-term position in the Notes. The rationale for these criteria is that the
secondary market price of the Notes will benefit from a stable, credit-oriented base of long-term
holders, thereby creating a benchmark for our debt and facilitating our future access to the
international capital markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Notes are over-subscribed, we expect that the Notes will be sold
principally to Argentine and international institutional investors as well as to private and retail
banking accounts in Argentina and, as permitted by applicable law, elsewhere outside of Argentina,
in particular, pension funds, insurance companies,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->iii&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">brokerage firms, money managers and private banking and retail accounts. Subject to
compliance with applicable laws, and the criteria set forth in this Pricing Supplement and the
Offering Circular, substantially all investors who place orders with a price indication below or
equal to the final pricing for the Notes accepted by us will receive a portion of Notes offered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The criteria for allocating the Notes among investors with similar characteristics will be
based on the size of the investor&#146;s order, the aggressiveness of its price indication during the
book-building process, its interest in our credit profile throughout the marketing period and its
history in supporting transactions from Latin American issuers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, interested investors may be required to furnish to the dealers all information
and documentation required to be filed by such investors, or which may otherwise be requested by
the dealers, for compliance with criminal and other laws and regulations relating to the laundering
of assets, including the capital market rules for the prevention of the laundering of assets issued
by the Argentine <I>Unidad de Informaci&#243;n Financiera </I>and similar rules established by the CNV and/or
the <I>Banco Central de la Rep&#250;blica Argentina </I>(the &#147;Central Bank&#148;). We and the dealers reserve the
right to reject any investor order if we or the dealers believe that such laws and regulations have
not been fully complied with to our satisfaction.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->iv&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Banco Macro S.A.</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are one of the leading banks in Argentina. With the most extensive private-sector branch
network in the country, we provide standard banking products and services to a nationwide customer
base. We distinguish ourselves from our competitors by our strong financial position and by our
focus on low- and middle-income individuals and small- and medium-sized businesses, generally
located outside of the Buenos Aires metropolitan area, which we believe offer significant
opportunity for continued growth in our banking business. According to the Central Bank, as of
September&nbsp;30, 2006, we were ranked fourth in terms of deposits and second in terms of equity among
private-sector banks. As of September&nbsp;30, 2006, on a consolidated basis, we had:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ps.13,578&nbsp;million (US$4,374&nbsp;million) in total assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ps.5,200&nbsp;million (US$1,675&nbsp;million) in gross private sector loans;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ps.9,688&nbsp;million (US$3,121&nbsp;million) in total deposits;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approximately 1,527,000 retail customers and 10,400 corporate
customers (without including the recently acquired Nuevo Banco
Bisel S.A.); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approximately 602,500 employee payroll accounts for corporate
customers and provincial governments (without including the
recently acquired Nuevo Banco Bisel S.A.).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our consolidated net income for the year ended December&nbsp;31, 2005 was Ps.262.7&nbsp;million (US$85
million) representing a return on average equity of 19.7% and a return on average assets of 2.8%.
Our consolidated net income for the nine months ended September&nbsp;30, 2006 was Ps.277.2&nbsp;million
(US$89.3&nbsp;million) representing an annualized return on average equity of 21.0% and an annualized
return on average assets of 2.8%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, given the relatively low level of banking intermediation in Argentina currently,
there are limited products and services being offered. We are focusing on the overall growth of
our loan portfolio by expanding our customer base and encouraging them to make use of our lending
products. We have a holistic approach to our banking business; we do not manage the bank by
segments or divisions or by customer categories, by products and services, by regions, or by any
other segmentation for the purpose of allocating resources and assessing profitability. We have
savings and checking accounts, credit and debit cards, consumer finance loans and other
credit-related products and transactional services available to our individual customers and small-
and medium-sized businesses through our branch network. We also offer <I>Plan Sueldo </I>payroll
services, lending, corporate credit cards, mortgage finance, transaction processing and foreign
exchange. In addition, our <I>Plan Sueldo </I>payroll processing services for private companies and the
public sector give us a large and stable customer deposit base.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We emerged from the economic crisis of 2001 and 2002 as a stronger and larger bank. In
January&nbsp;2002, in the midst of the crisis, Banco Macro S.A., our predecessor, acquired a controlling
interest in Banco Bansud S.A. The acquisition tripled the size of our bank, as measured by assets,
and expanded our geographic presence from the northern provinces of Argentina to the southern
provinces. In December&nbsp;2004, during the recovery period of the Argentine economy, we completed the
acquisition of Nuevo Banco Suqu&#237;a S.A. (&#147;Nuevo Banco Suqu&#237;a&#148;), the leading bank in the central
provinces of Argentina, thereby becoming the private sector bank with the country&#146;s most extensive
branch network. The Nuevo Banco Suqu&#237;a transaction increased our assets by 41% and our number of
branches by 67%. Beginning at the end of 2002 and during the recovery years, we also experienced
organic growth as our business in the provinces of Argentina suffered lower levels of volatility
than our principal competitors in the Buenos Aires metropolitan area. In November&nbsp;2005, a portion
of the assets, including seven branches and the headquarters, and liabilities of Banco Empresario
de Tucum&#225;n S.A. were transferred to us. In May&nbsp;2006, we completed the acquisition of Banco del
Tucum&#225;n S.A. As a result of these transactions in Tucum&#225;n, we increased our branch network by 34
branches, or 14%. More recently, in August&nbsp;2006, we completed the acquisition of Nuevo Banco Bisel
S.A. (&#147;Nuevo Banco Bisel&#148;), which added 158 branches, or 56%, to our branch network.
</DIV>
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Argentine economic recovery</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the ongoing recovery of the Argentine economy from the severe crisis of 2001
and 2002, together with the stabilizing business environment, presents a growth opportunity for the
banking industry. We believe that Argentine banks in a comparatively stronger financial condition
should have a competitive advantage in benefiting from this recovery. Argentina&#146;s gross domestic
product, or GDP, grew 8.8% in 2003, 9.0% in 2004 and 9.2% in 2005 after declines of 4.4% in 2001
and 10.9% in 2002. Although there are numerous risks that may result in lower than expected
economic performance, the Central Bank&#146;s survey of independent forecasting firms as of 2006
indicates a consensus GDP growth estimate of 8.5% for 2006 and 7.0% for 2007. In June&nbsp;2005, the
government partially restructured its public debt, further improving the Argentine business
environment, and in January&nbsp;2006, Argentina paid off all outstanding amounts owing to the
International Monetary Fund, or IMF. Following completion of its debt restructuring, Argentina&#146;s
risk profile has improved substantially as measured by the spread over comparable U.S. Treasuries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this context, the financial system is regaining depositors&#146; and borrowers&#146; confidence,
while benefiting from improved conditions and favorable growth opportunities and increasing demand
for financial services and products. For example, the ratio of 12-month average total deposits as
a percentage of annual average GDP was 30.3% for 2000. This ratio reached its lowest level of
22.8% in 2003, before recovering to 24.0% in 2005. The annual average nominal interest rates on
30-day time deposits of less than Ps.100,000 was 3.4% for 2005, compared to 8.7% in 2001. Average
loans by Argentine banks to the private sector, as a percentage of GDP, were only 9.0% in 2005,
compared to 24.3% in 1999, and 31.2% for Brazil, 67.3% for Chile, 23.8% for Colombia and 10.1% for
Mexico in 2005. We believe this low ratio demonstrates an opportunity for credit expansion as
credit demand continues to increase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Our competitive strengths</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe we are well positioned to benefit from the opportunities created by the improving
economic and business environment in Argentina. Our competitive strengths include the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Strong financial position and consistent profitability</I>. We believe we have emerged from
the economic crisis as one of the strongest banks in Argentina, as measured by profitability
and balance sheet strength.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of September&nbsp;30, 2006, we have achieved profitability for the last 19 consecutive
quarters, the only bank in Argentina to do so, with a return on average equity of
21.1%, 16.4%, 19.7% and 21.0% for 2003, 2004, 2005 and on an annualized basis for the
nine months ended September&nbsp;30, 2006, compared to &#150;23.6%, &#150;3.0%, 7.5% and 12.0% (for
the twelve months ended August&nbsp;31, 2006), respectively, for the Argentine banking
system as a whole.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our shareholders&#146; equity at December&nbsp;31, 2005 and September&nbsp;30, 2006, as calculated
under Central Bank Rules, was Ps.1,490&nbsp;million and Ps.2,168&nbsp;million, respectively, and
our shareholders&#146; equity under U.S. GAAP at December&nbsp;31, 2005 was Ps.1,191.7&nbsp;million.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Strong presence in fast-growing target customer market. </I>We have
achieved a leading position with low- and middle-income
individuals and among small- and medium-sized businesses,
generally located outside of the Buenos Aires metropolitan area,
which have been relatively underserved by the banking system. As
of December&nbsp;31, 2005, loans for less than Ps.20,000 accounted for
31% of total private sector loans, almost double the corresponding
percentage for the financial system as a whole (18%). Based on
our experience, this target market offers significant growth
opportunities and a stable base of depositors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>High exposure to export-led growth. </I>Given the geographical
location of the customers we target, we have acquired banks with a
large number of branches outside of the Buenos Aires metropolitan
area with the aim of completing our national coverage. Therefore,
we are currently the leading bank in the Argentine provinces of
Salta, Jujuy, Tucum&#225;n and Misiones and one of the leading banks in
C&#243;rdoba, Santa Fe, Mendoza, Entre R&#237;os, R&#237;o Negro, Chubut and
Neuqu&#233;n, based on the number of branches. Most of these provinces
engage in economic activities primarily concentrated in areas such
as agriculture, mining, cargo</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transportation, edible oils, ranching and tourism, which have been benefiting
from the export-driven growth in the Argentine economy as a result of the
devaluation of the peso.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Largest private-sector branch network in Argentina</I>.
With 437 branches (including the 158 branches
acquired through our purchase of Nuevo Banco Bisel in
August&nbsp;2006), we have the most extensive branch
network among private-sector banks in Argentina. We
consider our branch network to be our key
distribution channel for marketing our products and
services to our entire customer base with a
personalized approach. In line with our strategy,
approximately 92% of these branches are located
outside of the Buenos Aires metropolitan area,
whereas approximately 65% of the total branches for
the Argentine financial system as a whole are located
outside this area, which we believe better positions
us to focus on our target market.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Loyal customer base. </I>We have a loyal customer base,
as evidenced in part by the quick recovery of our
deposit base after the crisis. While our total
deposits increased 51% during the twelve months up to
April&nbsp;2003, the end of the freeze on deposits, or
<I>corral&#243;n</I>, deposits in the Argentine banking system as
a whole grew by only 11% during that period. We
believe that our customers are loyal to us due to our
presence in traditionally underserved markets and to
our <I>Plan Sueldo </I>payroll services. We have benefited
from Argentine regulations that require all employees
to maintain <I>Plan Sueldo </I>accounts for the direct
deposit of their wages. In addition, we emphasize
face-to-face relationships with our customers and
offer them personalized advice.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Exclusive financial agent for four Argentine
provinces. </I>We perform financial agency services for
the governments of the provinces of Salta, Jujuy,
Misiones and Tucum&#225;n in northern Argentina. As a
result, each provincial government&#146;s bank accounts
are held in our bank and we provide all their
employees with <I>Plan Sueldo </I>accounts, giving us access
to substantial low cost funding and a large number of
loyal customers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Strong and experienced management team and committed
shareholders. </I>We are led by a committed group of
shareholders who have transformed our bank from a
small wholesale bank to one of the strongest and
largest banks in Argentina. Jorge Horacio Brito and
Delf&#237;n Jorge Ezequiel Carballo, our controlling
shareholders, have active senior executive roles in
our management and each possesses more than 20&nbsp;years
of experience in the banking industry.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Our strategy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the ongoing recovery of the Argentine economy, increasing penetration of
banking services and a return of bank lending to the private sector, offer significant
opportunities for us to further expand our business. In particular, we believe that the increase
in fixed asset investment in 2005 and 2006 is setting the stage for the recovery of the long-term
loan market, following the growth of the short-term credit market. As the economy has grown, we
are offering new products, such as floating rate loans and leasing, designed to meet the needs of a
growing economy emerging from crisis and moving towards stability. Our strengths position us to
better participate in this growth, which we believe will be stronger in our target market of low-
and middle-income individuals and small- and medium-sized businesses and in the provinces outside
the Buenos Aires metropolitan area, where we have a leading presence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our goal is to promote the overall growth of the bank by increasing our customer base,
expanding our loan portfolio and generating more fee income from transactional services. We
achieve this goal by managing the bank on a holistic basis, focusing our growth strategy on the
marketing and promotion of our standard banking products and services. We have pursued our growth
strategy by acquiring banks throughout Argentina, which has enabled us to significantly expand our
branch network and customer base. We make acquisition decisions in the context of our long-term
strategy of focusing on low- and middle-income individuals and small- and medium-sized businesses
and to complete our national coverage of Argentina, especially in provinces outside of the Buenos
Aires metropolitan area. We have taken advantage of the opportunities presented by the Argentine
financial system after the crisis, in particular, its consolidation, to move into new locations by
acquiring banks or absorbing branches from banks liquidated by the Central Bank. Since the crisis,
our growth has been fueled by these acquisitions as well as organic growth, without the need to
open or move branches.
</DIV>
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to continue enhancing our position as a leading Argentine bank by taking advantage
of the ongoing recovery of Argentina and its financial system, which we believe will increase value
to our shareholders and our competitiveness. The key elements of our strategy include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Focus on underserved markets with strong growth potential. </I>We
intend to continue focusing on both low- and middle-income
individuals and small- and medium-sized businesses, most of which
have traditionally been underserved by the Argentine banking
system and are generally located outside of the Buenos Aires
metropolitan area, where competition is relatively weaker and
where we have achieved a leading presence. We believe that these
markets offer attractive opportunities given the low penetration
of banking services and limited competition. We believe the
provinces outside of the Buenos Aires metropolitan area that we
serve are likely to grow faster than the Argentine economy as a
whole because their export-driven economies have benefited from
the devaluation of the peso and higher prices for agricultural
products and commodities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Further expand our customer base. </I>We intend to continue growing
our customer base, which is essential to increasing interest and
fee-based revenues. To attract new customers we intend to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Utilize our extensive branch network. </I>We intend to utilize our extensive branch
network, which we consider our key distribution channel, to market our products and
services to our entire customer base. We utilize a personalized approach to attract
new customers by providing convenient and personalized banking services close to their
homes and facilities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Offer medium- and long-term credit. </I>We intend to capitalize on the increased demand
for long-term credit that we believe will accompany the expected continued economic
growth in Argentina. We intend to use our strong liquidity and our capital base to
offer a more readily available range of medium- and long-term credit products than our
competitors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Expand </I>Plan Sueldo <I>payroll services. </I>We will continue to actively market our <I>Plan
Sueldo </I>payroll services, emphasizing the benefits of our extensive network for
companies with nationwide or regional needs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Expand our financial agency services to new provinces. </I>We intend to take advantage
of our experience as a fiscal agent to provincial governments in Argentina to expand
these services into new provinces. For example, in May&nbsp;2006 we acquired Banco del
Tucum&#225;n and became the fiscal agent for our fourth province in Argentina, Tucum&#225;n, with
approximately 140,000 clients.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Offer personalized service. </I>We offer our clients a menu of products and
personalized, face-to-face advice to help them select the banking services that best
respond to their needs.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Focus on efficiency and cost control. </I>We intend to increase our
efficiency, in particular, we expect to expand lending to Nuevo
Banco Bisel&#146;s customers, thereby creating new economies of scale,
and reduce costs in connection with the integration of Nuevo Banco
Suqu&#237;a and, more recently, Nuevo Banco Bisel. We are upgrading
our information systems and other technology to reduce further our
operating costs and to support larger transaction volumes
nationally. We expect to complete the integration of Nuevo Banco
Suqu&#237;a by June&nbsp;2007 and the integration of Nuevo Banco Bisel in
the next three years.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Extend existing corporate relationships to their distributors and
suppliers. </I>We have established relationships with major
corporations in Argentina and will focus our marketing efforts on
providing services to their distributors, suppliers, customers and
employees, including providing working capital financing and <I>Plan
Sueldo </I>payroll services.</TD>
</TR>

</TABLE>
</DIV>
</DIV>



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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Increase cross-selling. </I>We plan to increase cross-selling of products and services to our
existing clients. Since almost all of our clients have a checking and savings account, we
have a significant opportunity to expand our relationships with them through other products
such as credit cards, loans and insurance. For example, strong cross-selling opportunities
lie with our <I>Plan Sueldo </I>clients, of whom only approximately 27% currently have personal
loans from us.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Our challenges</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are several risks and uncertainties that may impact Argentina&#146;s economy and consequently
our ability to implement successfully our strategy, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>The sustainability of Argentina&#146;s current growth and stabilization
is uncertain. </I>Although the economy has recovered significantly
over the past four years, investment in the economy remains low.
As a result, there is uncertainty as to whether the current growth
and stability is sustainable in the long term.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>The risk that inflation may rise again. </I>In the past, high
inflation has undermined the Argentine economy. A return to high
inflation would adversely affect the expansion of lending
activities, as well as the economy in general.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>The slow return of the long-term credit market</I>. Although the
short-term credit market has grown substantially since the 2001
and 2002 crisis, long-term lending has only begun to recover.
Demand for the long-term credit market has begun to recover over
12&nbsp;months. However, the success of our strategy to increase
lending will suffer if demand for long-term credit does not expand
more rapidly, including for products that we are developing to
deal with a growing economy emerging from crisis.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>The integration of our acquired banks. </I>We have completed several
acquisitions since December&nbsp;2004 which have substantially
increased our operations. In order for us to gain the full
benefit of the economies of scale and increased access to
customers in the provinces outside of the Buenos Aires
metropolitan area, we need to fully integrate all of our acquired
banks into our operating systems.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT Face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Exposure to economic recessions. </I>Our target market is sensitive
to economic recessions. Uncertainty in the ability of our target
market to sustain its current growth makes it difficult to predict
whether our business strategy can be implemented successfully.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Acquisition of Nuevo Banco Bisel</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We acquired 100% of the voting rights and 92.7% of the capital stock of Nuevo Banco Bisel for
Ps.19.5&nbsp;million in an auction conducted by Banco de la Naci&#243;n Argentina. In connection with the
acquisition, we were required to contribute, and have contributed, capital to Nuevo Banco Bisel in
the amount of Ps.830.0&nbsp;million. In addition, we have agreed not to terminate without cause any
employees of Nuevo Banco Bisel. The transaction was approved by the Central Bank in August&nbsp;2006
and by antitrust authorities in September&nbsp;2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Banco Macro and Nuevo Banco Suqu&#237;a, as purchasers of Nuevo Banco Bisel, and
SEDESA entered into a put and call options agreement regarding the preferred shares of Nuevo Banco
Bisel. For 15&nbsp;years from August&nbsp;11, 2006 when we took possession of Nuevo Banco Bisel, Banco Macro and Nuevo Banco Suqu&#237;a, either individually or jointly, will be entitled to acquire the
preferred shares of Nuevo Banco Bisel through the call option. These preferred shares shall be
paid upon maturity of such option at their nominal value, Ps.66.2&nbsp;million, plus 4% interest per
annum to be capitalized annually from August&nbsp;11, 2006. In addition, such call option may be
exercised by the purchasers, either individually or jointly, at any time after August&nbsp;11, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The put option entitles SEDESA to sell to Banco Macro and Nuevo Banco Suqu&#237;a, who are jointly
and severally liable for the option, the preferred shares that it owns in Nuevo Banco Bisel. Such
put option shall only be exercised by SEDESA after the term of 15&nbsp;years from issuance of the
preferred shares (from August&nbsp;26, 2005). The preferred shares shall be paid at their nominal
value, Ps.66.2&nbsp;million, plus 4% interest per annum to be capitalized annually from August&nbsp;11, 2006.
</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->S-5<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuevo Banco Bisel has 158 branches in its network and a strong presence in the central region
of Argentina, especially in the provinces of Santa Fe and C&#243;rdoba. The acquisition is
complementary to our strategy of increasing the footprint of our branch network throughout the
interior of Argentina and increasing our penetration in the agricultural sector and with small- and
medium-size businesses and low- and middle-income individuals. Nuevo Banco Bisel has Ps.2,633
million (US$848&nbsp;million) in total assets, Ps.929&nbsp;million (US$299&nbsp;million) in total gross private
sector loans and Ps.1,431&nbsp;million (US$461&nbsp;million) in total deposits as of September&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As with our acquisition of Nuevo Banco Suqu&#237;a at the end of 2004, we plan to integrate fully
Nuevo Banco Bisel into our banking network. We plan to offer all of our existing account and loan
products in the newly acquired branches and we will have the same credit standards, include Nuevo
Banco Bisel in all treasury decisions, and integrate Nuevo Banco Bisel&#146;s operating systems. We
believe that opportunities exist to grow Nuevo Banco Bisel&#146;s current operations, to increase its
market share in the regions where its branches are located, and to improve the efficiency of its
operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Recent Events</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;27, 2006 the Argentine Supreme Court in &#147;<I>Massa, Juan Agust&#237;n c/ Poder Ejecutivo
Nacional &#151; dto. 1570/01 y otro s/ Amparo</I>&#148; ruled that financial institutions like us have to
reimburse depositors in full in Argentine pesos for the equivalent amount they held in U.S. dollars
at the time of pesification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ruling ordered the bank involved in the case to compensate depositors&#146; legal claims in
pesos in accordance with the following formula. The formula first applies a currency conversion
rate of Ps. 1.40 for each dollar deposited, then indexes the balance to inflation applying CER, and
finally adds a further 4% annual interest rate to be applied retroactively since the date the
pesification was implemented. The Argentine Supreme Court ruled that those depositors who have
already been reimbursed, whether in pesos or in U.S. dollars, will remain entitled to the amount
they received. The Court also affirmed the constitutionality of the emergency regulations, which
ordered the pesification of the Argentine economy due to the economic, financial emergency
situation prevailing at the time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although with this decision the Supreme Court has finally ruled on the constitutionality of
the pesification, the impact on the financial system is not clear. In any event, the direct
impact on us will not be material to our financial condition or results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For further information and background on pesification issues, see in Part&nbsp;II of the
Offering Circular dated October&nbsp;24, 2006 &#147;Risk Factors &#150; Risks Relating to the Argentina Financial
System &#151; The recovery of the financial system depends upon the ability of financial institutions,
including us, to retain the confidence of depositors&#148;; &#147;The Crisis and Recovery in Argentina &#150; The
Argentine Government&#146;s Response to the Crisis and its Impact on the Financial System -
Rescheduling of deposits and asymmetric pesification&#148; and &#147;- Compensation to financial institutions
&#150; Amparos&#148;; and &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations &#150; Impact of the 2001-2002 Economic Crisis on Us&#148; and &#147;- Our response to the crisis.&#148;
</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->S-6<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Summary Financial and Operating Data</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables present selected historical financial data for us for each of the periods
indicated. You should read this information in conjunction with our consolidated financial
statements and related notes and the information under &#147;Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations&#148; included in this Pricing Supplement and the Offering
Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have derived our selected consolidated financial data for the years ended December&nbsp;31,
2003, 2004 and 2005 from our audited consolidated financial statements included in the Offering
Circular. We have derived our selected financial data for the years ended December&nbsp;31, 2001 and
2002 from our audited consolidated financial statements not included in this Pricing Supplement or
in the Offering Circular. We have derived our unaudited selected financial data for the nine
months ended September&nbsp;30, 2005 and 2006 from our unaudited financial statements included in this
Pricing Supplement. Our financial statements include, in our opinion, all adjustments (consisting
only of normal recurring adjustments) that are necessary for a fair presentation of our financial
position and results of operations for these periods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the acquisitions we have made, our results of operations are not necessarily comparable
between the periods presented; in particular, we acquired Banco Bansud in January&nbsp;2002, Nuevo Banco
Suqu&#237;a on December&nbsp;22, 2004, Banco del Tucum&#225;n on May&nbsp;5, 2006 and Nuevo Banco Bisel on August&nbsp;11,
2006. The results of operations of Nuevo Banco Suqu&#237;a are consolidated with Banco Macro from
December&nbsp;22, 2004, the results of operations of Banco del Tucum&#225;n are consolidated with Banco Macro
from May&nbsp;5, 2006 and the results of operations of Nuevo Banco Bisel are consolidated with Banco
Macro from August&nbsp;11, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the economic crisis, Argentina experienced very high rates of inflation in 2002. As a
result, Central Bank Rules reinstated inflation accounting at the beginning of 2002 until February
28, 2003. Therefore, all the financial statement data in this Pricing Supplement for periods prior
to February&nbsp;28, 2003 have been restated in constant pesos as of February&nbsp;28, 2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solely for the convenience of the reader, peso amounts as of and for the year ended December
31, 2005 and for the nine-month period ended September&nbsp;30, 2006 have been translated into U.S.
dollars. The rate used to translate such amounts was Ps.3.1043 to US$1.00, which was the reference
exchange rate for U.S. dollars for September&nbsp;30, 2006, as reported by the Central Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For further information, see &#147;Presentation of Financial Information&#148; in the Offering Circular.
</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->S-7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Nine Months Ended September 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2001(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2002(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006(4)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006(3)(4)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="34"><B>(in thousands of pesos or U.S. dollars, as indicated, except for shares,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="34"><B>earnings per share and dividends per share)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Consolidated Income
Statement</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Central Bank Rules:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">218,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,623,349</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">419,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">427,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">749,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD align="right">241,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">532,002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">790,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">US$</TD>
    <TD align="right">254,555</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(94,904</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(515,184</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(241,152</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(133,204</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(303,176</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(97,663</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(227,518</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(268,684</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(86,552</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross intermediation
margin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,108,165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">294,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">446,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">521,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,002</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for loan
losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,968</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(117,767</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35,009</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(36,467</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(70,309</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,649</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57,040</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(42,386</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,654</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Service charge income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,756</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">303,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217,632</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">309,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,839</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Service charge expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,834</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,649</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20,005</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24,963</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(59,510</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,170</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(42,376</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(65,173</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20,994</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrative expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(183,277</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(260,175</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(221,796</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(254,936</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(443,026</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(142,714</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(315,112</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(442,324</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(142,488</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,839</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,076</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,271</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(136,921</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(63,257</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(48,651</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(98,683</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(31,789</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(53,678</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(83,484</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,893</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income Tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(770</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,601</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(833</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(699</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(34,042</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,966</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,429</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(46,570</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,002</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Monetary Loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(291,238</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,343</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,799</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(580</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">572,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,308</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of shares
outstanding (in
thousands)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">608,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">608,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">608,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">608,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">608,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">608,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">683,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">683,943</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>U.S. GAAP:(5)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">463,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average
number of shares
outstanding (in
thousands)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">526,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">608,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">608,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">608,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><I>(1)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>In constant pesos as of February&nbsp;28, 2003.</I>

</TD>
</TR>
<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><I>(2)</I></TD>
    <TD>&nbsp;</TD>
    <TD>

<I>Nuevo Banco Suqu&#237;a consolidated with Banco Macro from December&nbsp;22, 2004.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(3)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Translated at the rate of Ps.3.1043 per US$1.00, the reference exchange rate reported by the
Central Bank for September&nbsp;30, 2006.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(4)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Banco del Tucum&#225;n consolidated with Banco Macro from May&nbsp;5, 2006 and Nuevo Banco Bisel
consolidated with Banco Macro from August&nbsp;11, 2006.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(5)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>See note 34 to our audited consolidated financial statements for the year ended December&nbsp;31,
2005 in the Offering Circular for a summary of significant differences between Central Bank
Rules and U.S. GAAP.</I></TD>
</TR>

</TABLE>


</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->S-8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23" style="border-bottom: 1px solid #000000"><B>As of December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>As of September 30,</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2001(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2002(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006(4)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006(3)(4)</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD nowrap align="left"><B></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="35"><B>(in thousands of pesos or U.S. dollars, as indicated, except for shares,</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD nowrap align="left"><B></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="35"><B>earnings per share and dividends per share)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="background: #cceeff">

<TD><DIV style="margin-left:15px; text-indent:-15px"><B>Consolidated Balance Sheet</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Central Bank Rules:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and due from banks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">113,635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">325,953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">674,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">1,372,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">1,189,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">US$</TD>
    <TD align="right">383,059</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">1,364,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">2,050,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">US$</TD>
    <TD align="right">660,467</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Government and private
securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">868,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,155,766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,106,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,991,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">963,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,157,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,227,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,039,564</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">to the non-financial
government sector</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">462,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">365,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">809,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">645,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">606,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">783,791</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">252,486</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">to the financial sector</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">236,953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,331</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">to the non-financial
private sector and
residents abroad</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">472,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">514,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">723,619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,208,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,948,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">949,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,379,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,199,355</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,674,888</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowances for loan
losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(40,311</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(116,125</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(56,279</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(225,340</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(247,532</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(79,738</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(186,350</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(215,408</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(69,390</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,761,485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,144,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,443,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,879,809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">605,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,806,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,295,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">739,591</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,375,191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,818,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,025,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,797,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,487,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,056,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,226,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,578,009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,373,936</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,663,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,804,446</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,356,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,705,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,357,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,014,335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,303,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,420,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,323,131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities and
Shareholders&#146; Equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">from the non-financial
government sector</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">224,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218,264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">382,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">809,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">822,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">265,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">928,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,452,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">467,771</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">from the financial
sector</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,909</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,341</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">from the non-financial
private sector</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">708,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,534,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,633,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,504,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,737,431</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,848,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,486,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,225,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,649,644</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities from
financial
intermediation and
other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">663,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">559,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,974,786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,241,791</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400,023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,200,609</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,489,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">479,938</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subordinated corporate
bond</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,298</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Items pending
allocation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,554</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">616</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">971</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,609</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,121</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest in
subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,847</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,122,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,892,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,899,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,540,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,998,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,576,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,811,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,410,092</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,675,576</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">252,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">925,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,125,219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,257,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,489,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">479,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,414,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,167,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">698,359</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average shareholders&#146;
equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">252,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">730,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">949,023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,179,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,333,163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">429,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,312,227</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,784,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">574,848</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>U.S. GAAP:(5)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">735,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">857,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,191,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">383,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><I>(1)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>In constant pesos as of February&nbsp;28, 2003.</i></TD>
</TR>
<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><I>(2)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>

Nuevo Banco Suqu&#237;a consolidated with Banco Macro from December&nbsp;22, 2004.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(3)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Translated at the rate of Ps.3.1043 per US$1.00, the reference exchange rate reported by the
Central Bank for September&nbsp;30, 2006.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(4)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Banco del Tucum&#225;n consolidated with Banco Macro from May&nbsp;5, 2006 and Nuevo Banco Bisel
consolidated with Banco Macro from August&nbsp;11, 2006.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(5)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>See note 34 to our audited consolidated financial statements for the year ended December&nbsp;31,
2005 in the Offering Circular for a summary of significant differences between Central Bank
Rules and U.S. GAAP.</I></TD>
</TR>

</TABLE>


</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->S-9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>As of and for the year ended December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>September 30,</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006(3)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Selected consolidated ratios:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Profitability and performance</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest margin(%)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.92</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.87</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.84</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.37</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.23</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.67</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fee income ratio(%)(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Efficiency ratio(%)(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53.20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of earnings to fixed charges (excluding
interest on deposits)(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.41</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.39</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.96</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.69</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.01</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.98</TD>
    <TD>x</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of earnings to fixed charges (including
interest on deposits)(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.21</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.19</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.26</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.02</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.14</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.41</TD>
    <TD>x</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fee income as a percentage of administrative
expense(%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70.07</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Return on average equity(%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Return on average assets(%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liquidity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans as a percentage of total deposits(%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liquid assets as a percentage of total
deposits(%)(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total equity as a percentage of total assets(%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Regulatory capital as a percentage of
risk-weighted assets(%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Asset Quality</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-performing loans as a percentage of total
loans(%)(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowances as a percentage of total loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowances as a percentage of non-performing
loans(%)(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146.05</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Amparos </I>as a percentage of equity(%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of branches</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">437</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of employees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,539</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><I>(1)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Calculated on the basis of amounts expressed in constant pesos as of February&nbsp;23, 2003.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(2)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Nuevo Banco Suqu&#237;a consolidated with Banco Macro from December&nbsp;22, 2004.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(3)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Banco del Tucum&#225;n consolidated with Banco Macro from May&nbsp;5, 2006 and Nuevo Banco Bisel
consolidated with Banco Macro from August&nbsp;11, 2006.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(4)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Net interest income divided by average interest-earning assets.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(5)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Service charge income divided by the sum of gross intermediation margin and service charge
income.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(6)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Administrative expenses divided by the sum of gross intermediation margin and service charge
income.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(7)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>For the purpose of computing the ratio of earnings to fixed charges excluding interest on
deposits, earnings consist of income before income taxes plus fixed charges; fixed charges
excluding interest on deposits consists of gross interest expense minus interest on deposits.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(8)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>For the purpose of computing the ratio of earnings to fixed charges including interest on
deposits, earnings consist of income before income taxes plus fixed charges; fixed charges
including gross interest on deposits is equal to interest expense.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(9)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Liquid assets include cash, cash collateral, LEBACs and NOBACs, and interbank loans. Since
2004, we include overnight loans to highly rated companies.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(10)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Non-performing loans includes all loans to borrowers classified as &#147;3-nonperforming/deficient
compliance,&#148; &#147;4-high risk of uncollectibility/unlikely to be collected,&#148; &#147;5-uncollectible&#148; and
&#147;6-uncollectible, classified as such under regulatory requirements&#148; under the Central Bank
loan classification system.</I></TD>
</TR>

</TABLE>


</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->S-10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TERMS AND CONDITIONS OF THE NOTES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following items under this heading &#147;Terms and Conditions of the Notes&#148; are the particular terms and
conditions which relate to the series of notes offered hereby and should be read in conjunction with the
&#147;Description of the Notes&#148; in the offering circular.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Series&nbsp;No.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.50% Notes Due 2017&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Aggregate Principal Amount
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US$150,000,000&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Issue Price
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100.00% of principal amount</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Issue Date
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;29, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specified Currency
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S. dollars</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stated Maturity
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;1, 2017</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Expected International Ratings
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We expect that the Notes will be rated &#147;B2&#148; by
Moody&#146;s Investor&#146;s Service, Inc. and &#147;B&#043;&#148; by Fitch
Ratings Ltd. A security rating is not a
recommendation to buy, sell or hold securities and
may be subject to revision or withdrawal at any time
by the assigning rating agency without notice.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Local Ratings
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In Argentina, Moody&#146;s Latin American Calificadora de
Riesgo S.A. (&#147;Moody&#146;s Latin America&#148;) has rated the
Notes &#147;Aa3.ar&#148; and Fitch Argentina Calificadora de
Riesgo S.A. (&#147;Fitch Argentina&#148;) has rated the Notes
&#147;AA(arg)&#148;. A security rating is not a recommendation
to buy, sell or hold securities and may be subject to
revision or withdrawal at any time by the assigning
rating agency without notice. The methods of
assigning ratings used by Argentine rating agencies
may differ in important aspects from those used by
the rating agencies in the United States or other
countries. An explanation of the significance of
each Argentine rating agency&#146;s ratings may be
obtained from such rating agency.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Minimum Denominations
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US$100,000 and multiples of US$1,000 in excess
thereof.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Value for Purposes of Computing
Voting Rights
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Each US$1 of principal amount of the Notes entitles
the holder to one vote for purposes of computing
voting rights.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fixed Interest Rate:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.50% per annum</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Payment Dates
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Semi-annually in arrears on February 1 and August 1
of each year, commencing on August&nbsp;1, 2007.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->S-11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regular Record Dates
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;15 or July&nbsp;15 immediately preceding the
relevant Interest Payment Date.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Day Count Basis
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">30/360&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Redemption at the Option of the Bank
(Other than for Taxation Reasons)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We may redeem the Notes at our option, in whole or in
part, at any time and from time to time, at a
redemption price equal to the greater of (1)&nbsp;100% of
the principal amount of the Notes being redeemed and
(2)&nbsp;the sum of the present values of each remaining
scheduled payment of principal and interest on the
Notes being redeemed (exclusive of interest accrued
to the redemption date) discounted to the redemption
date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury
Rate plus 50 basis points (the &#147;Make-Whole Amount&#148;),
<I>plus</I>, in each case, accrued and unpaid interest and
any Additional Amounts to the redemption date;
<I>provided </I>that, if the Notes are not redeemed in
whole, at least $50&nbsp;million aggregate principal
amount of Notes must remain outstanding immediately
after any such partial redemption.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Treasury Rate&#148; means, with respect to any redemption
date, the rate per annum equal to the semi-annual
equivalent yield to maturity or interpolated maturity
(on a day count basis) of the Comparable Treasury
Issue, assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for
such redemption date.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Comparable Treasury Issue&#148; means the United States
Treasury security or securities selected by an
Independent Investment Banker as having an actual or
interpolated maturity comparable to the remaining
term of the Notes being redeemed that would be
utilized, at the time of selection and in accordance
with customary financial practice, in pricing new
issues of corporate debt securities of a comparable
maturity to the remaining term of such Notes.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Independent Investment Banker&#148; means one of the
Reference Treasury Dealers appointed by us.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Comparable Treasury Price&#148; means, with respect to
any redemption date (i)&nbsp;the average of the Reference
Treasury Dealer Quotations for such redemption date
after excluding the highest and lowest of such
Reference Treasury Dealer Quotations or (ii)&nbsp;if the
Trustee obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such
quotations.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Reference Treasury Dealer&#148; means Credit Suisse
Securities (USA)&nbsp;LLC or its affiliates which are
primary United States government securities</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->S-12<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">dealers
and two other primary United States government
securities dealers in New York City reasonably
designated by us; <I>provided </I>that if any of the
foregoing shall cease to be a primary United States
government securities dealer in New York City (a
&#147;Primary Treasury Dealer&#148;), we will substitute
therefor another Primary Treasury Dealer.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Reference Treasury Dealer Quotation&#148; means, with
respect to each Reference Treasury Dealer and any
redemption date, the average, as determined by the
Trustee, of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as
a percentage of its principal amount) quoted in
writing to the Trustee by such Reference Treasury
Dealer at 3:30 pm New York City time on the third
Business Day preceding such redemption date.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Redemption at the Option of the
Bank for Taxation Reasons
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We may redeem the Notes, in whole but not in part, at
any time in the event of certain changes affecting
Argentine taxes at a price equal to 100% of the
principal amount plus accrued and unpaid interest and
any Additional Amounts. In order to exercise this
redemption option, we must provide the trustee an
officers&#146; certificate and an opinion of an
independent Argentine legal counsel of nationally
recognized standing in such tax matters, stating that
the conditions set forth in the indenture for such
exercise have been met. See &#147;Description of the
Notes&#151;Redemption and Repurchase&#151;Redemption for
Taxation Reasons&#148; in the Offering Circular.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">15.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Defeasance
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The defeasance provisions in Article&nbsp;XI of the
indenture will apply to the Notes.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">16.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration Rights
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pursuant to the Registration Rights Agreement, we
will agree for the benefit of the holders of Notes to
(a)&nbsp;file with the SEC a registration statement on an
appropriate form under the Securities Act, with
respect to an offer to exchange the Notes for
Exchange Notes with terms identical to the Notes
(subject to certain exceptions), within 255&nbsp;days
after the Issue Date, (b)&nbsp;use our reasonable best
efforts to have such registration statement declared
effective under the Securities Act within 315&nbsp;days
after the Issue Date, and (c)&nbsp;use our reasonable best
efforts to consummate the exchange offer within 350
days after the Issue Date. In the event that
applicable law, regulation or policy of the SEC does
not allow the consummation of the exchange offer, or
upon the occurrence of certain other conditions, we
will file a &#147;shelf&#148; registration statement covering
resales of the Notes by the holders thereof. We will
be required to pay you additional interest if we fail
to comply with our obligations to register the Notes
within the specified time periods. See &#147;Registration
Rights&#148; in this Pricing Supplement.</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->S-13<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">17.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Listing/Trading
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applications have been made to list the Notes on the
Luxembourg Stock Exchange for trading on EuroMTF, the
alternative market of the Luxembourg Stock Exchange,
and on the Buenos Aires Stock Exchange. We expect
that the Notes will be eligible for trading on the
PORTAL Market and on the <I>Mercado Abierto Electr&#243;nico
S.A.</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">18.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Additional Issuances
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We may from time to time, without the consent of the
existing holders of the Notes, create and issue
additional Notes having the same terms and conditions
as the Notes in all respects, except for Issue Date,
Issue Price, the Interest Commencement Date and, if
applicable, the first Interest Payment Date. Such
additional Notes will be consolidated with and will
form a single series with the Notes.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">19.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Syndication</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sole Book-Running Manager
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Credit Suisse Securities (USA)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stabilizing Manager
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Credit Suisse Securities (USA)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentine Dealer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Raymond James Argentina Sociedad de Bolsa S.A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">20.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Identity of Dealers
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">See &#147;Plan of Distribution&#148; in this Pricing Supplement.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">21.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Notes
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Notes will initially be issued in the form of one
fully registered Restricted Global Note and one fully
registered Regulation&nbsp;S Global Note.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">22.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Codes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CUSIP Numbers
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rule&nbsp;144/A: 05963GAC2&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Regulation&nbsp;S: P1047VAC1&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISIN
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rule&nbsp;144/A: US05963GAC24&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Regulation&nbsp;S: USP1047VAC11&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Code Number
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rule&nbsp;144/A: 028507160&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Regulation&nbsp;S: 028493258&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clearance
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DTC, Euroclear and Clearstream Luxembourg</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->S-14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REGISTRATION RIGHTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to a Registration Rights Agreement to be entered into among us and the dealers (the
&#147;Registration Rights Agreement&#148;), we will agree to file with the SEC and use our reasonable best
efforts to cause to become effective a registration statement with respect to an offer to exchange
the Notes for an issue of SEC-registered Notes (the &#147;Exchange Notes&#148;) with identical terms (but
without transfer restrictions and certain other terms concerning increased interest, as described
below). Upon the registration statement becoming effective, we will offer to holders of such Notes
who are able to make certain representations the opportunity to exchange their Notes for an equal
principal amount of Exchange Notes. The following summary of certain provisions of the
Registration Rights Agreement does not purport to be complete and is subject to, and is qualified
in its entirety by reference to, all of the provisions of the Registration Rights Agreement, a copy
of which will be made available to prospective purchasers of the Notes upon request to us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registration Rights Agreement will provide that: (i)&nbsp;unless the exchange offer would not
be permitted by applicable law or the SEC, we will (a)&nbsp;file an exchange offer registration
statement with the SEC within 255&nbsp;days after the Issue Date, (b)&nbsp;use our reasonable best efforts to
have the exchange offer registration statement declared effective by the SEC within 315&nbsp;days after
the Issue Date, and (c)&nbsp;use our reasonable best efforts to commence promptly such exchange offer
after such declaration of effectiveness and to issue, within 350&nbsp;days after the Issue Date,
Exchange Notes in exchange for all Notes tendered prior to the expiration of such exchange offer,
and (ii)&nbsp;if obligated to file a shelf registration statement, we will file the shelf registration
statement prior to the later of 350&nbsp;days after the Issue Date or 30&nbsp;days after such filing
obligation arises and we will use our reasonable best efforts to have such shelf registration
statement declared effective by the SEC on or prior to the 60th day after such filing was required
to be made. We will use our reasonable best efforts to keep such shelf registration statement
continuously effective, supplemented and amended until the second anniversary of the effective date
of the shelf registration statement or such shorter period that will terminate when all the
Registrable Notes (as defined below) covered by the shelf registration statement have been sold
pursuant thereto or may be sold pursuant to Rule 144(k) under the Securities Act if held by a
non-affiliate of us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If (i)&nbsp;we are not permitted to file the exchange offer registration statement or to consummate
the exchange offer because such exchange offer is not permitted by applicable law or SEC policy,
(ii)&nbsp;the exchange offer is not consummated within 350&nbsp;days after the Issue Date or (iii)&nbsp;any holder
of Notes notifies us within a specified time period that (a)&nbsp;due to a change in law or SEC policy
it may not resell the Exchange Notes acquired by it in such exchange offer to the public without
delivering a prospectus and the prospectus contained in the exchange offer registration statement
is not appropriate or available for such resales by such holder, (b)&nbsp;it is a dealer and owns Notes
acquired directly from us or an affiliate of ours or (c)&nbsp;the holders of a majority in aggregate
principal amount of the Notes may not resell the Exchange Notes acquired by them in such exchange
offer to the public without restriction under applicable blue sky or state securities laws, then we
will (1)&nbsp;file with the SEC a shelf registration statement (the &#147;Shelf Registration Statement&#148;) to
cover resales of all Registrable Notes (as defined below) by the holders thereof and (2)&nbsp;use our
reasonable best efforts to have the applicable registration statement declared effective by the SEC
on or prior to 60&nbsp;days after such filing was required to be made. For purposes of the foregoing,
&#147;Registrable Notes&#148; means each Note until (i)&nbsp;the date on which such Note is exchanged by a person
other than a dealer for an Exchange Note in an exchange offer, (ii)&nbsp;following the exchange by a
dealer in an exchange offer of a Note for an Exchange Note, the date on which such Exchange Note is
sold to a purchaser who receives from such dealer on or prior to the date of such sale a copy of a
prospectus, (iii)&nbsp;the date on which such Note is effectively registered under the Securities Act
and disposed of in accordance with a shelf registration statement, (iv)&nbsp;the date on which such Note
is sold to the public pursuant to Rule&nbsp;144 under the Securities Act (or any similar provision then
in force, but not Rule&nbsp;144A), (v)&nbsp;the date on which (A)&nbsp;such Note is otherwise transferred by the
holder thereof and a new Note not bearing a legend restricting further transfer is delivered by us
in exchange therefor and (B)&nbsp;a subsequent disposition of such Note shall not require registration
or qualification under the Securities Act or any similar state law then in force or (vi)&nbsp;the date
on which such Note ceases to be outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exchange Notes, if any, will be issued under the Indenture relating to the Notes or an
indenture identical in all material respects to that Indenture and which, in either case, has been
qualified under the U.S. Trust Indenture Act of 1939, as amended. The Notes and the Exchange Notes
shall be deemed to be part of and constitute a single series consisting of the Notes and the
Exchange Notes, and, without limiting the generality of the foregoing, shall vote together as one
series of Notes.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-15<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Application is expected to be made to list the Exchange Notes, if any, on the Luxembourg Stock
Exchange and to have them admitted for trading on the EuroMTF and to list them on the Buenos Aires
Stock Exchange. Notice will be given to the CNV and the Buenos Aires Stock Exchange, and will be
made in a daily newspaper of general circulation in Luxembourg prior to commencing the exchange
offer. You may obtain documents relating to the exchange offer and consummate the exchange at the
offices of our paying and transfer agents in Luxembourg and Argentina. The results of the exchange
offer, including any increase in the rate, will be provided to the CNV, the Buenos Aires Stock
Exchange and the Luxembourg Stock Exchange and published in a daily newspaper of general
circulation in Luxembourg.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under existing SEC interpretations, the Exchange Notes would, in general, be freely
transferable after the exchange offer without further registration under the Securities Act;
<I>provided </I>that any dealer participating in an exchange offer must deliver a prospectus meeting the
requirements of the Securities Act upon any resale of Exchange Notes. Subject to certain
exceptions, we have agreed, for a period of 90&nbsp;days after consummation of an exchange offer, to
make available a prospectus meeting the requirements of the Securities Act to any such dealer for
use in connection with any resale of any Exchange Note acquired in an exchange offer. A dealer
that delivers such a prospectus to purchasers in connection with such resales will be subject to
certain of the civil liability provisions under the Securities Act and will be bound by the
provisions of the Registration Rights Agreement, including certain indemnification obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each holder of Notes that wishes to exchange Notes for Exchange Notes in an exchange offer
will be required to make certain representations, including representations that (i)&nbsp;any Exchange
Notes to be received by it will be acquired in the ordinary course of its business, (ii)&nbsp;it has no
arrangement with any person to participate in a distribution of the Exchange Notes and it does not
intend to participate in any such distribution and (iii)&nbsp;it is not an &#147;affiliate,&#148; as defined in
Rule&nbsp;405 of the Securities Act, of ours, or if it is an affiliate, it will comply (at its own
expense) with the registration and prospectus delivery requirements of the Securities Act to the
extent applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the holder is a dealer that will receive Exchange Notes for its own account in exchange for
Notes that were acquired as a result of market-making activities or other trading activities, it
will be required to acknowledge that it will deliver a prospectus in connection with any resale of
such Exchange Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If (i)&nbsp;the exchange offer registration statement is not filed on or prior to the 255th day
after the Issue Date, (ii)&nbsp;the exchange offer registration statement (or a shelf registration
statement in lieu thereof) is not declared effective by the SEC on or prior to the 315th day after
the Issue Date, (iii)&nbsp;an exchange offer is not consummated on or prior to the 35th day after the
date specified for the effectiveness of the exchange offer registration statement, (iv)&nbsp;a shelf
registration statement required to be filed is not filed on or before the date specified above for
such filing, (v)&nbsp;a shelf registration statement otherwise required to be filed is not declared
effective on or before the date specified above for effectiveness thereof or (vi)&nbsp;a shelf
registration statement is declared effective but thereafter, subject to certain exceptions, ceases
to be effective or usable (whether due to a stop order or otherwise) in connection with resales of
Registrable Notes during the periods specified in the Registration Rights Agreement (each such
event referred to in clauses (i)&nbsp;through (vi)&nbsp;above, a &#147;Registration Default&#148;), then the interest
rate on the Notes to which such Registration Default relates will increase by 0.25% per annum with
respect to each 90-day period that passes until all such Registration Defaults have been cured, up
to a maximum amount of 1.00% per annum. Following the cure of any Registration Default, the
accrual of such additional interest related to such Registration Default will cease, and the
interest rate applicable to the affected notes will revert to the original rate.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Registration Rights Agreement shall be governed by, and construed in accordance with, the laws
of the State of New York</B>.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->S-16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>USE OF PROCEEDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our net proceeds from the issuance and sale of the Notes are expected to be approximately
US$148.6&nbsp;million, after deduction of fees and expenses. We will use the net proceeds from the
issuance of the Notes to make loans in accordance with Central Bank guidelines, in accordance with
the provisions of Article&nbsp;36 of the Negotiable Obligations Law, Communication &#147;A&#148; 3046 of the
Central Bank, as amended, and other applicable regulations.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAPITALIZATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth our capitalization in accordance with Central Bank Rules as of
September&nbsp;30, 2006 in pesos and dollars (i)&nbsp;on an actual basis and (ii)&nbsp;as adjusted to give effect
to (A)&nbsp;our issuance and sale of $150,000,000 9.75% Fixed/Floating Rate Non-Cumulative Junior
Subordinated Bonds Due 2036 and (B)&nbsp;the issuance and sale of the Notes in this offering and the use
of the proceeds therefrom. The following table should be read in conjunction with the financial
statements and related notes, as well as &#147;Presentation of Financial Information,&#148; contained in this
Pricing Supplement and the Offering Circular.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>As of September 30, 2006(1)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Actual</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>As Adjusted</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15">(in thousands)</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits from customers:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Demand deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps</TD>
    <TD align="right">. 2,020,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">US$</TD>
    <TD align="right">650,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps</TD>
    <TD align="right">.2,020.273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">US$</TD>
    <TD align="right">650,798</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Time deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,580,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,475,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,580,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,475,525</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Savings deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,624,546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">523,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,624,546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">523,321</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits from banks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,341</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits from the government sector</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,452,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">467,771</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,452,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">467,771</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,687,762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,120,756</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,687,762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,120,756</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal funds purchased and
securities sold under repurchase
agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">522,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">522,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Central Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">375,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">375,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,898</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Short-term borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,742</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,742</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,128,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">363,659</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">365,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,758</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">365,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,758</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest in consolidated
subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,847</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,167,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">698,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,167,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">698,359</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps</TD>
    <TD align="right">.13,479,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">US$</TD>
    <TD align="right">4,342,197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps</TD>
    <TD align="right">.14,410,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">US$</TD>
    <TD align="right">4,642,197</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><I>(1)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Translated to U.S. dollars at the rate of Ps.3.1043 per US$1.00, the reference exchange
rate reported by the Central Bank for September&nbsp;30, 2006.</I></TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->S-17<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND<BR>
RESULTS OF OPERATIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following discussion is based on, and should be read in conjunction with, our consolidated
financial statements and related notes in this Pricing Supplement and in the Offering Circular and
&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations,&#148; &#147;Selected
Financial and Operating Data&#148; and the other financial information appearing in the Offering
Circular</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NINE MONTHS ENDED SEPTEMBER 30, 2006 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2005</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The disclosure includes consolidated comparisons and, in some cases, also standalone
comparisons of Banco Macro without consolidating Banco del Tucum&#225;n and Nuevo Banco Bisel in order
to permit period-to-period comparisons, considering that Banco del Tucum&#225;n was acquired in May&nbsp;2006
and Nuevo Banco Bisel was acquired in August&nbsp;2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain components of our income statement for the nine-month
periods ended September&nbsp;30, 2005 and 2006:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Nine Months Ended September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Consolidated</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(including Banco del</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Banco Macro</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Tucum&#225;n and Nuevo</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Consolidated</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">stand-alone</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Banco Bisel)</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>(in thousands of pesos)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(unaudited)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">532,002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">722,428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">790,214</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(227,518</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(249,818</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(268,684</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross intermediation margin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">472,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">521,530</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(57,040</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(38,326</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(42,386</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Service charge income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217,632</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">309,931</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Service charge expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(42,376</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(61,161</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(65,173</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(315,112</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(399,066</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(442,324</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,029</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,749</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">323,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">325,607</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11,429</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(46,570</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(46,570</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279,037</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss on Minority Interests in Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(24</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,799</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277,238</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financial income</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our financial income on a stand-alone basis increased 36%, or Ps.190&nbsp;million, during the
nine-month period ended September&nbsp;30, 2006 as compared to the corresponding period ended in 2005.
When Banco del Tucum&#225;n and Nuevo Banco Bisel are consolidated, our financial income increased 49%,
or Ps.258&nbsp;million, during the nine-month period ended September&nbsp;30, 2006 as compared to the
corresponding period ended in 2005. The components of our financial income during the nine-month
periods ended September&nbsp;30, 2006 and 2005 were as follows:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Nine Months Ended September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Consolidated</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(including Banco</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">del Tucum&#225;n and</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Banco Macro</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Nuevo Banco</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Consolidated</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">stand-alone</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Bisel)</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>(in thousands of pesos)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(unaudited)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on cash and due from banks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,396</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on loans to the financial sector</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,467</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on overdrafts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,930</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on mortgage loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,279</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on pledged loans (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,516</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on credit card loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,713</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on documents (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,081</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on other loans (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171,494</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on other receivables from financial intermediation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,418</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,910</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income from government and private securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">226,479</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net gain from options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">649</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">649</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indexation by benchmark stabilization coefficient (CER) (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,752</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indexation by salary variation coefficient (C.V.S.)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,172</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income from guaranteed loans &#151; Decree 1,387/01 (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,947</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,429</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total financial income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">532,002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">722,428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">790,214</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><I>(1)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Includes primarily secured car loans.

</I></TD>
</TR>
<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><I>(2)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>

Includes factoring, check cashing advances and loans with promissory notes.</I></TD>
</TR>


<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(3)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Includes interest primarily on commercial loans not classified under prior headings.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(4)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Includes CER accrued for all assets subject to adjustment by CER.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(5)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Includes loans to the Argentine government that were issued in exchange for federal and
provincial government bonds.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(6)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Principally foreign exchange gains from our net asset position in U.S. dollars.</I></TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increase in our financial income reflected primarily increases in income from government
and private securities and interest on loans. Also in this period we had a one-time gain of Ps.8
million, relating to our sale of an interest in the Puerto Madero Siete trust. Income from
government and private securities increased on a stand-alone basis 117%, or Ps.108&nbsp;million, with an
important growth in gains from LEBACs/NOBACs (90%, or Ps.93&nbsp;million, greater than the same period
in 2005). On a consolidated basis, income from government and private securities increased 145%,
or Ps.134&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on loans increased on a stand-alone basis 70%, or Ps.142&nbsp;million, during the nine
months ended September&nbsp;30, 2006 as compared to the corresponding period ended in 2005 due to a
higher volume of loans. Interest on loans attributable to Banco del Tucum&#225;n and Nuevo Banco Bisel
was Ps.34&nbsp;million, so that on a consolidated basis, interest on loans increased 87%, or Ps.175
million, as compared the same period in 2005. We experienced high rates of organic growth as loans
to the private sector increased 127% as of September&nbsp;30, 2006 as compared to the level as of
September&nbsp;30, 2005. The main drivers of this income growth have been medium-term structured loans
for our corporate customers recorded in &#147;Other Loans,&#148; which grew 101% as compared to the
corresponding period in 2005, followed by overdrafts which grew 97%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indexation by CER fell 60%, or Ps.93&nbsp;million, on a consolidated basis during the nine months
ended September&nbsp;30, 2006 as compared to the corresponding period in 2005, mainly due to the fact
that secured bonds have been marked to market since January&nbsp;2006 and the decreasing volume of loans
and bonds subject to CER adjustment (guaranteed loans and secured bonds). Additionally, inflation
for the nine-months ended September&nbsp;30, 2006 was lower than the same period in 2005.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a stand-alone basis, our other income increased 85%, or Ps.35&nbsp;million, during the nine
months ended September&nbsp;30, 2006 as compared to the corresponding period ended in 2005. On a
consolidated basis, our other income increased 93%, or Ps.39&nbsp;million, during the nine months ended
September&nbsp;30, 2006 as compared to the corresponding period ended in 2005. This increase is
principally due to foreign exchange differences arising from our long position in U.S. dollars and
the higher volume of foreign exchange trading and income from leasing activity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financial expenses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a stand-alone basis, our financial expenses increased 10%, or Ps.22&nbsp;million, during the
nine months ended September&nbsp;30, 2006 as compared to the corresponding period ended in 2005. The
composition of financial expenses changed substantially, due to a sharp increase in interest rates
and a decrease in indexation by CER. On a consolidated basis, our financial expenses increased
18%, or Ps.41&nbsp;million, during the nine months ended September&nbsp;30, 2006 as compared to the
corresponding period ended in 2005. The components of our financial expenses during the nine-month
periods ended September&nbsp;30, 2006 and 2005 were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Nine Months Ended September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Consolidated</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(including Banco</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Banco</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">del Tucum&#225;n and</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Macro</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Nuevo Banco</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Consolidated</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">stand-alone</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Bisel)</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>(in thousands of pesos)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(unaudited)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on checking accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,964</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,815</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on savings accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,080</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,709</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on certificates of deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155,758</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on financing from the financial sector</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on other liabilities from financial intermediation (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,008</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other interest (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,322</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss from options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indexation by CER (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,272</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,288</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total financial expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">227,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">268,684</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><I>(1)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Includes lines of credit from other banks, repurchase agreements and liquidity assistance
from the Central Bank.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(2)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Includes subordinated corporate bonds issued by us.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(3)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Includes CER accrued for all the liabilities subject to adjustment by CER.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(4)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Includes deposits in the form of government securities and CEDROs.</I></TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a stand-alone basis, interest on deposits increased 97%, or Ps.76&nbsp;million, as compared to
the corresponding period of 2005 and on a consolidated basis, increased 112%, or Ps.87&nbsp;million. The
increase was primarily as a result of two factors: (1)&nbsp;interest rates on certificates of deposit
that increased from 5% as of September&nbsp;30, 2005 to above 8% as of September&nbsp;30, 2006, in line with
the increase in interest rates in the financial system as a whole in accordance with the monetary
policy of the Central Bank and (2)&nbsp;increasing of deposits, which grew 51% on a consolidated basis
from 2005 to 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a stand-alone basis, indexation by CER decreased 58%, or Ps.54&nbsp;million, during the nine
months ended September&nbsp;30, 2006 as compared to the corresponding period in 2005, mainly as a result
of the decrease in our of deposits adjusted by CER, which fell 74% as compared to the level as of
September&nbsp;30, 2005. On a consolidated basis, indexation by CER decreased 54%, or Ps.51&nbsp;million,
during the nine months ended September&nbsp;30, 2006 as compared to the corresponding period in 2005.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Provision for loan losses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a stand-alone basis, provisions for loan losses decreased 33%, or Ps.19&nbsp;million, for the
nine months ended September&nbsp;30, 2006 as compared to the corresponding period in 2005. The ongoing
growth of the economy and the improvements of debtor profiles resulted in us adopting lower
provisions. On a consolidated basis, provisions for loan losses decreased 26%, or Ps.15&nbsp;million,
for the nine months ended September&nbsp;30, 2006 as compared to the corresponding period in 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Service charge income</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides a breakdown of our service charge income by category for the nine
months ended September&nbsp;30, 2006 and 2005:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Nine Months Ended September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Consolidated (including</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Banco Macro</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Banco del Tucum&#225;n and</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Consolidated</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">stand-alone</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Nuevo Banco Bisel)</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>(in thousands of pesos)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(unaudited)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Related to lending transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,689</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Related to deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180,499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">201,922</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,618</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,299</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,702</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total service charge income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217,632</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">309,931</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><I>Primarily credit card and debit card fees.</I></TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a stand-alone basis, service charge income increased 30%, or Ps.66&nbsp;million, during the nine
months ended September&nbsp;30, 2006 as compared to the corresponding period in 2005, mainly due to an
increase in the volume of our operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a consolidated basis, service charge income increased 42%, or Ps.92&nbsp;million, during the
nine months ended September&nbsp;30, 2006 as compared to the corresponding period in 2005. The main
drivers of the increase were a 40% increase in commissions related to deposits, a 63% increase in
other fees, a 38% increase in debit and credit card fees and a 59% increase in other credit-related
fees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Service charge expenses</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Nine Months Ended September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Consolidated (including</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Banco Macro</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Banco del Tucum&#225;n and</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Consolidated</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">stand-alone</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Nuevo Banco Bisel)</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>(in thousands of pesos)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(unaudited)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,768</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,369</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,804</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total service charge expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,173</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a stand-alone basis, service charge expenses increased 44%, or Ps.19&nbsp;million, during the
nine months ended September&nbsp;30, 2006 as compared to the corresponding period in 2005, also due to
an increase in the volume of our operations. On a consolidated basis, expenses increased 54% or
Ps.23&nbsp;million. The primary component of service charge expense is credit and debit card processing
fees (which increased 48%) and other service fees (which increased 62%). Commissions accounted for
80% and 79% of our service charge expenses for the periods ended September&nbsp;30, 2006 and 2005,
respectively, while taxes accounted for the remainder.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Administrative expenses</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Nine Months Ended September 30,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Consolidated</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(including Banco</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">del Tucum&#225;n and</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Banco Macro</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Nuevo Banco</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Consolidated</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">stand-alone</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Bisel)</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>(in thousands of pesos)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(unaudited)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Personnel expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264,380</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Directors&#146; and statutory auditors&#146; fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,320</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other professional fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,961</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advertising and publicity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,924</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,813</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other administrative expenses (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,791</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,606</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,945</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">315,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">399,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442,324</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><I>(1)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Depreciation, amortization and other general expenses.</I></TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a consolidated basis, our administrative expenses increased 40%, or Ps.127&nbsp;million, during
the nine months ended September&nbsp;30, 2006 as compared to the corresponding period in 2005 and this
increase primarily reflects our increased personnel expenses. The 47% increase in personnel
expenses is attributed to salary adjustments and the increase in the number of employees as a
result of the recent integration of Banco Empresario de Tucum&#225;n, Banco del Tucum&#225;n, and Nuevo Banco
Bisel. Our other administrative expenses increased 27% mainly due to the increased number of
branches associated with the integration of Banco Empresario de Tucum&#225;n, Banco del Tucum&#225;n and
Nuevo Banco Bisel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Net other income</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a consolidated basis, our net other income decreased 52%, or Ps.47&nbsp;million, as a result of
two main factors: a decrease in other income of Ps.17&nbsp;million ( during the nine months ended
September&nbsp;30, 2005, we had a Ps.20&nbsp;million non-recurring gain by Nuevo Banco Suqu&#237;a relating to
the reversal of a provision of a loan to the city of C&#243;rdoba) and an increase in other expenses
of Ps.30&nbsp;million (during the nine months ended September&nbsp;30, 2006, we had a non-recurring loss of
Ps.13&nbsp;million related to our offering of ADSs).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Income tax</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the nine months ended September&nbsp;30, 2006, we accrued income tax of Ps.47&nbsp;million,
compared to the Ps.11&nbsp;million recorded as of September&nbsp;30, 2005, an increase of 307%. Based on
Decree (1,035/06) dated August&nbsp;14, 2006, which stated that pesification and CER-adjustments on
guaranteed loans should be treated on an accrual basis, and considering that during the prior year
the computable net operating loss was used, the Bank and its subsidiaries included a higher income
tax provision in the third quarter of 2006.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTAIN ERISA CONSIDERATIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;406 of the United States Employee Retirement Income Security Act of 1974, as amended
(&#147;ERISA&#148;), and Section&nbsp;4975 of the United States Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;), prohibit employee benefit plans and certain other retirement plans, accounts and
arrangements that are subject to Title I of ERISA and/or Section&nbsp;4975 of the Code (&#147;ERISA Plans&#148;)
from engaging in specified transactions involving plan assets with persons or entities who are
&#147;parties in interest&#148; within the meaning of ERISA, or &#147;disqualified persons&#148; within the meaning of
Section&nbsp;4975 of the Code, unless an exemption is available. A party in interest or disqualified
person who engaged in a non-exempt prohibited transaction may be subject to excise taxes and other
penalties and liabilities under ERISA and/or the Code. In addition, the fiduciary of the ERISA
Plan that engaged in such a non-exempt prohibited transaction may be subject to penalties and
liabilities under ERISA and/or the Code. The acquisition and/or holding of Notes by an ERISA Plan
with respect to which we are considered a party in interest or a disqualified person may constitute
or result in a direct or indirect prohibited transaction under Section&nbsp;406 of ERISA and/or Section
4975 of the Code unless the investment is acquired and is held in accordance with an applicable
statutory, class or individual prohibited transaction exemption. In this regard, the United States
Department of Labor has issued prohibited transaction class exemptions, or &#147;PTCEs,&#148; that may apply
to the acquisition and holding of Notes. These class exemptions include, without limitation, PTCE
84-14 respecting transactions determined by independent qualified professional asset managers, PTCE
90-1 respecting insurance company pooled separate accounts, PTCE 91-38 respecting bank collective
investment funds, PTCE 95-60 respecting life insurance company general accounts and PTCE 96-23
respecting transactions determined by in-house asset managers, although there can be no assurance
that all of the conditions of any such exemptions will be satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordingly, each purchaser and subsequent transferee of a Note will be deemed to have
represented and warranted that either (i)&nbsp;no portion of the assets used by such purchaser or
transferee to acquire or hold the Note constitutes assets of any employee benefit plan subject to
Title I of ERISA, plan, account or other arrangement subject to Section&nbsp;4975 of the Code or
provisions under any other federal, state, local, non-U.S. or other laws or regulations that are
similar to such provisions of ERISA or the Code (collectively, &#147;Similar Laws&#148;), or any entity whose
underlying assets are considered to include &#147;plan assets&#148; of any such employee benefit plan, plan,
account or arrangement or (ii)&nbsp;the purchase and holding of the Notes as applicable by such
purchaser or transferee will not constitute a non-exempt prohibited transaction under Section&nbsp;406
of ERISA or Section&nbsp;4975 of the Code or a violation under any applicable Similar Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing discussion is general in nature and is not intended to be all-inclusive. Due to
the complexity of these rules and the penalties that may be imposed upon persons involved in
non-exempt prohibited transactions, it is particularly important that fiduciaries or other persons
considering purchasing Notes on behalf of, or with the assets of, any employee benefit plan or
other retirement plan, account or arrangement, consult with their counsel regarding the potential
applicability of ERISA, Section&nbsp;4975 of the Code and any Similar Laws to such investment and
whether an exemption would be applicable to the purchase and holding of Notes.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-23<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLAN OF DISTRIBUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions set forth in the terms agreement dated January&nbsp;23, 2007
relating to the Notes, which incorporates by reference the program agreement described in the
Offering Circular, Credit Suisse Securities (USA)&nbsp;LLC and Raymond James Argentina Sociedad de Bolsa
S.A., which we refer to collectively as the &#147;dealers,&#148; have severally agreed to purchase, and we
have agreed to sell to the dealers, the principal amount of the Notes set forth opposite such
dealer&#146;s name in the following table.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Dealer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Principal Amount</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit Suisse Securities (USA)&nbsp;LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">US$</TD>
    <TD align="right">127,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Raymond James Argentina Sociedad de Bolsa S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">US$</TD>
    <TD align="right">22,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">US$</TD>
    <TD align="right">150,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The program agreement provides that the obligations of the dealers are subject to certain
conditions precedent. The dealers must purchase all the Notes if they purchase any of the Notes.
The purchase price for the Notes will be the issue price on the cover page of this Pricing
Supplement less the dealers&#146; discount and commission of 0.65% of the principal amount of the Notes
purchased.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes will be a new issue of securities with no established trading market. Application
has been made to list the Notes on the Luxembourg Stock Exchange and to admit the Notes for trading
on EuroMTF, the alternative market of the Luxembourg Stock Exchange. Application has also been
made to list the Notes on the Buenos Aires Stock Exchange. We have been advised by the dealers
that they intend to make a market in the Notes, but no dealer is obligated to do so and may
discontinue any market-making activity at any time. In addition, any such market-making activity
will be subject to the limits imposed by the Securities Act and the U.S. Securities Exchange Act of
1934, as amended (the &#147;Exchange Act&#148;), and may be limited during the exchange offer and the
pendency of any shelf registration statement in connection with the registration rights we intend
to provide to holders of the Notes. Moreover, the dealers have informed us that they might not
undertake any market-making activity with respect to the Notes until expiration of the confirmation
period in Argentina. See &#147;Purchases Made in Argentina&#148; on page &#147;i&#148;. Accordingly, we cannot assure
you as to the liquidity of, or the development or continuation of trading markets for, the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The dealers may engage in stabilizing and similar transactions that stabilize the price of
Notes in accordance with applicable law. These transactions may consist of bids or purchases for
the purpose of pegging, fixing or maintaining the price of Notes. If the dealers create a short
position in Notes (that is, if they sell Notes in an aggregate principal amount exceeding that set
forth in this Pricing Supplement), such dealers may reduce that short position by purchasing Notes
in the open market. In general, purchase of Notes for the purpose of stabilization or to reduce a
short position could cause the price of Notes to be higher than it might be in the absence of such
purchases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.K. Financial Services and Markets Act 2000 (the &#147;FSMA&#148;) permits, in connection with the
issuance of the Notes, the stabilizing manager (or any dealer for the stabilizing manager) to
over-allot or effect transactions with a view to supporting the market price of the Notes at a
level higher than that which might otherwise prevail for a limited period. However, there may be
no obligation on the stabilizing manager (or any dealer of the stabilizing manager) to do this.
Such stabilizing, if commenced, may be discontinued at any time and must be brought to an end after
a limited period. Such stabilizing must be in compliance with all applicable laws, regulations and
rules.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither we nor any of the dealers makes any representation or prediction as to the direction
or magnitude of any effect that the transactions described in the immediately preceding paragraphs
may have on the price of Notes. In addition, neither we nor the dealers make any representation
that the dealers will engage in any such transactions or that such transactions, once commenced,
will not be discontinued without notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The dealers may make the Notes available for distribution on the Internet through a
proprietary Web site and/or a third-party system operated by MarketAxess Corporation, an
Internet-based communications technology provider. MarketAxess Corporation is providing the system
as a conduit for communications between the dealers and their customers and is not a party to any
transactions. MarketAxess Corporation, a registered broker-dealer, will receive compensation from
the dealers based on transactions conducted through the system. The dealers will make
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-24<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notes available to their customers through the Internet distributions, whether made through a
proprietary or third-party system, on the same terms as distributions made through other channels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect that delivery of the Notes will be made against payment therefor on or about the
date specified on the cover page of this Pricing Supplement, which will be the fourth business day
following the date of pricing of the Notes (this settlement cycle being referred to as &#147;T&#043;4&#148;).
Since trades in the secondary market generally settle in three business days, purchasers who wish
to trade Notes on the date of pricing will be required, by virtue of the fact that the Notes
initially will settle in T&#043;4, to specify an alternate settlement cycle at the time of any such
trade to prevent a failed settlement. Purchasers of Notes who wish to trade Notes on the date of
pricing should consult their own advisor. Notwithstanding the foregoing, no trading of the Notes
may occur in Argentina until the settlement date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have agreed to indemnify the dealers against some liabilities (including, without
limitation, liabilities under the Securities Act) or to contribute to payments the dealers may be
required to make in respect thereof. We have also agreed to reimburse the dealers for some other
expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of the dealers have, directly or indirectly, performed investment and/or commercial
banking or financial advisory services for us, for which they have received customary fees and
commissions, and they expect to provide these services to us and our affiliates in the future, for
which they also expect to receive customary fees and commissions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>United States</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes have not been and will not be registered under the Securities Act and may not be
offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as
defined in Regulation&nbsp;S) except in certain transactions exempt from, or not subject to, the
registration requirements of the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have been advised by each of the dealers that the offering and sale of Notes by such dealer
will be made only (a)&nbsp;to institutions which such dealer reasonably believes are qualified
institutional buyers in reliance on Rule&nbsp;144A under the Securities Act and (b)&nbsp;to certain persons
in offshore transactions in reliance on Regulation&nbsp;S under the Securities Act and in accordance
with applicable law. Any offer or sale of Notes in reliance on Rule&nbsp;144A will be made by
broker-dealers who are registered as such under the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to Notes offered to non-U.S. persons in offshore transactions in reliance on
Regulation&nbsp;S, each dealer has acknowledged and agreed that, except as permitted by the program
agreement, it will not offer, sell or deliver any Notes (i)&nbsp;as part of their distribution at any
time or (ii)&nbsp;otherwise, until 40&nbsp;days after the completion of the distribution (as certified to the
trustee by the relevant dealer) of the identifiable tranche of which such Notes are a part, within
the United States or to, or for the account or benefit of, U.S. persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, until the expiration of the 40-day period referred to above, an offer or sale of
Notes within the United States by a dealer that is not participating in the offering may violate
the registration requirements of the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terms used in the four preceding paragraphs have the meaning given them by Regulation&nbsp;S and
Rule&nbsp;144A under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Republic of Argentina</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes may be offered directly to the public in Argentina only through Raymond James
Argentina Sociedad de Bolsa S.A., which is authorized under the laws and regulations of Argentina
to offer or sell securities to the public in Argentina. The offering of the Notes in Argentina
will be made by a substantially similar Pricing Supplement and Offering Circular in the Spanish
language and in accordance with CNV regulations and Joint Resolution 470-1738/2004.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-25<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>United Kingdom</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each dealer has represented, warranted and agreed that:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(1)&nbsp;it has not offered or sold, and prior to the expiry of a period of six months from the
issue date of the Notes will not offer or sell, any Notes to persons in the United Kingdom,
except to persons whose ordinary activities involve them in acquiring, holding, managing or
disposing of investments (as principal or agent) for the purposes of their businesses or
otherwise in circumstances which have not resulted and will not result in an offer to the
public in the United Kingdom within the meaning of the Public Offers of Securities
Regulations 1995 (as amended);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(2)&nbsp;it has only communicated or caused to be communicated and will only communicate or cause
to be communicated an invitation or inducement to engage in investment activity (within the
meaning of Section&nbsp;21 of the FSMA) received by it in connection with the issue or sale of
such Notes in circumstances in which Section&nbsp;21(1) of the FSMA does not, or would not, apply
to us; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(3)&nbsp;it has complied and will comply with all applicable provisions of the FSMA with respect
to anything done by it in relation to any Notes in, from or otherwise involving the United
Kingdom.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Singapore</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Pricing Supplement, the Offering Circular or any other material relating to the
Notes has not been and will not be registered as an offering circular with the Monetary
Authority of Singapore, and the Notes will be offered in Singapore pursuant to exemptions
under Section&nbsp;274 and Section&nbsp;275 of the Securities and Futures Act, Chapter&nbsp;289 of
Singapore (the &#147;Singapore Securities and Futures Act&#148;). Accordingly, the Notes may not be
offered or sold, or be subject of an invitation for subscription or purchase, nor may this
Pricing Supplement, the Offering Circular or any other offering material relating to the
Notes be circulated or distributed, whether directly or indirectly, to the public or any
member of the public in Singapore other than (a)&nbsp;to an institutional investor or other
person specified in Section&nbsp;274 of the Singapore Securities and Futures Act, (b)&nbsp;to a
sophisticated investor, and in accordance with the conditions specified in Section&nbsp;275 of
the Singapore Securities and Futures Act or (c)&nbsp;otherwise pursuant to, and in accordance
with the conditions of, any other applicable provision of the Singapore Securities and
Futures Act.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-26<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NOTICE TO CANADIAN RESIDENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Resale Restrictions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The distribution of the Notes in Canada is being made only on a private placement basis exempt
from the requirement that we prepare and file a prospectus with the securities regulatory
authorities in each province where trades of the Notes are made. Any resale of the Notes in Canada
must be made under applicable securities laws which will vary depending on the relevant
jurisdiction, and which may require resales to be made under available statutory exemptions or
under a discretionary exemption granted by the applicable Canadian securities regulatory authority.
Purchasers are advised to seek legal advice prior to any resale of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Representations of Purchasers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By purchasing Notes in Canada and accepting a purchase confirmation a purchaser is
representing to us and the dealer from whom the purchase confirmation is received that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the purchaser is entitled under applicable provincial securities laws to purchase the
Notes without the benefit of a prospectus qualified under those securities laws,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where required by law, that the purchaser is purchasing as principal and not as agent, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the purchaser has reviewed the text above under Resale Restrictions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Rights of Action &#150; Ontario Purchasers Only</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Ontario securities legislation, a purchaser who purchases a security offered by this
Pricing Supplement during the period of distribution will have a statutory right of action for
damages, or while still the owner of the Notes, for rescission against us in the event that this
Pricing Supplement, together with the Offering Circular, contains a misrepresentation. A purchaser
will be deemed to have relied on the misrepresentation. The right of action for damages is
exercisable not later than the earlier of 180&nbsp;days from the date the purchaser first had knowledge
of the facts giving rise to the cause of action and three years from the date on which payment is
made for the Notes. The right of action for rescission is exercisable not later than 180&nbsp;days from
the date on which payment is made for the Notes. If a purchaser elects to exercise the right of
action for rescission, the purchaser will have no right of action for damages against us. In no
case will the amount recoverable in any action exceed the price at which the Notes were offered to
the purchaser and if the purchaser is shown to have purchased the securities with knowledge of the
misrepresentation, we will have no liability. In the case of an action for damages, we will not be
liable for all or any portion of the damages that are proven to not represent the depreciation in
value of the Notes as a result of the misrepresentation relied upon. These rights are in addition
to, and without derogation from, any other rights or remedies available at law to an Ontario
purchaser. The foregoing is a summary of the rights available to an Ontario purchaser. Ontario
purchasers should refer to the complete text of the relevant statutory provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Enforcement of Legal Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of our directors and officers as well as the experts named herein may be located outside
of Canada and, as a result, it may not be possible for Canadian purchasers to effect service of
process within Canada upon us or those persons. All or a substantial portion of our assets and the
assets of those persons may be located outside of Canada and, as a result, it may not be possible
to satisfy a judgment against us or those persons in Canada or to enforce a judgment obtained in
Canadian courts against us or those persons outside of Canada.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-27<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Taxation and Eligibility for Investment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian purchasers of the Notes should consult their own legal and tax advisors with respect
to the tax consequences of an investment in the Notes in their particular circumstances and about
the eligibility of the Notes for investment by the purchaser under relevant Canadian legislation.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-28<!-- /Folio -->
</DIV>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.3
<SEQUENCE>3
<FILENAME>y37853exv2w3.htm
<DESCRIPTION>EX-2.3: REGISTRATION RIGHTS AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-2.3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;2.3</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXECUTION COPY</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">BANCO MACRO S.A.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">8.50% Notes Due 2017, Series&nbsp;2

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Issued under the U.S.$400,000,000 Global Medium-Term Note Program

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>EXCHANGE AND REGISTRATION RIGHTS AGREEMENT</U>

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">January&nbsp;29, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">To the Dealers Listed in Annex 1 Hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Macro S.A. (the &#147;Bank&#148;), a corporation (<I>sociedad an&#243;nima</I>) incorporated under the laws of
the Republic of Argentina (&#147;Argentina&#148;), proposes to issue and sell to you (collectively, the
&#147;Dealers&#148;) upon the terms set forth in the Terms Agreement (as defined herein) its 8.50% Notes Due
2017. As an inducement to the Dealers to enter into the Terms Agreement and in satisfaction of a
condition to the obligations of the Dealers thereunder, the Bank agrees with the Dealers for the
benefit of holders (as defined herein) from time to time of the Registrable Securities (as defined
herein) as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<I>Certain Definitions</I>. For purposes of this Exchange and Registration Rights Agreement, the
following terms shall have the following respective meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Additional Interest&#148; </I>shall have the meaning assigned thereto in Section 2(c) hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Advice&#148; </I>shall have the meaning assigned thereto in Section 3(g) hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Agreement&#148; </I>shall mean this Exchange and Registration Rights Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Base Interest&#148; </I>shall mean the interest that would otherwise accrue on the Securities under
the terms thereof and the Indenture, without giving effect to the provisions of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;<I>broker-dealer&#148; </I>shall mean any broker or dealer registered with the Commission
under the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Commission&#148; </I>shall mean the U.S. Securities and Exchange Commission, or any other federal
agency at the time administering the Exchange Act or the Securities Act, whichever is the
relevant statute for the particular purpose.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Effective Time&#148; </I>in the case of (i)&nbsp;an Exchange Registration, shall mean the time and date
as of which the Commission declares the Exchange Offer Registration Statement effective or as of
which the Exchange Offer Registration Statement otherwise becomes effective and (ii)&nbsp;a Shelf
Registration, shall mean the time and date as of which the Commission declares the Shelf
Registration Statement effective or as of which the Shelf Registration Statement otherwise
becomes effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Electing Holder&#148; </I>shall mean any holder of Registrable Securities that has returned a
completed and signed Notice and Questionnaire to the Bank in accordance with Section&nbsp;3(d)(ii)
hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Event Date&#148; </I>shall have the meaning assigned thereto in Section 2(c) hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Exchange Act&#148; </I>shall mean the U.S. Securities Exchange Act of 1934, or any successor
thereto, as the same shall be amended from time to time.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Exchange Offer&#148; </I>shall have the meaning assigned thereto in Section 2(a) hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Exchange Offer Registration Statement&#148; </I>shall have the meaning assigned thereto in Section
2(a) hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Exchange Registration&#148; </I>shall have the meaning assigned thereto in Section 3(c) hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Exchange Securities&#148; </I>shall have the meaning assigned thereto in Section 2(a) hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Holder&#148; </I>shall mean the Dealers and other persons who acquire Registrable Securities from
time to time (including any successors or assigns), in each case for so long as such person owns
any Registrable Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Indenture&#148; </I>shall mean the Indenture, dated as of December&nbsp;18, 2006, among the Bank, HSBC
Bank USA, National Association, as trustee (the &#147;Trustee&#148;), co-registrar, principal paying agent
and transfer agent, and HSBC Bank Argentina S.A., as registrar, paying agent, transfer agent and
representative of the Trustee in Argentina, as the same shall be amended or supplemented from
time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Notice and Questionnaire&#148; </I>means a Notice of Registration Statement and Selling
Securityholder Questionnaire substantially in the form of Exhibit&nbsp;A hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;<I>person&#148; </I>shall mean a corporation, association, partnership, organization,
business, individual, government or political subdivision thereof or governmental agency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Registrable Securities&#148; </I>shall mean the Securities; <I>provided, however, </I>that a Security shall
cease to be a Registrable Security when (i)&nbsp;in the circumstances contemplated by Section 2(a)
hereof, the Security has been exchanged for an Exchange Security in an Exchange Offer as
contemplated in Section 2(a) hereof (<I>provided, however, </I>that any Exchange Security that, pursuant
to the last two sentences of Section&nbsp;2(a), is included in a prospectus for use in connection with
resales by broker-dealers shall be deemed to be a Registrable Security with respect to Sections
5, 6 and 9 until the earlier of the resale of such Registrable Security or the expiration of the
90-day period referred to in Section&nbsp;2(a)); (ii)&nbsp;in the circumstances contemplated by Section
2(b) hereof, a Shelf Registration Statement registering such Security under the Securities Act
has been declared or becomes effective and such Security has been sold or otherwise transferred
by the holder thereof pursuant to and in a manner contemplated by such effective Shelf
Registration Statement; (iii)&nbsp;such Security is sold pursuant to Rule&nbsp;144 under circumstances in
which any legend borne by such Security relating to restrictions on transferability thereof,
under the Securities Act or otherwise, is removed by the Bank or pursuant to the Indenture; (iv)
such Security is eligible to be sold pursuant to paragraph (k)&nbsp;of Rule&nbsp;144; or (v)&nbsp;such Security
shall cease to be outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Registration Default&#148; </I>shall have the meaning assigned thereto in Section 2(c) hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Registration Expenses&#148; </I>shall have the meaning assigned thereto in Section&nbsp;4 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Resale Period&#148; </I>shall have the meaning assigned thereto in Section 2(a) hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Restricted Holder&#148; </I>shall mean (i)&nbsp;a holder that is an affiliate of the Bank within the
meaning of Rule&nbsp;405, (ii)&nbsp;a holder who acquires Exchange Securities outside the ordinary course
of such holder&#146;s business or (iii)&nbsp;a holder who is engaged in, or intends to engage in, or has
arrangements or understandings with any person to participate in the Exchange Offer for the
purpose of distributing Exchange Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Rule&nbsp;144,&#148; </I>&#147;<I>Rule&nbsp;405&#148; </I>and &#147;<I>Rule&nbsp;415&#148; </I>shall mean, in each case, such rule promulgated under
the Securities Act (or any successor provision), as the same shall be amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Securities&#148; </I>shall mean the 8.50% Notes Due 2017 of the Bank (CUSIP Nos. 05963GAC2 and
P1047VAC1), to be issued and sold to the Dealers, and securities issued in exchange therefor or
in lieu thereof pursuant to the Indenture.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Securities Act&#148; </I>shall mean the U.S. Securities Act of 1933, or any successor thereto, as
the same shall be amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Settlement Date&#148; </I>shall mean the date on which the Registrable Securities are initially
issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Shelf Registration&#148; </I>shall have the meaning assigned thereto in Section 2(b) hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Shelf Registration Statement&#148; </I>shall have the meaning assigned thereto in Section 2(b)
hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Terms Agreement&#148; </I>shall mean the Terms Agreement, dated January&nbsp;23, 2007, among the Dealers
and the Bank relating to the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Trust Indenture Act&#148; </I>shall mean the U.S. Trust Indenture Act of 1939, or any successor
thereto, and the rules, regulations and forms promulgated thereunder, all as the same shall be
amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the context otherwise requires, any reference herein to a &#147;Section&#148; or &#147;clause&#148; refers
to a Section or clause, as the case may be, of this Agreement, and the words &#147;herein,&#148; &#147;hereof&#148; and
&#147;hereunder&#148; and other words of similar import refer to this Agreement as a whole and not to any
particular Section or other subdivision.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<I>Registration Under the Securities Act.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in Section 2(b) below, the Bank agrees to file or cause to be
filed under the Securities Act, as soon as practicable, but not later than 255&nbsp;days after
the Settlement Date, a registration statement relating to an offer to exchange (such
registration statement, the &#147;Exchange Offer Registration Statement&#148;, and such offer, the
&#147;Exchange Offer&#148;) any and all of the Securities for a like aggregate principal amount of
debt securities issued by the Bank, which debt securities are substantially identical to the
Securities (and are entitled to the benefits of an indenture which is substantially
identical to the Indenture or is the Indenture and which has been qualified under the Trust
Indenture Act), except that they have been registered pursuant to an effective registration
statement under the Securities Act, and do not contain provisions for the additional
interest contemplated in Section 2(c) below (such new debt securities hereinafter called
&#147;Exchange Securities&#148;). The Bank agrees to use its reasonable best efforts to cause the
Exchange Offer Registration Statement to become effective by the Commission under the
Securities Act as soon as practicable, but no later than 315&nbsp;days after the Settlement Date.
The Exchange Offer will be registered under the Securities Act on the appropriate form and
will comply with all applicable rules and regulations under the Exchange Act. The Bank
further agrees to use its reasonable best efforts to commence and complete the Exchange
Offer promptly, but no later than 350&nbsp;days after the Settlement Date, hold the Exchange
Offer open for at least 30&nbsp;days and issue and deliver Exchange Securities in exchange for
all Registrable Securities that have been properly tendered and not withdrawn on or prior to
the expiration of the Exchange Offer. Each holder of Registrable Securities who wishes to
exchange such Registrable Securities for Exchange Securities in, and in accordance with the
terms of, the Exchange Offer will be required to make certain customary representations in
connection therewith, including representations that such holder is not a Restricted Holder.
Upon the effectiveness of the Exchange Offer Registration Statement, the Bank shall
promptly commence the Exchange Offer, it being the objective of such Exchange Offer that
each holder (other than a Restricted Holder) electing to participate in the Exchange Offer
will receive Exchange Securities that are, upon receipt, transferable by each such holder
without restriction under the Securities Act and the Exchange Act and without material
restrictions under the blue sky or securities laws of a substantial majority of the states
of the United States of America. The Exchange Offer shall be deemed to have been completed
upon the earlier to occur of (i)&nbsp;the Bank having exchanged the Exchange Securities for all
outstanding Registrable Securities pursuant to the Exchange Offer and (ii)&nbsp;the Bank having
exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable
Securities that have been properly tendered and not withdrawn before the expiration of the
Exchange Offer, which shall be on a date that is at least 30&nbsp;days following the commencement
of the
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Exchange Offer. The Bank agrees (x)&nbsp;to include in the Exchange Offer Registration
Statement a prospectus for use in any resales by any holder of Exchange Securities that is a
broker-dealer and (y)&nbsp;to keep such Exchange Offer Registration Statement effective for a
period (the &#147;Resale Period&#148;) beginning when Exchange Securities are first issued in the
Exchange Offer and ending upon the earlier of the expiration of the 90<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day
after the Exchange Offer has been completed or such time as such broker-dealers no longer
own any Registrable Securities. With respect to such Exchange Offer Registration Statement,
such holders shall have the benefit of the rights of indemnification and contribution set
forth in Sections&nbsp;6(a), (c), (d)&nbsp;and (e)&nbsp;hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If (i)&nbsp;on or prior to the time the Exchange Offer is completed, existing Commission
interpretations are changed such that the debt securities received by holders other than
Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be,
upon receipt, transferable by each such holder without restriction under the Securities Act,
(ii)&nbsp;the Exchange Offer has not been completed within 350&nbsp;days following the Settlement Date
or (iii)&nbsp;any holder notifies the Bank prior to 20&nbsp;days after the consummation of the
Exchange Offer that (A)&nbsp;based on the advice of counsel, due to a change in law or Commission
policy it may not resell the Exchange Securities acquired by it in the Exchange Offer to the
public without delivering a prospectus and the prospectus contained in the Exchange Offer
Registration Statement is not appropriate or available for such resales by such holder or
(B)&nbsp;it is a Dealer and owns Registrable Securities acquired directly from the Bank or an
affiliate of the Bank or (C)&nbsp;on or prior to the consummation of the Exchange Offer existing
laws, regulations and/or applicable Commission interpretations have changed such that the
holders of at least a majority in aggregate principal amount of the Registrable Securities
would not be able to resell the Exchange Securities acquired by them in, and in accordance
with the terms of, the Exchange Offer to the public without restriction under the Securities
Act and without restriction under applicable blue sky or state securities laws, the Bank
shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange
Offer contemplated by Section&nbsp;2(a), file or cause to be filed under the Securities Act as
soon as practicable, but no later than the later of the 350th day after the Settlement Date
or 30&nbsp;days after the time such obligation to file arises, a &#147;shelf&#148; registration statement
providing for the registration of, and the sale on a continuous or delayed basis by the
holders of, all of the Registrable Securities, pursuant to Rule&nbsp;415 or any similar rule that
may be adopted by the Commission (such filing, the &#147;Shelf Registration&#148; and such
registration statement, the &#147;Shelf Registration Statement&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank agrees to use its reasonable best efforts (x)&nbsp;to cause the Shelf Registration
Statement to become or be declared effective on or prior to 60&nbsp;days after such filing was
required to be made hereunder and to keep such Shelf Registration Statement continuously
effective for a period of two years (or, if shorter, the period after which Rule 144(k)
under the Securities Act generally becomes available to non-affiliates of the Bank) from the
effective date of the Shelf Registration Statement (subject to extension pursuant to Section
2(d) and Section&nbsp;3(g)) or until all of the Securities covered by the Shelf Registration
Statement have been sold pursuant to the Shelf Registration Statement or cease to be
outstanding; <I>provided, however, </I>that no holder shall be entitled to be named as a selling
securityholder in the Shelf Registration Statement or to use the prospectus forming a part
thereof for resales of Registrable Securities unless such holder is an Electing Holder. The
Bank further agrees to supplement or make amendments to the Shelf Registration Statement, as
and when required by the rules, regulations or instructions applicable to the registration
form used by the Bank for such Shelf Registration Statement or by the Securities Act or
rules and regulations thereunder for shelf registration, and the Bank agrees to furnish to
each Electing Holder copies of any such supplement or amendment promptly after it is used or
promptly following its filing with the Commission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If (i)&nbsp;the Exchange Offer Registration Statement (or a Shelf Registration
Statement in lieu thereof) is not filed on or prior to the 255th day after the Settlement
Date, (ii)&nbsp;the Exchange Offer Registration Statement (or a Shelf Registration Statement in
lieu thereof) is not declared effective by the Commission on or prior to the 315th day after
the Settlement Date, (iii)&nbsp;the Exchange Offer is not consummated on or prior to the 35th day
after the date specified for the effectiveness of the Exchange Offer
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Registration Statement,
(iv)&nbsp;a Shelf Registration Statement required to be filed is not filed on or before the date
specified above for such filing, (v)&nbsp;a Shelf Registration Statement otherwise required to be
filed is not declared effective on or before the date specified above for effectiveness
thereof or (vi)&nbsp;a Shelf Registration Statement is declared effective but thereafter, subject
to certain exceptions, ceases to be effective or usable (whether due to a stop order or
otherwise) in connection with resales of Registrable Securities during the period specified
in 2(b) (each such event referred to in clauses (i)&nbsp;through (vi)&nbsp;above, a &#147;Registration
Default&#148;), then, in the case of a Registration Default referred to in clause (i), (ii)&nbsp;or
(iii)&nbsp;above, the interest rate on all Registrable Securities or, in the case of a
Registration Default referred to in clause (iv), (v)&nbsp;or (vi)&nbsp;above, the interest rate on the
Registrable Securities to which such Registration Default relates, will increase by 0.25%
per annum with respect to each 90-day period that passes until all such Registration
Defaults have been cured, up to a maximum amount of 1.00% per annum (&#147;Additional Interest&#148;).
Upon the cure of any of such Registration Default, the interest rate borne by the
Registrable Securities shall be reduced thereafter by the full amount of any such increase
or increases that resulted from such Registration Default.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank shall notify the Trustee within three business days after each and every date
on which an event occurs in respect of which Additional Interest is required to be paid (an
&#147;Event Date&#148;). Additional Interest shall be paid by depositing with the Trustee, in trust,
for the benefit of the holders, on or before the applicable semiannual interest payment
date, immediately available funds in sums sufficient to pay the Additional Interest then
due. The Additional Interest due shall be payable on each interest payment date to the
record holder entitled to receive the interest payment to be paid on such date as set forth
in the Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from
and including the day following the applicable Event Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Exchange Offer Registration Statement pursuant to Section 2(a) and any Shelf
Registration Statement pursuant to Section 2(b) will not be deemed to have become effective
unless it has been declared effective by the Commission; <I>provided, however, </I>that, if after
it has been declared effective, the offering of Securities pursuant to a Shelf Registration
Statement is subject to any stop order, injunction or other order or requirement of the
Commission or any other governmental agency or court, such Registration Statement will be
deemed not to have been effective for such Securities during the period it was so subject,
until the offering of such Securities pursuant to such Registration Statement may legally
resume.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In no event shall the Bank be deemed to be in breach of its obligations under the
second paragraph of Section 2(b) nor shall a Registration Default described in Section
2(c)(vi) be deemed to have occurred (i)&nbsp;as a result of any action required by applicable law
which renders the Bank unable to comply with the Commission disclosure requirements or (ii)
if compliance with its obligations under this Agreement to maintain the effectiveness of,
supplement or amend any Registration Statement, upon advice of U.S. counsel to the Bank,
would require additional disclosure of material non-public information by the Bank or its
subsidiaries as to which, and so long as, the Bank or its subsidiaries has a <I>bona fide</I>
business purpose in preserving its confidentiality; <I>provided, however, </I>that the maximum
period of time during which the Bank shall be entitled to postpone the effectiveness,
supplementing or amending of any Registration Statement pursuant to clause (ii)&nbsp;of this
paragraph shall be 45 calendar days; <I>provided, further, </I>that (x)&nbsp;upon the exercise of its
right under clause (ii)&nbsp;of this paragraph to postpone the effectiveness, supplementing or
amending of any such Registration Statement, the Bank shall give the holders prompt written
notice of such exercise and an approximation of the anticipated length of such postponement
and (y)&nbsp;after the exercise of its right under clause (ii)&nbsp;of this paragraph to postpone the
effectiveness, supplementing or amending of any such Registration Statement, the Bank shall
not, within six months of the expiration of any such postponement, exercise again its right
of postponement under clause (ii)&nbsp;of this paragraph. The holders hereby acknowledge that
any notice given by the Bank pursuant to this paragraph may constitute material non-public
information and that the U.S. securities laws prohibit any person who has material
non-public information about a company from purchasing or selling securities of the company
or from communicating
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">such information to any other person under circumstances in which it
is reasonably foreseeable that such person is likely to purchase or sell such securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any reference herein to a registration statement as of any time shall be deemed to
include any document incorporated, or deemed to be incorporated, therein by reference as of
such time and any reference herein to any post-effective amendment to a registration
statement as of any time shall be deemed to include any document incorporated, or deemed to
be incorporated, therein by reference as of such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<I>Registration Procedures</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Bank files a registration statement pursuant to Section 2(a) or Section&nbsp;2(b), the
following provisions shall apply:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At or before the Effective Time of the Exchange Offer or the Shelf Registration, as
the case may be, the Bank shall cause the Indenture to be qualified under the Trust
Indenture Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that such qualification would require the appointment of a new trustee
under the Indenture, the Bank shall appoint a new trustee thereunder pursuant to the
applicable provisions of the Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with the Bank&#146;s obligations with respect to the registration of
Exchange Securities as contemplated by Section 2(a) (the &#147;Exchange Registration&#148;), if
applicable, the Bank shall, as soon as practicable (or as otherwise specified):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prepare and file with the Commission, as soon as practicable but not later
than 255&nbsp;days after the Settlement Date, an Exchange Offer Registration Statement on
any form which may be utilized by the Bank and which shall permit the Exchange Offer
and use its reasonable best efforts to cause such Exchange Offer Registration
Statement to become effective as soon as practicable thereafter, but no later than
315&nbsp;days after the Settlement Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) prepare and file with the Commission such amendments and supplements to
such Exchange Offer Registration Statement and the prospectus included therein as
may be necessary to effect and maintain the effectiveness of such Exchange Offer
Registration Statement for the periods and purposes contemplated in Section 2(a)
hereof and as may be required by the applicable rules and regulations of the
Commission and the instructions applicable to the form of such Exchange Offer
Registration Statement, and promptly provide each broker-dealer holding Exchange
Securities that has identified itself to the Bank as such with such number of copies
of the prospectus included therein (as then amended or supplemented), in conformity
in all material respects with the applicable requirements of the Securities Act and
the Trust Indenture Act and the rules and regulations of the Commission thereunder,
as such broker-dealer reasonably may request prior to the expiration of the Resale
Period, for use in connection with resales of Exchange Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) promptly notify each broker-dealer that has identified itself to the Bank
as such and requested copies of the prospectus included in such registration
statement, and confirm such advice in writing, (A)&nbsp;when such Exchange Offer
Registration Statement or the prospectus included therein or any prospectus
amendment or supplement or post-effective amendment has been filed, and, with
respect to such Exchange Offer Registration Statement or any post-effective
amendment, when the same has become effective, (B)&nbsp;of any request by the Commission
or by the blue sky or securities commissioner or regulator of any state for
amendments or supplements to such Exchange Offer Registration Statement or
prospectus or for additional information after such Exchange Offer Registration
Statement has become effective, (C)&nbsp;of the issuance by the Commission of any stop
order suspending the effectiveness of such Exchange Offer Registration
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Statement or
the initiation or threat of any proceedings for that purpose, (D)&nbsp;if at any time the
representations and warranties of the Bank contemplated by Section&nbsp;5 cease to be
true and correct in all material respects, (E)&nbsp;of the receipt by the Bank of any
notification with respect to the suspension of the qualification of the Exchange
Securities for sale in any jurisdiction or the initiation or threat of any
proceeding for such purpose, or (F)&nbsp;at any time during the Resale Period when a
prospectus is required to be delivered under the Securities Act, that such Exchange
Offer Registration Statement, prospectus, prospectus amendment or supplement or
post-effective amendment does not conform in all material respects to the applicable
requirements of the Securities Act and the Trust Indenture Act and the rules and
regulations of the Commission thereunder or contains an untrue statement of a
material fact or omits to state any material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the
circumstances then existing; and each such broker-dealer agrees to suspend use of
such prospectus, prospectus amendment or supplement until the Bank has amended or
supplemented the prospectus to correct such misstatement or omission;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the event that the Bank would be required, pursuant to Section
3(c)(iii)(F) above, to notify any broker-dealers holding Exchange Securities that
have identified itself to the Bank as such, without delay prepare and furnish to
each such holder a reasonable number of copies of a prospectus supplemented or
amended so that, as thereafter delivered to purchasers of such Exchange Securities
during the Resale Period, such prospectus shall conform in all material respects to
the applicable requirements of the Securities Act and the Trust Indenture Act and
the rules and regulations of the Commission thereunder and shall not contain an
untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) use its best efforts to obtain the withdrawal of any order suspending the
effectiveness of such Exchange Offer Registration Statement or any post-effective
amendment thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) use its best efforts to (A)&nbsp;register or qualify the Exchange Securities
under the securities laws or blue sky laws of such jurisdictions as are contemplated
by Section 2(a) no later than the commencement of the Exchange Offer, (B)&nbsp;keep such
registrations or qualifications in effect and comply with such laws so as to permit
the continuance of offers, sales and dealings therein in such jurisdictions until
the expiration of the Resale Period and (C)&nbsp;take any and all other actions as may be
reasonably necessary or advisable to enable each broker-dealer holding Exchange
Securities that has identified itself to the Bank as such to consummate the
disposition thereof in such jurisdictions; <I>provided, however, </I>that the Bank shall
not be required for any such purpose to (1)&nbsp;qualify as a foreign corporation in any
jurisdiction wherein it would not otherwise be required to qualify but for the
requirements of this Section&nbsp;3(c)(vi), (2)&nbsp;consent to general service of process in
any such jurisdiction or (3)&nbsp;make any changes to its certificate of incorporation or
by-laws (<I>estatutos sociales</I>) or any agreement between it and its shareholders; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) comply with all applicable rules and regulations of the Commission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with the Bank&#146;s obligations with respect to the Shelf Registration,
if applicable, the Bank shall, as soon as practicable (or as otherwise specified):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prepare and file with the Commission, as soon as practicable but in any
case within the time periods specified in Section&nbsp;2(b), a Shelf Registration
Statement on any form which may be utilized by the Bank and which shall register all
of the Registrable Securities for resale by the Electing Holders in accordance with
such method or methods of disposition as may be specified by such Electing Holders
and use its reasonable best efforts to cause such Shelf
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Registration Statement to
become effective as soon as practicable but in any case within the time periods
specified in Section&nbsp;2(b);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not less than 15 calendar days prior to the Effective Time of the Shelf
Registration Statement, mail the Notice and Questionnaire to the holders of
Registrable Securities; no holder shall be entitled to be named as a selling
securityholder in the Shelf Registration Statement, and no holder shall be entitled
to use the prospectus forming a part thereof for resales of Registrable Securities
at any time, unless such holder has returned a completed and signed Notice and
Questionnaire to the Bank by the deadline for response set forth therein; <I>provided,
however, </I>that holders of Registrable Securities shall have at least 15 calendar days
from the date on which the Notice and Questionnaire is first mailed to such holders
to return a completed and signed Notice and Questionnaire to the Bank;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) prepare and file with the Commission such amendments and supplements to
such Shelf Registration Statement and the prospectus included therein as may be
necessary to effect and maintain the effectiveness of such Shelf Registration
Statement for the period specified in Section 2(b) hereof and as may be required by
the applicable rules and regulations of the Commission and the instructions
applicable to the form of such Shelf Registration Statement, and furnish to the
Electing Holders copies of any such supplement or amendment simultaneously with or
promptly after its being used or filed with the Commission;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) before filing any Shelf Registration Statement or prospectus and each
amendment or supplement thereto, provide (A)&nbsp;the Electing Holders, (B)&nbsp;the managing
underwriters (which term, for purposes of this Agreement, shall include a person
deemed to be an underwriter within the meaning of Section&nbsp;2(a)(11) of the Securities
Act), if any, thereof, (C)&nbsp;counsel for any such managing underwriter or agent and
(D)&nbsp;not more than one counsel for all the Electing Holders the opportunity to
participate in the preparation of such Shelf Registration Statement, each prospectus
included therein or filed with the Commission and each amendment or supplement
thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) for a reasonable period prior to the filing of such Shelf Registration
Statement, and throughout the period specified in Section&nbsp;2(b), make available at
reasonable times at the Bank&#146;s principal place of business or such other reasonable
place for inspection by the persons referred to in Section&nbsp;3(d)(iv) above who shall
certify to the Bank that they have a current intention to sell the Registrable
Securities pursuant to the Shelf Registration such financial and other information
and books and records of the Bank, and cause the officers, employees, counsel and
independent certified public accountants of the Bank to respond to such inquiries,
as shall be reasonably necessary to conduct an investigation within the meaning of
Section&nbsp;11 of the Securities Act; <I>provided, however, </I>that each such party shall be
required to maintain in confidence and not to disclose to any other person any
information or records reasonably designated by the Bank as being confidential,
until such time as (A)&nbsp;such information becomes a matter of public record (whether
by virtue of its inclusion in such registration statement or otherwise), or (B)&nbsp;such
person shall be required so to disclose such information pursuant to a subpoena or
order of any court or other governmental agency or body having jurisdiction over the
matter (subject to the requirements of such order, and only after such person shall
have given the Bank prompt prior written notice of such requirement) unless such
release is against Argentine law, or (C)&nbsp;in an opinion addressed to the Bank of
counsel experienced in such matters and approved by the Bank, such information is
required to be set forth in such Shelf Registration Statement or the prospectus
included therein or in an amendment to such Shelf Registration Statement or an
amendment or supplement to such prospectus in order that such Shelf Registration
Statement, prospectus, amendment or supplement, as the case may be, complies with
applicable requirements of the federal securities laws and the rules and regulations
of the Commission and does not contain an untrue statement of a material fact or
omit to state therein a material fact required to be stated
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">therein or necessary to
make the statements therein not misleading in light of the circumstances then
existing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) promptly notify each of the Electing Holders, any sales or placement agent
therefor and any underwriter thereof (which notification may be made through any
managing underwriter that is a representative of such underwriter for such purpose)
and confirm such advice in writing, (A)&nbsp;when such Shelf Registration Statement or
the prospectus included therein or any prospectus amendment or supplement or
post-effective amendment has been filed, and, with respect to such Shelf
Registration Statement or any post-effective amendment, when the same has become
effective, (B)&nbsp;of any request by the Commission and by the blue sky or securities
commissioner or regulator of any state for amendments or supplements to such Shelf
Registration Statement or prospectus or for additional information after such Shelf
Registration has become effective, (C)&nbsp;of the issuance by the Commission of any stop
order suspending the effectiveness of such Shelf Registration Statement or the
initiation or threatening of any proceedings for that purpose, (D)&nbsp;if at any time
the representations and warranties of the Bank contemplated by Section&nbsp;3(d)(xiii) or
Section&nbsp;5 or contained in any underwriting agreement or similar agreement relating
to the offering cease to be true and correct in all material respects, (E)&nbsp;of the
receipt by the Bank of any notification with respect to the suspension of the
qualification of the Registrable Securities for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose, or (F)&nbsp;if at any time
when a prospectus is required to be delivered under the Securities Act, that such
Shelf Registration Statement, prospectus, prospectus amendment or supplement or
post-effective amendment does not conform in all material respects to the applicable
requirements of the Securities Act and the Trust Indenture Act and the rules and
regulations of the Commission thereunder or contains an untrue statement of a
material fact or omits to state any material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the
circumstances then existing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) use its best efforts to obtain the withdrawal of any order suspending the
effectiveness of such registration statement or any post-effective amendment thereto
at the earliest practicable date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) if requested by any managing underwriter or underwriters, or any
Electing Holder, promptly incorporate in a prospectus supplement or post-effective
amendment such information as is required by the applicable rules and regulations of
the Commission and as such managing underwriter or underwriters, or such Electing
Holder specifies should be included therein relating to the terms of the sale of
such Registrable Securities, including information with respect to the principal
amount of Registrable Securities being sold by such Electing Holder or to any
underwriters, the name and description of such Electing Holder or underwriter, the
offering price of such Registrable Securities and any discount, commission or other
compensation payable in respect thereof, the purchase price being paid therefor by
such underwriters and with respect to any other terms of the offering of the
Registrable Securities to be sold by such Electing Holder or to such underwriters;
and make all required filings of such prospectus supplement or post-effective
amendment promptly after notification of the matters to be incorporated in such
prospectus supplement or post-effective amendment;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) furnish to each Electing Holder, therefor, each underwriter, if any,
thereof and the respective counsel referred to in Section&nbsp;3(d)(iv) an executed copy
(or, in the case of an Electing Holder, a conformed copy) of such Shelf Registration
Statement, each such amendment and supplement thereto (in each case including all
exhibits thereto (in the case of an Electing Holder of Registrable Securities, upon
request) and documents incorporated by reference therein) and such number of copies
of such Shelf Registration Statement (excluding exhibits thereto and documents
incorporated by reference therein unless so requested by such Electing Holder, agent
or underwriter, as the case may be) and of the prospectus included in such Shelf
Registration
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Statement (including each preliminary prospectus and any summary
prospectus), in conformity in all material respects with the applicable requirements
of the Securities Act and the Trust Indenture Act and the rules and regulations of
the Commission thereunder, and such other documents, as such Electing Holder, agent,
if any, and underwriter, if any, may reasonably request in order to facilitate the
offering and disposition of the Registrable Securities owned by such Electing
Holder, offered or sold by such agent or underwritten by such underwriter and to
permit such Electing Holder, agent and underwriter to satisfy the prospectus
delivery requirements of the Securities Act; and the Bank hereby consents (subject
to Section&nbsp;3(g)) to the use of such prospectus (including such preliminary and
summary prospectus) and any amendment or supplement thereto by each such Electing
Holder and by any such agent and underwriter, in each case in the form most recently
provided to such person by the Bank, in connection with the offering and sale of the
Registrable Securities covered by the prospectus (including such preliminary and
summary prospectus) or any supplement or amendment thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) use its best efforts to (A)&nbsp;register or qualify the Registrable Securities
to be included in such Shelf Registration Statement under such securities laws or
blue sky laws of such jurisdictions as any Electing Holder and each underwriter, if
any, thereof shall reasonably request, (B)&nbsp;keep such registrations or qualifications
in effect and comply with such laws so as to permit the continuance of offers, sales
and dealings therein in such jurisdictions during the period the Shelf Registration
is required to remain effective under Section 2(b) and (C)&nbsp;take any and all other
actions as may be reasonably necessary or advisable to enable each such Electing
Holder, agent, if any, and underwriter, if any, to consummate the disposition in
such jurisdictions of such Registrable Securities; <I>provided, however, </I>that the Bank
shall not be required for any such purpose to (1)&nbsp;qualify as a foreign corporation
in any jurisdiction in which it would not otherwise be required to qualify but for
the requirements of this Section&nbsp;3(d)(x), (2)&nbsp;consent to general service of process
in any such jurisdiction or (3)&nbsp;make any changes to its certificate of incorporation
or by-laws or any agreement between it and its stockholders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) unless any Registrable Securities shall be in book-entry only form,
cooperate with the Electing Holders and the managing underwriters, if any, to
facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be sold, and, in the case of an underwritten offering,
enable such Registrable Securities to be in such denominations and registered in
such names as the managing underwriters may reasonably request at least two business
days prior to any sale of the Registrable Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) enter into one or more underwriting agreements, engagement letters,
agency agreements, &#147;best efforts&#148; underwriting agreements or similar agreements, as
appropriate, including customary provisions relating to indemnification and
contribution, and take such other actions in connection therewith as any Electing
Holders aggregating at least 20% in aggregate principal amount of the Registrable
Securities at the time outstanding shall request in order to expedite or facilitate
the disposition of such Registrable Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) whether or not an agreement of the type referred to in Section&nbsp;3(d)(xii)
hereof is entered into and whether or not any portion of the offering contemplated
by the Shelf Registration is an underwritten offering or is made through a placement
or sales agent or any other entity, (A)&nbsp;make such representations and warranties to
the Electing Holders and the underwriters, if any, thereof in form, substance and
scope as are customarily made in connection with an offering of debt securities
pursuant to any appropriate agreement or to a registration statement filed on the
form applicable to the Shelf Registration; (B)&nbsp;obtain opinions of counsel customary
for a public offering of Securities to the Bank in customary form and covering such
matters, of the type customarily covered by such an opinion, as the managing
underwriters, if any, or, in the event there are no managing underwriters, the
Electing Holders of at least 20% in aggregate principal amount of the Registrable
Securities at the time outstanding may reasonably request, addressed to
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">the managing
underwriters (if any) or such Electing Holder or Electing Holders and dated the
effective date of such Shelf Registration Statement; (C)&nbsp;obtain a &#147;cold comfort&#148;
letter or letters from the independent certified public accountants of the Bank
addressed to the managing underwriters (if any) or, in the event there are no
managing underwriters, use reasonable efforts to have such letters addressed to the
selling Electing Holders, dated (i)&nbsp;the effective date of such Shelf Registration
Statement and (ii)&nbsp;the effective date of any prospectus supplement to the prospectus
included in such Shelf Registration Statement or post-effective amendment to such
Shelf Registration Statement which includes unaudited or audited financial
statements as of a date or for a period subsequent to that of the latest such
statements included in such prospectus, such letter or letters to be in customary
form and covering such matters of the type customarily covered by letters of such
type; (D)&nbsp;deliver such documents and certificates, including officers&#146; certificates,
as may be reasonably requested by any Electing Holders of at least 20% in aggregate
principal amount of the Registrable Securities at the time outstanding or the
managing underwriters, if any, thereof to evidence the accuracy of the
representations and warranties made pursuant to clause (A)&nbsp;above or those contained
in Section&nbsp;5 hereof and the compliance with or satisfaction of any agreements or
conditions contained in the underwriting agreement or other agreement entered into
by the Bank; and (E)&nbsp;undertake such obligations relating to expense reimbursement,
indemnification and contribution as are provided in Section&nbsp;6 hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) notify in writing each holder of Registrable Securities of any proposal
by the Bank to amend or waive any provision of this Agreement pursuant to Section
9(g) hereof and of any amendment or waiver effected pursuant thereto, each of which
notices shall contain the text of the amendment or waiver proposed or effected, as
the case may be;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) in the event that any broker-dealer registered under the Exchange Act
shall underwrite any Registrable Securities or participate as a member of an
underwriting syndicate or selling group or &#147;assist in the distribution&#148; (within the
meaning of the Conduct Rules (the &#147;Conduct Rules&#148;) of the National Association of
Securities Dealers, Inc. (&#147;NASD&#148;) or any successor thereto, as amended from time to
time) thereof, whether as a holder of such Registrable Securities or as an
underwriter, a placement or sales agent or a broker or dealer in respect thereof, or
otherwise, assist such broker-dealer in complying with the requirements of such
Conduct Rules, including by (A)&nbsp;if such Conduct Rules shall so require, engaging a
&#147;qualified independent underwriter&#148; (as defined in such Conduct Rules) to
participate in the preparation of the Shelf Registration Statement relating to such
Registrable Securities, to exercise usual standards of due diligence in respect
thereto and, if any portion of the offering contemplated by such Shelf Registration
Statement is an underwritten offering or is made through a placement or sales agent,
to recommend the yield of such Registrable Securities, (B)&nbsp;indemnifying any such
qualified independent underwriter to the extent of the indemnification of
underwriters provided in Section&nbsp;6 hereof (or to such other customary extent as may
be requested by such underwriter), and (C)&nbsp;providing such information to such
broker-dealer as may be required in order for such broker-dealer to comply with the
requirements of the Conduct Rules; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) comply with all applicable rules and regulations of the Commission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that the Bank would be required, pursuant to Section&nbsp;3(d)(vi)(F)
above, to notify the Electing Holders and the managing underwriters, if any, thereof, the
Bank shall without delay prepare and furnish to each of the Electing Holders and to each
such underwriter, if any, a reasonable number of copies of a prospectus supplemented or
amended so that, as thereafter delivered to purchasers of Registrable Securities, such
prospectus shall conform in all material respects to the applicable requirements of the
Securities Act and the Trust Indenture Act and the rules and regulations of the Commission
thereunder and shall not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing. Each Electing Holder agrees that
upon receipt of any notice from the Bank
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">pursuant to Section&nbsp;3(d)(vi)(F) hereof, such
Electing Holder shall forthwith discontinue the disposition of Registrable Securities
pursuant to the Shelf Registration Statement applicable to such Registrable Securities until
such Electing Holder shall have received copies of such amended or supplemented prospectus,
and if so directed by the Bank, such Electing Holder shall deliver to the Bank (at the
Bank&#146;s expense) all copies, other than permanent file copies, then in such Electing Holder&#146;s
possession of the prospectus covering such Registrable Securities at the time of receipt of
such notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event of a Shelf Registration, in addition to the information required to be
provided by each Electing Holder in its Notice Questionnaire, the Bank may require such
Electing Holder to furnish to the Bank such additional information regarding such Electing
Holder and such Electing Holder&#146;s intended method of distribution of Registrable Securities
as the Bank may, after consulting with counsel, reasonably determine is required in order to
comply with the Securities Act. Each such Electing Holder agrees to notify the Bank as
promptly as practicable of any inaccuracy or change in information previously furnished by
such Electing Holder to the Bank or of the occurrence of any event in either case as a
result of which any prospectus relating to such Shelf Registration contains or would contain
an untrue statement of a material fact regarding such Electing Holder or such Electing
Holder&#146;s intended method of disposition of such Registrable Securities or omits to state any
material fact regarding such Electing Holder or such Electing Holder&#146;s intended method of
disposition of such Registrable Securities required to be stated therein or necessary to
make the statements therein not misleading in light of the circumstances then existing, and
promptly to furnish to the Bank any additional information required to correct and update
any previously furnished information or required so that such prospectus shall not contain,
with respect to such Electing Holder or the disposition of such Registrable Securities, an
untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in light of the
circumstances then existing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the case of a Shelf Registration Statement or the notification of the Bank by
broker-dealers seeking to sell Exchange Securities and required to deliver prospectuses that
will be utilizing the prospectus contained in the Exchange Offer Registration Statement,
each holder agrees that, upon receipt of any notice from the Bank of (i)&nbsp;the happening of
any event of the kind described in any of clauses (B) &#151; (F)&nbsp;of Section&nbsp;3(d)(vi) or (ii)&nbsp;the
exercise of the Bank&#146;s right, under clause (ii)&nbsp;of the second paragraph of Section&nbsp;2(d), to
postpone the effectiveness, supplementing or amending of any such Registration Statement,
such holder will forthwith discontinue disposition of Securities pursuant to the applicable
Registration Statement until such holder receives the copies of the supplemented or amended
prospectus contemplated by Section&nbsp;3(c)(iv) or Section 3(e) or until such holder is advised
in writing (the &#147;Advice&#148;) by the Bank that the use of the applicable prospectus may be
resumed, and, if so directed by the Bank, such holder will deliver to the Bank (at the
Bank&#146;s expense) all copies in such holder&#146;s possession, other than permanent file copies, of
the prospectus covering such Securities current at the time of receipt of such notice. If
the Bank shall give any such notice to suspend the disposition of any Securities pursuant to
a Registration Statement, the Bank shall use its best efforts to file a supplement or an
amendment to the Registration Statement and, in the case of an amendment, have such
amendment declared effective as soon as practicable and shall extend the period during which
such Registration Statement shall be maintained effective pursuant to this Agreement by the
number of days in the period from and including the date of the giving of such notice to and
including the date when the Bank shall have made available to the holders (i)&nbsp;copies of the
supplemented or amended prospectus necessary to resume such dispositions or (ii)&nbsp;the Advice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<I>Registration Expenses.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank agrees unless otherwise agreed in writing among the Bank and the Dealers to bear and
to pay or cause to be paid promptly the following expenses incident to the Bank&#146;s performance of or
compliance with this Agreement: (a)&nbsp;all Commission and any NASD registration, filing and review
fees and other expenses (except as noted herein) in connection with the registration of the
Securities with the Commission in connection with such registration, filing and review; (b)&nbsp;all
fees and expenses in connection with the qualification of the Securities for offering and sale
under the state securities and blue sky laws referred to in Section&nbsp;3(d)(x) hereof and

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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">determination of their eligibility for investment under the laws of such jurisdictions as any
managing underwriters or the Electing Holders may designate, including any fees and disbursements
of one counsel for the Electing Holders or underwriters in connection with such qualification; (c)
fees and expenses of the Trustee, registrars, paying agents and transfer agents under the Indenture
and of their respective agents or counsels; (d)&nbsp;internal expenses (including all salaries and
expenses of the Bank&#146;s officers and employees performing legal or accounting duties); (e)
reasonable and duly documented fees, disbursements and expenses of counsel and independent
certified public accountants of the Bank (including the expenses of any opinions or &#147;comfort
letters&#148; required by or incident to such performance and compliance); (f)&nbsp;fees, disbursements and
expenses of one counsel for the Electing Holders retained in connection with a Shelf Registration,
as selected by the Electing Holders of at least a majority in aggregate principal amount of the
Registrable Securities held by Electing Holders; (g)&nbsp;fees, expenses and disbursements of any other
persons, including special experts, retained by the Bank in connection with such registration; (h)
all expenses of printing (including printing of prospectuses), messenger and delivery services and
telephone; (i)&nbsp;any fees charged by securities rating services for rating the Securities; and (j)
any fees associated with listing the Securities on the Luxembourg Stock Exchange for trading on the
EuroMTF, the alternative market of the Luxembourg Stock Exchange, and the Buenos Aires Stock
Exchange (collectively, the &#147;Registration Expenses&#148;). To the extent that any Registration Expenses
are incurred, assumed or paid by any holder of Registrable Securities therefor or underwriter
thereof, the Bank shall reimburse such person for the full amount of documented Registration
Expenses so incurred, assumed or paid promptly after receipt of a request therefor.
Notwithstanding the foregoing, the holders of the Registrable Securities being registered shall pay
all agency fees and commissions and underwriting discounts and commissions attributable to the sale
of such Registrable Securities and the fees and disbursements of any counsel or other advisors or
experts retained by such holders (severally or jointly), other than the counsel and experts
specifically referred to above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<I>Representations and Warranties.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank represents and warrants to, and agrees with, the Dealers and each of the holders from
time to time of Registrable Securities that:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The compliance by the Bank with the provisions of this Agreement, and the
consummation of the transactions herein contemplated will not conflict with or result in a
breach of any of the terms or provisions of, or constitute a default under, any material
agreement or material instrument to which the Bank is a party or by which the Bank is bound
or to which any of the property or assets of the Bank is subject, nor will such action
result in any violation of any order, rule or regulation of any court or governmental agency
or body having jurisdiction over the Bank or any of its properties; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered by the Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<I>Indemnification</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>Indemnification by the Bank</I>. The Bank will indemnify and hold harmless each of the
holders of Registrable Securities included in an Exchange Offer Registration Statement, each
of the Electing Holders of Registrable Securities included in a Shelf Registration Statement
and each person who participates as an underwriter in any offering or sale of such
Registrable Securities against any losses, claims, damages or liabilities, joint or several,
to which such holder or underwriter may become subject under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a
material fact contained in any Exchange Offer Registration Statement or Shelf Registration
Statement, as the case may be, under which such Registrable Securities were registered under
the Securities Act, or any preliminary, final or summary prospectus contained therein or
furnished by the Bank to any such holder, Electing Holder or underwriter, or any amendment
or supplement thereto, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not
misleading, and will reimburse such holder, such Electing Holder and such underwriter for
any reasonable and duly
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">documented legal or other expenses incurred by them in connection
with investigating or defending any such action or claim as such expenses are incurred;
<I>provided, however, </I>that the Bank shall not be liable to any such person in any such case to
the extent that any such loss, claim, damage or liability arises out of or is based upon an
untrue statement or alleged untrue statement or omission or alleged omission made in such
registration statement, or preliminary, final or summary prospectus, or amendment or
supplement thereto, in reliance upon and in conformity with written information furnished to
the Bank by such person expressly for use therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Indemnification by the Holders and Underwriters</I>. The Bank may require, as a
condition to including any Registrable Securities in any registration statement filed
pursuant to Section 2(b) hereof and to entering into any underwriting agreement with respect
thereto, that the Bank shall have received an undertaking reasonably satisfactory to it from
the Electing Holder of such Registrable Securities and from each underwriter named in any
such underwriting agreement, severally and not jointly, to (i)&nbsp;indemnify and hold harmless
the Bank and all other holders of Registrable Securities, against any losses, claims,
damages or liabilities to which the Bank or such other holders of Registrable Securities may
become subject, under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon an
untrue statement or alleged untrue statement of a material fact contained in such
registration statement, or any preliminary, final or summary prospectus contained therein or
furnished by the Bank to any such Electing Holder or underwriter, or any amendment or
supplement thereto, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not
misleading, in each case to the extent, but only to the extent, that such untrue statement
or alleged untrue statement or omission or alleged omission was made in reliance upon and in
conformity with written information furnished to the Bank by such Electing Holder or
underwriter expressly for use therein, and (ii)&nbsp;reimburse the Bank for any reasonable and
duly documented legal or other expenses incurred by the Bank in connection with
investigating or defending any such action or claim as such expenses are incurred; <I>provided,
however, </I>that no such Electing Holder shall be required to undertake liability to any person
under this Section 6(b) for any amounts in excess of the dollar amount of the proceeds to be
received by such Electing Holder from the sale of such Electing Holder&#146;s Registrable
Securities pursuant to such registration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Notices of Claims, Etc</I>. Promptly after receipt by an indemnified party under
subsection (a)&nbsp;or (b)&nbsp;above of written notice of the commencement of any action, such
indemnified party shall, if a claim in respect thereof is to be made against an indemnifying
party pursuant to the indemnification provisions of or contemplated by this Section&nbsp;6,
notify such indemnifying party in writing of the commencement of such action; but the
omission so to notify the indemnifying party shall not relieve it from any liability which
it may have to any indemnified party otherwise than under the indemnification provisions of
or contemplated by Section 6(a) or 6(b) hereof. In case any such action shall be brought
against any indemnified party and it shall notify an indemnifying party of the commencement
thereof, such indemnifying party shall be entitled to participate therein and, to the extent
that it shall wish, jointly with any other indemnifying party similarly notified, to assume
the defense thereof, with counsel reasonably satisfactory to such indemnified party (who
shall not, except with the consent of the indemnified party, be counsel to the indemnifying
party), and, after notice from the indemnifying party to such indemnified party of its
election so to assume the defense thereof, such indemnifying party shall not be liable to
such indemnified party for any legal expenses of other counsel or any other expenses, in
each case subsequently incurred by such indemnified party, in connection with the defense
thereof other than reasonable and duly documented costs in a manner customary for the
indemnified party of investigation. The indemnifying party shall not be liable for any
settlement of any proceeding effected without its written consent, which shall not be
unreasonably withheld. No indemnifying party shall, without the written consent of the
indemnified party, effect the settlement or compromise of, or consent to the entry of any
judgment with respect to, any pending or threatened action or claim in respect of which
indemnification or contribution may be sought hereunder (whether or not the indemnified
party is an actual or potential party to such action or claim) unless such settlement,
compromise or judgment (i)&nbsp;includes an unconditional release of the indemnified party from
all
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">liability arising out of such action or claim and (ii)&nbsp;does not include a statement as
to or an admission of fault, culpability or a failure to act by or on behalf of any
indemnified party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <I>Contribution</I>. If for any reason the indemnification provisions contemplated by
Section 6(a) or Section 6(b) are unavailable to hold harmless an indemnified party in
respect of any losses, claims, damages or liabilities (or actions in respect thereof)
referred to therein although applicable in accordance with their terms, then each
indemnifying party shall contribute to the amount paid or payable by such indemnified party
as a result of such losses, claims, damages or liabilities (or actions in respect thereof)
in such proportion as is appropriate to reflect the relative fault of the indemnifying party
and the indemnified party in connection with the statements or omissions which resulted in
such losses, claims, damages or liabilities (or actions in respect thereof), as well as any
other relevant equitable considerations. The relative fault of such indemnifying party and
indemnified party shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact relates to information supplied by such indemnifying party or by such
indemnified party, and the parties&#146; relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The parties hereto agree that
it would not be just and equitable if contributions pursuant to this Section 6(d) were
determined by pro rata allocation (even if the holders or any underwriters or all of them
were treated as one entity for such purpose) or by any other method of allocation which does
not take account of the equitable considerations referred to in this Section&nbsp;6(d). The
amount paid or payable by an indemnified party as a result of the losses, claims, damages,
or liabilities (or actions in respect thereof) referred to above shall be deemed to include
any legal or other fees or expenses reasonably incurred by such indemnified party in
connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section&nbsp;6(d), no holder shall be required to contribute any amount in
excess of the amount by which the dollar amount of the proceeds received by such holder from
the sale of any Registrable Securities (after deducting any fees, discounts and commissions
applicable thereto) exceeds the amount of any damages which such holder has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission, and no underwriter shall be required to contribute any amount in excess of the
amount by which the total price at which the Registrable Securities underwritten by it and
distributed to the public were offered to the public exceeds the amount of any damages which
such underwriter has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the Bank under this Section&nbsp;6 shall be in addition to any
liability which the Bank may otherwise have and shall extend, upon the same terms and
conditions, to each officer, director and partner of each holder and underwriter and each
person, if any, who controls any holder, agent or underwriter within the meaning of Section
15 of the Securities Act; and the obligations of the holders and any agents or underwriters
contemplated by this Section&nbsp;6 shall be in addition to any liability which the respective
holder, agent or underwriter may otherwise have and shall extend, upon the same terms and
conditions, to each officer and director of the Bank (including any person who, with his
consent, is named in any registration statement as about to become a director of the Bank)
and to each person, if any, who controls the Bank within the meaning of Section&nbsp;15 of the
Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<I>Underwritten Offerings</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>Selection of Underwriters</I>. If any of the Registrable Securities covered by the
Shelf Registration are to be sold pursuant to an underwritten offering, the managing
underwriter or underwriters thereof shall be designated by Electing Holders holding at least
a majority in aggregate principal amount of the Registrable Securities to be included in
such offering, <I>provided, however, </I>that such designated managing underwriter or underwriters
is or are reasonably acceptable to the Bank.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Participation by Holders</I>. Each holder of Registrable Securities hereby agrees with
each other such holder that no such holder may participate in any underwritten offering
hereunder unless such holder (i)&nbsp;agrees to sell such holder&#146;s Registrable Securities on the
basis provided in any underwriting
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">arrangements approved by the persons entitled hereunder
to approve such arrangements and (ii)&nbsp;completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably required under
the terms of such underwriting arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<I>Rule&nbsp;144</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank covenants to the holders of Registrable Securities that to the extent it shall be
required to do so under the Exchange Act, the Bank shall timely file the reports required to be
filed by it under the Exchange Act or the Securities Act (including the reports under Section&nbsp;13
and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule&nbsp;144 adopted by the
Commission under the Securities Act) and the rules and regulations adopted by the Commission
thereunder, and shall take such further action as any holder of Registrable Securities may
reasonably request, all to the extent required from time to time to enable such holder to sell
Registrable Securities without registration under the Securities Act within the limitations of the
exemption provided by Rule&nbsp;144 under the Securities Act, as such Rule may be amended from time to
time, or any similar or successor rule or regulation hereafter adopted by the Commission. Upon the
request of any holder of Registrable Securities in connection with that holder&#146;s sale pursuant to
Rule&nbsp;144, the Bank shall deliver to such holder a written statement as to whether it has complied
with such requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<I>Miscellaneous.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>No Inconsistent Agreements</I>. The Bank represents, warrants, covenants and agrees
that it has not granted, and shall not grant, registration rights with respect to
Registrable Securities or any other securities which would be inconsistent with the rights
granted to the holders of the Registrable Securities in this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Notices</I>. All notices, requests, claims, demands, waivers and other communications
hereunder shall be in writing and shall be deemed to have been duly given when delivered by
hand, if delivered personally or by courier, as follows: if to the Bank, to it at Sarmiento
447, (C1041AAI) Buenos Aires, Argentina, Attention: Roberto Eilbaum, Telephone: (5411)
5222-6500, Fax: (5411)&nbsp;5222-6847, and if to a holder, to the address of such holder set
forth in the security register or other records of the Bank, or to such other address as the
Bank or any such holder may have furnished to the other in writing in accordance herewith,
except that notices of change of address shall be effective only upon receipt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Parties in Interest</I>. All the terms and provisions of this Agreement shall be
binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto
and the holders from time to time of the Registrable Securities and the respective
successors and assigns of the parties hereto and such holders. In the event that any
transferee of any holder of Registrable Securities shall acquire Registrable Securities, in
any manner, whether by gift, bequest, purchase, operation of law or otherwise, such
transferee shall, without any further writing or action of any kind, be deemed a beneficiary
hereof for all purposes and such Registrable Securities shall be held subject to all of the
terms of this Agreement, and by taking and holding such Registrable Securities such
transferee shall be entitled to receive the benefits of, and be conclusively deemed to have
agreed to be bound by all of the applicable terms and provisions of this Agreement. If the
Bank shall so request, any such successor, assign or transferee shall agree in writing to
acquire and hold the Registrable Securities subject to all of the applicable terms hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <I>Survival</I>. The respective indemnities, agreements, representations, warranties and
each other provision set forth in this Agreement or made pursuant hereto shall remain in
full force and effect regardless of any investigation (or statement as to the results
thereof) made by or on behalf of any holder of Registrable Securities, the Bank, any
director, officer or partner of such holder or the Bank, any agent or underwriter or any
director, officer or partner thereof, or any controlling person of any of the foregoing, and
shall survive delivery of and payment for the Registrable Securities pursuant to the Terms
Agreement and the transfer and registration of Registrable Securities by such holder and the
consummation of an Exchange Offer.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(e) </B><B><I>Governing Law</I></B><B>. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <I>Headings</I>. The descriptive headings of the several Sections and paragraphs of this
Agreement are inserted for convenience only, do not constitute a part of this Agreement and
shall not affect in any way the meaning or interpretation of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <I>Entire Agreement; Amendments</I>. This Agreement and the other writings referred to
herein (including the Indenture and the form of Securities) or delivered pursuant hereto
which form a part hereof contain the entire understanding of the parties with respect to its
subject matter. This Agreement supersedes all prior agreements and understandings between
the parties with respect to its subject matter. This Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively) only by a written instrument duly
executed by the Bank and the holders of at least a majority in aggregate principal amount of
the Registrable Securities at the time outstanding. Each holder of any Registrable
Securities at the time or thereafter outstanding shall be bound by any amendment or waiver
effected pursuant to this Section&nbsp;9(g), whether or not any notice, writing or marking
indicating such amendment or waiver appears on such Registrable Securities or is delivered
to such holder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <I>Counterparts</I>. This Agreement may be executed by the parties in counterparts, each
of which shall be deemed to be an original, but all such respective counterparts shall
together constitute one and the same instrument.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <I>Agent for Service; Submission to Jurisdiction</I>. The Bank hereby submits to the
non-exclusive jurisdiction of the U.S. federal and state courts in the Borough of Manhattan
in The City of New York in any suit or proceeding arising out of or relating to this
Agreement or the transactions contemplated hereby. The Bank irrevocably appoints CT
Corporation System at 111 Eighth Avenue, New York, New York 10011, as its authorized agent
in the Borough of Manhattan, The City of New York upon which process may be served in any
such suit or proceeding and agrees that service of process upon such agent, and written
notice of said service to the Bank by the person serving the same to the address provided in
Section&nbsp;9(b), shall be deemed in every respect effective service of process upon the Bank in
any such suit or proceeding.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing is in accordance with your understanding, please sign and return to us
5 counterparts hereof, and upon the acceptance hereof by you, this letter and such acceptance
hereof shall constitute a binding agreement between the Dealers and the Bank.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
BANCO MACRO S.A.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Roberto J. Eilbaum
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Roberto J. Eilbaum&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Accepted as of the date hereof:<BR>
<BR>
CREDIT SUISSE SECURITIES (USA)&nbsp;LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">Michael Cummings
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Michael Cummings&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD nowrap colspan="3" align="left">RAYMOND JAMES ARGENTINA SOCIEDAD DE BOLSA S.A.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Eduardo J. Tapia
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Eduardo J. Tapia&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Annex 1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Credit Suisse Securities (USA)&nbsp;LLC<BR>
Eleven Madison Avenue<BR>
New York, NY 10010<BR>
United States of America

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Raymond James Argentina Sociedad de Bolsa S.A.<BR>
San Martin 344, Piso 22<BR>
C1004AAH, Buenos Aires<BR>
Argentina

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Banco Macro S.A.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>INSTRUCTION TO DTC PARTICIPANTS</U>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><I>(Date of Mailing)</I>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>URGENT &#151; IMMEDIATE ATTENTION REQUESTED</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B><I>DEADLINE FOR RESPONSE: &#091;DATE&#093;</I></B></U> <SUP style="font-size: 85%; vertical-align: text-top"><B><FONT style="font-family: Symbol">&#042;</FONT></B></SUP>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Depository Trust Company (&#147;DTC&#148;) has identified you as a DTC Participant through which
beneficial interests in 8.50% Notes Due 2017 (CUSIP Nos. 05963GAC2 and P1047VAC1) (the
&#147;Securities&#148;) of Banco Macro S.A. (the &#147;Bank&#148;) are held.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bank is in the process of registering the Securities under the Securities Act of 1933 for
resale by the beneficial owners thereof. In order to have their Securities included in the
registration statement, beneficial owners must complete and return the enclosed Notice of
Registration Statement and Selling Securityholder Questionnaire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>It is important that beneficial owners of the Securities receive a copy of the enclosed
materials as soon as possible</U> as their rights to have the Securities included in the
registration statement depend upon their returning the Notice and Questionnaire by <B>&#091;Deadline For
Response&#093;</B>. Please forward a copy of the enclosed documents to each beneficial owner that holds
interests in the Securities through you. If you require more copies of the enclosed materials or
have any questions pertaining to this matter, please contact Banco Macro S.A., Sarmiento 447,
(1041)&nbsp;Buenos Aires, Argentina, Attention: Roberto Eilbaum, Telephone: (5411)&nbsp;5222-6500, Fax:
(5411)&nbsp;5222-6847.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">*</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Not less than 28 calendar days from date of mailing.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->A-1<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Banco Macro S.A.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Notice of Registration Statement</U>

</DIV>
<DIV align="center" style="font-size: 10pt"><U>and</U></DIV>


<DIV align="center" style="font-size: 10pt"><U>Selling Securityholder Questionnaire</U></DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">(Date)

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is hereby made to the Exchange and Registration Rights Agreement dated January&nbsp;29, 2007
(the &#147;Exchange and Registration Rights Agreement&#148;) between Banco Macro S.A. (the &#147;Bank&#148;) and the
Dealers named therein. Pursuant to the Exchange and Registration Rights Agreement, the Bank
intends to file with the U.S. Securities and Exchange Commission (the &#147;Commission&#148;) a registration
statement on Form <B>&#091;&#95;&#95;&#95;&#093; </B>(the &#147;Shelf Registration Statement&#148;) for the registration and resale under
Rule&nbsp;415 of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), of the Bank&#146;s 8.50%
Notes Due 2017 (CUSIP Nos. 05963GAC2 and P1047VAC1) (the &#147;Securities&#148;). A copy of the Exchange and
Registration Rights Agreement is attached hereto. All capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Exchange and Registration Rights Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each beneficial owner of Registrable Securities is entitled to have the Registrable Securities
beneficially owned by it included in the Shelf Registration Statement. In order to have
Registrable Securities included in the Shelf Registration Statement, this Notice and Questionnaire
must be completed, executed and delivered to the Bank&#146;s counsel at the address set forth herein for
receipt ON OR BEFORE <B>&#091;Deadline for Response&#093;</B>. Beneficial owners of Registrable Securities who do
not complete, execute and return this Notice and Questionnaire by such date (i)&nbsp;will not be named
as selling securityholders in the Shelf Registration Statement and (ii)&nbsp;may not use the prospectus
forming a part thereof for resales of Registrable Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain legal consequences arise from being named as a selling securityholder in the Shelf
Registration Statement and related prospectus. Accordingly, holders and beneficial owners of
Registrable Securities are advised to consult their own securities law counsel regarding the
consequences of being named or not being named as a selling securityholder in the Shelf
Registration Statement and related prospectus.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->A-2<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ELECTION
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned holder (the &#147;Selling Securityholder&#148;) of Registrable Securities hereby elects to
include in the Shelf Registration Statement the Registrable Securities beneficially owned by it and
listed below in Item (3). The undersigned, by signing and returning this Notice and Questionnaire,
agrees to be bound with respect to such Registrable Securities by the terms and conditions of this
Notice and Questionnaire and the Exchange and Registration Rights Agreement. Such holder agrees
severally and not jointly, to (i)&nbsp;indemnify and hold harmless the Bank and all other holders of
Registrable Securities, against any losses, claims, damages or liabilities to which the Bank or
such other holders of Registrable Securities may become subject, under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon an untrue statement or alleged untrue statement of a material fact
contained in such registration statement, or any preliminary, final or summary prospectus contained
therein or furnished by the Bank to any such holder or underwriter, or any amendment or supplement
thereto, or arise out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading, in each case to the extent, but
only to the extent, that such untrue statement or alleged untrue statement or omission or alleged
omission was made in reliance upon and in conformity with written information furnished to the Bank
by such holder expressly for use therein, and (ii)&nbsp;reimburse the Bank for any reasonable and duly
documented legal or other expenses incurred by the Bank in connection with investigating or
defending any such action or claim as such expenses are incurred; <I>provided, however, </I>that no such
holder shall be required to undertake liability to any person hereunder for any amounts in excess
of the dollar amount of the proceeds to be received by such holder from the sale of such holder&#146;s
Registrable Securities pursuant to such registration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon any sale of Registrable Securities pursuant to the Shelf Registration Statement, the Selling
Securityholder will be required to deliver to the Bank and the Trustee the Notice of Transfer set
forth in Appendix&nbsp;A to the Prospectus and as Exhibit&nbsp;B to the Exchange and Registration Rights
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Selling Securityholder hereby provides the following information to the Bank and represents and
warrants that such information is accurate and complete:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->A-3<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">QUESTIONNAIRE
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">(1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Full Legal Name of Selling Securityholder:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Full Legal Name of Registered Holder (if not the same as in (a)&nbsp;above) of
Registrable Securities Listed in Item (3)&nbsp;below:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Full Legal Name of DTC Participant (if applicable and if not the same as (b)
above) Through Which Registrable Securities Listed in Item (3)&nbsp;below are Held:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">(2)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Address for Notices to Selling Securityholder:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Contact Person:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">(3)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Beneficial Ownership of Securities:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><I>Except as set forth below in this Item (3), the undersigned does not beneficially
own any Securities.</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Principal amount of Registrable Securities beneficially owned: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">CUSIP No(s). of such Registrable Securities: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Principal amount of Securities other than Registrable Securities beneficially
owned:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">CUSIP No(s). of such other Securities: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Principal amount of Registrable Securities which the undersigned wishes to be
included in the Shelf Registration Statement: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">CUSIP No(s). of such Registrable Securities to be included in the Shelf Registration
Statement:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">(4)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Beneficial Ownership of Other Securities of the Bank:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><I>Except as set forth below in this Item (4), the undersigned Selling Securityholder
is not the beneficial or registered owner of any other securities of the Bank other
than the Securities listed above in Item (3).</I><BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->A-4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>State any exceptions here:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Relationships with the Bank:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Except as set forth below, neither the Selling Securityholder nor any of its
affiliates, officers, directors or principal equity holders (5% or more) has held
any position or office or has had any other material relationship with the Bank (or
their respective predecessors or affiliates) during the past three years</I>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>State any exceptions here:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Plan of Distribution:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Except as set forth below, the undersigned Selling Securityholder intends to
distribute the Registrable Securities listed above in Item (3)&nbsp;only as follows (if
at all): Such Registrable Securities may be sold from time to time directly by the
undersigned Selling Securityholder or, alternatively, through underwriters,
broker-dealers or agents. Such Registrable Securities may be sold in one or more
transactions at fixed prices, at prevailing market prices at the time of sale, at
varying prices determined at the time of sale, or at negotiated prices. Such sales
may be effected in transactions (which may involve crosses or block transactions)
(i)&nbsp;on any national securities exchange or quotation service on which the Registered
Securities may be listed or quoted at the time of sale, (ii)&nbsp;in the over-the-counter
market, (iii)&nbsp;in transactions otherwise than on such exchanges or services or in the
over-the-counter market, or (iv)&nbsp;through the writing of options. In connection with
sales of the Registrable Securities or otherwise, the Selling Securityholder may
enter into hedging transactions with broker-dealers, which may in turn engage in
short sales of the Registrable Securities in the course of hedging the positions
they assume. The Selling Securityholder may also sell Registrable Securities short
and deliver Registrable Securities to close out such short positions, or loan or
pledge Registrable Securities to broker-dealers that in turn may sell such
securities.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>State any exceptions here: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By signing below, the Selling Securityholder acknowledges that it understands its obligation to
comply, and agrees that it will comply, with the provisions of the Exchange Act and the rules and
regulations thereunder, particularly Regulation&nbsp;M.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that the Selling Securityholder transfers all or any portion of the Registrable
Securities listed in Item (3)&nbsp;above after the date on which such information is provided to the
Bank, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of
its rights and obligations under this Notice and Questionnaire and the Exchange and Registration
Rights Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By signing below, the Selling Securityholder consents to the disclosure of the information
contained herein in its answers to Items (1)&nbsp;through (6)&nbsp;above and the inclusion of such
information in the Shelf Registration Statement and related prospectus. The Selling Securityholder
understands that such information will be relied upon by the Bank in connection with the
preparation of the Shelf Registration Statement and related prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with the Selling Securityholder&#146;s obligation under Section 3(f) of the Exchange and
Registration Rights Agreement to provide such information as may be required by law for inclusion
in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the Bank
of any inaccuracies or changes in the information provided herein which may occur subsequent to the
date hereof at any time while the Shelf Registration Statement remains in effect. All notices to
the Bank hereunder and pursuant to the Exchange and Registration
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->A-5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rights Agreement shall be made in
writing, by hand-delivery or air courier guarantying overnight delivery as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco Macro S.A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sarmiento 447</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(C1041AAI) Buenos Aires</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Argentina</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Roberto Eilbaum</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Once this Notice and Questionnaire is executed by the Selling Securityholder and received by the
Bank&#146;s counsel, the terms of this Notice and Questionnaire, and the representations and warranties
contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by
the respective successors, heirs, personal representatives, and assigns of the Bank and the Selling
Securityholder (with respect to the Registrable Securities beneficially owned by such Selling
Securityholder and listed in Item (3)&nbsp;above. This Agreement shall be governed in all respects by
the laws of the State of New York.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->A-6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and
Questionnaire to be executed and delivered either in person or by its duly authorized agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Selling Securityholder</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">(Print/type full legal name of beneficial owner of Registrable Securities)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE
<B>&#091;DEADLINE FOR RESPONSE&#093; </B>TO THE BANK&#146;S COUNSEL AT:
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;B</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Banco Macro S.A.<BR>
Sarmiento 447<BR>
(C1041AAI) Buenos Aires<BR>
Argentina<BR>
Attention: Roberto Eilbaum

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:</TD>
    <TD>&nbsp;</TD>
    <TD nowrap>Banco Macro S.A. (the &#147;Bank&#148;) 8.50%
Notes Due 2017 (the &#147;Securities&#148;)</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sirs:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please be advised that <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> has transferred $ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> aggregate principal
amount of the above-referenced Securities pursuant to an effective Registration Statement on Form
&#091;&#95;&#95;&#95;&#093; (File No.&nbsp;333- &#95;&#95;&#95;) filed by the Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933,
as amended, have been satisfied and that the above-named beneficial owner of the Securities is
named as a &#147;Selling Securityholder&#148; in the Prospectus dated <B>&#091;date&#093; </B>or in supplements thereto, and
that the aggregate principal amount of the Securities transferred are the Securities listed in such
prospectus opposite such owner&#146;s name.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated:
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">(Name)<br>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">(Authorized Signature)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->B-1<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>y37853exv5w1.htm
<DESCRIPTION>EX-5.1: OPINION OF SHEARMAN & STERLING LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit 5.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">August&nbsp;8, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Banco Macro S.A.<BR>
Sarmiento 447<BR>
Buenos Aires-C104AAI<BR>
Argentina

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies &#038; Gentlemen:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are acting as counsel to Banco Macro S.A., a <I>sociedad anonima </I>organized under the laws of
Argentina (the &#147;<U>Company</U>&#148;), in connection with the preparation and filing with the
Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) under the Securities Act of 1933, as
amended (the &#147;<U>Securities Act</U>&#148;), of a Registration Statement on Form F-4 (the
&#147;<U>Registration Statement</U>&#148;) relating to the offer to exchange (the &#147;<U>Exchange Offer</U>&#148;)
the Company&#146;s outstanding unregistered $150,000,000 aggregate principal amount of 8.50% Notes due
2017, (the &#147;<U>Outstanding Notes</U>&#148;) for a like principal amount of the Company&#146;s 8.50% Notes
due 2017, (the &#147;<U>Exchange Notes</U>&#148;) that will be registered under the Securities Act, all as
set forth in the prospectus forming a part of the Registration Statement (the
&#147;<U>Prospectus</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exchange Notes will be issued under the indenture dated as of December&nbsp;18, 2006 (the
&#147;<U>Indenture</U>&#148;), among the Company, HSBC (USA), as trustee (the &#147;<U>Trustee</U>&#148;), as Note
Registrar and Paying Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In that capacity, we have reviewed originals or copies of the following documents:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registration Statement,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Prospectus,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Indenture,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Outstanding Notes, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the form of Exchange Notes.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The documents described in the foregoing clauses (a)&nbsp;through (e)&nbsp;are collectively referred to
herein as the &#147;<U>Opinion Documents</U>.&#148;
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We have also reviewed originals or copies of such other
corporate records of the Company, certificates of public officials and of
officers of the Company and agreements and other documents as we have deemed
necessary as a basis for the opinions expressed below.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In our review of the Opinion Documents and other documents,
we have assumed the execution, delivery and performance of the Indenture and
the Exchange Notes have been duly authorized by all necessary corporate action
on the part of the Company.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have not independently established the validity of the foregoing assumptions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Generally Applicable Law</U>&#148; means the federal law of the United States of America and
the law of the State of New York (including the rules or regulations promulgated thereunder or
pursuant thereto) that a New York lawyer exercising customary professional diligence would
reasonably be expected to recognize as being applicable to the Company, the Opinion Documents or
the transactions governed by the Opinion Documents. Without limiting the generality of the
foregoing definition of Generally Applicable Law, the term &#147;Generally Applicable Law&#148; does not
include any law, rule or regulation that is applicable to the Company, the Opinion Documents or
such transactions solely because such law, rule or regulation is part of a regulatory regime
applicable to the specific assets or business of any party to any of the Opinion Documents or any
of its affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing and upon such other investigation as we have deemed necessary and
subject to the assumptions set forth above and the qualifications set forth below, we are of the
opinion that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assuming due authorization, execution and delivery thereof by the
Trustee, the Indenture is the legal, valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When the Exchange Notes are exchanged for the Outstanding Notes as
contemplated in the Registration Statement, the Exchange Notes will constitute
legal, valid and binding obligations of the Company, enforceable against the Company
in accordance with their terms.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our opinions expressed above are subject to the following qualifications:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Our opinions in paragraphs (1)&nbsp;and (2)&nbsp;above are subject to (i)&nbsp;the effect of any
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#146;
rights generally (including without limitation all laws relating to fraudulent transfers) and (ii)
possible judicial action giving effect to governmental actions or foreign laws affecting creditors&#146;
rights.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Our opinions in paragraphs (1)&nbsp;and (2)&nbsp;are also subject to the effect of general
principles of equity, including without limitation concepts of materiality, reasonableness, good
faith and fair dealing (regardless of whether considered in a proceeding in equity or at law).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Our opinions are limited to Generally Applicable Law and we do not express any opinion
herein concerning any other law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion letter is rendered to you in connection with the filing of the Registration
Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion letter speaks only as of the date hereof. We expressly disclaim any
responsibility to advise you of any development or circumstance of any kind, including any change
of law or fact that may occur after the date of this opinion letter that might affect the opinions
expressed herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the use of this opinion as an exhibit to the Registration Statement and
to the use of our name under the heading &#147;Legal Matters&#148; in the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,<br>
&nbsp;<br>
&nbsp;<br>

/s/ Shearman &amp; Sterling LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">AES/DK/BCM
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>5
<FILENAME>y37853exv5w2.htm
<DESCRIPTION>EX-5.2: OPINION OF BRUCHOU, FERNANDEZ MADERO & LOMBARDI ABOGADOS
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-5.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y37853y3785301.gif" alt="(LOGO)">
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.2
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">August&nbsp;8, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Banco Macro S.A.<BR>
Sarmiento 401, City of Buenos Aires (C1041AII)<BR>
Argentina

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are acting as Argentine counsel to Banco Macro S.A., a <I>sociedad anonima </I>organized under the
laws of Argentina (the &#147;<U>Company</U>&#148;), in connection with the preparation and filing with the
Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) under the Securities Act of 1933, as
amended (the &#147;<U>Securities Act</U>&#148;), of a Registration Statement on Form F-4 (the
&#147;<U>Registration Statement</U>&#148;) relating to the offer to exchange (the &#147;<U>Exchange Offer</U>&#148;)
the Company&#146;s outstanding unregistered $150,000,000 aggregate principal amount of 8.50% Senior
Notes due 2017 (the &#147;<U>Outstanding Notes</U>&#148;) for a like principal amount of the Company&#146;s 8.50%
Senior Notes due 2017 (the &#147;<U>Exchange Notes</U>&#148;) that will be registered under the Securities
Act, all as set forth in the prospectus forming a part of the Registration Statement (the
&#147;<U>Prospectus</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exchange Notes will be issued under the indenture, dated December&nbsp;18, 2006 (the
&#147;Indenture&#148;), among the Company, HSBC Bank USA, National Association, as trustee, co-registrar,
principal paying agent and transfer agent (&#147;<U>HSBC Bank USA</U>&#148; or the &#147;<U>Trustee</U>&#148;), and
HSBC Bank Argentina S.A., as registrar, paying agent, transfer agent and representative of the
Trustee in Argentina (&#147;<U>HSBC Bank Argentina</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In that capacity, we have reviewed originals or copies of the following documents:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registration Statement,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Prospectus,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Indenture,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Outstanding Notes,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the form of Exchange Notes</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a certified copy of the Estatutos Sociales (by laws) of the Company, as
amended through the date hereof.,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The resolution of the shareholders meeting of the Company, dated
September&nbsp;1, 2006, which stated their intention to create the global medium-term
note program for the issuance of notes in one or more series up to an aggregate
principal amount at any time outstanding of US$400,000,000 (the <B>&#147;</B><U>Program</U><B>&#148;</B>)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The resolution of the Board of Directors of the Company passed on
September&nbsp;19, 2006, which authorized the execution of the Indenture, approved the
Offering Circular which contains the relevant terms and conditions of the Program,
and authorized the issuance of notes thereunder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The resolution of the Board of Directors of the Company passed on January
10, 2007 which established the terms and conditions applicable to the Notes not
previously established in the Program and authorized the issuance of the Old Notes.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y37853y3785302.gif" alt="(LOGO)">
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y37853y3785301.gif" alt="(LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also examined originals or copies, certified or otherwise identified to our
satisfaction, of such documents, corporate records, certificates of public officials and other
instruments. As to questions of fact material to this opinion, we have relied upon such
certificates of the Company or of its respective officers or of public officials, and such matters
of law, as we have deemed appropriate as a basis for the opinions hereinafter expressed. In
rendering this opinion, we have assumed and have not independently verified (i)&nbsp;that the signatures
on all the documents that we have examined are genuine, (ii)&nbsp;the legal capacity of all natural
persons, (iii)&nbsp;the authenticity of all documents and records submitted to us as copies, (iv)&nbsp;the
due organization and existence of each of the Trustee and Registrar, (v)&nbsp;the due authorization,
execution and delivery of the Indenture by each of the parties thereto, and that each of the
Indenture, and (vi)&nbsp;the validity, binding effect and enforceability of the Indenture under the laws
of the State of New York, United States of America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion does not cover any questions arising under or relating to the laws of any
jurisdiction other than Argentina, and therefore it does not cover any questions arising under the
laws of the United States of America or any state or other political subdivision thereof or
therein. Based upon the foregoing and upon such other investigation as we have deemed necessary
and subject to the assumptions set forth above and the qualifications set forth below, we are of
the opinion that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has been duly incorporated and is validly existing
corporation (<I>sociedad anonima) </I>under the laws of Argentina.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has the corporate power and capacity to execute and perform
its obligations under the Indenture and the Exchange Notes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Exchange Notes which replace the Outsanding Notes have been duly
authorized, executed and delivered by the Company under the laws of Argentina and,
when the Exchange Notes are exchanged for the Outstanding Notes as contemplated in
the Registration Statement, assuming they have been duly authenticated on behalf of
the Trustee in accordance with the Indenture, will constitute legal, valid and
binding obligations of the Company under Argentine law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Indenture has been duly executed, authorized and delivered and
constitutes the valid and legally binding obligations of the Company.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions and advice expressed in this opinion are provided solely for the benefit of the
addressees in connection with the transactions contemplated by the Registration Statement and may
not be used or relied upon by the addressees for any other purpose or by any other person for any
purpose whatsoever, in each case without our prior written consent; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the use of this opinion as an exhibit to the Registration Statement and
to the use of our name under the headings &#147;Enforcement of Civil Liabilities&#148; and &#147;Legal Matters&#148; in
the Prospectus. We do not, by giving this consent or otherwise, concede that we are within the
category of persons whose consent is required by the Securities Act or the General Rules and
Regulations promulgated under the Securities Act, or that we are &#147;experts&#148; in relation to any
matters relating to the Indenture, the Outstanding Notes, the Exchange Notes, the Exchange Offer,
or the Registration Statement, other than those matters governed by the laws of Argentina.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing opinions are subject to the following additional qualifications:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y37853y3785302.gif" alt="(LOGO)">
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y37853y3785301.gif" alt="(LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the opinions expressed in this letter are subject to the effect of (i)&nbsp;applicable
bankruptcy, liquidation, insolvency, fraudulent conveyance, reorganization, moratorium or similar
laws of general applicability now or hereafter in effect relating to or affecting creditors&#146; rights
generally and (ii)&nbsp;general principles of equity, including, without limitation, concepts of
materiality, reasonableness, good faith and fair dealing (regardless of whether considered in a
proceeding in equity or at law);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;we express no opinion on any section of the Indenture requiring a party to indemnify other
parties against any loss incurred by them as a result of any judgment or order being given or made
in a currency other than the currency in which payment is due under the Indenture or on the
enforceability of rights of indemnity or contribution under the Indenture; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;this opinion speaks only as of the date hereof. We expressly disclaim any responsibility
to advise you of any development or circumstance of any kind, including any change of law or fact,
that may occur after the date of this opinion letter even though such development, circumstance or
change may affect the legal analysis, a legal conclusion or any other matter set forth in or
relating to this letter. Accordingly, any person relying on this letter at any time after the date
hereof should seek advice of its counsel as to the proper application of this letter at such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ Hugo N.L. Bruzone<BR>
Bruchou, Fern&#225;ndez Madero &#038; Lombardi
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y37853y3785302.gif" alt="(LOGO)">
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>6
<FILENAME>y37853exv8w1.htm
<DESCRIPTION>EX-8.1: OPINION OF SHEARMAN & STERLING LLP
<TEXT>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;8.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">August&nbsp;8, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BANCO MACRO S.A.<BR>
Sarmiento 447<BR>
Buenos Aires C104AAI<BR>
Republic of Argentina

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Registration Statement No.&nbsp;333-<BR>
Exhibit&nbsp;8.1&#151;U.S. Tax Opinion
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as United States federal income tax counsel to Banco Macro S.A. (the &#147;Bank&#148;), a
financial institution organized as a corporation under the laws of the Republic of Argentina
(&#147;Argentina&#148;), in connection with the filing by the Bank of a registration statement on Form F-4,
Registration No.&nbsp;333- (the &#147;Registration Statement&#148;) with the Securities and Exchange
Commission (the &#147;Commission&#148;) relating to the Company&#146;s registration of 8.50% Notes due 2017 (the
&#147;Registered Notes&#148;), as set forth in the prospectus contained in the Registration Statement (the
&#147;Prospectus&#148;). Terms not defined herein shall have the meaning ascribed to them in the
Registration Statement, as filed with the Securities and Exchange Commission on August&nbsp;8, 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby confirm that the discussion under the caption &#147;Taxation &#151; Material U.S. Federal
Income Tax Considerations,&#148; insofar as such discussion represents legal conclusions or statements
of United States federal income tax law, subject to the limitations and conditions set forth
therein, constitutes our opinion as to the material United States federal income tax consequences
relevant to the ownership and disposition of the Registered Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No opinion is expressed as to any other matter, including any aspect of state, local or
non-United States tax law. This opinion is based on current United States federal income tax law
and administrative practice, and we do not undertake to advise you as to any future changes in such
law or practice that may affect our opinion unless we are specifically retained to do so. We
hereby consent to the use of this opinion as exhibit 8.1 to the Registration Statement and to the
reference to us in the Registration Statement under the caption &#147;Legal Matters.&#148; In giving such
consent, we do not admit that we are within the category of persons whose consent is
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">required under Section&nbsp;7 of the Act, and the rules and regulations of the Commission promulgated
thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ Shearman &amp; Sterling LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">DJL<BR>
ARC

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.2
<SEQUENCE>7
<FILENAME>y37853exv8w2.htm
<DESCRIPTION>EX-8.2: OPINION OF BRUCHOU, FERNANDEZ MADERO & LOMBARDI ABOGADOS
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-8.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y37853y3785301.gif" alt="(LETTERHEAD)">
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;8.2
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">August&nbsp;8, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Banco Macro S.A.<BR>
Sarmiento 401<BR>
Buenos Aires-C104AAI<BR>
Argentina

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are acting as counsel to Banco Macro S.A., a <I>sociedad anonima </I>organized under the laws of
Argentina (the &#147;<U>Company</U>&#148;), in connection with the preparation and filing with the
Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) under the Securities Act of 1933, as
amended (the &#147;<U>Securities Act</U>&#148;), of a Registration Statement on Form F-4 (the
&#147;<U>Registration Statement</U>&#148;) relating to the offer to exchange (the &#147;<U>Exchange Offer</U>&#148;)
the Company&#146;s outstanding unregistered $150,000,000 aggregate principal amount of 8.50% Senior
Notes due 2017 (the &#147;<U>Outstanding Notes</U>&#148;) for a like principal amount of the Company&#146;s 8.50%
Senior Notes due 2017 (the &#147;<U>Exchange Notes</U>&#148;) that will be registered under the Securities
Act, all as set forth in the prospectus forming a part of the Registration Statement (the
&#147;<U>Prospectus</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terms not defined herein shall have the meaning ascribed to them in the Company&#146;s Registration
Statement on Form F-4, filed with the Securities Exchange Commission on August &#091; &#093;, 2007 (as
amended, the &#147;<U>Registration Statement</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We confirm that we have review the information in the prospectus included in the Registration
Statement under the caption &#147;Taxation&#151;Argentine Tax Considerations&#148; and that, in our opinion, the
statements of law included therein, insofar as they relate to the Argentine tax consequences
currently applicable to non-Argentine holders, address the material tax consequences of the
ownership and exchange of the 8.50% Senior Notes due 2017. In rendering this opinion, we expressly
incorporate in this opinion the statements set forth under the caption &#147;Taxation&#151;Argentine Tax
Considerations&#146; in the prospectus included in the Registration Statement, including the limitations
on matters covered by that section set forth therein. Our opinion expressed in this paragraph is
limited to the federal laws of Argentina and is based upon existing provisions of federal laws and
regulations, including the Argentine Income Tax Law, and opinions of the National Treasury General
Attorney Office as of the date hereof, all of which are subject to subsequent, different
interpretations and applications with effect from the date of effectiveness of the underlying laws
and regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is being furnished to you, the Bank, shareholders of the Bank and potential
investors for your benefit in connection with the Offering and is not to be used, circulated,
quoted, relied upon or otherwise referred to for any other purpose.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y37853y3785302.gif" alt="(LOGO)">
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y37853y3785301.gif" alt="(LETTERHEAD)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as Exhibit&nbsp;8.2 to the Registration Statement
and to the reference to us in the prospectus of the Offering constituting a part of the
Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ Mat&#237;as Olivero Vila<BR>
Bruchou, Fern&#225;ndez Madero &#038; Lombardi
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y37853y3785302.gif" alt="(LOGO)">
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>8
<FILENAME>y37853exv23w1.htm
<DESCRIPTION>EX-23.1: CONSENT OF PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-23.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Consent of Independent Registered Public Accounting Firm
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We consent to the reference to our firm under the caption &#147;Experts&#148; in the Registration Statement
(Form F-4 No.&nbsp;333- &#95;&#95;&#95;&#95;&#95;&#95;) and related Prospectus of Banco Macro S.A. for the registration of
$150,000,000, 8.50% Notes Due 2017 and to the incorporation by reference therein of our report
dated July&nbsp;12, 2007 with respect to the consolidated financial statements of Banco Macro S.A.
included in its Annual Report (Form 20-F) for the year ended December&nbsp;31, 2006, filed with the
Securities and Exchange Commission.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>/s/ Pistrelli, Henry Martin y Asociados S.R.L. -Member of Ernst &#038; Young Global</U><BR>
City of Buenos Aires, Republic of Argentina<BR>
August&nbsp;6, 2007

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>9
<FILENAME>y37853exv23w3.htm
<DESCRIPTION>EX-23.3: CONSENT OF PRICE WATERHOUSE & CO. S.R.L.
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-23.3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.3</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the incorporation by reference in this Registration Statement on Form F-4 of the 8.50% Notes Due 2017 of Banco Macro S.A. of our report dated July&nbsp;11, 2007 relating to the financial statement of Nuevo Banco Bisel S.A. for the period from August&nbsp;11, 2006 through December&nbsp;31, 2006, which appears in Banco Macro S.A.&#146;s Annual Report on Form 20-F for the year ended December&nbsp;31, 2006. We also
 consent to the references to us under the headings &#147;Experts&#148; in such Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ Price Waterhouse &#038; Co. S.R.L.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Buenos Aires, Argentina<BR>
August&nbsp;2, 2007

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>10
<FILENAME>y37853exv25w1.htm
<DESCRIPTION>EX-25.1: STATEMENT OF ELIGIBILITY OF THE TRUSTEE ON FORM T-1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-25.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit 25.1</B><br>CONFORMED COPY
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549
</DIV>
<DIV align="Center">
 <DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">FORM T-1<BR>
STATEMENT OF ELIGIBILITY UNDER THE TRUST<BR>
INDENTURE ACT OF 1939 OF A CORPORATION<BR>
DESIGNATED TO ACT AS TRUSTEE

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CHECK IF AN APPLICATION TO DETERMINE<BR>
ELIGIBILITY OF A TRUSTEE PURSUANT TO<BR>
SECTION 305(b)(2)

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>HSBC Bank USA, National Association</B><BR>
(Exact name of trustee as specified in its charter)

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">N/A
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20-1177241</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Jurisdiction of incorporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">or organization if not a U.S.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">national bank)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">1201 Market Street, Ste 1001</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Wilmington, Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">19801</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Kevin T. O&#146;Brien, SVP<BR>
HSBC Bank USA, National Association<BR>
452 Fifth Avenue<BR>
New York, New York 10018-2706<BR>
Tel: (212)&nbsp;525-1311<BR>
(Name, address and telephone number of agent for service)

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BANCO MACRO S.A.</B><BR>
(Exact name of obligor as specified in its charter)

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Republic of Argentina</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Sarmiento 447</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Buenos Aires</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Republic of Argentina</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>C104AA1</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>8.50% Notes due 2017</B><BR>
(Title of Indenture Securities)

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">General
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Item&nbsp;1. <U>General Information.</U></DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-0px">Furnish the following information as to the trustee:</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:35px; text-indent:-0px">(a)&nbsp;Name and address of each examining or supervisory authority to which it is subject.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-0px">Comptroller of the Currency, New York, NY.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-0px">Federal Deposit Insurance Corporation, Washington, D.C.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-0px">Board of Governors of the Federal Reserve System, Washington, D.C.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:35px; text-indent:-0px">(b)&nbsp;Whether it is authorized to exercise corporate trust powers.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:65px; text-indent:-0px">Yes.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Item&nbsp;2. <U>Affiliations with Obligor.</U></DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-0px">If the obligor is an affiliate of the trustee, describe each such affiliation.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:65px; text-indent:-0px">None</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Items 3-15. Not Applicable</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;16. <U>List of Exhibits</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Exhibit</U>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">T1A(i)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Copy of the Articles of Association of HSBC Bank USA,
National Association.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">T1A(ii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of the Comptroller of the Currency dated
July&nbsp;1, 2004 as to the authority of HSBC Bank USA,
National Association to commence business.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">T1A(iii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(2</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Fiduciary Powers dated August&nbsp;18, 2004
for HSBC Bank USA, National Association</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">T1A(iv)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Copy of the existing By-Laws of HSBC Bank USA, National
Association.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">T1A(v)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">T1A(vi)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(2</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of HSBC Bank USA, National Association required
by Section&nbsp;321(b) of the Trust Indenture Act of 1939.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">T1A(vii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Copy of the latest report of condition of the trustee
(March&nbsp;31, 2007), published pursuant to law or the
requirement of its supervisory or examining authority.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">T1A(viii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">T1A(ix)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Exhibits previously filed with the Securities and Exchange Commission with Registration
No.&nbsp;333-118523 and incorporated herein by reference thereto.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Exhibits previously filed with the Securities and Exchange Commission with Registration
No.&nbsp;333-125197 and incorporated herein by reference thereto.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee, HSBC Bank USA,
National Association, a national banking association organized and existing under the laws of the
United States of America, has duly caused this statement of eligibility to be signed on its behalf
by the undersigned, thereunto duly authorized, all in the City of New York and State of New York on
the 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> day of August, 2007.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">HSBC BANK USA, NATIONAL ASSOCIATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Frank J. Godino
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Frank J. Godino&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;T1A (vii)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Board of Governors of the Federal Reserve System</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OMB Number: 7100-0036</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Federal Deposit Insurance Corporation</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OMB Number: 3064-0052</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Office of the Comptroller of the Currency</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OMB Number: 1557-0081</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Federal Financial Institutions Examination Council</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Expires March&nbsp;31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please refer to page i,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Table of Contents, for</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the required disclosure</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">of estimated burden.
</TD>
    <TD>&nbsp;</TD>


<TD colspan="2" align="right" valign="top" style="border: 1px solid #000000; font-size:18pt"><B>1</B></TD>
    <TD nowrap valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>


<TD colspan="1" nowrap valign="top" style="border-bottom: 0px solid #000000; border-right: 0px solid #000000; border-left: 0px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt"><B>Consolidated Reports of Condition and Income for<BR>
A Bank With Domestic and Foreign Offices&#151;FFIEC 031</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Report at the close of business March&nbsp;31, 2007</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(20040630</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">(RCRI 9999)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR>
    <TD style="font-size: 18pt">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><div align="left">This report is required by law;
12 U.S.C. &#167;324 (State member banks);
12 U.S.C. &#167; 1817 (State nonmember
banks); and 12 U.S.C. &#167;161 (National
banks).</div>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="left">This report form is to be filed by
banks with branches and consolidated
subsidiaries in U.S. territories and
possessions, Edge or Agreement
subsidiaries, foreign branches,
consolidated foreign subsidiaries,
or International Banking
Facilities.</div></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><div align="left">NOTE: The Reports of Condition and Income must
be signed by an authorized officer and the Report of
Condition must be attested to by not less than two
directors (trustees)&nbsp;for State nonmember banks and three
directors for State member and National Banks.</div>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="left">The Reports of
Condition and
Income are to be
prepared in
accordance with
Federal regulatory
authority
instructions.</div></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><br>I, <u>Clive Bucknall, Controller</u><br>
&nbsp;&nbsp;&nbsp;Name and Title of Officer Authorized to Sign Report
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="left">We, the undersigned
directors
(trustees), attest
to the correctness
of this Report of
Condition
(including the
supporting
schedules) and
declare that it has
been examined by us
and to the best of
our knowledge and
belief has been
prepared in
conformance with
the instructions
issued by the
appropriate Federal
regulatory
authority and is
true and correct.</div></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><div align="left">Of the named bank do hereby declare that these Reports
of Condition and Income (including the supporting
schedules) have been prepared in conformance with the
instructions issued by the appropriate Federal regulatory
authority and are true to the best of my knowledge and
believe.</div></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Sal H. Alfieri</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director (Trustee)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Joseph R. Simpson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Bernard J. Kennedy</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Signature of Officer Authorized to Sign Report
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">Director (Trustee)</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-bottom: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">5/04/07
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000">/s/ Martin Glynn</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date of Signature&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director (Trustee)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Submission of Reports</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Each Bank must prepare its Reports of Condition
and Income either:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="left">For electronic
filing assistance,
contact EDS Call
report Services,
2150 N. Prospect
Ave., Milwaukee, WI
53202, telephone
(800)&nbsp;255-1571.</div></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><div align="left"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">(a)&nbsp;in electronic form and then file
the computer data file directly with the banking
agencies&#146; collection agent, Electronic Data System
Corporation (EDS), by modem or computer diskette; or</div></DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="left">To fulfill the
signature and
attestation
requirement for the
Reports of
Condition and
Income for this
report date, attach
this signature page
to the hard-copy f
the completed
report that the
bank places in its files.</div></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><div align="left">b) in hard-copy (paper)&nbsp;form and arrange for
another party to</div>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><div align="left">convert the paper report to automated for. That party (if other
than EDS) must transmit the bank&#146;s computer data file to
EDS.</div></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD><!-- VRule -->
    <TD width="0%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD><!-- VRule -->
    <TD width="0%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD><!-- VRule -->
    <TD width="0%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD><!-- VRule -->
    <TD width="0%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD><!-- VRule -->
    <TD width="0%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD><!-- VRule -->
    <TD width="0%">&nbsp;</TD>
    <TD width="59%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">FDIC Certificate Number
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 0px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23" nowrap valign="top" align="center">(RCRI 9030)</TD>
    <TD style="border-right: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">http://WWW.BANKING.US.HSBC.COM</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">HSBC Bank USA, NATIONAL ASSOCIATION</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><div style="font-size: 8pt">&nbsp;&nbsp;&nbsp;Primary Internet Web Address of Bank (Home Page), if any (TEXT 4087)</div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><div style="font-size: 8pt">Legal Title of Bank (TEXT 9010)</div></TD>
</TR>
<TR valign="top">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><div style="font-size: 8pt">&nbsp;&nbsp;&nbsp;(Example: www.examplebank.com)</div></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Wilmington</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><div style="font-size: 8pt">City (TEXT 9130)</div></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19801</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div style="font-size: 8pt">State Abbrev. (TEXT 9200)</div>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top"><div style="font-size: 8pt">ZIP Code (TEXT 9220)</div></TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 6pt">Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
<TD width="60%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" colspan="3" style="border-bottom: 0px solid #000000"><DIV style="margin-left:175px; text-indent:-15px"><B>REPORT OF CONDITION</B></DIV></TD>
    <TD>&nbsp;</TD>

</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consolidated domestic subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">HSBC Bank USA, National Association
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">of Buffalo</TD>
<TD></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;Name of Bank
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">City</TD>
<TD></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">in the state of New York, at the close of business March&nbsp;31, 2007
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Thousands of dollars</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and balances due from depository institutions:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">a. Non-interest-bearing balances currency and coin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,951,161.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">b. Interest-bearing balances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,386,323.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Held-to-maturity securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,847,179.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Available-for-sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,174,350.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal funds sold and securities purchased under agreements to resell:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">a. Federal funds sold in domestic offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">b. Securities purchased under agreements to resell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,548,555.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans and lease financing receivables:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans and leases held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,308,314.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans and leases net of unearned income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">83,419,165.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">LESS: Allowance for loan and lease losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">861,662.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans and lease, net of unearned income, allowance, and reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">82,557,503.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trading assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,595,570.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Premises and fixed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">540,107.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other real estate owned</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,578.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments in unconsolidated subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291,775.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Customers&#146; liability to this bank on acceptances outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">NA</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets: Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,111,113.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets: Other intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">531,123.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,106,517.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169,010,168.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">In domestic offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,879,473.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-interest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,577,425.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,302,048.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Thousands of dollars</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">In foreign offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,109,335.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-interest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,043,358.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,065,977.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal funds purchased and securities sold under agreements to repurchase:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">a. Federal funds purchased in domestic offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,131,900.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">b. Securities sold under agreements to repurchase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">749,271.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trading Liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,100,770.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other borrowed money</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,446,927.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bank&#146;s liability on acceptances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">NA</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subordinated notes and debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,874,420.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,458,706.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,750,802.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority Interests in consolidated Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">658.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>EQUITY CAPITAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Perpetual preferred stock and related surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,121,497.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,352,567.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-217,356.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other equity capital components</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total equity capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,258,708.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities, minority interests and equity capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169,010,168.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>11
<FILENAME>y37853exv99w1.htm
<DESCRIPTION>EX-99.1: FORM OF LETTER TO CLIENTS
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BANCO MACRO S.A.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Offer to Exchange its</B>

</DIV>
<DIV align="center" style="font-size: 10pt"><B>8.50% Notes Due 2017</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>that have been registered under the Securities Act of 1933</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>for</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>unregistered 8.50% Notes Due 2017</B></DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Prospectus

</DIV>
<DIV align="center" style="font-size: 10pt">Dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2007</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To Our Clients:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enclosed is a Prospectus, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2007 of Banco Macro S.A., a <I>sociedad anonima</I>
incorporated under the laws of Argentina (the &#147;Company&#148;) which constitutes the exchange offer (the
&#147;Exchange Offer&#148;) relating to the offer by the Company to exchange its registered 8.50% Notes Due
2017 (the &#147;Registered Notes&#148;), pursuant to an offering registered under the Securities Act of 1933,
as amended (the &#147;Securities Act&#148;), for a like principal amount of its issued and outstanding,
unregistered 8.50% Notes Due 2017 (the &#147;Old Notes&#148;) upon the terms and subject to the conditions
set forth in the Exchange Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Please note that the Exchange Offer will expire at 5:00pm, New York City time, on
&#95;&#95;&#95;</B><B>&#149;</B><B>&#95;&#95;&#95;, 2007 unless extended.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exchange Offer is not conditioned upon any minimum number of Old Notes being tendered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are the participant in the book-entry transfer facility of Old Notes held by us for your
account. A tender of such Old Notes can be made only by us as the participant in the book-entry
transfer facility and pursuant to your instructions. The Prospectus is furnished to you for your
information only and cannot be used by you to tender Old Notes held by us for your account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We request instructions as to whether you wish to tender any or all of the Old Notes held by
us for your account pursuant to the terms and conditions of the Exchange Offer. We also request
that you confirm that we may on your behalf make the representations contained in the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Prospectus, each holder of Old Notes will represent to the Company that (i)
the holder is not an &#147;affiliate&#148; of the Company, and (ii)&nbsp;the holder has no arrangement or
understanding with any person to participate, and is not engaged and does not intend to engage in a
distribution (within the meaning of the Securities Act) of such Registered Notes. If the tendering
holder is a broker-dealer that will receive Registered Notes for its own account in exchange for
Old Notes, we will represent on behalf of such broker-dealer that the Old Notes to be exchanged for
the Registered Notes were acquired by it as a result of market-making activities or other trading
activities, and acknowledge on behalf of such broker-dealer that it will deliver a prospectus
meeting the requirements of the Securities Act in connection with any resale of such Registered
Notes. By acknowledging that it will deliver and by delivering a prospectus meeting the
requirements of the Securities Act in connection with any resale of such Registered Notes, such
broker-dealer is not deemed to admit that it is an &#147;underwriter&#148; within the meaning of the
Securities Act.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="68%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>12
<FILENAME>y37853exv99w2.htm
<DESCRIPTION>EX-99.2: FORM OF INSTRUCTION LETTER
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.2</TITLE>
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    <TD width="48%">&nbsp;</TD>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INSTRUCTION TO REGISTERED HOLDER AND/OR</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>BOOK-ENTRY TRANSFER PARTICIPANT FROM OWNER</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>OF</B></DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BANCO MACRO S.A.&#146;s</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>8.50% Notes Due 2017</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>for</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>8.50% Notes Due 2017</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>To Registered Holder and/or Participant of the Book-Entry Transfer Facility:</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby acknowledges receipt of the Prospectus dated August&#95;&#95;&#95;, 2007 (the
&#147;Prospectus&#148;) of Banco Macro S.A., a corporation incorporated under the laws of Argentina (the
&#147;Company&#148;) that constitutes the Company&#146;s offer (the &#147;Exchange Offer&#148;) to exchange its registered
8.50% Notes Due 2017 (&#147;Registered Notes&#148;) for its unregistered 8.50% Notes Due 2017 (&#147;Old Notes&#148;).
Capitalized terms used but not defined herein have the meanings as ascribed to them in the
Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This will instruct you, the registered holder and/or book-entry transfer facility participant,
as to the action to be taken by you relating to the Exchange Offer with respect to the Old Notes
held by you for the account of the undersigned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate face amount of the Old Notes held by you for the account of the undersigned is
(fill in the amount):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> of the 8.50% Notes Due 2017
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Exchange Offer, the undersigned hereby instructs you (check appropriate
box):
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> To TENDER the following Old Notes held by you for the account of the undersigned (insert
principal amount of Old Notes to be tendered, if any):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> of the 8.50% Notes Due 2017
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> NOT to TENDER any Old Notes held by you for the account of the undersigned.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the undersigned instructs you to tender the Old Notes held by you for the
account of the undersigned, it is understood that you are authorized to make,
on behalf of the undersigned (and the undersigned, by its signature below,
hereby makes to you), the representations and warranties contained in the
Prospectus that are to be made with respect to the undersigned as a beneficial
owner, including but not limited to the representations, that (i)&nbsp;the holder is
not an &#147;affiliate&#148; of the Company, and (ii)&nbsp;the holder has no arrangement or
understanding with any person to participate, and is not engaged and does not
intend to engage, in a distribution (within the meaning of the Securities Act)
of such Registered Notes. If the undersigned is a broker-dealer that will
receive Registered Notes for its own account in exchange for Old Notes, it
represents that such Old Notes were acquired as a result of market-making
activities, and it acknowledges that it will deliver a prospectus meeting the
requirements of the Securities Act in connection with any resale of such
Registered Notes. By acknowledging that it will deliver and by delivering a
prospectus meeting the requirements of the Securities Act in connection with
any resale of such Registered Notes, such broker-dealer is not deemed to admit
that it is an &#147;underwriter&#148; within the meaning of the Securities Act of 1933,
as amended.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGN HERE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
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    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Name of beneficial owner(s):</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
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</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
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<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Signature(s):</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
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<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Name(s) (please print):</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
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</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Address:</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
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<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Telephone Number:</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Account Number:</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
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</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
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<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Taxpayer Identification or Social Security Number:</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
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</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
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    <TD width="1%">&nbsp;</TD>
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    <TD width="98%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Date</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>13
<FILENAME>y37853exv99w3.htm
<DESCRIPTION>EX-99.3: FORM OF EXCHANGE AGENT AGREEMENT
<TEXT>
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<TITLE>EX-99.3</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.3</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">August &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>EXCHANGE AGENT AGREEMENT</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">HSBC Bank USA, National Association<BR>
452 Fifth Avenue<BR>
New York, NY 10018<BR>
Attention:

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Macro S.A. a corporation organized under the laws of Argentina (the &#147;Company&#148;) proposes
to make an offer (the &#147;Exchange Offer&#148;) to exchange all of its outstanding 8.50% Notes due 2017
(the &#147;Old Securities&#148;) for its registered 8.50% Notes due 2017 (the &#147;New Securities&#148;). The terms
and conditions of the Exchange Offer as currently contemplated are set forth in a prospectus, dated
August&nbsp;&nbsp;, 2007 (the &#147;Prospectus&#148;), proposed to be distributed to all record holders of the Old
Securities. The Old Securities and the New Securities are collectively referred to herein as the
&#147;Securities&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby appoints HSBC Bank USA, National Association to act as exchange agent (the
&#147;Exchange Agent&#148;) in connection with the Exchange Offer. References hereinafter to &#147;you&#148; shall
refer to HSBC Bank USA, National Association.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exchange Offer is expected to be commenced by the Company on or about August&nbsp;&nbsp;, 2007.
The Automated Tender Offer Program (&#147;ATOP&#148;) of the Book-Entry Transfer Facility (as defined below)
is to be used by the holders of the Old Securities to accept the Exchange Offer and contains
instructions with respect to the delivery of certificates for Old Securities tendered in connection
therewith
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exchange Offer shall expire at 5:00 p.m., New York City time, on , 2007 or on such
subsequent date or time to which the Company may extend the Exchange Offer (the &#147;Expiration Date&#148;).
Subject to the terms and conditions set forth in the Prospectus, the Company expressly reserves
the right to extend the Exchange Offer from time to time and may extend the Exchange Offer by
giving written notice to you before 9:00 a.m., New York City time, on the business day following
the previously scheduled Expiration Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company expressly reserves the right to amend or terminate the Exchange Offer, and not to
accept for exchange any Old Securities not theretofore accepted for exchange, upon the occurrence
of any of the conditions of the Exchange Offer specified in the Prospectus under the caption &#147;The
Exchange Offer&#151;Conditions of

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Exchange Offer.&#148; The Company will give written notice of any amendment, termination or
nonacceptance to you as promptly as practicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In carrying out your duties as Exchange Agent, you are to act in accordance with the following
instructions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You will perform such duties and only such duties as are specifically set forth in the
section of the Prospectus captioned &#147;The Exchange Offer&#151;Terms of the Exchange Offer&#147; or as
specifically set forth herein; <U>provided</U>, <U>however</U>, that in no way will your general
duty to act in good faith be discharged by the foregoing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You will establish a book-entry account with respect to the Old Securities at The
Depository Trust Company (the &#147;Book-Entry Transfer Facility&#148;) for purposes of the Exchange Offer
within two business days after the date of the Prospectus, and any financial institution that is a
participant in the Book-Entry Transfer Facility&#146;s systems may make book-entry delivery of the Old
Securities by causing the Book-Entry Transfer Facility to transfer such Old Securities into your
account in accordance with the Book-Entry Transfer Facility&#146;s procedure for such transfer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You are to examine the certificates for Old Securities (or confirmation of book-entry
transfer into your account at the Book-Entry Transfer Facility) and any other documents delivered
or mailed to you by or for holders of the Old Securities to ascertain whether: (i)&nbsp;the certificates
and any such other documents are duly executed and properly completed in accordance with
instructions set forth therein; and (ii)&nbsp;the Old Securities have otherwise been properly tendered.
In each case where the certificates for Old Securities are not in proper form for transfer or some
other irregularity in connection with the acceptance of the Exchange Offer exists, you will
endeavor to inform the presenters of the need for fulfillment of all requirements and to take any
other action as may be reasonably necessary or advisable to cause such irregularity to be
corrected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. With the approval of the Chief Executive Officer, Chief Financial Officer, or any Director
of the Company (such approval to be given in writing) or any other party designated in writing, by
such an officer, you are authorized to waive any irregularities in connection with any tender of
Old Securities pursuant to the Exchange Offer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Tenders of Old Securities may be made only as set forth in the section of the Prospectus
captioned &#147;The Exchange Offer&#151;Procedures for Tendering the Notes&#147;, and Old Securities shall be
considered properly tendered to you only when tendered in accordance with the procedures set forth
therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of this Section&nbsp;5, Old Securities which the Chief Executive
Officer, Chief Financial Officer, or any Director of the Company shall
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">approve as having been properly tendered shall be considered to be properly tendered (such
approval to be given in writing).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. You shall advise the Company with respect to any Old Securities received subsequent to the
Expiration Date and accept its instructions with respect to disposition of such Old Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. You shall accept tenders:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;in cases where the Old Securities are registered in two or more names only if signed by
all named holders;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;in cases where the signing person is acting in a fiduciary or a representative capacity
only when proper evidence of his or her authority so to act is submitted; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;from persons other than the registered holder of Old Securities, provided that customary
transfer requirements, including payment of any applicable transfer taxes, are fulfilled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Upon satisfaction or waiver of all of the conditions to the Exchange Offer, the Company
will notify you (such notice to be promptly given in writing) of its acceptance, promptly after the
Expiration Date, of all Old Securities properly tendered and you, on behalf of the Company, will
exchange such Old Securities for New Securities and cause such Old Securities to be cancelled.
Delivery of New Securities will be made on behalf of the Company by you at the rate of $1,000
principal amount of New Securities for each $1,000 principal amount of the corresponding series of
Old Securities tendered promptly after notice (such notice to be given promptly in writing) of
acceptance of said Old Securities by the Company; provided, however, that in all cases, Old
Securities tendered pursuant to the Exchange Offer will be exchanged only after timely receipt by
you of certificates for such Old Securities (or confirmation of book-entry transfer into your
account at the Book-Entry Transfer Facility). You shall issue New Securities only in the principal
amount of $100,000 and integral multiples of $1,000 in excess thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Tenders pursuant to the Exchange Offer are irrevocable, except that, subject to the terms
and upon the conditions set forth in the Prospectus. Old Securities tendered pursuant to the
Exchange Offer may be withdrawn at any time prior to the Expiration Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Company shall not be required to exchange any Old Securities tendered if any of the
conditions set forth in the Exchange Offer are not met. Notice of any decision by the Company not
to exchange any Old Securities tendered shall be given promptly in writing by the Company to you.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. If, pursuant to the Exchange Offer, the Company does not accept for exchange all or part
of the Old Securities tendered because of an invalid tender, the occurrence of certain other events
set forth in the Prospectus under the caption &#147;The Exchange Offer&#151;Conditions of the Exchange Offer&#148;
or otherwise, you shall as soon as practicable after the expiration or termination of the Exchange
Offer return those certificates for unaccepted Old Securities (or effect appropriate book-entry
transfer).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. All certificates for reissued Old Securities, unaccepted Old Securities or for New
Securities shall be forwarded by first-class mail.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. You are not authorized to pay or offer to pay any concessions, commissions or solicitation
fees to any broker, dealer, bank or other persons or to engage or utilize any person to solicit
tenders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. As Exchange Agent hereunder you:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;shall not be liable for any action or omission to act unless the same constitutes your own
gross negligence, willful misconduct or bad faith, and in no event shall you be liable to a
securityholder, the Company or any third party for special, indirect or damages, or lost profits,
arising in connection with this Exchange Agent Agreement (this &#147;Agreement&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;shall have no duties or obligations other than those specifically set forth herein or as
may be subsequently agreed to in writing between you and the Company;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;will be regarded as making no representations and having no responsibilities as to the
validity, sufficiency, value or genuineness of the Prospectus or of any of the certificates or the
Old Securities represented thereby deposited with you pursuant to the Exchange Offer, and will not
be required to and will make no representation as to the validity, value or genuineness of the
Exchange Offer;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;shall not be obligated to take any legal action hereunder which might in your judgment
involve any expense or liability, unless you shall have been furnished with indemnity satisfactory
to you;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;may conclusively rely on and shall be protected in acting in reliance upon any
certificate, instrument, opinion, notice, letter, telegram or other document or security delivered
to you and believed by you to be genuine and to have been signed or presented by the proper person
or persons;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;may act upon any tender, statement, request, document, agreement, certificate or other
instrument whatsoever not only as to its due execution and validity and effectiveness of its
provisions, but also as to the truth and accuracy of any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">information contained therein, which you shall in good faith believe to be genuine or to have
been signed or presented by the proper person or persons;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;may conclusively rely on and shall be protected in acting upon written instructions from
any authorized officer of the Company;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;may consult with counsel of your selection with respect to any questions relating to your
duties and responsibilities and the advice or opinion of such counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted to be taken by you
hereunder in good faith and in accordance with the advice or opinion of such counsel; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;shall not advise any person tendering Old Securities pursuant to the Exchange Offer as to
the wisdom of making such tender or as to the market value or decline or appreciation in market
value of any Old Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. You shall take such action as may from time to time be requested by the Company (and such
other action as you may deem appropriate) to furnish copies of the Prospectus or such other forms
as may be approved from time to time by the Company, to all persons requesting such documents and
to accept and comply with telephone requests for information relating to the Exchange Offer,
provided that such information shall relate only to the procedures for accepting (or withdrawing
from) the Exchange Offer. The Company will furnish you with copies of such documents on your
request. All other requests for information relating to the Exchange Offer shall be directed to
the Company, Attention: Mr.&nbsp;Jorge Scarinci, Head of Investor Relations and Finance Manager.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. You shall advise by facsimile transmission Mr.&nbsp;Jorge Scarinci, the Head of Investor
Relations and Finance Manager of the Company (at the facsimile number (&#043;54-11-5222-8202), and such
other person or persons as the Company may request, daily (and more frequently during the week
immediately preceding the Expiration Date if requested) up to and including the Expiration Date, as
to the number of Old Securities which have been tendered pursuant to the Exchange Offer and the
items received by you pursuant to this Agreement, separately reporting and giving cumulative totals
as to items properly received and items improperly received. In addition, you will also inform,
and cooperate in making available to, the Company or any such other person or persons upon written
request made from time to time prior to the Expiration Date of such other information as they may
reasonably request. Such cooperation shall include, without limitation, the granting by you to the
Company and such person as the Company may request of access to those persons on your staff who are
responsible for receiving tenders, in order to ensure that immediately prior to the Expiration Date
the Company shall have received information in sufficient detail to enable it to decide whether to
extend the Exchange Offer. You shall prepare a final list of all persons whose tenders were
accepted, the aggregate principal amount of Old Securities tendered, the aggregate principal amount
of Old Securities accepted and deliver said list to the Company.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. For services rendered as Exchange Agent hereunder, you shall be entitled to such
compensation (including attorneys&#146; fees and expenses) as agreed upon in writing with the Company.
The provisions of this section shall survive the termination of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. You hereby acknowledge receipt of the Prospectus. Any inconsistency between this
Agreement, on the one hand, and the Prospectus (as it may be amended from time to time), on the
other hand, shall be resolved in favor of the Prospectus, except with respect to your duties,
liabilities and indemnification as Exchange Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. The Company covenants and agrees to fully indemnify and hold harmless you and any of your
directors, officers, employees or agents against any and all loss, liability, claim, damage, cost
or expenses, including attorneys&#146; fees and expenses, incurred without gross negligence or willful
misconduct on your part, arising out of or in connection with the acceptance or administration of
your duties under this Agreement, including, without limitation, the reasonable and documented
costs and expenses of enforcing this Agreement against the Company (including this Section&nbsp;19) and
defending yourself against any claim (whether asserted by the Company, any holder or any other
person) or liability in connection with the exercise or performance of any of your powers or duties
hereunder. You will notify the Company promptly of any claim of which a responsible officer has
received written notice for which you may seek indemnity. Failure by you to so notify the Company
will not relieve the Company of its obligations hereunder. The provisions of this section shall
survive the termination of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. You shall arrange to comply with all requirements under the tax laws of the United States,
including those relating to missing Tax Identification Numbers, and shall file any appropriate
reports with the Internal Revenue Service.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. You shall deliver or cause to be delivered, in a timely manner to each governmental
authority to which any transfer taxes are payable in respect of the exchange of Old Securities, the
Company&#146;s check in the amount of all transfer taxes so payable; provided, however, that you shall
reimburse the Company for amounts refunded to you in respect of your payment of any such transfer
taxes, at such time as such refund is received by you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. This Agreement and your appointment as Exchange Agent hereunder shall be construed and
enforced in accordance with the laws of the State of New York applicable to agreements made and to
be performed entirely within such state, and without regard to conflicts of law principles, and
shall inure to the benefit of, and the obligations created hereby shall be binding upon, the
successors and assigns of each of the parties hereto.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. The Company has consented to the non-exclusive jurisdiction of any court of the State of
New York or any U.S. Federal court sitting in The City of New York, New York, United States, and
any appellate court from any thereof. The Company has appointed CT Corporation located at 111
Eighth Avenue, New York, New York as its authorized agent upon which service of process may be
served in any action or proceeding brought in any court of the State of New York or any U.S.
Federal court sitting in The City of New York in connection with this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. BOTH THE COMPANY AND YOU HEREBY IRREVOCABLY WAIVE ALL RIGHTS TO A TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS CONTEMPLATED THEREBY.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. This Agreement may be executed in two or more counterparts, each of which shall be deemed
to be an original and all of which together shall constitute one and the same agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. In case any provision of this Agreement shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. This Agreement shall not be deemed or construed to be modified, amended, rescinded,
cancelled or waived, in whole or in part, except by a written instrument signed by a duly
authorized representative of the party to be charged. This Agreement may not be modified orally.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Unless otherwise provided herein, all notices, requests and other communications to any
party hereunder shall be in writing (including facsimile or similar writing) and shall be given to
such party, addressed to it, at its address or telecopy number set forth below:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Company:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Banco Macro S.A.<BR>
Sarmiento 441<BR>
Buenos Aires-C104AAI<BR>
Argentina
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Facsimile: (&#043;54-11-5222-8202)<BR>
Attention: Mr.&nbsp;Jorge Scarinci
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Exchange Agent:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">HSBC Bank USA, National Association<BR>
452 Fifth Avenue<BR>
New York, NY 10018
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Facsimile: (718)&nbsp;488-4488<BR>
Attention: Client Services
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Unless terminated earlier by the parties hereto, this Agreement shall terminate 90&nbsp;days
following the Expiration Date. Notwithstanding the foregoing, Sections&nbsp;17 and 19 shall survive the
termination of this Agreement. Upon any termination of this Agreement, you shall promptly deliver
to the Company any certificates for Securities, funds or property then held by you as Exchange
Agent under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. This Agreement shall be binding and effective as of the date hereof.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please acknowledge receipt of this Agreement and confirm the arrangements herein provided by
signing and returning the enclosed copy.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BANCO MACRO S.A.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left" nowrap>Accepted as of the date<BR>
first above written:<BR>
<BR>
HSBC BANK USA, NATIONAL ASSOCIATION, as Exchange Agent<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>14
<FILENAME>y37853exv99w4.htm
<DESCRIPTION>EX-99.4: FORM OF LETTER TO PARTICIPANTS
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.4</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BANCO MACRO S.A.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Offer to Exchange its</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>8.50% Notes Due 2017</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>for</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>8.50% Notes Due 2017</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Pursuant to the Prospectus</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Dated August&nbsp;&nbsp;, 2007</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">To Registered Holders and The Depository<BR>
Trust Company Participants:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enclosed are the materials listed below relating to the offer by Banco Macro S.A., a <I>sociedad
anonima </I>incorporated under the laws of Argentina (the &#147;Company&#148;), to exchange its new registered
8.50% Notes Due 2017 (the &#147;New Notes&#148;), pursuant to an offering registered under the Securities Act
of 1933, as amended (the &#147;Securities Act&#148;), for a like principal amount of its issued and
outstanding unregistered 8.50% Notes Due 2017 (the &#147;Old Notes&#148;) upon the terms and subject to the
conditions set forth in the Prospectus dated August <B>&#149;</B>, 2007 which constitutes the
exchange offer (the &#147;Exchange Offer&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enclosed herewith are copies of the following documents:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prospectus dated August&nbsp;&nbsp;, 2007;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Instruction to Registered Holder and/or Book-Entry Transfer Participant from Owner; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Letter which may be sent to your clients for whose account you hold Old Notes in
your name or in the name of your nominee, to accompany the instruction form referred to
above, for obtaining such client&#146;s instruction with regard to the Exchange Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>We urge you to contact your clients promptly. Please note that the Exchange Offer will expire
at 5:00 pm, New York City time, on &#149; , 2007 extended.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exchange Offer is not conditioned upon any minimum number of Old Notes being tendered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Prospectus, each holder of Old Notes will represent to the Company that (i)
the holder is not an &#147;affiliate&#148; of the Company and (ii)&nbsp;the holder has no arrangement or
understanding with any person to participate, and is not engaged and does not intend to engage, in
a distribution (within the meaning of the Securities Act) of such New Notes. If the tendering
holder is a broker-dealer that will receive New Notes for its own account in exchange for Old
Notes, you will represent on behalf of such broker-dealer that the Old Notes to be exchanged for
the New Notes were acquired by it as a result of market-making activities or other trading
activities, and acknowledge on behalf of such broker-dealer that it will deliver a prospectus
meeting the requirements of the Securities Act in connection with any resale of such New Notes. By
acknowledging that it will deliver and by delivering a prospectus meeting the requirements of the
Securities Act in connection with any resale of such New Notes, such broker-dealer is not deemed to
admit that it is an &#147;underwriter&#148; within the meaning of the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The enclosed Instruction to Registered Holder and/or Book-Entry Transfer Participant from
Owner contains an authorization by the beneficial owners of the Old Notes for you to make the
foregoing representations.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will not pay any fee or commission to any broker or dealer or to any other persons
(other than the Exchange Agent) in connection with the solicitation of tenders of Old Notes
pursuant to the Exchange Offer. The Company will pay or cause to be paid any transfer taxes
payable on the transfer of Old Notes to it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional copies of the enclosed material may be obtained from the undersigned.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
BANCO MACRO S.A.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NOTHING CONTAINED HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL CONSTITUTE YOU THE AGENT OF BANCO MACRO
S.A., OR HSBC BANK USA, NATIONAL ASSOCIATION OR AUTHORIZE YOU TO USE ANY DOCUMENT OR MAKE ANY
STATEMENT ON THEIR BEHALF IN CONNECTION WITH THE EXCHANGE OFFER OTHER THAN THE DOCUMENTS ENCLOSED
HEREWITH AND THE STATEMENTS CONTAINED THEREIN.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->2&nbsp;<!-- /Folio -->
</DIV>


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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>y37853y3785300.gif
<DESCRIPTION>GRAPHIC
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